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Gujarat NRE Minerals Limited

CORPORATE ADDRESS: CNR BELLAMBI LANE & PRINCESS HIGHWAY, RUSSELL VALE, NSW 2517ACN 111 244 896

PHONE NO: +61 (02) 4223 6800 FAX: +61 (02) 4283 7368 E-MAIL: [email protected]

Dated: 9 May 2008 To, The Company Announcement Office Australian Securities Exchange 20, Bridge Street, Sydney NSW 2000 ASX Code: GNM Mode of Announcement: Via electronic lodgment

Ref: Presentation Released on 7 May 2008 Dear Share and Option Holders, Please find attached an updated copy of “Presentation for Investors”. Kindly disregard presentation that was released on 7 May 2008. The presentation lodged was not in accordance with the reporting requirements of the JORC Code. We regret for any inconvenience caused. Should you need more information or have any doubt, please feel free to contact us. Thank you Yours truly, For and on behalf of Gujarat NRE Minerals Limited

___________________________ Sanjay Sharma Company Secretary Ph: 02 4223 6836 Fx: 02 4283 7449

REGISTERED OFFICE: 96, CAHORS ROAD, PADSTOW NSW 2211 PHONE NO: +61 (02) 9792 1422 FAX: +61 (02) 9774 3779

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Arun Kumar JagatramkaChairman

Gujarat NRE Minerals Limited(ASX: GNM)

Developments in the IndianCoke and Steel Marketplace

- Australian Hard Coking Coal from an Indian Perspective

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The views expressed here contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by Gujarat NRE

Disclaimer

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Vision 2020India on Steroids

100 million tons of steel(since scaled up to 200 million tons)and already talking about 300 million tons

“How do you project your steel production – you are already in

2010 according to earlier estimates !”

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An important point to note

“In order to produce 100 million tons of steel, India will need to consume 100 million tons of steel – which will come first is the million

tons question”

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“Though India is a low-cost producer, it is going to have a problem because of the fact that when you want to graduate from 35-40 million tons to 150-250 million tons — that is what the growth rate is going to take us to another 10-15 years — you require lot of new

innovations, lot of new thinking, you require a vision.”- B. Muthuraman, MD, TATA STEELFor

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The New Era of steel making dawned in

1947India had three units

Two of them in the Private Sector (TISCO & IISCO)

Total Capacity 1 million tons

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China too had almost similar capacities …(one million ton in 1949)

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It took China 47 years

to commission its first 100 million tons of steel

capacity5 years to commission the

next 100 million tonsAnd

A mere two years to score its triple hundred.

The rest is history!

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India• Today, India is the 5 th.

largest crude steel producer in the world.

• In 2007-08 (Apri-Feb''08), production of Finished Steel was 46.9 million (annualised 51.1 million tons) as against 44.4 million tons in 2005/06

• Steel Production target revised to 110 mt by 2011-12, to 300 mt by 2020

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Year 2020

300 million tons of steel

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SAIL 12.0TATA STEEL 30.0VIZAG 6.5MITTAL 12.0POSCO 12.0ESSAR 11.0JINDAL 20.6BHUSHAN 3.1OTHER (MISC) 7.0

Total 114.2

million tons

Additional Crude Steel Capacity being planned in India

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The world’s who’s who of steel making are waiting :• Arcelor Mittal, the world's largest steelmaker, plans to set up two greenfield

steel projects in India each with a capacity of 12 million tonne per annum (mtpa).

• Acerinox SA, the world's second-biggest stainless steelmaker, is joining hands with Japan's Nisshin Steel to build a steel plant in India.

• Tata Steel, the world's fifth largest steel maker, plans to double its capacity by 2015, by adding another 35 mt capacity.

• India's largest steel manufacturer SAIL is planning to increase its annual production of 12 mtpa to 24.98 mtpa by 2011-12.

• Sinosteel Corp, China's second- biggest iron ore trader, plans to invest US$ 4 billion to build a 5 mt greenfield steel plant

• Posco which has already started work in Orissa.

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PortsVesselsMaterial handling facilitiesRoads

RailwaysRoad – rail

linkagesAncillaries

Trained manpower,

including skilled labour

All resources can be mobilised in the medium termF

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Except Coking Coal

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1 MT of steel will require 0.6 MT of met coke60 MT of coke requirement for 100 MT

Or 100 MT Coking Coal required

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Demand from Foundries,Soda Ash plants,Chemical Units

Other Sectors not considered.

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Potential sources :

Established : AustraliaCanadaUSAChina

Emerging : MozambiqueIndonesiaSouth African NationsF

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But Except AustraliaNeed to consider

*ash content,*calorific values,*land locked mines,*transport bottle necks,*freight costs,*law & order problems

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India centric issuesPeculiarities of Indian

psycheTendency to buy in the

spot marketDependence on China

Herd mentalityLack of foresight

leading to Inability of ensuring

supply security

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In 2004 among the Indian Secondary Steel Producers only Sesa Goa had captive coke

plant (0.28mtpa)

By 2007 more than 10 producers have gone in for captive plants ( 4 mtpa)

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(million TPA)2003/04 2006/07

Sesa Kembla Coke 0.28 0.28Sathvahana Ispat 0.12Jindal Vijaynagar 0.80

Lanco Ferro 0.12Electrosteel Castings 0.12Jindal Saw 0.15JSPL 0.80VISA 0.40Neelachal 0.80Jayaswal Neco 0.20

Total 0.28 3.79

JV tie ups:Kalyani Steel with Gujarat NRE 0.32

Captive Coke Plants in Secondary Steel Sector

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Which meansDistinct move away from

Chinese dependence : (Coking coal import

preferred over coke import as Chinese prices move

defying logic)

India to emerge as the second largest coke producer after

China

Coking Coal criticality to continue

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Expected Indian Coke Consumption & Coking Coal Demand Projections

(Conservatively based on additional 50 million tons of steel by 2012 and further 100 million tons by 2020)

year 2005 2007 2012 2020CokeConsumption

21 25 60 120

Coking coal reqd. 28 35 84 170

Indian coal 8 8 9 12

Nett import demand (equivalent coal)

21 27 75 158

(million tons)

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Australia :Quality mines ready and rolling are hard to come by

Ports are already congestedStiff Mining / Environmental legislation

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Mainly in the prospecting license stage

Reserves have to identified and established

Huge investment in infrastructure required

Before mining can actually commence

Mozambique, Botswana, other African sources

Note as opposed to a steel plant being set up in 2-4 years time, setting up a mine will require 6 – 8 years

which means, 10 years to get the coal flow)

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Coal Criticality

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Coal Videsh(scouting for the last decade)

Gujarat NRE Coke(2 mines in Australia, stake in

NZ mine, other prospecting Co’s)

Tata Steel(Mozambique)

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Gujarat NRE Coke Limited

India’s largest independent coke producer(Current capacity – 1 MTPA

By Dec’08 - 1.25 MTPA)

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Growth @ speed of thoughtGUJARAT NRE COKE LIMITED

GNCL is the largest independent producer of Metallurgical Coke in India and the

only listed company in this sector with more than 60,000 shareholders

Apr’08 Market Cap US$ 1 billion plus

Profit earning and dividend paying company with strong financials and credit rating

Met Coke capacity 1 million tons & being increased to 1.25 Million MTPA

The only Indian company to have acquired captive coking coal mines outside India –

NRE No. 1 Colliery and NRE Wongawilli Colliery near Wollongong, NSW, (combined

resources more than 550 million tonnes of Hard Coking Coal)

NRE NO 1 IPO for AU $15 million oversubscribed. Currently listed with a market cap

of AU $1 billion – (Gujarat NRE Minerals Ltd – ASX Code:GNM)

Recently acquired Elouera Colliery from BHP Billiton and consolidated with NRE

Avondale. Since renamed as NRE Wongawilli Colliery

A Snapshot

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NZ $20 Million invested in Pike River for 400 KTPA of Ultra Low Ash Coal (a much

sought after sweetener for blending with NSW Coal)

Environment friendly Non – recovery Coke batteries with heat recovery and Stamp

Charging facility having ISO 9001:2000 certification

Group has the potential to generate power from waste heat at Re. 0.50 / Unit

Setting up waste heat recovery power plants of 30 MW Capacity by 2009 and further

30MW by 2010.

Setting up Captive Jetty at Bellikeri, Karnataka and Railway Siding at Dharwad which

would improve logistics and reduce cost

Acquiring Six new dry bulk carriers on long term time charters with an option to buy.

To be put in service progressively from 2010 onwards.

Bagged several awards as Super performer, Highest wealth creator, Best Performing

Mid sized company, environment & safety awards by various media houses

A Snapshot Contd…F

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GUJARAT NRE COKE LIMITEDGrowth @ speed of thought

Shareholding Pattern Jagatramka Family 41%

Mutual Funds & FIIs 32%Indian Public (60,000) 27%

----------100%

Returns to ShareholdersInvestment of Rs. 1 million 1994 equals Rs 0.3 billion in March, 2008Which translates to more than49% YOY growth

• Listed on BSE & NSE• Ticker Code: GUJNRECOKE BSE: 512579• Face Value : Rs. 10 per share

• Shares on Issue- As on 31/3/2007 244 million- On Conversion of warrants 14 million- On Conversion of 1st FCCB issue 48 million- On Conversion of 2nd FCCB issue 25 million

Total as on 31/3/1008 331 million

• Current Market Price Rs. 153 • Fully diluted Market Cap US $1 Billion +

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GUJARAT NRE COKE LTDOperations…

Gujarat NRE MineralsASX Code - GNM

LOW ASH METALLURGICAL COKE

1.25 MMTPA

COAL WASHERYAT KHAMBALIA

& Bachau* (0.75 MTPA each)

NRE No.1 Colliery~1.5 Mt Measured~135.08 Mt Indicated~186 Mt Inferred

~323 Million MT Total Coal Resources#

NRE Wongawilli Colliery~21 Mt Measured~24 Mt Indicated~76 Mt Inferred

~121 Million MT Total Coal Resources %

NRE Avondale Colliery~0.00 Mt Measured~0.00 Mt Indicated~137 Mt Inferred

~137 Million MT Total Coal Resources%

STEEL UNITTMT BARS : 0.311 MMTPA

*DHARWAD UNIT0. 25 MILLION MTPA

BHACHAU UNIT0.324 MILLION MTPA

KHAMBALIA UNIT0.358 MILLION MTPA

BNCL (60%)DHARWAD UNIT

0. 324 MILLION MTPA

*Proposed Facilities

Waste Heat Recovery Power Plants

Khambhalia* 15 MWBachau* 15 MWDharwad* 30 MW

Total 60 MW

Wind Power 27.5 MWBeing Commissioned 30 MW

Total 57.5 MW

In Australia In India# Gujarat NRE No.1 Mine estimation of coal Resources, B. Agrali, Feb 18 2007

% Statement of the Coal Resources of Gujarat NRE Wongawilli and Avondale Colliery Holdings as at end of Feb 2008. B. Clark, Feb 2008

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15%

85%

GUJARAT NRE COKE LIMITEDListed on NSE & BSE in India

Pluton Resources LtdGujarat NRE Limited

Pike River Coal Ltd Rey Resources LtdWonga Coal Pty Ltd

Gujarat NRE FCGL Pty Ltd

Gujarat NRE Minerals Ltd

Listed on ASX:GNM

100%

NRE Wongawilli Colliery ~21 Mt Measured~24 Mt Indicated~76 Mt Inferred~121 Million MT

Total Coal Resources NRE Avondale Colliery

~0.00 Mt Measured~0.00 Mt Indicated~137 Mt Inferred~137 Million MT

Total Coal Resources%

NRE No.1 Colliery~1.5 Mt Measured~135.08 Mt Indicated~186 Mt Inferred~323 Million MT

Total Coal Resources#

International Operations

Gujarat NRE Resources NL

Coal mine in New Zealand.

Coal off-take For 400,000MT pa

Exploration tenements

In Australia, Chile & Peru

Exploration tenementsIn Australia

13%

10%

100%

100%

100%

# Gujarat NRE No.1 Mine estimation of coal Resources, B. Agrali, Feb 18 2007

% Statement of the Coal Resources of Gujarat NRE Wongawilli and Avondale Colliery Holdings as at end of Feb 2008. B. Clark, Feb 2008

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GUJARAT NRE MINERALS LIMITED

Listed on ASXTicker Code: GNMIssue Price $0.50 per share (In July’07)Shares on Issue 801 million

Pre takeover 494 millionIssued against GUJ 188 millionOptions against GUJO 119 million

Current Market Price $1.70Fully diluted Market Cap AUS $1 Billion +

13 million INR unquoted options (50-75 cents and various expiry dates) are not shown above

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Resources– HOLDING / LEASES

Resources (In million tonnes)

Measured 21

Indicated 24

Inferred 76

NRE Wongawilli Colliery

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Shareholding Pattern:

Holding Co. 85%Institutions 08%Corporate Bodies 05%Individuals 02%

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Acquired NRE No.1 Colliery in Dec’04

Production re-started in late 2005 using board & pillar mining

Produced more than 0.8 million tons of coal and exported to India

Four panels in operation in Bulli Seam

One pillar extraction and three development

units – approx 0.6 million tons p.a.Acquired Gujarat NRE Resources, which owns NRE Wongawilli Colliery

Wonga Mains project commenced to access Wongawilli Seam

Working towards producing 4 Mt per annum by 2012

NRE No. 1 Colliery

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Location gives access to un congested Port Kembla currently operating at < 50% capacity

NRE No.1 CollieryLocation & Logistics of Mine

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310/311 Panels

S Mains

P, O & H Panels

Current Working Panels in Bulli Seam

NRE No.1 CollieryF

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Wonga Mains – roadway layoutF

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Wonga Mains Project

• Underground operations commenced 7th January 2008

• RTV is currently being mined – drift of 1 in 10 gradient down to Wongawilli seam

• Belt road portal is currently being mining

• Excavation for Track Road portal commenced

NRE No.1 CollieryF

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OLD BULLI WORKINGS

BAR RIER

BARRIER

Bulli Seam Longwalls:Size of Longwall blocks still to be

determined,dependant on Geotech advice

regarding Wallandoola creek area

5m Staple Shafts

Pillar Extension 200,000t

P ill ar Extensi on 200,000t

Pi llar Ex tension 400,000t

S Main 2 Panel

1000t Bin

Conveyor & Transport DriftsBulli seam S Main 2 to Wongawilli seam

V Mains Panel

Drift down from wongawilli for Bin

No1 Shaft

Wongawilli Longwalls:Length of Longwall blocks still to be

determined, dependant on Geotech advice and the DSC regarding Cataract/Dam wall

Wongawilli Seam Longwall Development

Wongawilli Seam Mains Development

Wongawilli Seam Partial Extraction Panels

800 AREA

600 AREA

700 AREA

No3 Shaft

No4 Shaft

No5 Shaft

No6 Shaft

Planned Wongawilli Development & Proposed Longwall Extraction

NRE No.1 CollieryF

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NRE No.1 Colliery – Wonga Mains ProjectF

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Mining Schedule

COMPLETED• Mid 2007 – Finalise 20 year mine plan• Mid 2007 – Commence work on Wonga Mains• End 2007 Commence Environmental Studies • 2008 – Place orders for new Miners

BEING PLANNED• 2009 – Commence work on ventilation Shaft• 2010 – Lodge Part 3A Application• 2010 – Place order for Washery & Longwall• 2011 – Commence Longwall Development• 2012 – Commence Longwall production

- Total mine production up from 1Mt pa to > 4 Mt pa

NRE No.1 CollieryF

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• Acquired Elouera from BHP Billiton in December 2007

• Consolidated with NRE Avondale

• Consolidated Colliery re-named as NRE Wongawilli Colliery

• Development commenced in Feb 2008

• Longwall operations to commence in April 2009

• Mine is currently in production



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SurfaceCoal Handling Facilities - Railway, Bins, Stockpile, Decline Conveyor ,

Bathhouse, offices and car parking

UndergroundLongwall, coal clearance, development equipment, transport fleet

Infrastructure

NRE Wongawilli CollieryF

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Location & Logistics of Mine

NRE AVONDALE

Huntley

Colliery

NRE WongawilliColliery


(Old Avondale)

(Old Elouera)

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Mine Plan• Form and extract two

longwall blocks - February 2008

• Evaluate existing workings for Pillar Extraction -potential to increase mine life

• Develop new access roadways towards and into adjoining Avondale lease -start late 2008

• Develop longwall blocks and commence extraction – start longwall operations 2013


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LW EXTRACTION PLANNNED (2007-2010)


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Project Timing Project Timing –– NRE Avondale accessed NRE Avondale accessed through NRE Wongawillithrough NRE Wongawilli

Q1Q1-- 2008 Restart operations at Wongawilli2008 Restart operations at WongawilliElouera Elouera –– area Aarea A

---- area Barea B---- access roadways into NRE Avondaleaccess roadways into NRE Avondale---- develop mine plan for NRE Wongawilli & NRE Avondaledevelop mine plan for NRE Wongawilli & NRE Avondale

Production profile:Production profile:2008 2008 –– 350,000T350,000T2009 2009 –– 1,150,000T1,150,000T2010 2010 –– 1,300,000T1,300,000T

Long term production target 2.5 to 3 MTPALong term production target 2.5 to 3 MTPA


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Production commencementProduction commencement

First production planned for March 2008, First production planned for March 2008, (commenced since end Feb 2008) (commenced since end Feb 2008) Development for longwall extraction will be Development for longwall extraction will be the initial focusthe initial focusMachinery to be moved to new mining Machinery to be moved to new mining area area -- Jan 2008Jan 2008Longwall production to commence April, Longwall production to commence April, 20092009


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Gujarat NRE Minerals LtdGujarat NRE Minerals LtdRaw Coal Production Profile Raw Coal Production Profile

0

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7

Mar'09 Mar'11 Mar'13

No. 1WongawilliTotal

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CORE STRENGTHS & OPPORTUNITIESStrength

Only ASX Listed Stock with pure Hard coking coal minesSubstantial resource base in both mines of Pure Hard Coking CoalSpread out risk with 2 mines in the same areaIntegrated from mine to marketStrong backward and forward linkages between India & AustraliaIndependent Board of DirectorsProactive ManagementStrong employee participation & community profileMajority of employees are shareholders with investment in the company

Opportunities

Australia is the largest producer of coking coal in the WorldAll major steel producing countries including China, India, Japan and Brazil are dependant on the Australian Coking Coal, which is of high qualityIndia expected to emerge as second largest coke producer next only to China over the next decadeImport of additional 50 million tons of coking coal required in India based on expected coke consumption & coking coal demand by 2011/12

Gujarat NRE Minerals LimitedF

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Thank You

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COMPETENT PERSON STATEMENT

• "The information in this report that relates to Mineral Resources is based on information complied by Dr. Bülent Agrali and Mr. Barry Clark who are Members of the Australasian Institute of Mining and Metallurgy.

• Dr. Agrali is employed by BullAnt Associates P/L-Mining Geological Services. Mr. Clark is employed by Bureau Veritas, International Trade Australia Pty. Ltd

• Dr. Bülent and Mr. Clark have sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr. Agrali and Mr Clark consent to the inclusion in the report of the matters based on their information in the form and context in which it appears."F

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