sudeste superport

Your safety is our priority

Personal Protection Equipment required for the visit:

Safety Eyewear: When exposed to eye or face hazards from flying particles,

molten metal.

Safety cap: When working in areas where there is a potential for

injury to the head from falling objects.

Hearing Protection: Earplug is safe for use and to protect ear from harsh work

Dust Mask: Protection to the lungs. The masks feature an adjustable nose clip

and strap to hold them in place

Safety Shoes: When working in areas where there is a danger of foot injuries

due to falling or rolling objects, or objects piercing the sole, and electrical

hazards.

Reflect Safety Vest: Give visibility and keep safe from drivers

Hearing Protection: Earplug is safe for use and to protect ear from harsh work

environment.

MMX Structure and Management Team

Current Shareholder Structure Senior Management Team

� 14 years in the mining industry in Vale and Rio Tinto

� Former equity research officer of Credit Suisse from 2005

until 2009, responsible for coverage of mining and steel

companies in Latin America

Roger Downey

Chief Executive

and IR Officer

Alexandro A. de Moura � More than 20 years of experience in the mining sector

ControllingShareholders

17%39%

Free Float15%

29%

� Approximately 25 years of experience in the mining sector

� Held senior executive positions in companies such as

Vale ,Caemi Group, Pará Pigmentos and MRS Logística

Guilherme F. Escalhão

Chief Financial Officer

Alexandro A. de Moura

Chief Mining

Operations Officer

� More than 20 years of experience in the mining sector


Samarco Mineração and Vale

� More than 24 years of experience in the mining sector


Vale, S.A Mineração da Trindade (SAMITRI), Ferteco

Mineração, Gulf Industrial Investments (Vale subsidiary)

and AVG Mineração

Chequer H. B. Habib

Chief Commercial Officer

70% 100% 100%

100%100%

MMXCorumbá

Mineração

MMXSudeste

Minera MMXde Chile

BomSucesso

Serra Azul

30%

EBX BRASIL S/A Luciano C. Ferreira

Chief Port Operations

Officer

� More than 25 years of experience in mining, port and steel

sectors


Caemi, MBR and Vale, including Companhia Siderúrgica

Pecém, Vale joint venture.

Free Float

Antônio A. Schettino Fróes

Chief Project

Development and

Implementation Officer

� Around 30 years of experience in the mining sector


MBR, Odebrecht, CSN and Votorantim Siderurgia

MMX has never been in such a good position

� Integrated company: Sudeste Superport acquisition

underway and MRS contract in final stage of negotiation

� Strong Balance Sheet: ready for the expansion phase

� Long term contracts: more than 60% of the production� Long term contracts: more than 60% of the production

already committed

� Competitive cost structure

� Cash generation: R$ 120.6 million 2010 EBITDA

Sudeste Superport acquisition

Transaction background

� Capital increase in MMX of US$ 700 million

• Capital increase of common shares at R$13.963

• SK acquired 15% of the Company´s shares

� Acquisition of Sudeste Superport, valued at US$ 2.2 billion divided into:

• (i) US$ 441 million in MMX shares or cash

(ii) US$ 1.8 billion in royalties securities to be issued by MMX• (ii) US$ 1.8 billion in royalties securities to be issued by MMX

• Potential port expansion to 100 Mtpy

� Why the royalties securities were created?

• To enable MMX to pay a full NPV valuation and allow royalties securities holders to fully

capture the expansion upside to 100 Mtpy

� Long-term iron ore off-take agreement granting SK Networks entitlement to:

• 50% of the production of MMX Chile’s mines

• 15% (equity % share) of the production of MMX Sudeste’s mines

Estimated Date Main Events

√ 1. November 29, 2010 LLX Spin Off withdrawal period ends

√ 2. December 8, 2010 MMX board of directors’ meeting approves the OPA for the shares of PortX and

recommending that the shareholders general meeting approve the issuance of the

Royalties Securities and the appraisal report for PortX shares

√ 3. December 15, 2010 Filing of the VTO Documents with the CVM

√ 4. January 21, 2011 MMX general meeting approves the issuance of the Royalties Securities, the appraisal

report for PortX shares.

VTO – Next steps

All subject to CVM confirmation

√ 5. March 10, 2011 Comments from BM&FBovespa regarding VTO documentation received by MMX

√ 6. March 25, 2011 Final comments from CVM regarding VTO documentation received by MMX

7. D CVM approves the VTO Documents and issues the VTO registration

8. D+3* MMX publishes the VTO

VTO acceptance term begins

9. D+26* VTO acceptance term ends

10. D+27* MMX board of directors’ meeting approves the increase of the corporate capital and the

issuance of the exact amount of Royalties Securities

11. D+28* VTO auction proceeding takes place at the BM&FBOVESPA

12. D+32* First trading day of the newly issued shares and Royalties Securities

13. D+33* Financial settlement of the BM&FBOVESPA auction* Working days

MMX Highligths

Record Volumes

MMX CONSOLIDATED 2009 2010 %

SUMMARY FULL YEAR Q1 Q2 Q3 Q4 FULL YEAR 10/09

Production - kt 5.179 1.827 1.844 1.898 2.107 7.675 48%

Sales - kt 4.683 1.509 1.834 1.755 2.079 7.176 53%

2010

Net Profit/(Loss) - R$ k

Ebitda - R$ k

(214.147)

(463.711)

46.581

120.565

Net Average Prices - R$/t 77,25 77,28 102,78 134,54 96,32 103,32 34%

Domestic 46% 52% 74% 64% 84% 70%

Exports 54% 48% 26% 36% 16% 30%

� Record production/sales with a 50% YoY growth

� Continuous Q/Q improvement on both sales + production

Ebitda - R$ k (463.711) 120.565

MMX Highligths

Balance Sheet – Consolidated (R$ Million)

CONSOLIDATED BS - IFRS ADJUSTED (R$ million) 09/30/2010 % 12/31/2010 %

Total Assets 2.807 100% 4.049 100%

Current Assets 1.287 46% 2.368 58%

Noncurrent Assets 200 7% 261 6%

Permanent Assets 1.319 47% 1.420 35%

Total Liabilities 2.807 100% 4.049 100%

Current Liabilities 837 30% 1.004 25% Current Liabilities 837 30% 1.004 25%

Noncurrent Liabilities 692 25% 613 15%

Shareholders Equity 1.277 46% 2.431 60%

Capital stock 2.463 88% 3.524 87%

Reserves 48 2% 48 1%

Accumulated losses (1.233) -44% (1.142) -28%

� High liquidity

� Solid Balance Sheet offers leveraging potential to achieve debt/equity target

Iron Ore District connected to Sudeste

Superport by MRS railway

Sudeste Superport regions

Fully Licensed for 50 Mtpy

Offshore

Nautical

Access

Sudeste Superport

Overview

Railway

Access

Stockyard

06Stockyard

32

Tunnel

Sudeste Superport

Railway Branch

Bridge over

Cação River

Brisamar Yard to

Cação River

MRS branch to Itaguaí Port, CSN,

VALE

�Railway access branch with 3 lines of 1.6 m

width and 2.3 km length

�Railway viaduct of 11 m width and 40 m

Railway

yard

Itaguai Port road access

Cação River

Access to Ilha

da Madeira

�Railway viaduct of 11 m width and 40 m

length

�Bridge over Cação River (Overpass) of 20 m

width and 600 m length

Sudeste Superport

Iron Ore Stockyard – Total: 2.5 MM t in the 1 st phase

Stockyard Elevation 06 Capacity= 1.2 MM t

Stockyard Elevation 32 Capacity = 1.3 MM t

Sudeste Superport

Stockyard Elevation 6 m

Sudeste Superport

Stockyard Elevation 32 m

Sudeste Superport

Iron Ore Stockyard – Cross Section

�Stockpiles height: 18 m

�Berms height : 3 m

�Stockyard width: 230 m

Stacker Reclaimer

Sudeste Superport

Car Dumper

�Depth: 21 m�Depth: 21 m

�Width: 12 m

�Length: 30 m

Tunnel Entrance Tunnel Exit

Sudeste Superport

Tunnel

� Construction started in July/2010

� 653 meters already done as of April, 6th

� Average speed of excavation: 7 meters per day

Highlights Tunnel Section

Sudeste Superport

Tunnel

1 st phase 2 nd phase

� 11 meters

� 20.5 meters

� 1.8 km

Total Area

Height

Width

Length

� 198 m2

Section for 100 Mtpy Tunnel

HighlightsConstruction started in August/2010

Berth depth: 20 m – able to load capesize vessels

Expansion potencial to 100 Mtpy

50 Mtpy 100 Mtpy – Future Expansion

Sudeste Superport

Offshore Structure

Pier length: 766 meters

Number of berths: 4

Pier length: 766 meters

Number of berths: 2

Sudeste Superport

Pier

Pier

Length: 766m

Width: 24m

Pre cast piles: Ø 90cm diameter

and 39m of length

Quantity of piles: 477

Pier

590 m – Shiploader travelling

Sudeste Superport

Pier – Ship Loader

Sudeste Superport

Marine Bridge and Pier

Platform 1

Platform 2

Bridge

Pier

Sudeste Superport

Nautical Access

Nautical Access

Estimated Volumes

�Dredging: 11,600,000 m³

�Blasting: 16,000 m³

Nautical Access

Sudeste Superport

Process Flowchart

o

Car Dumper 1

Transfer Station

160 Railway Car

UNLOADING

Car Dumper2 Iron Ore Stockyard Elev. 6m

STOCKYARD

160 Railway Car Line II Line II

12,000 t/h

BELT CONVEYOR

BELT CONVEYOR

Stacker Reclaimer

Stacker Reclaimer

Stacker Reclaimer

Line I

8.880 t/h

Line II

8.880 t/h

Ship Loader 1

Transfer Station

oIron Ore Stockyard Elev. 32m

Transfer Station

Ship Loader 2

TUNNEL

PIER

Line I

Line I

12,000

t/h

Line II

Line I

Line I

12,000 t/h

Line II

12,000 t/hTUNNEL BELT CONVEYOR

Stacker Reclaimer

Stacker Reclaimer

Sudeste Superport

High flexibility in the project operation

�3 railway lines to reduce the maneuver time at the branch.

� Railway lines for two independent trains in the loop.

�2 car dumpers capable of feeding stockyards levels 6 and/or 32.

�Possibility of iron ore relocation from stockyard level 6 to stockyard level 32.

Receiving / Storing

�Possibility of direct loading from the car dumper into the ship.

�Chutes at the entrance of the tunnel allow iron ore coming from either stockyard levels 6 or 32

to be loaded into any ship.

� The 2 ship loaders are able to feed the same ship simultaneously.

Expedition / Loading

TUNNEL

Superporto Sudeste

Iron ore handling flow

CAR

DUMPER

TUNNEL

Superporto Sudeste


Superporto Sudeste


Sudeste Superport

Contractors

Stockyard

Offshore Structure

Civ

il C

on

stru

ctio

nTunnel

Railway + Roadway

Structure

Civ

il

Car dumpers

Stacker Reclaimer and

Conveyor Belt

Ship LoadersEq

uip

me

nt (Germany)

(Spain)

(China)

Timeline

Construction Schedule

Environmental Preliminary License (LP)

Environmental Implementation License(LI)

Funding BNDES FINAME-PSI

ANTAq License

Funding BNDES FINEM

��

�

�

1H09 2H09 1H10 2H10 1H11 2H11 1H12 3Q12

*

Tunnel

Offshore Structure

Main Equipment already ordered:

Car dumper

Shiploader

Stacker reclaimer

Belt Conveyors

Completion of civil construction

Equipment set up

�

�

��

� 100 Mtpy: upgraded tunnel, stockyard elevation 6, rail loop, etc already underway

Sudeste Superport

CAPEX and Funding

BNDES FINAME

– PSI BNDES FINEM

Total amount

R$ 1.2 BiR$ 407.1 mm R$ 805.1 mm

Interest rate per 4.50% TJLP + 2.18%

1.282

CAPEX for 50 Mtpy : R$ 1.8 Billion Funding in place

Interest rate per

year4.50% TJLP + 2.18%

Amortization 8 years 10 years

Grace Period 2 years 2 years

Construction at full speed

Capex 2010: R$ 286 M

Liquidity (cash+LFT’s): R$ 46 M

Permanent Assets: R$ 430 M

Net Loss 2010: R$ 25 M

86 40

63

286

2007 2008 2009 2010 2011/2012

Actual

BNDES disbursement 2010 – R$ 111 M

ECA’s under negotiation

R$ 475 M

IFRS - Financial Highlights (Dec. 2010)

MMX

Geological Resources

ResourcesDrilling

Dec/2010

Audited Resources

Dec/2010

Mineral

Potential

Dec/2010

SitesMeters

Carried out

Measured

(Mt)

Indicated

(Mt)

Inferred

(Mt)

Total

(Mt)Fe%

Potential

(Mt)Fe%

Serra Azul 24,170 584 315 10 909 38.9 570 33

Pau de Vinho 875

Bom Sucesso 4,610 365 365 29.9 741 27.7

Corumbá 7,390 53 87 52 192 51.3 123 50

Chile 290

Total 36,170 637 402 427 1,466 2,599

Serra Azul Complex:

Growth and proximity to existing infrastructure

MMX is the natural consolidator in the region

Serra Azul Expansion

Highlights

Dimension Highlights

Geology Continuation of services for drilling and geological modeling

Technological

DevelopmentSAG Grinding and Balls Grinding Tests in Chile (17/01 to 04/02/11).

Engineering

Processing Plant Basic Engineering - Apr/11.

Engineering

LDBC, Railway Terminal and Water Intake Basic Engineering - Feb/11.

Environment

Stages in the licensing process – Beneficiation Plant, LDBC, Water Intake,

Power Line, Railway Terminal – in accordance with the schedule.

Public Hearing was held on March 22nd.

Supply Chain

Requests for Proposals have been issued for Crushers, Ball mills, SAG

mills, Vertical Mills, Ceramic filters, Stacker Reclaimer and Train Loading

System.

Serra Azul Complex

Geological Section

Friable Itabirite

Compact Itabirite


Project Definition

The expansion project aims to increase the production capacity from 8.7 Mtpyto 24 Mtpy of iron ore.

The project scope includes the implementation of a new beneficiation plant,waste deposit, tailings dam, long distance conveyor belt, railway terminal andload out station.


Flow sheet

< 200 mm

PRIMARY CRUSHING

BALL MILLS

SAG MILLS

DESLIME

FLOTATION

(PRE-CONCENTRATION)GREGRINDING

PEBBLES CRUSHING

CONDITIONINGAND COLUMN

FLOTATION ROUGHER

SCAVENGE

PELLET FEED

CLEANER

TAILINGS

CONCENTRATE THICKNER

FILTERING

TAILINGS DAM

Compact ore (ITABIRITES, MAGNETITES)

� Ore used and processed worldwide to produce high grade products

� Eg: IOC/QCM/HIGTAC/MINTAC/C.Cliffs/EVTAC, etc.

�Products: high grade pellet feed

�Specifications: Fe = 67%, SiO = 3,5%, P = 0,03%,

Al O = 0,5%, Mn = 0,05%, PPC = 0,25% Al2O3 = 0,5%, Mn = 0,05%, PPC = 0,25%

(according to testwork performed by Ouro Preto pilot plant)

�Pilot plant testwork performed in Chile

Serra Azul

CAPEX and Production capacity

2,960

CAPEX (R$ Million)

21.7

25.3 25.3 25.324 24

Production capacity (Mtpy)*

CAPEX 79 USD/ton

49

539

2010 2011 2012-2016

8.7 8.76.5

0.61.3

1.3

1.3 1.3 1.3 1.3

1.8

20.424 24 24

24 249.3 10 9.6

21.7

2011 2012 2013 2014 2015 2016 2017 2018... ...2020

Current Capacity GVA Expansion* Time adjusted


Milestones

2H10 1H11 2H11 1H12 2H12 1H13 2H13

EIA RIMA

Filed

Environment

al License

Construction

License Start up

Basic

Se

rra

Azu

l E

xp

an

sio

n

ConstructionBasic

Engineering

Ordering

Equipment

begins

Development

Construction

Operations

Se

rra

Azu

l E

xp

an

sio

n

Construction

sudeste superport

Business