1. MMX MINERAÇÃO
Creating choices in seaborne
iron ore supply
February | 2014

2. DISCLAIMER
This presentation relating to MMX Mineração e Metálicos S.A. (“MMX”) includes “forward-looking statements”, as that term is defined in the Private Securities
Litigation Reform Act of 1995, in Section 27A of the Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All statements
other than statements of historical facts are statements that could be deemed forward-looking statements and are often characterized by the use of words
such as “projects”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, “may”, “will”, or “intends”, or by discussions or comments about our
objectives, strategy, plans or intentions and results of operations. Forward-looking statements include projections regarding our operating capacity, operating
expenditures, capital expenditures and start-up dates.
By their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists
that these statements may not be fulfilled or, even if they are fulfilled, the results or developments described in such statements may not be indicative of
results or developments in future periods. We caution participants of this presentation not to place undue reliance on these forward-looking statements as a
number of factors could cause future results to differ materially from these statements.
Forward-looking statements may be influenced in particular by factors such as the ability to obtain all required regulatory approvals on a timely basis or at
all, exploration for mineral resources and reserves, difficulty in converting geological resources into mineral reserves, and changes in economic, political and
regulatory conditions. We caution that the foregoing list is not exhaustive. When relying on forward-looking statements to make decisions, investors should
carefully consider these factors as well as other uncertainties and events.
MMX does not undertake to update our forward-looking statements unless required by law. This presentation is neither an offer to sell (which can only be
made pursuant to definitive offering documents) nor a solicitation of an offer to buy any securities in the United States, or any other jurisdiction. The
securities referred to herein have not been registered in any jurisdiction, and in particular, will not be registered under the U.S. Securities Act of 1933, as
amended, or any applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from
such registration requirements.
This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without MMX’s prior
written consent.
2

3. 1.
MMX INTRODUCTION

4. UMA HISTÓRIA ÚNICA
MMXM3
WISCO
10,5%
CONTROLLING
SHAREHOLDERS
SK
NETWORKS
8,8%
59,3%
OTHERS
21,4%
5,48% EBX
94,52%
MMX Corumbá
Mineração
100%
35%
MMX Sudeste
Porto Sudeste
do Brasil
65%
Serra
Azul
Bom
Sucesso
4

5. MMX INTRODUCTION
High quality mining assets in traditional
mining districts
Two operating systems: Serra Azul and
Corumbá;
Current Capacity: approximately 7 Mtpy;
Mining rights in traditional iron ore districts:
Brazil (Minas Gerais and Mato Grosso do Sul);
Sudeste System | MG
Serra Azul Unit
Bom Sucesso Unit
Production committed with strategic
consumers – China and South Korea –
through long-term contracts;
Brownfield start up in Brazil;
Porto Sudeste| RJ
Strategic port location.
Corumbá System | MS
Sistema Sudeste
5

6. MMX INTRODUCTION
Ingredients for a successful iron ore
business
RESOURCE BASE
SRK and Coffey Mining certifications (Serra Azul, Pau de Vinho e Bom Sucesso): 3,6
billion tons of mineral resources. Reserves of 1 billion tons in Serra Azul.
COMPETITIVE
PRODUCTION
COST
STRUCTURE
Low stripping ratio;
Competitive scale – New beneficiation plant;
Energy supply contract with MPX;
Infrastructure with integrated logistics.
GUARANTEED
LOGISTICS
Porto Sudeste at 50 Mtpy, expandable to 100 Mtpy, provides gateway to seaborne
markets;
Long Term Railway Contract with MRS.
SECURED OFFTAKE
64% of future production already committed through long-term contracts.
OPERATIONAL
TRACK RECORD
Experience management team with implementation and operational expertise;
Current Capacity of 7 Mtpy (Serra Azul and Corumbá sites).
6

7. MMX INTRODUCTION
A lot has been delivered
BNDES
approves
eligibility for a
long term
financing for
Serra Azul;
Conclusion of the
Arrival of 2 Ship
contracting of
Loaders in the
supplementary long term
Sudeste
funding for the Sudeste
Superport ;
Superport with BNDES, in
the sum of R$ 935 million;
Sale of all shares
in Minera MMX de
Chile S.A. to
Inversiones Cooper
Mining S.A.
The merger of
MMX Porto
Sudeste S.A.
by MMX
Conclusion of the
investment
Approval of
operations of
the business
plan’s revision Trafigura and
Mubadala in
of the
Porto Sudeste do
Company;
Brasil SA.;
FEBRARY
2014
2012
Conclusion of
the offshore
civil works at
the Sudeste
Superport;
Conclusion of
the capital
increase in the
amount of R$
1.4 billion;
Renewal of the
lease contracts
for mineral
rights with the
CEFAR,
extending the
terms of validity
from 2021 to
2034;
New
certification of
mineral
resources (SRK
and Coffey
Mining) totaling
3.6 billion tons
considering
Serra Azul Unit,
Mina Pau de
Vinho and Bom
Sucesso;
Hiring of
financial
advisors to
evaluate
business
opportunities;
Definitive
agreements
executed by the
Company with
Trafigura and
Mubadala;
Reverse stock
split of shares
of the
Company, at a
ratio of 6
shares for 1
share.
7

8. MMX INTRODUCTION
Financial highlights
Net Revenue (R$ million)
400
350
300
250
200
150
100
50
0
Gross Profit (R$ million)
250
200
150
339
284
245
100
148
50
186
231
0
3Q12
2Q13
3Q12
3Q13
2Q13
3Q13
Adjusted EBITDA (R$ million)
100
50
0
19,2%
14,6%
47
41
32%
16%
-70
-50
-20,6%
-100
3Q12
2Q13
0%
-16%
-32%
3Q13
8
Adjusted EBITDA
EBITDA Margin

9. 2. SUDESTE SYSTEM

10. 2.1
SERRA AZUL UNIT

11. UNIQUE INTEGRATED LOGISTICS
Since Iron ore is a bulk
OFFTAKERS (SHAREHOLDERS)
commodity, an integrated
WISCO
logistic (mine > railway >
Long-Term contract (20 years).
Wisco will off-take at least 50% of
MMX Sudeste production.
port) is the key factor for a
successful operation.
SK NETWORKS
Contract with MRS until
2026
Mine
Railway
Porto Sudeste
Long-Term contract (20 years) to
trade iron ore. SK will take-off part of
the Sudeste System yearly production
equivalent to its participation in MMX
Capital (14%).
SK and Wisco will together
offtake 64% of total production
Serra Azul unit is near to the MRS
railway - 7 km from the mine, a
distance currently traversed by
trucks.
MMX has a long term contract with
MRS railway, which connects the mine
with the CSN’s port and the Porto
Sudeste, both located in Itaguaí.
Porto Sudeste will have 50Mtpy iron
ore shipping capacity. The Superport
will have a depth of 20 meters,
enough to handle Capesize vessels.
11

12. QUADRILÁTERO FERRÍFERO
Iron ore Quadrangle
Minas Gerais

13. RAILWAY
Railway access connecting MRS
to the Porto Sudeste

14. SERRA AZUL
Expansion project with integrated
logistic and pellet feed iron ore
Highlights
Production target: 15 Mtpy waiting of new partner;
64% of production already committed through long-term contracts;
997.4 million tons of reserves already secured by SRK.
Execution Update
Beginning of construction of Serra Azul Unit expansion;
Construction license issued in April, 2012;
Expected Quality – Ouro Preto pilot plant test work
Fe: 66,65%
P: 0,025%
AL2O3: 0,54%
SiO2: 3,23%
Mn: 0,018%
LOI: 0,75%
14

15. SERRA AZUL
Growth through consolidation while
leveraging existing infrastructure
N
Igarapé
3
13
8
5
3
1
7
6
4
2
9
10
14
14
11
12
Brumadinho
Arcelor Mittal
Minerita
6
15
USIMINAS Central
4
Mario Campos
MRI
5
São Joaquim
de Bicas
USIMINAS Western
2
Sarzedo
1
Ferrous-Santanense
7
USIMINAS Eastern
8
Comisa
9 Emicon
10 MMX
11 USIMINAS Pau de Vinho
Itatiaiuçu
BR
38
1
12 Ferrous – Esperança
13 Minera do Brasil
14 Vale
15 Itaminas
15

16. UNIDADE SERRA AZUL
Serra azul unit expansion project
1
2
6
Igarapé
Itatiaiuçu
5
1
8
3
4
Mario Campos
7
9
9
4
Rail terminal connected to the
MRS rail network
Arch extensions
6
9
Pipeline with approximately 7km
extension
5
São Joaquim de Bicas
Tailings dam, about 40km away
from the mine, associated with
a tailings pipeline
3
2
Beneficiation Plant
Waste deposit
7
Water supply
8
High voltage power station
9
Access
16

17. Serra Azul Expansion
Beneficiation Plant

18. SERRA AZUL
Earthwork
1
Pump House, Sump and
Thickeners
5
Substation
2
Construction Site
6
Grinding
10 Tank
3
Beneficiation
7
Piles
11 and Warehouse
4
Grinding
8
Primary Crusher
12 Tank Inc.
9
1
3
2
13 Main Access
Water Storage
14 Administrative Buildings
Construction Site
5
1
Primary Crusher
15 Maintenance Workshop
Water Storage
6
11
4
7
9
8
10
13
14
12
15

19. 2.2
PORTO SUDESTE DO BRASIL

20. PORTO SUDESTE
Overview
Private port terminal designed exclusively to export iron
ore;
Licensed to 50 Mtpy, expandable to 100 Mtpy;
Navy Approval to 100 Mtpy;
Construction works for the tunnel and offshore
infrastructure completed;
Porto Sudeste | Ilha da Madeira, Itaguaí (RJ)
20

21. PORTO SUDESTE
MRS Railway Connection
Macro Region

22. BR-101 - Highway
MRS - Railway
Road Acess &
Railway Acess
Tunnel
Pier
PORTO SUDESTE
Micro region

23. Viaduct over Rail access
and Cação river
Rail access
PORTO SUDESTE
Rail and Road Access

24. Viaduct over Rail loop
Rail access
PORTO SUDESTE
Rail and Road Access

25. Control Room of
Car Dumpers
CHARACTERISTICS:
Depth: 21 m
Width: 12 m
Length: 30m
Car Dumper 2
Train Positioners
PORTO SUDESTE
Car Dumpers at Stockyard
Elevation 6m
Car Dumper 1

26. Stockyard 32
Mariquita’s Hill
Stacker Reclaimer Tracks
Car Dumpers
PORTO SUDESTE
Stockyard 6m
Transfer House

27. Tunnel Entrance
Stockyard 6
Transfer House
Stacker Reclaimer Tracks
Electric
Substation &
Control Center
PORTO SUDESTE
Stockyard 32m

28. SECTION FOR 100 MTPY
Cross Area: 198 m²
Height: 11 m
Width: 20.5 m
Length: 1.8 km
1st Phase
2nd Phase
Conveyor Belt
PORTO SUDESTE
Tunnel

29. Tunnel Exit
Bridge 430m long
Electric Substation
Transfer House
Connecting
Plataform
PORTO SUDESTE
Bridges and Plataform

30. Shiploaders
Pier 766m long
Transfer House
Bridge 270m long
PORTO SUDESTE
Bridges, Plataform and Pier
PORTO SUDESTE
Bridge 430m long
Bridges, Platform and Pier
30

31. PIER
Highlights
Berth draft: 20 m – Able to load 80,000 to 260,000 ton vessels;
Potential expansion to 100 Mtpy.
50 Mtpy
100 Mtpy | Future Expansion
Pier length: 766 meters
Pier length: 766 meters
Number of berths: 2
Number of berths: 4
31

32. PORTO SUDESTE
Shiploaders at Pier

33. 3.
CORUMBÁ

34. CORUMBÁ
Highlights
Current Capacity: 2.1 Mtpy;
Long-term contracts signed with local and
international barge operators;
SRK audit resources report: 192 million tons plus
a potential of an additional 123 million tons;
Sale of assets in progress.
34

35. INVESTOR RELATIONS
MMX
Carlos Gonzalez
Adriana Marques
Phone
CEO and IRO
Manager
+ 55 21 2163-6197
+ 55 21 2163-6338
E-mail
ri@mmx.com.br
35

36. www.mmx.com.br