MINERAL RESOURCES LIMITED

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Mineral Resources Limited Chairman’s Address – 2011 Annual General Meeting

17 November 2011

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Mineral Resources (ASX:MIN)

ASX/S&P 200 company Market Cap ~$AUD 2 billion Employs ~ 1,200 people

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Service Provider

Minerals Producer

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Process Minerals

Minerals and base metals processing, logistics, ship loading & marketing

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Crushing Services

Australia’s largest specialist BOO crushing, screening and processing contractor

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PIHA

Pipeline, services, site infrastructure, contractor and polyethylene fittings manufacturer

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Polaris Metals

Specialist Iron Ore resources company

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Mesa Minerals (64% owned) & Auvex Resources

Specialist manganese and technology companies

2011 financial highlights

Record 2011 net profit $150.5 million, up 141% on 2010
2011 fully franked dividend 42.0 cents, 110% increase
802% growth in EPS since listing in 2006
Balance sheet continues to strengthen
NTA per share increased to $3.45 in 2011 from $2.75
Cash balance and free cash flow available to fund published 2012 CAPEX programme

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Financial history

Value of an investment of $1,000 in MIN on float in 2006

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20,000
15,000
$ 10,000
5,000
-
2006 2007 2008 2009 2010 2011
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Earnings per share

EBITDA

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100 250
80 200
60 150
40
100
20
50
0
-
2006 2007 2008 2009 2010 2011
2004 2005 2006 2007 2008 2009 2010 2011
$ millions
cents per share
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Recent financial performance

$AUD millions	2011	2010	% change
Revenue	609.5	322.4	+95%
NPAT	150.5	62.5	+141%

EPS	90.0	68.5	+31%

Net Assets	627.5	485.7	+29%
Net Cash (at October 2011)	91.2	88.2
Funds Employed	536.3	397.5	+35%

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Safety management

• People’s safety is the company’s core focus

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Each MRL group operating company (PIHA, Crushing Services International, Polaris Metals and Process Minerals International) was awarded Gold awards at 2011 IFAP/CGU Safe Way Achiever Awards for excellence in safety.

These awards are in recognition of being among the top tier of organisations in Western Australia that achieved outstanding levels of occupational safety.

MRL employs world best practice safety management systems at each of its operating sites supported by extensive professional resources at the group level.

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MRL commodity story

MRL – a growing steel making commodities producer;
Export of manganese and iron ore since early 2004;
Business developed from services contractor skill base

Commodity export volumes

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‘000 tonnes 2009/10 2010/11 % increase 2011/12
Actual Actual Target
Iron Ore 875 2,259 158%
Manganese 428 449 0%
TOTAL 1,303 2,708 107% +4,000
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Iron ore export operations

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Operational Sites
Yilgarn
- Carina;
- Yilgarn / Mid West Region.
Pilbara
- Port Hedland;
- Poondano;
- Phil’s Creek (recent purchase from IOH).

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Volumes
Carina, target 4.4mtpa rate from early C2012;
Pilbara, target 3.0mtpa ongoing;
Export targets depend on port allocations.
Pricing
Model options contract, spot and index;
Index prices have reduced recently from historic highs;
MRL modelling based on conservative price assumptions.

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Exploration /resource development
Carina – production drilling
Carina extended – resource definition
Exploration programme next 12 months
- Chameleon
- J4
- Mayfield

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Bungalbin
Paulsen’s East

Carina iron ore project

Location

Carina site history

2 x accommodation centres with 224 beds total
Carina discovered in May 2007 by Polaris Metals
First ore on train 31st October 2011
Initial Carina JORC Compliant Resource – 27 MT DSO Iron Ore published in Nov 2008
First ship in port 15th November 2011

Port Construction

Take over by MRL

MRL acquisition of Polaris Metals completed in 2010
Train unloader refurbished and upgraded
New stockyard with reclaim to the existing shiploader constructed

Approvals

PER (Public Environment Review) for Carina development submitted in March 2010, approved in December 2010
Up-rate shiploader to nameplate capacity (2200 TPH) and later to 3000 TPH (in progress)
Final approval for site construction in February 2011

Site Construction Stage 2

Port allocation granted May 2011 and construction commenced the following day
All approvals in place to commence operations in July 2011
Seal haul road
Complete jet capable airstrip
Permanent crushing facility with stockyards and mechanised stacking and reclaim under construction

Carina iron ore project – Carina mine

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Carina iron ore project – Main facility

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Carina iron ore project – Rail siding

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Carina iron ore project – Kwinana Berth2

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Contracting operations

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Crushing and Processing

Specialist BOO contractor
Clients – top 10 mining houses
Recent projects:
Christmas Creek 1 – in operation
• Christmas Creek 2 – in construction

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Wodgina – expansion of resources
• Strong opportunity base for further contract wins

PIHA

Specialist polyethylene contractor

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Pipe laying;
Pipe lining;
Fittings manufacture
Client base is major mining and infrastructure players

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Christmas Creek 1 operation

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Christmas Creek 2 construction

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Outlook and market guidance

MRL first ore from the Carina mine completed and regular iron ore export programme will commence from early in 2012
Global commodity demand continues to be strong albeit impacted by a variable pricing environment and AUD
BOO installed crushing capacity to benefit from ramp-up of Christmas Creek 1 plant, further supported by solid progress in construction of Christmas Creek 2 and new Wodgina operations.
MRL pipeline of contract crushing and infrastructure project opportunities consistent with client production growth plans
Port infrastructure remains most significant challenge in achieving growth targets
Purchase of Iron Ore Holdings tenements provides expanded resource life
Drilling program will assist to prove up reserves for mining operations
Substantial contract opportunities for PIHA operations

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Outlook and market guidance

Management is confident of strong growth in annual performance with
projected:
Strong increases in crushing volumes from completion and ramp-up of new and expanded plants
Increasing iron ore export volumes from additional capacity
Stockpiled manganese tonnes to take advantage of any positive movement in pricing and demand
PIHA contract activity remains solid
Second half performance including new iron ore production will exceed the first

� MRL FY2012 profit target to exceed prior year

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Questions

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Disclaimer

This presentation has been prepared by Mineral Resources Limited (“MRL” or “the Company”). It should not be considered as an offer or invitation to subscribe for or purchase any securities in the Company or as an inducement to make an offer or invitation with respect to those securities. No agreement to subscribe for securities in the Company will be entered into on the basis of this presentation.
This presentation contains forecasts and forward looking information. Such forecasts, projections and information are not a guarantee of future performance and involve unknown risks and uncertainties. Actual results and developments will almost certainly differ materially from those expressed or implied.
You should not act or refrain from acting in reliance on this presentation material. This overview of MRL does not purport to be all inclusive or to contain all information which its recipients may require in order to make an informed assessment of the Company’s prospects. You should conduct your own investigation and perform your own analysis in order to satisfy yourself as to the accuracy and completeness of the information, statements and opinions contained in this presentation before making any investment decision.

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AI assistant

MINERAL RESOURCES LIMITED — AGM Information 2011

65337_rns_2011-11-16_bafb3d88-1c7d-4d9b-b730-076f205fa39b.pdf