Corporate presentation follow up – january 2009

January’09

MMX The only one of its kind

MMX MMX

TheThe onlyonly oneone ofof itsits kindkind

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.

Investor Relations

Chequer Bou-Habib - IRO

Marilia Botelho – Manager

Priscylla Setimi - Analyst

Tel. 55 21 2555-5634 / 5558/ 5563

[email protected]

An EBX Group Company

EBX´s publicly held companies

All companies are listed in BOVESPA´s Novo Mercado Corporate Governance segment, consolidating a

market capitalization of close to US$ 9 Bi*.

Core Business: Logistics

Market Cap:

US$ 192 M*

Controlling Shareholder:

58%

Core Business: Power Generation

Market Cap: US$ 396 M*


76%

Core Business: Oil & Gas

Market Cap: US$ 8,1 Bi*


61%

Core Business: Mining

Market Cap:

US$ 412 M*


63%

*Source: Broadcast as of January, 22h 2009; BRL 2,3299/USD (BACEN)

4

A unique story

MMX SudesteCorumbá

System Sudeste

System

MMX de

Chile

6

The only one of its kind

MMX S.A. is the exclusive vehicle of EBX Group for investments in mining and metals, focusing on the production capacity increase through organic growth and the development of new opportunities.

MMX uniquenesses:

� high quality iron ore;

� low cash cost, due to the high in situ ore content and

high productivity;

�secured logistics, through long-term agreements with

rail, barges and port services providers, including LLX Sudeste

Port, an EBX group company;

� the only independent operating Brazilian

junior mining company;

� experienced Management in identifying high value

mining assets, as well as developing and operating them;

� proven capability in delivering value to

shareholders.

In 30 months since IPO (July’06), a lot has been delivered…

� Implementation of MMX Amapá System - mine, railroad and port - in 14-month record

time;

� implementation of MMX Corumbá iron ore mine in 8 months;

� implementation of MMX Corumbá pig iron furnaces in 12 months;

� basic engineering studies of MMX Minas-Rio;

� development of strategic partnerships with Anglo American and Cleveland Cliffs;

� close of long-term off-take agreements with traditional steel makers in Brazil and

seaborne market;

� business restructuring : spin-off of LLX and sale of assets – MMX Minas-Rio and MMX

Amapá - to Anglo American;

�development of MMX Sudeste System: assets acquisition, development of secured

logistics and expansion plans;

� going abroad: Minera MMX de Chile and the good perspectives of iron ore in Chile.

Jul2006

Dec2008

7

MMX Sudeste

100%

Minera MMX

de Chile

30% CentennialAsset Corumbá

Corumbá System

100%70%

MMX Corumbá

Mineração

MMX Corumbá

MineraçãoMMX Metálicos

Corumbá

MMX Metálicos

Corumbá

Greenfield projects developed or under development by MMX: Corumbá System started-up in 2005 (Mining) and 2007 (Metallics); Bom Sucesso under basic

engineering studies

Assets acquired by MMX (AVG: dec-07; Minerminas: jan-08)

100%

100%

Sudeste SystemBom Sucesso

AVGAVG MinerminasMinerminasBom SucessoBom Sucesso

100%

MMX SudesteMMX Sudeste

100%

Free Float

35.88%

Controlling Shareholders

64.12%

8

MMX today: creating value once more based on new assets

Serra Azul & Bom Sucesso

Sudeste System

10

Located at Iron Ore Quadrangle, MMX Sudeste System has an unique

combination of high grade iron ore, low cost and secured logistics.

BOM SUCESSO TENEMENT

LLX SUDESTE PORT

11

�� AAssets acquisitions concluded in Janssets acquisitions concluded in Jan’’08; 08;

�� Construction of Magnetic Concentration Plant and a Construction of Magnetic Concentration Plant and a

series of operational improvements allowedseries of operational improvements allowed Serra Serra AzulAzul

site to reach site to reach 8.7 8.7 MtpyMtpy as annual installed as annual installed

production capacityproduction capacity in Nov, 2008;in Nov, 2008;

Serra Azul site: 8.7 Mtpy of capacity reached on Oct’08

�� Railway capacityRailway capacity secured through longsecured through long--term term

agreement with MRS up to 15 agreement with MRS up to 15 MtpyMtpy;;

�� Port capacityPort capacity secured with CSN Terminal de secured with CSN Terminal de CargaCarga

de de ItaguaItaguaíí Port: 2 million tons annually, from 2009 to Port: 2 million tons annually, from 2009 to

2011;2011;

�� Port capacityPort capacity from midfrom mid--2011 till 2032 will be secured 2011 till 2032 will be secured

through longthrough long--term agreement with LLX term agreement with LLX SudesteSudeste Port Port

(under final discussions);(under final discussions);

�� LongLong--term Offterm Off--take agreementstake agreements with domestic with domestic

miners and steel makers;miners and steel makers;

�� Developing longDeveloping long--term relationship with foreign steel term relationship with foreign steel

makers through makers through trial shipments, trial shipments, aiming at becoming a aiming at becoming a

consistentconsistent international supplierinternational supplier..

Operations Sales & Logistics

Concentration Magnetic Plant – Start-up Oct 30’08

12

Bom Sucesso site: outstanding magnetite content and logistics

View from the west hillside of the Bom Sucesso mountain ridge

�� Acquisition of mining rights concluded on JulyAcquisition of mining rights concluded on July’’08;08;

�� Unique Unique magnetite contentmagnetite content (30%)(30%);;

�� The The closest iron ore asset to the closest iron ore asset to the BrazilianBrazilian

coastcoast –– 240km (lower rail tariff);240km (lower rail tariff);

�� Greenfield basic engineering studies and environmental Greenfield basic engineering studies and environmental

licensing under development;licensing under development;

�� Railway capacity under negotiation with MRS to extend Railway capacity under negotiation with MRS to extend

current contract for additional 17 current contract for additional 17 mtmt up to 2032.up to 2032.

Expected Quality:

Fe: 67.2%

SiO2: 2.5%

AL2O3: 0.5%

P: 0.033%

PPC: 0.6%

FeO: 8.8%

Tests

MMX Sudeste: aggressive expansion plan to become an international player

Total Capex*

US$ 1,026 MM

Production Capacity

2009 to 2013 Expansion plan built up in 3 phases:

Phase I: the installed annual capacity to

reach 8.7 Mtpy has been achieved in Oct’08

upon the start-up of the Magnetic

Concentration Plant;

Phase II: Serra Azul brownfield expansion up

to 16.3 Mtpy – approx Capex US$360MM

Current under detailed engineering and licensing

studies

Phase III: Bom Sucesso greenfield project,

adding 17.4 Mtpy of high magnetite iron ore –

approx Capex US$640MM

Current under basic engineering studies

13*Capex and timeline to be confirmed upon conclusion of detailed engineering studies and analysis of market conditions; average exchange rate R$2.12

PHASE I

CONCLUDED

23

146 13073

11

105

362

168

-

31

251

492

241

11

2008 2009 2010 2011 2012

8,7 8,7

18,514,7 16,3

17,417,4

4,3

8,7 8,7

18,5

32,133,7

4,3

2008E* 2009 2010 2011 2012 2013

Bom Sucesso

Serra Azul

PHASE I PHASE II PHASE III

* Expected production

LLX Sudeste Port: dedicated to iron ore

14

� Initial ore handling

capacity of 25 Mtpy

(Licensing process for 50

Mtpy);

� The project includes a

521,000 m² area with

direct ocean access that is

being developed for iron

ore handling and

stockpiling;

� 20.0 meters depth

� Sized to berth large

vessels of up to 200,000

tons.

Chile

Preliminary tests in Ouro Preto pilot plant:

-Fe: 67,50%

- SiO2: 2,5%

- Al2O3: 0,85%

- P: 0,015%

Iron Ore in Chile: quality & logistics

16

Patrícia

Bella

Fortuna-

Fierro

Teatino

s

50km distant from the Chilean coast

approx 1,760 hectares

Pellet feed with high magnetite content

Existing railroad (FERRONOR)

4 mining rights (2 purchase and options

agreements)

USD 44,5 million

(USD 26 million already paid)

2-year drilling campaign to begin in 1Q09

USD 17 million

EBX has 240,000 ha property at Atacama region

Permits to develop the urban, industrial and port

zones

Water availability with permits

Guaranteed site contract for:

89ha of premium area (port)

782 ha of retro-area

Unlimited scalability for a long-term

development

Located close to mining players

Opportunities for industrial businesses:

Port / Thermo

Puerto

Punta Cachos

Logistics: Puerto Punta Cachos

17

Mining & Metallics

Corumbá System

MMX Corumbá Mineração

Development in 2008:Development in 2008:

� conclusion of NE&Rabicho mineral rights acquisition;

� implementation of new mine route, reducing transportation

inside the mine from 12.5km to 2.5km (costs and time

savings);

� construction of tailings dam;

� implementation of water recovering system;

� implementation of industrial jigging test;

� new mining rights under registration

Significant impact on costs

19

MMX announced adjustments on Corumbá iron

ore mine due to demand constraint, mainly the

Pig Iron plant, the major client.

Corumbá lump ore

* Expected production

Production Capacity**

2009 to 2013

2,13,2 3,2 3,2

3,1

1,4

2,1

3,2 3,2

6,3

1,4

2008E* 2009 2010 2011 2012

NE & Rabicho Mine

63 Mine

PHASE I PHASE II PHASE III

**Capex and timeline to be confirmed upon conclusion of detailed engineering studies and analysis of market conditions

MMX Corumbá: Sales & Logistics

Sales

Logistics

� Transport is made by barges down the Paraguay River

delivering products to South American customers and to

Rosario Port, where cargo is shipped to Europe.

� MMX has long-term contracts with local and international

barge operators;

� Rosario Port in Argentina: Handymax vessels

� The single client for iron ore in the domestic market is

MMX own pig iron plant (35%)� sales at market prices;

� MMX has Long Term Supply Agreements – 5 years, in

average - with traditional steel makers in South America

and Europe.

20

Ladário Port

MMX Metálicos Corumbá: Pig Iron plant

Pig Iron:Pig Iron:

� 2 blast furnaces already with total installed capacity;

� partnership with local charcoal suppliers, aiming at improving charcoal production techniques;

� forestry program in progress:

� self-sufficiency to be reached in 2017;

� acquisition of pinus forests to expedite own charcoal production rate.

21

MMX announced adjustments of pig iron

output due to the current economic scenario,

as of end of November. Operations are

expected to resume upon the improvement in

global economic conditions.

www.mmx.com.br

[email protected]

55 21 2555 5634 / 2555 5558 (RI)

Thank you!