RioZim EGM 2010

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fromRIO TINTO Southern Rhodesia1956-2004

toRIOZIM LTD

July 2004

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RioZim Rights Issue June 2010RioZim Rights Issue June 2010

Presentation Outline

z Brief History

z Current Operations

z Growth Projects

z Application of Rights Issue Fundsz Financial Projections 2010 - 2015

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1973:

Exploration forcoal started inGokwe area

Mar57:

Acquiredmining rights atEmpress Nickel

1985:Refinery re-commissioned

1982:Empress MineClosed, Rencooffic ially opened.

1975:

Renco Minepurchased

1975:

Sengwa

explorationproject halted(Restarted in1985)

Sep68:Cam MineClosed, EmpressNickel Mineestablished

1959:

AcquiredCam & MotorMine at EiffelFlats

Aug56:

Rio Tinto(SouthernRhodesia)Incorporated

1969:

Tinto Industriesformed

Riozims History Goes Back Over Half A

Century Significant Milestones

1956 1960 1970 19891980

1982:

Electric ity SupplyCommissionadvises of shortfallfrom 1988

Rio Tinto Plc Era

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2004:

Murowa Diamonds restructured toRioZim - 22%,

Rio Tinto Plc -78%

2004:

Restructuring results in conversion of Rio Tinto

Plcs ordinary shares in the company into onespecial dividend share

1995:Small Mining Operation atSengwa to supply portion oflocal coal

1994:

Mhondoro Platinuminterests sold to BHP/Delta

1994:

Tinto Industries disposed of

In 2004 Rio Tinto Plc Restructured its

Stake in RioZim - Transformation

1990

1997:

Discovery of Murowa

Kimberlites by joint ventureCompany between RioTinto PLC and RioZim

2000

2004:

Company name changed to RioZimLimited, a 100% locally owned entity

3rd Quarter04:

Murowa Diamonds commenced operations

2009

RioZim Era

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The Terms of Separation

z Rio Tinto plc gave up 56% control in Rio Tinto

Zimbabwe for 28% control in Murowa originallycontrolled via Rio Tinto Zimbabwe

z Rio Tinto plc retained a special dividend share

in RioZim Ltd for 10 years to 2014.( No votingrights)

z Rio Tinto plc retained 50% shareholding in

Sengwa Coal and 78% shareholding inMurowa following the separation.

z RioZim became locally owned and controlled

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RioZim Ltd SHAREHOLDING

Summary of Shareholding:

z RioZim Foundation 20%z Old Mutual Zim 20%

z Barclays Nominees 13%

z

Scaiflow Pvt Ltd 9%z Local Pension Funds 19%

z Local Nominees 8%

z Individuals (Zimbabweans) 6%

z Individual-Non Resident shareholders 5%

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OUR VISION, MISSION AND VALUESVision

To be a large diversified regional company delivering shareholderwealth from natural resources.

MissionTo achieve success through:

Optimization of existing businessExploration for opportunit iesImplementation of world- classoperating standardsA culture of success

Recognit ion of our employeesand communit iesHigh standards of HSEmanagementGood corporate governance

Values

1. Integrity2. Fairness3. Accountabil ity4. Professionalism5. Transparency

6. Reliabil ity7. Diligence8. Commitment9. Team Work

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ASSET PORTFOLIO

Ownership

100%

50%

22%

60%

MUROWADIAMONDS

SENGWA

RIOZIM

RMENTERPRISES

RIOZIM

PROPERTIES

ALL OTHER

CLAIMS ANDPROSPECTS

EMPRESS

NICKELREFINERY

RENCO

MINE

Ownership

100%

50%

22%

60%

MUROWADIAMONDS

SENGWA

RIOZIM

RMENTERPRISES

RIOZIM

PROPERTIES

ALL OTHER

CLAIMS ANDPROSPECTS

EMPRESS

NICKELREFINERY

RENCO

MINE

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CURRENT AND PROPOSED OPERATIONS

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Brief outline of operations

z Renco Mine

Started operations in 1982Production peaked in the years 1982 to 2000 at anaverage of 1600 kg per annum.

To date in excess of 37 tonnes (1,2M oz) of goldproduced

Production decline started in 2001 declining to750kgs

2008 production declined to 450 kg

Potential for growth to 1600 kg stil l existsNeeds investment in development and plantrefurbishment

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EMPRESS NICKEL REFINERY

z Empress Mine life 1968 to 1982

z Refinery re-opened in 1985 after closure ofEmpress Mine in 1982 as a toll refinerz Toll refines matte from BCL and Tati mines in

Botswana for life of minez Contract is for 17 400 tonnes matte per annumz Can produce up to 700t nickel and 700t of

copper per month.z

Current monthly output around 500t nickel and480t copper due to input supply constraints.z Major constraints have been energy, water and

oxygen supplies

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SENGWA COLLIERY

z 50 year renewable Special Grant to mine coal.z Granted in 1989z Proven ore reserves of 519 mil lion tonnesz Total reserves exceed 1,3 bill ion tonnesz

Small scale mining for the local industryparticularly tobacco was stopped in 2008z Output was up to 25 000t per month.z Resource utilisation very poor with a conversion

to value of 28,5% on a 21m seam.z Resource best used as a thermal fuelz Power station would use up to 100% of the seam

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SENGWA COLLIERY

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Challenges and Mitigation

z Power

z Oxygen Supply

z Water Supply

z Skillz Working Capital

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Growth Projects Post 2004z Cam & Motor Gold Mine

z

Renco Extensionz Darwendale Chrome

z Murowa Expansion

z Sengwa Collieryz Sengwa Power Station

z Chimakasa Nickel

z Kenilworth Gold Project

z Prospective Claims

z

Prospective EPOs.

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EIFFEL FLATS

Cam & Motor Gold Project

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Underground mine closed in 1968 after

producing 150 tonnes of gold (biggestproducer in the country)Cut-off grade was 8g/t and gold price was

$35 / ozFinal mine depth 6000 ft (~1800m)Great potential for significant open pit minewith subsequent underground operationCurrent exploration programme isconfirming the potential for a large low costgold producer


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Zimbabwe Gold Production(up to 1980)

020406080

100120140

160

Cam

&Mot

or

Globe&

Pho

enix

Rezen

deGroup

Sham

vaDa

lny

Wander

erGroup

Lonely

Mazoe

Gro

up

Golden

Valley

Arcturus

Muriel

Mine

Gol

dproduc

ed

(tonnes)


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Cam & Motor Gold Minez New resource at the Cam & Motor

z

Resource defined +10 tonnes (320k oz) gold to a depth of 100mz Potential to increase to 16 t (500k oz) to a depth of 100m

z Potential exists for resource at greater depth(200m+)

z Good grade 4g/t

z

Open Pit operationz Pilot operation to start in 2011 and full plant 2013

z To produce 2000 kg (70 000 oz) p.a for 10years+

z Cost per ounce to be below $600

z To be funded from internal resources and borrowing

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z Motor lode drilled 39 diamond dri ll holes.

z

Identif ied 1.35 mill ion tonnes at 4.07 g/t, openpittable down to 100m (5696 kg,177 000 oz)

z Resource open ended laterally and in depth

z Cam lode drilled 11 diamond drill holes.

Identified 490 000 tonnes at 2.97 g/t, openpittable down to 100m (1506 kg,47 000 oz)

z Resource open ended laterally and in depth

z Petrol lode Identif ied 709 000 tonnes at 4.04 g/t,open pittable down to 100m (3086 kg, 96 000 oz).

z Potential for more than 31 tonnes (1 mill ionounces) within 200m from surface


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Resources As At 1 May 2010Resources As At 1 May 2010

319 900

177 154

95 891

46 855

ounces gold

10 2853.902 552 391GRAND TOTAL

5 6964.071 353 049MOTOR (MEASURED,INDICATED AND INFERRED)

3 0864.04709 176PETROL (INFERRED)

1 5062.97490 166CAM (INFERRED)

Kg GoldGradeTonnesOREBODY


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z Mining Special Grant number 1585 issuedon 28 September 2009

z Key stakeholders engaged (Municipality,ZESA, Ministries, EMA, communities, NGOsetc)

z Potential for early production using nearbyprocess plant(s) being evaluated.

z Open pit mine design has started usingconsultants.

z Drill ing continues


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RENCO MINE

Renco Extension

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Renco Mine Reserves And ResourcesAs At 1 January 2010

Kg GoldGradeTonnesMINERAL RESOURCES

87336,631 316 500Total measured and inferred mineral resources at 31December 2009

78356.811 149 830Inferred mineral resources as at 31 December 20098985.37167 120

Measured mineral resources as at 31 December

2009

24125.73420 960Proved and Probable Reserves as at 31 December2009

4926.5475 210Probable ore reserves as at 31 December 2009

19205.55345 750Proved ore reserves as at 31 December 2009

Kg GoldGradeTonnesORE RESERVES

Renco Extension

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z

Current operations inhibited by hyperinflationand gold payment modalities over last 10 years+

z Plan is to maintain and progressively increase

current production rates while proving largerresources.

z Renco resource is capable of expansion laterallyand in depth.

z Plan is to define adequate resources to supply alarger plant producing >1500 kg per annum fromRenco orebody by 2015

RENCO MINE RESOURCE DEVELOPMENTRenco Extension

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IMPLEMENTATION PLAN

z Prove more gold resources in lateralextensions to existing areas

z Prove more gold resources exist at depth.

z Develop and equip haulages to knownresources in lateral extensions of 450 and510 areas.

z Design and plan shaft deepening to 270 level(120m below present shaft bottom)

Renco Extension

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Renco Extension

z 84 000 metres of development overthe next 4 years

zAreas of development already

identified

z To improve both grade and resource

z Production to stabilise at 1300kg(42 000 oz) per annum

z Cost per oz to stabilise at US$600

IMPLEMENTATION PLAN

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RENCO BELOW 390LEVEL TARGET

RENCO EAST

TARGET

Renco Extension

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DARWENDALE CHROMEPROJECT

Darwendale Chrome Project

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z 1406 claims covering a total of 6742 ha.

Riozim in JV (60:40) with MaranathaFerrochrome.

z RioZim has previously producedchromium concentrates from alluvialdeposits along the Great Dyke

z Chrome seams have been mined forlumpy chrome previously (seams 3 7).


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Darwendale Chromez Alluvial Chrome resource of more than

20 million tonnes

z Underground narrow seams provideadditional resource

z Low cost technology for processingalluvial deposits available

z Short plant lead times

z Good prices for concentrates on theinternational market.

z Plan to produce 30 000 tonnes ofconcentrate per annum from 2012

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IMPLEMENTATION PLAN

z Evaluate and prove alluvial chrome resources bypitting, sampling and metallurgical testwork.

z Install modular plants capable of treating 300 000tonnes per annum. Each plant will produce about

30 000 tonnes per annum of concentrates.

z Evaluate potential for mining of the chrome seamsusing modern equipment and techniques.

z Evaluate the potential for PGMs in the areacovered by the claims


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Murowa Expansionz Expansion project feasibility

update 2010/2011z Expansion to 2 million tonnes per

year

z Current project not optimum(300k cts pa)

z

The expanded project willoptimise the exploitation of theresource.

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SENGWA COLLIERY

Sengwa Colliery ProjectSENGWA COLLIERY

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z Special Grant for the supply of coal fuel to apower station since 1989.

z Proven ore reserves of 519 mill ion tonnesz Total resources amount to 1.3 billion tonnesz Coal most suitable as thermal fuel for a purpose

built power station on site.z Calorific value 17 20 MJ/kg (as mined)z Ash content 22 - 29%z High ash fusion temperature (>1400C)z Low strip ratioz Low sulphur content (0,4%)

Sengwa Colliery Project

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z Opportunit ies in the SADC power supplymarket abound.

z Power project (2400 MWe) being pursued,a letter of support from Ministry of Energynow issued.

z

Letter of approval and support from theMinistry of Economic Planning andInvestment Promotion

z Exploration in the northern coal field

exposed other significant resourcesz Other opportunities for coal usage being

pursued.


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z Original mine plan and costing done in 1996.

z Mining methods and equipment havedeveloped since then.

z Cost of mining coal is a major input into thecost of electrical power.

z The original mine plan will need to bereviewed and new cost estimates generatedfor the Fuel Purchase Agreement

z The original Environmental ImpactAssessment and Environmental ManagementPlans will also need to be reviewed.


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Sengwa Power Station

z Coal resource of 1.3b tonnesz Capable of sustaining 2 or 3 large power stationsz Plan for a 2400MWe power station by 2014z Letters of Support from Government obtainedz An independent consortium formed to promote the

power station projectz Project feasibil ity update to commence in Q3 2010z Demand for power is huge internally and in SADCz Requires signif icant long term financial outlay

(+US$3b) syndicated debt and equity

z RioZim Ltd to be a minority player in the powerstation project

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CHIMAKASA NICKEL

Chimakasa Nickel Project

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z Diamond dril ling done in the 1970s

z Drilling then produced an inferred resourceof 240M tonnes containing 0,27% Ni.(650 000 tonnes nickel in situ)

z Mineralogical work done at that time

indicated that the nickel was in magnetiteand not suitable for feed into the nearbyEmpress Nickel Mine operation.

z Recent geophysical work and diamond

drilling confirmed the grade and mineralogyof the resource.


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IMPLEMENTATION PLAN

z Diamond drilling to increaseknowledge of the resource andprovide sufficient fresh samples for

metallurgical testwork.z Evaluate potential for other base

metals and PGMs.z Develop metallurgical process

flowsheets to produce a ferro-nickelproduct.


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Kenilworth Gold Project

KENILWORTH

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z Anomalies defined during diamondexploration programme.

z Site is near the Maligreen Gold Mine.z Geochemical sampling post 2004 confirmed

a potential gold anomalyz Geophysical reconnaissance in 2009 and

2010 assisted in defining structures overlainby Kalahari sands.

z Intention is to enter into a suitable dri llingprogramme to further evaluate the potentialfor economic exploitation.

Kenilworth Gold Project

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Outstanding EPOs

14400918.10.05CoalMasvingoSpecial Grant 56/05

450003/10/2006Au & CuHarare40/06

376652/6/2004

Au, Cu, Ag, As,

& MoMasvingo156/04

614808/12/2005Au, Ni, Cr, PGM

& CuGweru100/05

609115/26/2005Au, Ni, Bi & CuMasvingo36/05

599275/3/2005Au, Ni, Pt & CuGweru31/05

1540211/19/2004DiamondsGweru286/04

298809/23/2004Au, Ni, CuHarare248/04

438334/11/20032/18/2003DiamondsMasvingo10/03

518995/30/20031/28/2003DiamondsGweru05/03

367645/2/20038/23/2002DiamondsGweru29/02

Area(Ha)

DateGazetted

DateSubmittedIn Respect Of

MiningDistrict

EPO APPLICATIONNo.

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Financial Summary

z Application of Rights Funds

z Gold Division Turnoverz Gold Production

z Production Costs

z

Group Earnings Summaryz Profit Sensitivity to Gold Price

z Group Profit Contribution

z Total Comprehensive Profit attributable toOwners

z Return to Shareholders

z Total Equity and Debt

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Application of Rights Issue Funds

Debt repayment 13 800

Refurbishment 9 000-Renco Gold Mine 4 000-Empress Nickel Refinery 5 000

Exploration 1 000New projects 14 500

-Darwendale Chrome 2 500-Sengwa Coal 1 000-Chimakasa 1 000-Cam and Motor 5 000-Kenilworth 1 000

-Renco exploration 4 000Transaction costs 1 700Total 40 000

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24

28

32

36 37 36

0

12 11

61 61 61

24

40

43

97 98 97

0

20

40

60

80

100

120

2010 2011 2012 2013 2014 2015

US$million

Renco

Cam & Motor

Total

Gold Division Turnover

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Gold Production Oz

24664

31000

37000

42091 42091 42091

0

13000 13000

69816 69816 69816

24664

44000

50000

111907 111907 111907

0

20000

40000

60000

80000

100000

120000

2010 2011 2012 2013 2014 2015

oz

Renco

Cam & Motor

Total

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914

741

627

579 579 591

0

843 843

579 579 591

1027

950

900 900 900 900

0

200

400

600

800

1000

1200

2010 2011 2012 2013 2014 2015

US

$

Renco

Cam & Motor

Gold Price/oz.

Production Cost/Oz Vs Selling Price/Oz

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0.5

5

8

32

16

22

1918

01

34

17

30

32

56

0

10

20

30

40

50

60

2010 2011 2012 2013

$millions

Gold Divis ion

Base Metals

Chrome

Total

Group Earnings Summary

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Profit Sensitivity to Gold Price

0

45

10 10 10

0

89

20 20 20

0

5

10

15

20

25

2010 2011 2012 2013 2014 2015

US$million

10%

20%

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Group Profit Contribution

0.5

5

8

32 3130

16

22

1918

17 17

01

34

5 5

0

2 2 2

11 11

17

3032

56

6463

0

10

20

30

40

50

60

70

2010 2011 2012 2013 2014 2015

US$m

illions

Gold Division

Base Metals

ChromeMurowa Diamonds

Total

Total Comprehensive Profit

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Total Comprehensive Profit

Attributable To Owners

4

12

10

33

44 44

0

5

10

15

20

25

30

35

40

45

50

2010 2011 2012 2013 2014 2015

US$m

illion

TCPAO

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Equity & Debt profile 2010-2015

-100

-50

0

50

100

150

200

2010 2011 2012 2013 2014 2015

US$millio

ns

RioZim Shareholders

Outside ShareholdersDeferr ed Tax & LTPs

Exter nal Debt

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The End

RioZim EGM 2010

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