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Tavan Tolgoi Project

Tavan Tolgoi Project. ERDENES TAVAN TOLGOI POWER PLANT PROJECT. Company snapshot. Overview. Location. Corporate structure. Erdenes Tavan Tolgoi JSC (“ETT”) is a Mongolian coal producer and developer ETT holds mining licenses covering 94% land area of Tavan Tolgoi coalfield

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Tavan Tolgoi Project

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  1. TavanTolgoi Project ERDENES TAVAN TOLGOI POWER PLANT PROJECT

  2. Company snapshot Overview Location Corporate structure ErdenesTavan Tolgoi JSC (“ETT”) is a Mongolian coal producer and developer ETT holds mining licenses covering 94% land area of TavanTolgoi coalfield The deposit has 7.4Bt of Measured, Indicated and Inferred coal resources (inclusive of reserves) and 1.8Bt of Proven and Probable coal reserves in accordance with JORC ETT commenced commercial production in July 2011 Has ambitious plan to become a large scale regional producer and exporter of high quality washed coking and thermal coal products to Chinese and North Asian markets 200km north of the Mongolian-Chinese border Government of Mongolia 100% Erdenes MGL LLC 100% ErdenesTavanTolgoi JSC ErdenesOyuTolgoiLLC 2

  3. TavanTolgoi coking coal deposit TavanTolgoi is one of the largest developing coking coal deposits in the world 3

  4. Deposit reserves West Tsankhi Block Resource estimated by JORC code 1204 M tons* 65 % coking coal East Tsankhi block Bortolgoi 1078 M tons* 78 % coking coal South-western Coalfield 287А 11977А 11945А Borteeg Coalfield Eastern Coalfield Measured Indicated Inferred TavanTolgoi JSC Daitsuki LLC Coking coal accounts for 73% (5,407 Mt) of total resources, and thermal coal for 27%(1,975 Mt). 4

  5. Mine planning - East Tsankhi • Full capacity of the mine – to mine 20 million tons per year • To mine it for no less than 50 years • The project will reach full capacity in 2016-2017 Mine production plan UkhaaKhudag 2011: 1 Mtpy 2012: 3-4 Mtpy 2013: 7 Mtpy 2014: 10 Mtpy 2015: 15 Mtpy 2016/2017: 20 Mtpy Eastern Tsankhi Western Tsankhi Mine of TavanTolgoi JSC Eastern coalfield BorTeeg coalfield 5

  6. Erdenes TT operation highlights • The mining operation and box-cut has commenced in August 27, 2010 • Coal export began in August 4, 2011 Coal production and operation • 1 million tonnes ROM mined in 2011 • About 4.1 million BCM overburden stripping Off-take agreement • Erdenes TT has signed on July 26, 2011 Coal supply and purchase agreement with Aluminum Corporation of China • Companion MoUs with Jinan Iron and Steel, Itochu, Mitsui and KORES to take washed coking coal from Chalco Contract Mining • Macmahon Holding (Australia) and BBM Operta (German) JV engaged 6

  7. IPO on International Stock Exchange Consultants on IPO of part of ErdenesTavanTolgoi JSC shares • International investment banks: • Goldman Sachs (USA) • Deutsche Bank (Germany) • BNP Paribas (France) • Macquarie (Australia) Global coordinators • International audit firm, tax advisor and reporting accountant • PriceWaterhouseCoopers(PWC) • Technical and resource consultant • NorwestCorporation(Canada and USA) • Legal Consultant • Norton Rose and Hogan Lowells • Industry consultant • Wood Mackenzie 7

  8. COMPANY HIGHLIGHTS World class coking coal deposits capable of supporting large scale, long life mining operations Experienced management team Located in proximity to key target markets in China and potential markets in North Asia Capacity to produce premium quality hard coking coal products Development of TavanTolgoi is a strategic national priority of the Mongolian Government Secured coal off-take agreement with major international company Strong growth profile, targeting 20Mtpa ROM production from East Tsankhi by 2017 Favourable geological conditions and open-cut mining result in competitive cash cost position 1 2 7 4 5 6 3 8 8

  9. 2012 Development Projects Coal Handling & Preparation Plant Power Plant 300 MW Initial Public Offering Railway Northeast & South Water supply 70 km pipeline Road TT-Gashuunsukhait 9

  10. In year 2012 Key development - Infrastructure • Road from East Tsankhi to GashuunSukhait • Cabinet has approved construction of a paved road, parallel to the MMC road. • Commencement of construction in May 2012, and commissioning 2014. • Water Supply • Cabinet approved water use permit for BalgasynUlaanNuur (BUN) ground water resource (~70km from the mine site). • Commencement of the water supply project construction in April 2012. • Plan completion of bore field and water supply pipeline by 2Q of 2014. • A major water exploration program is planned to verify BUN capacity and productivity and to identify additional resources for possible long term requirements • Railway • Rail development issues remain with Government/MTZ • Proposals to link TavanTolgoi to both the Northeast and South • Company position is to support both options, increasing flexibility Sainshand Zuunbayan Dalanzadgad TavanTolgoi Zamiin-Uud Oyutolgoi Khangi 70 km BalgasiinUlaanNuur Gashuun sukhait 10

  11. In year 2012 Key developments - Plants • Coal Handling and Process Plant (CHPP) • CHPP complex to be constructed as 2 x 10Mtpa modules, and commencement of construction in July 2012. • Commissioning of first 5 mtpa module in June 2014, and second 5 mtpa in November 2014. • CHPP ramping up to processing 20Mt of ROM coal per year in 2017 • Power Supply • ETT has received Government’s approval to build and operate the 300MW coal fired power plant at TavanTolgoi. • Currently using diesel generator at mine site with plan to connect to the MMC’s 18MW power plant that provides sufficient supply for the ETT’s operations until late 2013. • The power plant will be sufficient to supply all of East and West Tsankhi operation at steady state production with excess capacity to be sold to Mongolian grid or China. • Connection to the Central grid at Mandalgovi. 11

  12. Power demand - Tavantolgoi Eastern side of Tsankh of TavanTolgoi deposit need power supply of 85Mw, as well as western side of Tsankh of Tavantolgoi deposit. 12

  13. ETT - Recent activities • Implemented preliminary report of Feasibility study of 300MW power plant construction project. • Under finalization of Feasibility study and preparation to get approval from Mongolian Science and technology committee within June of 2012 . • Selected power plant construction site and commenced geodesy research. • Commenced Engineering and geology research and environment impact evaluation study. 13

  14. Indicative Financing TIMETABLE 14

  15. THANK YOU Jigjidjav 6, 1stkhoroo, Chingeltei district Ulaanbaatar, Mongolia Tel: (976) 7011-8585 Fax: (976) 7011-0725 15

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