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Investor Presentaiton

Developing a New Nickel District in an Established Mining Region of Brazil Vila Do Conde Port (Primary Port) Vermelho Salobo 100% HZM Owned SL1 N4 VALE N1. Parauapebas $11D Puma Sossego • Onça Canaã dos Carajás Xinguara Araguaia South 100% HZM Owned HORIZONTE FS Stage 1 and Stage 2 to produce 29,000t/pa ferronickel grading 28% Ni with an LOM of 30 years Sources: 1. Companhia Vale do Rio Doce filings (May 2005) 2. Xstrata Nickel (Glencore Scoping Study (2008)) Floresta do Araguaia Vale approved a construction decision' to build a High Pressure Acid Leach (HPAL) plant to produce 46,000t/pa Ni and 2,800t/pa Co with a LOM of 40 years Conceição do Araguaia Araguaia North 100% HZM Owned GLENCORE Glencore PFS² to produce 32,000t/pa ferronickel grading 35% Ni with an LOM of 26 years Belo Monte Dam (hydropower) Tucuruí Dam (hydropower) VNCP ANP North Carajás Mining District ANP South Itaqui Port (contingency port) Power Line 500 kV Power Line 500 kV, in construction Paved Road Nickel Mines Copper Mines Iron Mines Infrastructure Pará Brazil
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