Investment Opportunities in Indian Mining Sector

INDIAN STEEL & IRON ORE INDUSTRY AN OVERVIEW

*INDIAN STEEL & IRON ORE INDUSTRY AN OVERVIEW9th largest steel producer of the world - produced over 38m tons of steel in 2005.CAGR of ~7% over last 15 years. Consumes 36m tons of steel32kg per capita vs. world average of 150 kg.Low per capita consumption, growing population and strong GDP growth demonstrates considerable untapped potential. Steel production to grow from existing 38 m tons in 2005 to 110 m tons by 2020.Indian iron ore reserves estimated at 18 bln tons - 8% of worlds total.India produced 142 m tons of iron ore in 2005, of which 70m tons were exported; third largest iron ore exporter after Australia and Brazil.World Steel Production by RegionHighlightsIndian Iron Ore Production, m tons Source: International Iron and Steel InstituteSource: Indian Bureau of Mines (IBM)

*Indian Iron Ore Industry StructureOverviewMining Industry opened for private participation in 1993.Witnessed spate of activities in last few years driven by strong demand from metal industry.Iron Ore reserves located in two belts East India - Orissa, Jharkhand & ChhattisgarhSouth India - Karnataka, Goa and Andhra Pradesh.Ores predominantly found in India are Hematite and Magnetite.75% of reserves are of Hematite. Over 50% of hematite medium to high grade.60% of hematite ore concentrated in the Eastern region and 80% of magnetite ore in Southern region.Iron Ore Reserves

*Indian Iron Ore Industry StructurePublic vs. Private SectorOverview2005 Top 10 Iron Ore Producers, m tonsIndian iron ore sector highly fragmented - predominantly small mines. Over 250 mines, 40 owned by public sector (PSU).Private sector accounts for 60% of production.Most of PSU mines are large and mechanizedKey PSUs include Steel Authority of India (SAIL), Natural Mineral Development Corporation (NMDC), Orissa Mineral Corporation (OMC) and Kudremukh Iron Ore Company (KIOCL). Prominent private companies are Tata Iron and Steel Company (TISCO), Jindal Steel & Power (JSPL), ESSEL Mining & Industries, Rungta Mines and Sesa Goa.Mining undertaken by both steel companies, with captive mines and pure play mining companies. Over 75% iron ore produced by non-captive mines.Large mines owned & operated by NMDC, SAIL, KIOCL, TISCO and other state mining corporations. Source: IBMSource: Companies Data

*India has abundant iron ore with over 18 bln tonnes as reservesSource: Indian Bureau of MinesLocation of Indian Iron Ore Reserves, (million tonnes)OrissaReserves - 4.2 bln tonsProduction - 41.5 m tons

JharkhandReserves - 3.3 bln tonsProduction - 16.1 m tonsChhattisgarhReserves - 2.3 bln tonsProduction 23.2 m tonsKarnatakaReserves 5.1 bln tonsProduction 37.2 m tons GoaReserves 0.9 bln tonsProduction 22.3 m tonsoParadipoVizagoChennaioHaldiaMangalore o Goa o

StateProvenProbablePossibleTotalHaematiteOrissa1,8247631,5904,177Jharkhand2,5603353863,281Chhattisgarh9935377472,277Karnataka7962093111,316Goa461149119729

MagnetiteKarnataka1,6535041,6873,844Andhra Pradesh 431,267-1,310Goa685115188

*Regulatory EnvironmentExcept for precious stones and diamonds, automatic approval of foreign direct investment up to 100% is permissible for exploration and exploitation of all non-fuel and non-atomic minerals, including for gold and silver. Although the State Government would grant the mineral concessions for Iron Ore, approval of the Central Government is necessary.Three kinds of mineral concessions are recognized in Indian law:Reconnaissance Permit - Granted for preliminary prospecting. RP is granted for 3 years and for a maximum area of 5,000 km2, to be relinquished progressively. A RP cannot be renewed. Prospecting License - Granted for exploring, locating or proving mineral deposit. A PL is granted for a maximum period of 3 years & maximum area of 25 km2. Mining Lease - Granted for undertaking operations for winning any mineral. A ML is granted for 20 - 30 years and for a maximum area of 10 km2. It is renewed for periods not exceeding 20 years.

*Regulatory and Tax EnvironmentThe general principle for granting mineral concessions is first come first serve. A company with reconnaissance operations has preferential right for PL, and similarly, a person/ company which has prospected the mineral has the preferential right for ML.The mineral concession to be executed within three months for RP and PL, and within six months for ML, after completing all documentation.The Central Government notifies the rates of royalties and dead rent. Once fixed, the law provides that these rates cannot be enhanced before three years.The State Governments collect and retain royalties and dead rent. The State Governments lay their own procedures for collection of these payments.Over 10 agencies involved in granting mining clearances. State Government to convey the decision on a mineral concession in time bound menner:RP: 6 monthsPL: 9 monthsML: 12 months In case of delay, the State Governments to indicate reasons in writing.Conditions for grant of ML are not fixed and are often subject to individual assessment.

*Procedure of Obtaining of Mining Lease Minimum12 months

MoEFMinistry of Environment and ForestGOIGovernment of IndiaEACEnvironment Advisory Committee

MOSMinistry of SteelEIAEnvironmental Impact AssessmentEMPEnvironmental Management Plan

*Prominent States - Snapshot

*CommentsArea of 156,000 square kilometers & coast line of 480 kilometers

Iron ore reserve of 4.2 bln tons - 24% of Indias iron ore reserve.Produced 40.5 m tons in 2005, over 29% of Indias iron ore production.15.7 mtpa exported out of IndiaHas only 1 steel plant with installed capacity of 2 mtpa. However, with the current rush state to have 43 new plants with installed capacity by 56 mtpa by 2020, Investment of US$ 32 billion

Iron Ore BeltOrissa

*CommentsArea of 80,000 sq. Km. Landlocked, access to sea through Orissa & Andhra Pradesh.

Iron ore reserves of over 3.2 billion tons primarily Hematite.

Produced over 16 million tons in 2005.

The state has restricted exports of minerals from the state and is prohibiting mining lease allocation to pure play mining companies.

Witnessing slew of investments - Installed production capacity of steel in the state to increase by 32mtpa entailing an investment of over US$ 25 billion.Iron Ore BeltJharkhand

*CommentsCarved out from Madhya Pradesh in 2001.

Has an area of 135,000 square kilometers.

Completely land locked, access to sea through Orissa in North and Andhra Pradesh in South.Iron ore reserve of 2.3 bln tons accounting for 13% of Indias total iron ore reserve.Produced 23 m tons in 2005 - 16% of Indias iron ore production.The Bailadila Mines operated by NMDC are amongst the largest iron ore mines in India producing almost 16 million tons of iron ore.Of this almost 5 million tons of iron ore was exported, mainly to JapanHas high quality iron ore reserves, however most of them in the forest cover, requiring environmental approval which are not forthcoming.State has attracted an investment of $4.5 billion for setting up of 16 mtpa steel plants

Iron Ore BeltChhattisgarh

*CommentsHas an area of 192,000 square kilometers and a coastline of 300 kilometers. 9 minor and 1 major port at Mangalore. Northern part of the state is in proximity to Marmagao, major port in Goa. Iron ore reserve of over 5 billion tons of which 3.8 billion tons are of magnetite and 1.3 billion tons of hematite. Accounts for over 30% of iron ore reserves in India.Produced 37 m tons of iron ore in 2005 - 26% of Indias production. Exported almost 50% of the production.Despite being in the second largest belt for iron ore region has not attracted investment for steel plants due to scarcity of water.

Iron Ore BeltKarnataka

*CommentsArea of 3500 sq. km.

The iron ore deposits in Goa are mainly hematite and extend in Bicholim (North-North West) and Senguen (South) occupying nearly 1/5th area of the total territoryAccording to Indian Bureau of Mines, Goa has iron ore reserve of 0.9 bln tons which is appx. 5% of Indias iron ore reserve.In 2005, Goa produced 21.5 m tons of iron ore. It exported almost entire produce accounting for almost 30% of the iron ore exports.The state has not witnessed investments for integrated steel plant as the iron reserves found in Goa are not of high quality.

Iron Ore BeltGoa

*Entry StrategiesIron Ore Reserves

Rich states in iron ore reserves are located in East and South of India: Karnataka Orissa Chhattisgarh Jharkhand Goa

These five states account for over 85% of Indian Ore reserves

The largest deposits of high grade iron ore (Fe+65%) are concentrated in Orissa, Karnataka, Jharkhand and Chhattisgarh

State Government of Jharkhand hasbanned export of Iron Ore from the state

State government of Orissa has also announced that it will favor the projects doing value addition in the state instead of pure play mining companiesPossible OptionsParticipation in privatization tender(s)Launching Greenfield project(s)Join Venture with state Owned trading CorporationAcquisition of local iron ore & steel company(s)~Infrastructure Play:BeneficiationSlurry PipelinesPolicy

INDIAN COPPER INDUSTRY AN OVERVIEW

*INDIAN STEEL & IRON ORE INDUSTRY AN OVERVIEW9th largest steel producer of the world - produced over 38m tons of steel in 2005.CAGR of ~7% over last 15 years. Consumes 36m tons of steel32kg per capita vs. world average of 150 kg.Low per capita consumption, growing population and strong GDP growth demonstrates considerable untapped potential. Steel production to grow from existing 38 m tons in 2005 to 110 m tons by 2020.Indian iron ore reserves estimated at 18 bln tons - 8% of worlds total.India produced 142 m tons of iron ore in 2005, of which 70m tons were exported; third largest iron ore exporter after Australia and Brazil.World Steel Production by RegionHighlightsIndian Iron Ore Production, m tons Source: International Iron and Steel InstituteSource: Indian Bureau of Mines (IBM)

*Indian Iron Ore Industry StructureOverviewMining Industry opened for private participation in 1993.Witnessed spate of activities in last few years driven by strong demand from metal industry.Iron Ore reserves located in two belts East India - Orissa, Jharkhand & ChhattisgarhSouth India - Karnataka, Goa and Andhra Pradesh.Ores predominantly found in India are Hematite and Magnetite.75% of reserves are of Hematite. Over 50% of hematite medium to high grade.60% of hematite ore concentrated in the Eastern region and 80% of magnetite ore in Southern region.Iron Ore Reserves

*Indian Iron Ore Industry StructurePublic vs. Private SectorOverview2005 Top 10 Iron Ore Producers, m tonsIndian iron ore sector highly fragmented - predominantly small mines. Over 250 mines, 40 owned by public sector (PSU).Private sector accounts for 60% of production.Most of PSU mines are large and mechanizedKey PSUs include Steel Authority of India (SAIL), Natural Mineral Development Corporation (NMDC), Orissa Mineral Corporation (OMC) and Kudremukh Iron Ore Company (KIOCL). Prominent private companies are Tata Iron and Steel Company (TISCO), Jindal Steel & Power (JSPL), ESSEL Mining & Industries, Rungta Mines and Sesa Goa.Mining undertaken by both steel companies, with captive mines and pure play mining companies. Over 75% iron ore produced by non-captive mines.Large mines owned & operated by NMDC, SAIL, KIOCL, TISCO and other state mining corporations. Source: IBMSource: Companies Data

*India has abundant iron ore with over 18 bln tonnes as reservesSource: Indian Bureau of MinesLocation of Indian Iron Ore Reserves, (million tonnes)OrissaReserves - 4.2 bln tonsProduction - 41.5 m tons

JharkhandReserves - 3.3 bln tonsProduction - 16.1 m tonsChhattisgarhReserves - 2.3 bln tonsProduction 23.2 m tonsKarnatakaReserves 5.1 bln tonsProduction 37.2 m tons GoaReserves 0.9 bln tonsProduction 22.3 m tonsoParadipoVizagoChennaioHaldiaMangalore o Goa o

StateProvenProbablePossibleTotalHaematiteOrissa1,8247631,5904,177Jharkhand2,5603353863,281Chhattisgarh9935377472,277Karnataka7962093111,316Goa461149119729

MagnetiteKarnataka1,6535041,6873,844Andhra Pradesh 431,267-1,310Goa685115188

*Regulatory EnvironmentExcept for precious stones and diamonds, automatic approval of foreign direct investment up to 100% is permissible for exploration and exploitation of all non-fuel and non-atomic minerals, including for gold and silver. Although the State Government would grant the mineral concessions for Iron Ore, approval of the Central Government is necessary.Three kinds of mineral concessions are recognized in Indian law:Reconnaissance Permit - Granted for preliminary prospecting. RP is granted for 3 years and for a maximum area of 5,000 km2, to be relinquished progressively. A RP cannot be renewed. Prospecting License - Granted for exploring, locating or proving mineral deposit. A PL is granted for a maximum period of 3 years & maximum area of 25 km2. Mining Lease - Granted for undertaking operations for winning any mineral. A ML is granted for 20 - 30 years and for a maximum area of 10 km2. It is renewed for periods not exceeding 20 years.

*Regulatory and Tax EnvironmentThe general principle for granting mineral concessions is first come first serve. A company with reconnaissance operations has preferential right for PL, and similarly, a person/ company which has prospected the mineral has the preferential right for ML.The mineral concession to be executed within three months for RP and PL, and within six months for ML, after completing all documentation.The Central Government notifies the rates of royalties and dead rent. Once fixed, the law provides that these rates cannot be enhanced before three years.The State Governments collect and retain royalties and dead rent. The State Governments lay their own procedures for collection of these payments.Over 10 agencies involved in granting mining clearances. State Government to convey the decision on a mineral concession in time bound menner:RP: 6 monthsPL: 9 monthsML: 12 months In case of delay, the State Governments to indicate reasons in writing.Conditions for grant of ML are not fixed and are often subject to individual assessment.

*Procedure of Obtaining of Mining Lease Minimum12 months

MoEFMinistry of Environment and ForestGOIGovernment of IndiaEACEnvironment Advisory Committee

MOSMinistry of SteelEIAEnvironmental Impact AssessmentEMPEnvironmental Management Plan

*Prominent States - Snapshot

*CommentsArea of 156,000 square kilometers & coast line of 480 kilometers

Iron ore reserve of 4.2 bln tons - 24% of Indias iron ore reserve.Produced 40.5 m tons in 2005, over 29% of Indias iron ore production.15.7 mtpa exported out of IndiaHas only 1 steel plant with installed capacity of 2 mtpa. However, with the current rush state to have 43 new plants with installed capacity by 56 mtpa by 2020, Investment of US$ 32 billion

Iron Ore BeltOrissa

*CommentsArea of 80,000 sq. Km. Landlocked, access to sea through Orissa & Andhra Pradesh.

Iron ore reserves of over 3.2 billion tons primarily Hematite.

Produced over 16 million tons in 2005.

The state has restricted exports of minerals from the state and is prohibiting mining lease allocation to pure play mining companies.

Witnessing slew of investments - Installed production capacity of steel in the state to increase by 32mtpa entailing an investment of over US$ 25 billion.Iron Ore BeltJharkhand

*CommentsCarved out from Madhya Pradesh in 2001.

Has an area of 135,000 square kilometers.

Completely land locked, access to sea through Orissa in North and Andhra Pradesh in South.Iron ore reserve of 2.3 bln tons accounting for 13% of Indias total iron ore reserve.Produced 23 m tons in 2005 - 16% of Indias iron ore production.The Bailadila Mines operated by NMDC are amongst the largest iron ore mines in India producing almost 16 million tons of iron ore.Of this almost 5 million tons of iron ore was exported, mainly to JapanHas high quality iron ore reserves, however most of them in the forest cover, requiring environmental approval which are not forthcoming.State has attracted an investment of $4.5 billion for setting up of 16 mtpa steel plants

Iron Ore BeltChhattisgarh

*CommentsHas an area of 192,000 square kilometers and a coastline of 300 kilometers. 9 minor and 1 major port at Mangalore. Northern part of the state is in proximity to Marmagao, major port in Goa. Iron ore reserve of over 5 billion tons of which 3.8 billion tons are of magnetite and 1.3 billion tons of hematite. Accounts for over 30% of iron ore reserves in India.Produced 37 m tons of iron ore in 2005 - 26% of Indias production. Exported almost 50% of the production.Despite being in the second largest belt for iron ore region has not attracted investment for steel plants due to scarcity of water.

Iron Ore BeltKarnataka

*CommentsArea of 3500 sq. km.

The iron ore deposits in Goa are mainly hematite and extend in Bicholim (North-North West) and Senguen (South) occupying nearly 1/5th area of the total territoryAccording to Indian Bureau of Mines, Goa has iron ore reserve of 0.9 bln tons which is appx. 5% of Indias iron ore reserve.In 2005, Goa produced 21.5 m tons of iron ore. It exported almost entire produce accounting for almost 30% of the iron ore exports.The state has not witnessed investments for integrated steel plant as the iron reserves found in Goa are not of high quality.

Iron Ore BeltGoa

*Entry StrategiesAbundant Iron Ore Reserves

Rich states in iron ore reserves are located in East and South of India: Karnataka Orissa Chhattisgarh Jharkhand Goa

These five states account for over 85% of Indian Ore reserves

The largest deposits of high grade iron ore (Fe+65%) are concentrated in Orissa, Karnataka, Jharkhand and Chhattisgarh.

State Government of Jharkhand has recently banned the export of Iron Ore from the state

State government of Orissa has also openly announced that it will favor the projects bringing investments into the state instead of allocating mining leases to pure play mining companiesPossible OptionsParticipation in privatization tender(s).Launching Greenfield project(s).Join Venture with state Owned trading CorporationAcquisition of local iron ore & steel company.Large Deposits & Conducive Policy

Gold Mining An Overview

*Gold Industry ScenarioWorld Gold Council estimates over 20 million tons of proven, probable and possible gold ore reserves in India.Only two gold mining companies, both state owned:Bharat Gold Mines in financial troubles Government had announced for the privatization of Bharat Gold MinesHutti Gold Mines only operation gold mine with proven reserves of 600 tons.Two private sector companies producing gold by product of copper production Hindustan Copper Ltd and Hindalco Ltd.One company actively pursuing for RP, PL & ML Deccan Gold Mines

*Gold A case studyAustralia India ResourcesStarted Indian operations in 1993Set up two subsidiariesGeomysore Services India Pvt. Ltd. &Indophil Exploration ResourcesGets RP for 26 locations in Central & South India for Gold & NickelSets up Rama Mines Ltd. in MauritiusAcquires Wimper Trading Ltd. renamed to Deccan Gold Mines Ltd.Obtains 6 PL for Shimoga-Dharwar, Raichur & Mangalur block in Karnataka and Ramagiri in Andhra Pradesh and 1 ML for Dharwar

*Foreign Companies - Approved by FIPB for Gold MiningAlmost 140 RPs issued for gold mining of which over 110 to foreign companies

YearIndian CoForeign CoEquity (US$ mln.)ActivityProposed Location2001Anglovaal Mining India Pvt. Ltd.Anglovaal Mining Ltd., South Africa1Exploration for precious and base metals2000ADI Gold Mining Pvt. Ltd.Pebble Creek Resources Ltd., canada0.2Exploration & Mining for Cu, Lead, Zn UP1998Australian Indian Resources (India) Pvt. Ltd.India Mining Investment Pty. Ltd., Australia.2Prospecting and Exploration of Gold and Base Metal Ores.1997Gold Fields GuernseyGold Fields Guernsey Ltd., South Africa30Gold: Exploration and mining.1996Geomysore Services (India) Pvt. Ltd.Australia India Resources, N.C. Australia220Gold: Exploration and exploitation. Karnataka & AP

*Entry StrategiesEntry OptionsParticipation in privatization tender(s) Bharat Gold Mines.Launching Greenfield project(s) starting with RP.Join Venture with State Owned Corporation

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