Mining  Infrastructure  Investment  opportuni3es  on  the  Braemar  Iron  Forma3on  

A  Presenta3on  from  the  Braemar  Iron  Alliance  

Australian  Resources  Chinese  Investment  Conference,    Adelaide  7  July  2011  

Andrew  WoskeG,  Spokesman  for  the  Braemar  Iron  Alliance  

Managing  Director,  Minotaur  Explora3on  Ltd  (ASX:  MEP)  

矿业基建投资机遇

Braemar 铁矿石矿床 来自Braemar 铁矿石联盟的报告

澳大利亚资源中国投资会议 阿德莱德

2011年7月7日

Braemar 铁矿石联盟发言人Andrew Woskett Minotaur 勘探有限公司总经理 (ASX: MEP)

This  presenta,on  has  been  prepared  by   the  management  of  Minotaur  Explora,on   Limited   (MEP)  on  behalf   of   the  Braemar   Iron  Alliance,   an  unincorporated  body,  for  the  general  benefit  of  analysts  and  industry  and  does  not  cons,tute  specific  advice  to  any  par,cular  party  or  persons.  Informa,on   herein   is   based   on   publicly   available   informa,on,   internally   developed   data   and   other   sources.  Where   an   opinion,   projec,on   or  forward  looking  statement  is  expressed  in  this  presenta,on,  it  is  based  on  the  assump,ons  and  limita,ons  men,oned  herein  and  is  an  expression  of  present  opinion  only.  No  warran,es  or  representa,ons  are  made  or  implied  as  to  origin,  validity,  accuracy,  completeness,  currency  or  reliability  of  the   informa,on.  MEP  and  Alliance  members  specifically  disclaim  and  exclude  all   liability   (to  the  extent  permiIed  by   law)  for   losses,  claims,  damages,   demands,   costs   and   expenses   of   whatever   nature   arising   in   any   way   out   of   or   in   connec,on   with   the   informa,on,   its   accuracy,  completeness  or  by  reason  of  reliance  by  any  person  on  any  of  it.  Where  MEP  or  the  Alliance  expresses  or  implies  an  expecta,on  or  belief  as  to  the  success  of  future  explora,on  and  the  economic  viability  of  future  project  evalua,ons,  such  expecta,on  or  belief  is  expressed  in  good  faith  and  is  believed  to  have  a  reasonable  basis.  However,  such  projected  outcomes  are  subject  to  risks,  uncertain,es  and  other  factors  which  could  cause  actual   results   to   differ   materially   from   projected   future   results.   Such   risks   include,   but   are   not   limited   to,   explora,on   success,   metal   price  vola,lity,  changes  to  current  mineral  resource  es,mates  or  targets,  changes  to  assump,ons  for  capital  and  opera,ng  costs  as  well  as  poli,cal  and   opera,onal   risks   and   government   regulatory   outcomes.  MEP   and   the   Alliance   disclaim   any   obliga,on   to   advise   any   person   if   it   or   they  become  aware  of  any  inaccuracy  in  or  omission  from  any  forecast  or  to  update  such  forecast.  

The following presentation is a visualisation of possible infrastructure solutions to support potential future iron ore mine developments. Locations nominated for the

provision of infrastructure facilities are for illustration purposes only and should not be considered viable technical, economic, environmental, social or State solutions for any

future requirements  

Cautionary Statements

本报告由代表Braemar 铁矿石联盟的Minotaur勘探有限公司(MEP)管理层准备, 这是一个为研究和行业综合利益服务的非公司联盟，不为任何特定团体或个人提供具体建议。此处提供的信息是基于已发表的公众信息、内部研究数据和其它来源。此报告中的任何看法、预测或前瞻预测报告，是基于此报告中的假设和限制条件，仅用于表达现有看法 。对信息的来源、有效性、准确性、完整性、现存性或可靠性，本报告不做任何担保或代表。特此声明，如有基于任何原因利用与本报告有关的信息、准确性、完整性，或者任何人基于任何原因采用本报告的任何部分，带来亏损、索赔、损失、查询和费用，MEP公司和联盟成员不承担任何责任（法律相关责任）。如果MEP公司或联盟表达或暗示任何有关未来开发成功和未来项目评估的经济生存力的预计或观点，这些预计或观点是本着诚信和善意的原则作出的，有合理的基础。但是，任何预计结果受风险、不确定性和其他因素影响，可能造成实际结果与预计结果有差别。这些风险包括（不仅限于）：开矿成功率、金属价格波动，现有矿资源的预计或目标的变化、资本和运作成本假设的变化，以及政治和运作风险，及政府法规结果。如果MEP公司及联盟个人或公司获知任何关于预测的不准确性或有省略，或者没有更新预测，MEP公司及联盟否认对任何人负有任何责任或义务。

以下报告是对支持潜在铁矿石开发可能性基建方案的形象展示。所建议基建设施的提供地点，仅供参考，不应作为满足任何未来需要的可行性技术、经济、环境、社会或全州解决依据。  

申明

Braemar Iron Formation: Location

2  new  maps  to  be  inserted  here  

Braemar 铁矿石矿床：地点

2  new  maps  to  be  inserted  here  

阿德莱德  

1.  The Braemar Iron Alliance: members and objectives 2.  The Braemar Iron Formation: Australia’s next big Iron ore province  3.  Mining development scenarios  4.  Infrastructure needs:  

§  Water §  Power §  Rail haulage of concentrates and lump ore §  Concentrate Slurry transfer §  Port §  Sea Freight

5.  Investment opportunities

Braemar Iron: The Investment background

1.  Braemar 铁矿石联盟: 成员和目标 2.  Braemar 铁矿石矿床: 澳大利亚的下一个大型铁矿石矿产地区 3.  采矿开发方案 4.  基础设施面临的需求：

§  水 §  电 §  用于精矿和块矿运输的铁路 §  精矿浆的运输 §  港口

§  海运 5. 投资机遇

Braemar铁矿石: 投资背景

The Braemar Iron Alliance comprises: Bonython Metals Group (private)

Carpentaria Exploration (ASX: CAP)

Havilah Resources (ASX: HAV)

Minotaur Exploration (ASX: MEP)

Royal Resources (ASX: RRL)

Sinosteel PepinNini JV (SPCM)

Braemar Iron Alliance

The Braemar Iron Alliance will:

Define and articulate the demand case to

governments and infrastructure investors

for coordinated common user infrastructure

to suit the needs of the iron ore mining

industry along the Braemar Iron Formation

Braemar 铁矿石联盟成员包括：

Bonython金属集团 (私有)

Carpentaria勘探公司 (ASX: CAP)

Havilah资源公司 (ASX: HAV)

Minotaur勘探公司 (ASX: MEP)

Royal资源公司 (ASX: RRL)

Sinosteel PepinNini合资公司(SPCM)

Braemar 铁矿石联盟

Braemar铁矿石联盟的目标：

向政府和基建投资者界定及详细解释这一需求推

动型开发，以促进公用基础设施的协调开发，从

而满足铁矿石开采行业在Braemar铁矿石矿床开

发过程中的需要。

Braemar Iron: Australia’s next big Iron province

This presentation is based on a range of views held and assumptions made by members of the Braemar Iron Alliance, none of which are yet supported by definitive feasibility studies into potential development of mineral resources.

The integrated, multi-user infrastructure facilities envisaged herein are hypothetical in nature and scope and there can be no level of certainty that this or any concept may eventuate

The  term  "Explora(on  Target”  used  herein  should  not  be  misconstrued  as  an  es3mate  of  Mineral  Resources  and  Reserves  as  defined  by  the  JORC  Code  (2004),  and  the  term  has  not  been  used  in  that  context.  It  is  uncertain  if  further  explora3on  will  result  in  the  determina3on  of  a  Mineral  Resource.  

Refer  Cl  18  of  the  JORC  Code  (2004).  

Braemar 铁矿石:澳大利亚的下一个大型铁矿石矿产地区

此报告是基于Braemar 铁矿石联盟成员的各种观点和假设，其潜在的矿产资源开发可能还未经过最终可行性研究证明。 此处设想的集合型多用户基础设施从类型和规模来说都是假设的，任何想法是否能够最终实现都是不确定的。

此处使用的术语“勘探目标”不能混淆为对矿产资源及储备的估计（JORC代码2004定义），此处用语有不同的含义。不确定进一步勘探是否会发现矿藏资源，。

参考 JORC 代码(2004) Cl 18

Braemar Iron: Australia’s next big Iron province

The Braemar Iron Formation is a regionally extensive sequence of magnetised sedimentary siltstones, with pervasive beds of magnetite mineralisation, often up to 300m thick, stretching over a distance exceeding 200km, as shown in red on the Total Magnetic Image

below. Linear strike length of the tightly folded magnetised siltstone layers is well over 300km.

400km  

The  Braemar  Iron  Alliance  "Explora(on  Target”  across  the  Braemar  Iron  Forma3on  is  for  25  –  50  billion  tonnes  of  the  magne3te  form  of  iron  

Braemar 铁矿石矿床是跨地区的一系列集中磁化沉积型粉砂岩层，矿床底是渗透式磁化矿化物 ，一般达300米深，延伸至超过200公里的范围，如下图（全磁化图）中红线所示。紧密结合的磁化沉积型粉砂岩层呈直线型，远长于300公里以上。

400km  

Braemar 铁矿石联盟在整个Braemar铁矿石矿床的“勘探目标”是250到500亿吨磁铁矿

Braemar 铁矿石:澳大利亚的下一个大型铁矿石矿产地区

Braemar Iron: resource development activity

² Iron mineralisation stretches for over 200km from SW of Broken Hill to Peterborough in SA  ² The formation straddles the heavy duty E-W rail link to Port Pirie on Upper Spencer Gulf

Braemar 铁矿石：资源开发活动

² 铁矿物层延伸从Broken 山西南到南澳州的Peterborough，超过200公里 ² 矿床横跨东西走向的重工业铁路到在Upper Spencer湾的 Pirie港

Braemar Iron: the potential mining scale

² Alliance members foresee potential for up to 50 billion tonnes of magnetite iron resources to be defined through exploration over the next decade (refer ‘Exploration Target’ disclaimer on earlier slide)

² with scope for say 5 pits each mining 50 million tonnes of ore p.a. and beneficiating around 10Mtpa of concentrate each

² for total annualised output of ~50Mtpa of blast furnace quality magnetite concentrates grading 65% - 70% Fe, exceptionally low in impurities

² and with a foreseeable 100 year life of mining across the Braemar Iron Formation

Braemar 铁矿石: 潜在矿藏规模

² 联盟成员预计潜在达500亿吨规模的磁铁资源，有待在未来十年内经勘探进行限定。（参照上页关于“勘探目标”的解释）

² 假设每个矿地有5个矿坑，每年产5000万吨矿，每矿每年约产1000万吨精矿。

² 每年5000万吨产量中，高炉质量磁化精矿度达65%到 70% ，杂质含量非常低。

² 预计整个Braemar铁矿石矿床开采寿命达100年

Braemar Iron: Water for 25Mtpa concentrate output

CITIC Desalination Plant Feb 2011 photo sourced from www.citicpacificmining.com/en/news/progress-images

Water Supply scenario:  ๏ magnetite processing and magnetic recovery circuits use vast amounts of clean water ๏ process circuits will consume ~50Gl per year (50,000 Mega litres pa or 135 Mega litres per day) ๏ A Desalination plant will be required on Spencer Gulf ๏ 350km transfer pipeline, 1m diameter, plus 3 pump stations to deliver water to process facilities

Proposed  Olympic  Dam  Expansion  Desalina3on  Plant,  Point  Lowly,  200Ml  per  day  capacity  Source:  ODX  EIS  p136-­‐154,  Fig  5.32  

(BHPB’s proposed Desalination facility for Olympic Dam’s new mine is to supply an additional 200 Ml/day from Port Bonython area in Upper Spencer Gulf)

Braemar 铁矿石: 每年2500万吨精矿产量所需用水

CITIC Desalination Plant Feb 2011 photo sourced from www.citicpacificmining.com/en/news/progress-images

供水方案: ๏ 磁铁矿加工和磁铁恢复过程使用大量静水 ๏ 加工过程会每年消耗~50Gl (每年50,000 Mega 升或每天 135 Mega升) ๏ Spencer港将需要建造海水淡化装置 ๏ 350公里运输管道，直径1米，再加3个水泵站，将水运输到工厂

Proposed  Olympic  Dam  Expansion  Desalina3on  Plant,  Point  Lowly,  200Ml  per  day  capacity  Source:  ODX  EIS  p136-­‐154,  Fig  5.32  

（BHPB为Olympic Dam新矿提议修建的海水淡化工厂，能够每天多供应200MI，来源于Upper Spencer湾的Bonython港）

Braemar Iron: Power for 25Mtpa concentrate output

graphics sourced from www.petratherm.com.au/expmodel.html

Power Supply scenario:  ๏ power demand of 500MW for 5 mines

(Olympic Dam’s new mine requires additional 650MW of power generation)

๏ consuming 3,000 GWh pa (Olympic Dam new mine to consume additional 4,400 GWh pa)

๏ Potential for renewable power supplies from just north of the Braemar Iron Formation

Disclosure:  MEP  holds  an  economic  interest  in  Petratherm  (ASX:  PTR)    

๏ potential for geothermal energy from shallow ‘hot rocks’ nearby at Petratherm’s Paralana project

๏ a‘meshed’ 275kV transmission ‘NEM’ network between Paralana-Port Augusta-Broken Hill, supplying 500MW into grid

๏ total 1,000km of new HV transmission network

Braemar 铁矿石：每年2500万吨精矿产量所需用电

图像来自于 www.petratherm.com.au/expmodel.html

电力供应方案: ๏ 5个矿的电力需求为500MW

(Olympic Dam的新矿需要额外的650MW发电)

๏ 每年消耗 3,000 GWh (Olympic Dam 新矿每年额外需消耗4,400 GWh )

๏ Braemar铁矿石矿床以北不远处有潜在的可再生电力供应

๏ Petratherm公司的Paralana项目附近有浅地表的“热岩石”，能够提供潜在地热电力。

๏ 从Paralana到 Augusta港到Broken山，有一个“网式”275kV ‘NEM’网络传输，为电网提供500MW电力

๏ 总计1,000公里新HV传输网络 声明：MEP拥有Petratherm公司(ASX:PTR)的股份

Braemar Iron: Transporting iron products to Port

๏ Rail: •  Main continental E-W standard gauge rail line

runs right through the Braemar Iron Formation •  Deposits are a 150km - 300km rail trip to Port

Pirie where a Pellet Plant could be established •  rail line to be upgraded in 2012 •  existing spare line capacity of 10Mtpa •  rail access to each mine requires a 35km ‘spur’ •  ‘balloon loop’ required at each mine for train

turn around and 24 hour loading/unloading •  For 25Mtpa ore haul capacity, need;

•  9 train sets each comprising 5 x 4,000hp Traction locomotives & 162 wagons

•  1990 train trips per year •  5 hour load/unload turnaround time (max)

•  line duplication needed to provide sufficient train paths beyond 10Mtpa

•  need significant stockpile hardstand and negative pressure storage sheds at Port or Pellet plant

Braemar 铁矿石：运输铁矿产品到港口

๏ 铁路： •  主要洲际东西标准铁路从Braemar铁矿石矿床穿过 •  矿藏至Pirie港铁路运输为150公里 – 300公里， Pirie港可建球团矿厂

•  2012年铁路线将进一步升级 •  现有空置铁路，运输能力为年1000万吨 •  铁路与每个矿连接需35公里的“铁路专用线” •  每个矿需要“气球式环形”道，用于火车转换方向及

24小时载货/卸货 •  年产2500万吨能力需要：

•  9 辆火车，每辆含5 x 4,000hp 牵引机车及162节车厢

•  每年1990 次火车班次 •  （最多）5个小时的载货/卸货周转时间

•  需要双道铁路线为年产1000万吨以上的产量提高足够火车道

•  在港口或球团矿厂需要大型的储矿堆积场及负压仓库

Braemar Iron: Concentrate transfer to Port

๏ Slurry Pipeline: •  Slurry transfer is a cost effective alternative

to rail haulage for a long-term mining project

•  Slurry transfer can be used for concentrate movements from mine to port

•  we envisage a 300km long buried pipeline to a Pellet plant near Port Pirie or 380km to a deep water port location

•  25Mtpa requires a 600mm diameter Concentrate delivery pipe + Return Water Line

•  Example: ✴ Minas Rio iron project, Brazil; 600mm

diameter pipeline is 522km long, to transport 24.5Mtpa of concentrate

•  2-3 intermediate Pump Stations •  Port Dewatering station & Concentrate

storage •  both rail and slurry line solutions could be

used to transport >25Mtpa of concentrate

Slurry  loading  via  a  floa3ng  Stockpile  vessel  Photo  courtesy  Royal  Resources  Ltd  

Braemar铁矿石: 精矿运输到港口

๏ 矿浆管道: • 对长期采矿项目来说，矿浆运输是比铁路运输节省成本的另一种可供选择的机会

• 矿浆运输可用于精矿从矿区到港口的运输 • 我们设想建造一条300公里长的埋藏管道到Pirie港附近的球团矿厂，或380公里长至深水港位置

• 每年2500万吨的产量需要直径600mm的精矿传输管道及回水管道

•  例如 ✴ 巴西Minas Rio铁矿项目; 直径600mm管道，522公里长，用于每年2450万吨的精矿运输

•  2-3 个中转泵站 •  Dewatering港中转站及精矿储存 • 铁路和矿浆管道方案都可用于运输年产量2500万吨以上的精矿

矿浆装载通过一艘浮动储矿船完成  图片来自于  Royal资源公司  

Braemar Iron: Concentrate conversion into Pellets

CITIC Stacker Reclaimer Feb 2011 photo sourced from www.citicpacificmining.com/en/news/progress-images

Pelletisation ๏  Pellet plants are common in China ๏  Concentrate is agglomerated to form pellets for direct injection into a steel making Blast Furnace ๏  Pelletisation adds value to the concentrate product ๏  Pellets are easier to ship (no moisture content), less likely to release fugitive dust emissions ๏  Australia is underweight in downstream value-add components of the steel making supply chain

Braemar 铁矿石: 精矿运输到港口

CITIC Stacker Reclaimer Feb 2011 photo sourced from www.citicpacificmining.com/en/news/progress-images

球团矿 ๏  球团矿厂在中国很常见 ๏  精矿凝结成团，直接注入钢铁铸造高炉 ๏  矿团增加精矿产品的价值 ๏  矿团更易于运输（无潮湿成分），减少短时粉尘排放 ๏  澳大利亚缺乏钢铁铸造供应链下游的增值环节

Braemar Iron: Port for bulk loading of iron products

ª  Minimum 50Mtpa port capacity

ª  up to 250 ships loaded per year

ª  6,000tph loading rate

ª  320m long, double sided berth

ª  20m draft accessible in Spencer Gulf

ª  Need new deep water port in Spencer Gulf, south of Port Pirie

ª  jetty length ~3km

ª  Capital cost around $750 million

Biggest  challenge  to  development  of  new  mines  is  lack  of  bulk  handling  port  infrastructure:  •  Port  Adelaide:  capacity  is  only  1.7Mtpa  •  Port  Pirie:  capacity  expanding  to  8Mtpa,  but  has  very  shallow  dra`  •  Port  Bonython  (proposed):  sub-­‐op3mal;  extra  rail  distance  incurs  addi3onal  haulage  charges  

Braemar Iron Alliance sees an emerging requirement to berth 200,000 DWT ‘Cape Size’ vessels for sea freight of iron concentrates & Pellets:

Braemar铁矿石: 在港口进行铁矿石的大量装载

ª  至少年货运量5000万吨

ª  每年可供达250艘船装卸

ª  每小时6000吨的装载率

ª  320米长，双排泊位

ª  Spencer 湾有20米吃水深度

ª  在Pirie 港南部的Spencer湾需建新的深水港

ª  栈桥长3公里

ª  资本投入约7亿5000万澳元

新矿发展面临的最大挑战是缺乏有能力进行大规模装载的港口设施： •  Adelaide港: 装载能力仅为每年170万吨 •  Pirie港: 装载能力增加至每年800万吨，但吃水浅 •  Bonython港 (提案): 次佳，额外铁路距离增加额外运费

Braemar 铁矿联盟预计将需要建造200，000 DWT 泊位的港口，可容纳“港口大小”的货船，用于铁精矿及矿团的海运：

Braemar Iron: Sea Freight 5,300 nautical miles

Braemar 铁矿石：海运 5300海里

Braemar Iron: Infrastructure Investment scenarios

Item   Scale   Capital  Cost  A$  million  

Power  &  Transmission   500MW   $2,250  

Desalina3on  Water   50Gl/year   $500  

Slurry  Pipelines   25Mtpa   $650  

Rail  expansion  to  25Mtpa   380km   $750  

Locomo3ves  &  Wagons   9  train  sets  hauling  25Mtpa  

$550  

Port  for  200,000  DWT   50Mt   $750  

Pellet  Plant   10Mt   $1,250  

Total  Capital  Investments   ±$6,650  

Braemar 铁矿石: 基建投资方案

项目 规模 投资成本澳元（ 百万）

电力及传送 500MW $2,250

海水淡化装置 每年50Gl $500

矿浆管道 每年2500万吨 $650

铁路扩展，可供年产量2500万吨运输

380公里 $750

牵引机车及车厢 9 部完整火车 运输年产量2500万吨

$550

200,000 DWT的港口 50Mt $750

团矿厂 10Mt $1,250

总投资成本 ±$6,650

Mining  Infrastructure  Investment  opportuni3es  on  the  Braemar  Iron  Forma3on  

Andrew  WoskeG,  Spokesman  for  the  Braemar  Iron  Alliance  

Managing  Director,  Minotaur  Explora3on  Ltd  (ASX:  MEP)  

Interested?  Please  see  me  at  the  Minotaur  Explora3on  display  Booth  

矿业基建投资机遇

Braemar铁矿石矿床

Braemar 铁矿石联盟发言人Andrew Woskett Minotaur 勘探有限公司总经理 (ASX: MEP)

您是否感兴趣？ 请与我在 Minotaur 勘探有限公司展台面谈

and,  there  are….  

Mining  Investment  opportuni3es  with  Minotaur  Explora3on  

Andrew  WoskeG  Managing  Director,  Minotaur  Explora3on  Ltd  (ASX:  MEP)  

Minotaur  Explora3on  has  a  diverse  resources  project  porjolio.  We  seek  long-­‐term  investment  partnerships  to  help  develop  our  resources  and  build  

for  wealth  and  prosperity.    

Interested?  Please  come  and  talk  to  the  Minotaur  team  at  the  Minotaur  Explora3on  display  Booth  

另外，还有……  

与  Minotaur  勘探公司的矿业投资机遇  

Andrew  WoskeE  

Minotaur  勘探有限公司总经理 (ASX:  MEP)  

Minotaur开发公司拥有各种投资方案  我们寻求长期的投资伙伴，帮助我们开发资源，共创财富与繁荣  

 您是否感兴趣？  

请到  Minotaur  勘探有限公司展台与我公司人员面谈