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Eurasian Natural Resources Corporation PLC

Pedra de Ferro Project

November 2013 Belo Horizonte

2

Disclaimer

This presentation includes statements that are, or may be deemed to be, ‘forward-looking statements’. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms ‘believes’, ‘estimates’, ‘plans’, ‘projects’, ‘anticipates’, ‘expects’, ‘intends’, ‘may’, ‘will’, or ‘should’ or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include matters that are not historical facts or are statements regarding the Group’s intentions, beliefs or current expectations concerning, among other things, the Group’s results of operations, financial condition, liquidity, prospects, growth, strategies, and the industries in which the Group operates. Forward-looking statements are based on current plans, estimates and projections, and therefore too much reliance should not be placed upon them. Such statements are subject to risks and uncertainties, most of which are difficult to predict and generally beyond the Group's control. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances. The Group cautions you that forward-looking statements are not guarantees of future performance and that if risks and uncertainties materialise, or if the assumptions underlying any of these statements prove incorrect, the Group’s actual results of operations, financial condition and liquidity and the development of the industry in which the Group operates may materially differ from those made in, or suggested by, the forward-looking statements contained in this presentation. In addition, even if the Group’s results of operations, financial condition and liquidity and the development of the industry in which the Group operates are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, industry trends, competition, commodity prices, changes in regulation, currency fluctuations, changes in business strategy, political and economic uncertainty. Subject to the requirements of the Prospectus Rules and the Listing Rules or any applicable law or regulation, the Group expressly disclaims any obligation or undertaking publicly to review or confirm analysts expectations or estimates or to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any changes in the Group's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

The information set out in this presentation relates to the six months ended 30 June 2011 and, unless otherwise stated, is compared to the corresponding period of 2010, the six months ended 30 June 2010.

Where applicable in the document all references to ‘t’ are to metric tonnes, to ‘kt’ are to thousand metric tonnes, and ‘mt’ to million metric tonnes unless otherwise stated.

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Agenda

1. Pedra de Ferro Project Location

2. Mineral Resource Statement

3. Production Plan

4. DSO Schematic Flowsheet (1 Mtpa)

5. Beneficiation Plant: Process Route (19.5 Mtpa)

6. DSO Current Operation

7. The West-East Integration Railway

8. BAMIN Private Port (Aritaguá): basic design

9. Environmental Licensing

10. Main Achievements (2010 to 2013)

11. Next Steps

BELO

HORIZONTE

CAETITE SALVADOR

IHEUS

BRAZIL

BAHIA

MINAS GERAIS

BAHIA

STATE

RAILWAY 534km

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Population: 14,000,000

Demographic density: 25 hab/km2 (15º)

GDP per capital Bahia: approx. US$4,500 (19º)

GDP per capita Brazil: approx. US$10,000

Pedra de Ferro Project Location

Mineral Resource Statement

PdF Mineral Resources:

Rock Type /

Classification Tonnes (Mt) Fe (%) Al2O3 SiO2 Mn (%) P (%) PPC (%)

Hematite Measured 58 66.74 1.00 2.11 0.159 0.089 0.70

Indicated 92 66.79 0.83 2.48 0.251 0.037 0.55

M&I 150 66.77 0.89 2.34 0.215 0.057 0.61

Inferred 21 65.60 0.84 2.82 0.237 0.050 0.76

Itabirite Measured 215 33.64 1.22 48.62 0.421 0.056 0.85

Indicated 377 31.21 1.05 52.45 0.326 0.029 0.71

M&I 592 32.09 1.11 51.06 0.360 0.039 0.76

Inferred 476 33.8 1.3 48.2 0.30 0.05 0.87

Combined Measured 273 40.67 1.17 38.74 0.366 0.063 0.82

Indicated 469 38.16 1.01 42.69 0.311 0.031 0.68

M&I 742 39.08 1.07 41.24 0.331 0.043 0.73

Inferred 497 35.2 1.3 46.3 0.29 0.05 0.87

Total 1,239 37.50 1.18 43.24 0.313 0.044 0.78

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Production Plan

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Year 1 to 3: 1Mtpa DSO - Direct

Shipping Ore (construction period)

Year 4 to 8: 10Mtpa DSO and 7-8

Mtpa Concentrate (>67% Fe)

Year 9 to 19: 6Mtpa Direct

Reduction Pellet Feed and 10-

11Mtpa Blast Furnace Concentrate

Total output: 265Mt of products

Production

Sequence 1

(Yr. 1 to 3) 1 Mtpa (20% LO + 80% Natural Fines)

Sequence 2

(Yr. 4 and 8)

10 Mtpa (20% LO + 80% Natural Fines)

and 7-8 Mtpa Conc. >67% Fe

Sequence 3

(Yr. 9 and 19)

6 Mtpa Conc. >68% Fe + 10-11 Mtpa >

67%

Total output ~ 265 Mt of products

DSO Schematic Flowsheet (1 Mtpa)

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ROM HEMATITE

-800 mm

-12,5mm

+32,0mm

Secondary Crusher

Feeder

Tertiary Crusher

Screening

Primary Crusher

Product Stockpiles

-32,0mm + 12,5mm

Beneficiation Plant: Process Route (19.5 Mtpa)

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Ball Mill

grinding4

Coarse

Magnetic

Separation

1st Desliming

stage 2nd

Deslimng

stage

HF

Screening

Rougher

Cleaner

Tailing

Dam

Concentrate

Thickening Tailings

Thickening

Concentrate

Belt Filtering Concentrate

Pile

Recycle

Water

Tank

Surge

Pile Fine

Magnetic

Separation

SM

Concentrate

Tailing

3rd

Deslimng

stage

Flotation

Concentrate

Current DSO Operation – Quality of the product sold

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DATE VOLUME Fe SiO2 Al2O3 P Mn H2O LOI +12,5mm +6,3mm +4,75mm +1mm +0,150mm-0,150mm

270.132 65,14 4,39 0,96 0,077 0,022 2,14 1,24 4,92 11,47 8,62 18,46 15,19 41,34

CHEMICAL (%)DSO Delivered SIZE DISTRIBUTION (%)

Current DSO Operation – Mine Pit

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Current DSO Operation – equipment

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Primary Crusher Secondary Crusher

Screening Tertiary Crusher

Current DSO Operation - logistic

12

41 Km

FCA Railway

Aratu Port

Belo Horizonte

Current DSO Operation - logistic

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• Loading capacity of two trains of 32 wagons each ( 2.000 t / train ) per day;

• Facilities (maintenance workshops, road scale truck, product stockyard, waterspray , etc.).

Railroad Terminal

Licínio de Almeida

The West-East Integration Railway

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Miba

534 km from Caetité to Ilhéus.

Bahia State Government main project.

Supported by Federal Government through PAC

“Economic Acceleration Program” (guaranteed

budget allocation for construction).

VALEC – Federal Government Railway

Company - will be responsible for construction,

maintenance and railway Operational Control

Centre (OCC) => “open access model”.

BAMIN will be responsible for their rolling stocks

operation and maintenance, paying a trackage

right tariff to VALEC to recover railway

investment, maintenance and operational

control costs.

Trackage right tariff defined by ANTT (National

Agency for Land Transportation) in a buying

capacity contract to be signed with VALEC.

The West-East Integration Railway: construction status

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Total executed (average) 27,9 % August

25,2 % July

The West-East Integration Railway: construction status

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S

E

C

T

I

O

N

1

The West-East Integration Railway: construction status

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S

E

C

T

I

O

N

2

The West-East Integration Railway: construction status

18

S

E

C

T

I

O

N

3

The West-East Integration Railway: construction status

19

S

E

C

T

I

O

N

4

BAMIN Private Port (Aritaguá): basic design

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Environmental Licensing

Main Licenses

MINE / PLANT/

WATER

SUPPLY

PRIVATE

PORT

ARITAGUÁ

Preliminary License

(LP)

Completed

(Apr 2010)

Completed

(Nov 2012)

Installation License

(LI)

Completed

(Nov 2010) 2014 (P)

Operating License

(LO) 2016 (P) 2016 (P)

Main Achievements (2010 to 2013)

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Marketing: 45 steel mills visited. MOUs and LOIs for future iron ore sales signed with 19 steel mills

Railway

Provisional

Environmental

License

Sintering

and

Pelletizing

Tests

(Concentrate)

Sintering

and

Pelletizing

Tests

(Concentrate)

100%

BAMIN

Sintering/

Pelletizing

Tests

3 Chinese

Mills

100% MIBA

51% MPB

Railway

Installation

Environmental

License

BAMIN Mine

Installation

Environmental

License

Railway

Signature

Construction

Contract

May 2010 Sep 2010 Oct 2010 Nov 2010 Dec 2010 2011-2012

Public hearings for

Aritaguá Port

GU received

(300 Kt)

DSO Implementation

Metallurgical tests

(DSO)

Marketing of the

DSO products

2013

Start of

DSO

Production

and Sales

Conclusion

of the first

offtake

Contract

Negotiation

for the 2014

contract

ongoing

Next Steps

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Increase the DSO production to the target of 80,000 t/ month;

Obtain the LI for the Aritaguá Private Port and start the construction;

Sign the Transportation Agreement for the FIOL Railway with VALEC.