2010 Annual ResultsMarch 23, 2011

(0975.HK)

Disclaimer

1

Forward-looking statements

We have included in this presentation forward-looking statements. All statements that are nothistorical facts, including statements about our intentions, beliefs, expectations or predictions for thefuture, are forward-looking statements.

The reliance on any forward-looking statement involves risks and uncertainties, and although webelieve the assumptions on which the forward-looking statements are based are reasonable, any orall of those assumptions could prove to be inaccurate and as a result, the forward-lookingstatements based on those assumptions could also be incorrect.

We undertake no obligation to publicly update or revise any forward-looking statements contained inthis presentation, whether as a result of new information, future events or otherwise, except asrequired by applicable laws, rules and regulations.

In light of these and other risks and uncertainties, the inclusion of forward-looking statements shouldnot be regarded as representations by us that our plans and objectives will be achieved.

1. Company and Business Overview

2

To develop MMC into a leading mining company in Asia

Organic Growth – Ramp-up delivery on volume, pricing and cost reduction

Coal Marketing – Develop leading regional coal brand with premium pricing

Mongolian MiningCorporation

Long-term Growth – Consolidation/M&A to drive long term portfolio development

Capture and realize

Mongolia’s vast

resource potential

Develop long-term

growth story beyond

UHG’s attractive

ramp-up profile

Position MMC as

Mongolia’s “national

mining champion”

Develop balanced

portfolio of exploration,

development, and

producing assets

OBJECTIVES

STRATEGIES

VISION

Our Vision, Objectives and Strategies

Company Highlights

Mongolian MiningCorporation

Highly Favorable Industry Fundamentals

1 2

Strategic Location –Hard Coking Coal Closely Located to China

Low Cost Producer with ASP and Margin Expansion

4

Mongolia Based Company Operating to International Practices

5

High Quality Coking Coal Resources and Reserves

3 6

High Production Growth Profile

3

Industry Overview

4

0

15,000

30,000

45,000

60,000

75,000

90,000

Sha

nxi

Inne

rS

haan

xiX

injia

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uizh

ou

Yun

nan

Hen

anN

ingx

iaS

hand

ong

Anh

ui

Gan

suS

ichu

anLi

aoni

ngH

ebei

Hei

long

jiang Jilin

Qin

ghai

Jian

gsu

Cho

ngqi

ngH

unan

Gua

ngxi

Jian

gxi

Fujia

nB

eijin

gH

ubei

Thermal Coal Coking coal

China Coking Coal Resources by provinces and type

Inner Mongolia, whilst rich in coal resources, is predominantly thermal coal

Major steel manufacturing

provinces

Long haul transportation required from coal mines in Shanxi to these steel producers, similar to Mongolian exports

Source: Wood McKenzie

6.5 3.5 4.5 1.0 2.0 1.5 1.0 1.0 1.07.0 6.3 6.5

29.122.4

26.933.8

39.443.7

5.411.2

4.96.8

(50.0)

(40.0)

(30.0)

(20.0)

(10.0)

-

10.0

20.0

30.0

40.0

50.0

2004A 2005A 2006A 2007A 2008A 2009A 2010E 2011E 2012E 2013E 2014E

Export Import

2.8 2.0

28.120.4

25.432.8

38.4 42.7

China Coking Coal Import and Export

(Mt)

(Mt) Net (import)/export

176124 106119

230205 225 218213

151

686

501

7327

55

2001 2008 2014E

Nth AmEurope

Asia-ExChina

India

01–08 CAGR0.6% 1.7% 2.8%

18.7% 10.6% 6.6%

08–14E CAGR(2.7%)(0.4%)0.4%5.4%4.8%2.5%

851Mt 1,329Mt 1,541Mt

Global crude steel production

18% 38% 45%China’s share

China Steel Production

Source: AME

Source: Wood McKenzie

Coking coal imports to China to remain strong China imported in 2010 approximately 47.2Mt of

coking coal exceeding the forecast estimates Mongolia has exported to China approximately

over 16Mt of coking coal in 2010 compared to 7Mt in 2009 and 4Mt in 2008

Resources by Category Resources above -300 m Resources below - 300 m Total ResourcesCoking Coal Thermal Coal Total Coal Coking Coal Thermal Coal Total Coal Coking Coal Thermal Coal Total Coal

Measured 83.0 120.2 203.2 - 83.02 120.20 203.2 Indicated 153.4 51.9 205.3 50.7 37.9 88.6 204.10 89.80 293.9 Inferred 11.7 11.7 42.2 27.1 69.3 42.20 38.80 81.0

Total 236.4 183.8 420.2 92.9 65.0 157.9 329.3 248.8 578.1

Total Measured and Indicated 236.4 172.1 408.5 50.7 37.9 88.6 287.1 210.0 497.1

Reserves by Category

Proven 188.2 Probable 95.0

Total 283.2

Ukhaa Khudag (UHG) Coking Coal DepositDeposit location

5

Tavan Tolgoi Fault

Tsankhi CoalfieldTavan Tolgoi SynclineSouthwest Coalfield

Borteeg Coalfield

UHG Coalfield

Ukhaakhudag SynclineBortolgoi Coalfield

Eastern Coalfield

Tavan Tolgoi Anticline

Coal Bearing Strata

Current Mining Area

DalanzadgadOvoot tolgoi

Zuunbayan 46 km 225 km

Khangy Mandula

Gashuun Sukhait/ Ganqimaodu

Shiveehuren Ceke

Jinquan

Linhe Xixiaozhao Baotou

Hohhot

Bayan obo

Bayan hua

Mongolia

0 200

Kilometers

Planned RailwayExisting Railway

UHG

Ukhaa Khudag (“UHG”)

China

Source: Company DataNotes:(1) Non-JORC-compliant resources and reserves estimations as of Dec 31, 2010.(2) The estimations are based on JORC-compliant resources and reserves estimations as of May 31, 2010 by deducting approximately

2.78Mt of coking coal extracted from UHG deposit during the period Jun 1 to Dec 31, 2010

Resources and Reserves (in Mt)

0

1

2

3

4

5

6

7

8

2009A 2010A 2011E

(ROM Mtpa)

High Production Growth ProfileUHG production ramp-up

6

1.8

3.9

7.0

Source: Company Data and Prospectus; Norwest ITR.

End-User Customer Base in Target Market Region (TMR)

7

Shagang

Project Feasibility

Bankable Feasibility Studies across all project modules

Mine Ramp-up / Equipment

Fully visible ramp-up at UHG to 15Mtpa ROM plateau level production in 2013

Full commitment and support by Leighton/mining contractor

Wash Plant

First module fully operational in Q2 2011

International standards designed by Sedgman

Transportation

Paved road expected completion in H2 2011 Proposed railway: 30-year license in 2nd stage of the Mongolia railway development plan

Mongolian Mining Company

8

2. Financial Highlights

Robust Growth Profile

9

0

1

2

3

4

5

2009 2010

ROM coal production (in Mt)

0

1

2

3

4

5

2009 2010

Coal sales volume (in Mt)

0.0

50.0

100.0

150.0

200.0

250.0

300.0

2009 20100

10

20

30

40

50

60

70

2009 2010

1.8

3.9 3.9

1.4

Net profit (in million USD)Sales revenue (in million USD)

67.0

277.5

10.3

60.1

+114% +182%

+314% +486%

15%

22%(1)

(1)

Note: (1) Net Profit Margin % as Net Profit/Revenue

Operational Highlights

10

Average selling price (USD/tonne) Productivity (‘000 tonnes mined per an employee, company wide)

Estimated share in Mongolian coal export (%)Mining cost per total material movement (USD/BCM)

0

10

20

30

40

50

60

70

80

2009 2010

48.2

70.8

0

1

2

3

4

5

2009 2010

4.01 4.00

0%

5%

10%

15%

20%

25%

30%

2009 2010

18%

24%

Source: based on the Mongolian Customs Office data

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

2009 2010

2.56

3.36

Mining and Transportation Costs

11

Mining cost associated with coal sold (USD/tonne) Transportation cost associated with coal sold (USD/tonne)

0

5

10

15

20

25

2009 2010

17.6320.01

02468

1012141618

2009 2010

5.76

15.46

Stripping ratio (BCM/tonne) Mine gate and border sales split (Mt)

0

0.5

1

1.5

2

2.5

3

2009 2010

0.80.6

1.1

2.8

0

1

2

3

4

5

6

2009 2010

3.42

5.06

Strong Balance Sheet

12

Total assets (in million USD) Total book value of equity (in million USD)

Total liability (in million USD)Available cash (in million USD)

-

200.0

400.0

600.0

800.0

1,000.0

1,200.0

2009 20100.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2009 2010

0.0

100.0

200.0

300.0

400.0

500.0

600.0

700.0

800.0

2009 2010

113.2

1,053.3

43.8

727.3

674.9

2.4 -

50.0

100.0

150.0

200.0

250.0

300.0

350.0

2009 2010

326.0

69.4

Prudent Working Capital Management

13

AR turnover (days) AP turnover (days)

Coal inventory (in million USD)Inventory turnover (days)

05

101520253035404550

2009 20100123456789

10

2009 2010

0

5

10

15

20

25

30

35

40

2009 2010

46

6

9

7

38

17

6.56.56.66.66.76.76.86.86.96.97.0

2009 2010

6.9

6.6

Healthy Financial Ratios

14

Current ratio (current assets/current liabilities) Interest coverage ratio (EBIT/interest expenses)

0

1

2

3

4

5

6

2009 2010

5.4x

0.5x

0

5

10

15

20

25

30

35

40

2009 2010

35x

18x

Gearing ratio (% total debt/total assets)Debt/equity ratio (%)

0%

10%

20%

30%

40%

50%

60%

70%

80%

2009 2010

68%

35%

0%

5%

10%

15%

20%

25%

30%

2009 2010

26%24%

(250.0)

(200.0)

(150.0)

(100.0)

(50.0)

-

50.0

2009 2010

Positive Cash Flow for Further Expansion

15

Operating cash flow (in million USD) Financing cash flow (in million USD)

Trade receivables (in million USD)Capital expenditures cash flow (in million USD)

(10.0) -

10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0

2009 2010

(4.0)

69.6

- 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0

2009 2010

62.7

823.5

(58.6)

(220.2) 0.01.02.03.04.05.06.07.08.09.0

2009 2010

0.3

8.5

616.0

Note: approximately 616.0M USD from IPO net proceeds

3. Project Highlights

Coal Handling and Preparation Plant

Jun 2010 Jul 2010 Sep 2010

Oct 2010 Dec 2010

16

Construction site photos

Jan 2011

With total planned annual in-feed ROM coal capacity of 15Mtpa, the CHPP will be completed in three phases, each of which for 5Mtpa MMC will start to sell washed coals when the first phase of CHPP is operational in Q2 2011

MMC’s CHPP will be the first of its kind in Mongolia and will enable production of high-quality washed coking coal products

As of 31 Dec 2010, the first Phase and the second Phase were approximately 88% and 22% complete, respectively

Power Plant

One of the Largest Undeveloped Coking Coal FieldsDec 2010

Jul 2010Nov 2009 May 2010

17

With total planned 3x6MW power generating capacity, the power plant will be completed in three phases, each of which for 6MW

MMC will start to run first and second generator units in Q2 2011, followed by third unit in Q3 2011

MMC’s power plant will be the first in Mongolia to have air-cooling system

As of 31 Dec 2010, the power plant construction was 85% complete

Construction site photos

Water Supply Facility

One of the Largest Undeveloped Coking Coal Fields

2007‐2010 June 2010 Jul 2010

Nov 2010Sep 2010Aug 2010

With total planned annual in-feed ROM coal capacity of 15Mtpa, the CHPP will be consuming around 150 l/sec of water

As of 31 Dec 2010, the first and second phases to supply up to 117 l/sec of water were approximately 95% completeThe third phase to commence in 2011 and be completed in H2 2012

Exploration and Construction site photos

18

Paved Road

One of the Largest Undeveloped Coking Coal Fields

June 2010 July 2010 Aug 2010

Nov 2010Oct 2010Aug 2010

245-km hard-surface road from UHG to GS is estimated to have up to 18Mtpa throughput capacity

As of 31 Dec 2010, approximately 65% of the work volume has been completed and the commissioning is expected in H2 2011

Construction site photos

19

Transportation Infrastructure

Dalanzadgad

Zuunbayan

Khangy Mandula

Gashuun Sukhait/ Ganqimaodu

Jinquan

Linhe Xixiaozhao

BaotouHohhot

Bayan obo

Bayan hua

Mongolia

0 200

Kilometers

Planned Railway

Existing Railway

Tsagaan Khad

► Largely at minegate

► Increasing portion sold at TKH

► Obtained license to directly truck across border

Sales and Marketing Logistics

Selling Point

2Q09

3Q09

4Q09

1Q10

2Q10

3Q10

4Q10

2011onwards

UHG

► Increased direct trucking across border to customers’ stockpiles

► Vast majority sold at Tsagaan Khad (“TKH”)

China

20

4. 2011 Outlook

Positive Operating Environment

Continuing increase in China’s coal demand

21

Coking coal is an essential ingredient in steel production, China’s demand for and consumption rate of coking coal is expected to keep rising

The Mongolian Government’s favorable policies to promote the growth of minerals mining and processing

Zero VAT for washed coal export

Processed coal is subject to the lowest level of progressive royalty rate of 1-3%, in addition to 5% base royalty rate (for comparison, for raw coal 1-5%)

Constraints in the global coking coal supply

Recent heavy flooding in certain major coal supply regions in Queensland, Australia

China’s domestic coking coal prices are expected to rise due to price surge in seaborne coal trade

2011 Strategies & Priorities

22

Continue ramping up UHG mine production (2011 target is 7.0Mt ROM coal)

Commence UHG wash plant operations and sell washed hard coking coal (2011 in-feed coal target is 5.5Mt)

Continue to invest in coal logistics and transportation infrastructure development

Optimize existing UHG resources and reserves

Explore opportunities to acquire additional resources

Continue to expand and develop long-term relations with end-user customers

Organic Growth – Ramp-up delivery on volume, pricing and cost reduction

Coal Marketing – Develop leading regional coal brand with premium pricing

Long-term Growth – Consolidation/M&A to drive long term portfolio development

5. Q&A