presentation – meeting with analysts

PUBLIC MEETING

INVESTORS AND ANALYSTS

DECEMBER 18 2006

This presentation relating to MMX Mineração e Metálicos S.A. (“MMX”) includes “forward-looking statements”, as that term is defined in the Private Securities Litigation Reform Act of 1995, in Section 27A of the Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All statements other than statements of historical facts are statements that could be deemed forward-looking statements and are often characterized by the use of words such as “projects”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, “may”, “will”, or “intends”, or by discussions or comments about our objectives, strategy, plans or intentions and results of operations. Forward-looking statements include projections regarding our operating capacity, operating expenditures, capital expenditures and start-up dates.

By their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that these statements may not be fulfilled or, even if they are fulfilled, the results or developments described in such statements may not be indicative of results or developments in future periods. We caution participants of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause future results to differ materially from these statements.

Forward-looking statements may be influenced in particular by factors such as the ability to obtain all required regulatory approvals on a timely basis or at all, exploration for mineral resources and reserves, difficulty in converting geological resources into mineral reserves, and changes in economic, political and regulatory conditions. We caution that the foregoing list is not exhaustive. When relying on forward-looking statements to make decisions, investors should carefully consider these factors as well as other uncertainties and events.

MMX does not undertake to update our forward-looking statements unless required by law. This presentation is neither an offer to sell (which can only be made pursuant to definitive offering documents) nor a solicitation of an offer to buy any securities in the United States, or any other jurisdiction. The securities referred to herein have not been registered in any jurisdiction, and in particular, will not be registered under the U.S. Securities Act of 1933, as amended, or any applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements.

This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without MMX’s prior written consent.

Investor Relations

Rodolfo Landim – Investor Relations Officer

Elizabeth Cruz – Manager

Gina Pinto - Analyst

Tel. 55 21 2555-5634 / 5558/ 5563

[email protected]

http://www.mmx.com.br/ri

DISCLAIMER

COMPANY OVERVIEWCOMPANY PROFILE

1

� MMX was created by a team of mining specialists led by Eike Batista

� Experienced management team

� Majority of members of the Board of Directors are independent

� Independent Audit Committee

� Focus on iron ore provided by high-quality products

� Integrated mining operations and metallic plants connected to independent

logistics, structured in self-sufficient systems

� Health, safety, environmental and social responsibility

� Listed in the Novo Mercado - BOVESPA

Rodolfo Landim – Executive President andIR Director

Adriano Vaz – Administrative and HSEC Director

Dalton Nosé – Chief Operating Officer, Metallics

Joaquim Martino – Chief Operating Officer, Mining

Paulo Gouvêa – General Counsel

Ricardo Antunes – Commercial Director

Rudolph Ihns – Chief Financial Officer

Michael Stephen Vitton

Eliezer Batista

Gilberto Sayão

Hans Mende

José Luiz Alqueres

Peter Nathanial

Raphael de Almeida Magalhães

Samir Zraick

Amaury Temporal

Special Advisor:

BOARD OF DIRECTORS & EXECUTIVE OFFICERS

COMPANY PROFILE

Independent Members:

2

Eike Batista – Chairman & CEO

Board of Directors Board of Executive Officers

Samir Zraick

Carlos José da Silva Azevedo

Rivadávia Carsalade Herbster Gusmão

Audit Commitee

MMXMetallics

MMXCorumbá

COMPANY PROFILE CORPORATE STRUCTURE

3

70% 100%70% 70%

MMXAmapá

(Mine+Railway+Port)

MMXMinas-Rio

(Mine+Pipeline+Port)

(30% Centennial AssetCorumbá)

(30% Centennial AssetAmapá)

(30% Centennial AssetMinas-Rio)

Definitive Share Purchase Agreement signed with Cleveland Cliffs for the purchase of Centennial Asset´s 30% stake in MMX Amapá for US$ 133 million (approximately 39%

premium over IPO value).

Centennial Asset is negotiating with strategic partners its 30% stake interest in MMX Corumbá and MMX Minas-Rio.

46%

11%

24%19%Brazil

United States

Canada

EU

Capital Stock – 3,803,878 common shares

COMPANY PROFILE MMXM3 IN NOVO MERCADO - BOVESPA

Controlling

Shareholder and

Management

FreeFloat

4

� Successful IPO

� R$ 1,119 million (US$ 509 million)

� 1,373,000 subscribed shares

Geographic Distribution

Stock Trading Evolution

(1) Negotiation started on July 24(2) As of December 13(3) In US$ millions

Price Number of Volume Market(US$) Trades Traded (3) Cap. (3)

(daily average) (daily average)July (1) 377 19 5.3 1,433 August 381 1 1.7 1,449 September 375 2 0.2 1,426 October 373 2 0.2 1,420 November 414 4 1.2 1,575 December (2) 417 3 1.0 1,587

COMPANY PROFILE

5

MMX IN THE CAPITAL MARKET

Target Price for MMXM3

Firm Name Target Price Last Update

ABN Amro $606 Nov 10, 2006

Credit Suisse $756 Nov 29, 2006Itau Corretora Buy $568 Oct 26, 2006

Banco Pactual S.A. $625 Sept 13, 2006

Macquarie $696 Nov 3, 2006

Average $650

Premium To Current 56%

Listing in Canada – Toronto Stock Exchange:

� Auditing of MMX Systems´ resources and mineral reserves under way – Canadian

Standard NI-43.101 – disclosure is expected for 1Q07;

� 3Q06 USGAAP Financial Statements to be reported in December;

� Level I Global Depositary Receipts (GDR) Program approved by CVM in December 2006 -

GDR per Common Share ratio of 40:1 - estimated GDR CAD$12 (Dec 13 prices).

Date Ratio

January 2007 2 → 1 share

July 2007 2 → 1 share

January 2008 10 → 1 share

MMXM3 = price per share, minimum lot of 100 shares.

Stock Split Program

Iron Ore Fines: 6.5 MtpyPig Iron: 2.0 MtpySemi-finished: 0.5 Mtpy

Iron Ore: 4.9 MtpyPig Iron: 0.4 MtpySemi-finished: 0.5 Mtpy

Engineer Eliezer Batista Natural Reserve

MMX Amapá System

MMX Minas-Rio System

MMX Corumbá System

Iron Ore: 26.6 MtpyPellets: 7.0 Mtpy

COMPANY PROFILE MMX INTEGRATED SYSTEMS

MMX Integrated Systems develop and operate iron

ore mines, pig iron and semi-finished plants and a

pelletizing plant.

6

RESOURCES CORUMBÁPROJECT

AREAAreaResource

Classification Tonnage (MT)

Indicated 65

� Mine 63 – expected production: lump (85%) and sinter feed (15%)

� Drilling performed: 3,611 meters as of November 2006

� Of the 21 mining rights, 3 were researched as of September 2006 (2 measured)

Mine 63

TOTAL 1,154

COMPANY PROFILE IRON ORE RESOURCES AND RESERVES

7

GEOLOGICAL RESOURCES – as of March 31, 2006

IndicatedInferred

220155

Taboca andVila do Meio

Indicated Inferred

408159Itapanhoacanga

Inferred 147João Monlevade

MMX Corumbá System

MMX Amapá System

� Long term (20 years) supply contract with Gulf Industrial

Investment Co. (GIIC) for 6.5 Mtpy


� Of the 18 mining rights, 3 were researched and measured

MMX Minas-Rio System

� Pellet feed production to begin in 2009


� Of the 27 mining rights, 12 were researched as of November

2006 (5 measured)

Vertically Integrated High Value-Added Projects

2010

Start-up Pellet PlantMinas-Rio System

2003 2004 2005

Asset acquisition

Start-up CorumbáMine

2009

Start-up Minas -Rio System

Start-up MiniMill Amapá

2006

AmapáRailwayConcession

2008

Start-up MiniMill Corumbá

Start-up PigIron Amapá

Start-upPig Iron Corumbá

2007

Start-upAmapá Mine

Engineering; beginning of drilling

2011

Production of iron ore (Mt)

Production of pig iron (Mt)

14

9

19

3137

0.2 0.7 1.3 1.5 1.5Production of semi-finished (Mt) 0.1 0.5 1.0 1.0

OPERATIONAL STATUS MMX PROJECTS TIMELINE

8

Minas-Rio: drilling of new areas

Beginning of Pipeline and Port construction

MMX Systems

CorumbáMine and processingPig Iron MillMini Mill

AmapáMine and processingPortPig Iron MillMini Mill

Minas-RioMine and processingPipelinePortPellet Plant

2005 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

20102006 2007 2008 2009

� Preliminary License – approves project studies

� Construction License – authorizes infra-structure works

PERMIT GRANTED

PERMIT EXPECTED

Operational Start-up

OPERATIONAL STATUS ENVIRONMENTAL PERMITTING TIMELINE

9

OPERATIONAL STATUS CAPEX DISBURSEMENT TIMETABLE

� As of September 2006, expenditure of US$ 64.5 million.

� Disbursement timetable under review, payments carried over to 2007 (approximately US$129 million).

10

CAPEX – By System (US$ million)

254

828995

283

2,377

54

330

543

297

1,225

2006 2007 2008 2009 - 2013 Total (*)

Mine & logistics Metallics

(*) includes 2005 figures

CAPEX – By Activity (US$ million)2006 2007 2008 2009 - 2013 Total (*)

Corumbá 88 93 23 - 220 Mine 42 13 - - 72 Metallics 46 80 23 - 148

Amapá 87 294 382 153 915 Mine 60 54 38 - 152 Logistics 21 59 40 - 120 Metallics 5 181 304 153 643

Minas-Rio 134 772 1,133 427 2,466 Mine 100 282 348 241 971 Logistics 31 420 569 42 1,062 Pellet Plant 3 70 216 144 433

Total 308 1,158 1,538 580 3,602

US$ millionUS$ million

Status (1)Status

US$50 mmBridge Loan

-

-

Disbursed

Firm CommitmentUS$ 50 mmBridge Loan

OPERATIONAL STATUS FINANCING

2,378

72

273

2,033

1,224

148

643

433

3,602TOTAL

Metallics

Corumbá

Amapá

Minas-Rio (Pellet Plant)

Mine

Corumbá

Amapá

Minas-Rio

CAPEXProject Financing (1)

1,744

26

200

1,518

2,729

985

150

510

325

ABC/Unibanco/Itaú BBA/BNDES

Itaú BBA, ABC

Unibanco/Syndicate/BNDES

Lenders

Credit Suisse

Itaú BBA/BNDES

Itaú BBA/BNDES

Term

3 years

7/10 years

12 years

7 years

10 years

10 years

Financing in progress to carry out execution of Business Plan

11

(1) Expected Weighted Average Cost of Borrowing: Libor + 1,5%, assuming 50% funding by BNDES.

MMX CORUMBÁ SYSTEM

12

MMX SYSTEMS EVOLUTION

� Mine currently operating under Federal EnvironmentalLicense

Mine 63 – Industrial Plant

13

� Construction License granted for pig iron plant, construction of mini blast furnaces initiated in September

MMX CORUMBÁ SYSTEM

Pig Iron Plant Construction


14

� MMX has already initiated charcoal supply program for the pigiron plant.

Eucalyptus Plantation

MMX CORUMBÁ SYSTEMMMX SYSTEMS EVOLUTION

15

� Mine Construction License granted, leveling

and dam works to be completed by December

2006, 100% of key equipment for the operation

under contract with firm delivery dates.

MMX AMAPÁ SYSTEMMMX SYSTEMS EVOLUTION

16

� Railway Operating License granted,

progress in equipment and railway repairs and

acquisition;

� Santana Port – Preliminary Environmental

License granted, construction to begin at

1Q07.

MMX AMAPÁ SYSTEMMMX SYSTEMS EVOLUTION

17

MMX MINAS-RIO SYSTEM

� Serra do Sapo: additional resources to be measured


18

� Pipeline with approximately 525 km, passing by 32 municipalities;

� Environmental impact study in approval process by IBAMA, Preliminary License

expected dor 1Q07;

� Detailed topography concluded, right of way to be concluded in mid 2007.

MMX MINAS-RIO SYSTEMMMX SYSTEMS EVOLUTION


19

Açu beachAçu Port

AdministrativeServices

Process Area, Filtering Area and Pellet Plant

Storage

Loading capacity: 10.000 t/h

Draft: 21 m

Maximum size of vessels: 220.000 t

Storage capacity: 2.6 million t

Back area: 1.5 million m²

� Environmental impact study in approval process by FEEMA, Preliminary License expected

for late December 2006.

MMX MINAS-RIO SYSTEM

AÇU SUPER PORT

ENVIRONMENTAL RESPONSABILITY

20

MMX SYSTEMS

� Eliezer Batista Natural Reserve – MMX´s commitment with environmental

preservation, 20 thousand hectars in the most preserved area in South Pantanal.

High value-added projects, vertically

integrated

High qualityproducts

Low production cost at

competitive capital

expenditure levels

Long term supply

relationships

Integrated and independent

logistics

MULTIPLYING VALUE

Health, Safety, Environmental

and Social Responsibility

COMPANY PROFILE

21