Update on the Minas de Revuboè coal mineAugusto Antunes, Operations Manager

Mozambique Coal Conference Maputo, 3 July 2012,

The project Our priorities and our progress Challenges Realising the project

Overview

3860 hectares Currently hold Prospecting and Exploration

Licence 693L Open cut coal mine Produce ~10Mta of coking and thermal coal Primarily for export Workforce ~ 300 in Year 1 to ~700 in Year 21 25 year mine life

The Revuboè Coal Project

Locality of the Site

Exploration

Exploration

Exploration

Key project assumptions

Secure tenure Start up subject to approvals and availability of

port and rail capacity Port and rail capacity restricted in first 5 years Ramp up to 5MTA product coal by Year 7 Mine plan developed to 25 year mine life

Progress

How are we going against the priorities we set?

1. Corporate

2. Project – secure approvals

3. Operational – progress development of the project

Corporate objectives

1. Establish the company and build capacity in Mozambique

Corporate objectives

2. Establish infrastructure Camp in Tete Office in Maputo

Corporate objectives continued

3. People

4. Improve Government liaison

Corporate objectives continued

5. Community involvement

Project objectives: secure approvals

Complete and lodge application for mining concession

Complete Environmental Impact Assessment Submit to MICOA for assessment

Drilling program

Site management Safety

Security

Infrastructure Water

Power

Operational objectives: development progress

Construction program following grant of Mining Concession

Mine infrastructure area Water infrastructure Coal Handling and Preparation Plant Rail loading facilities Process water dam Construction of box cut for mine

Realising the Project

Site configuration

Thank you