Mmx anuncio resultados-20_a_eng_vfinal

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  • 1. TRANSACTION WITH TRAFIGURA AND MUBADALA MMX September | 2013
  • 2. 2 DISCLAIMER 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.
  • 3. 3 TRANSACTION SUMMARY TRAFIGURA AND MUBADALA Issue and subscribe new shares in Sudeste Superport for USD400 million; Become shareholders of Sudeste Superport , with a stake of 65%. SUDESTE SUPERPORT Assume all bank debt of MMX Sudeste Mineração S.A. and also the debt in connection with the obligation under MMXM11; Assure to MMX a port shipping volume of 7 million tonnes per year, which can be increased to up to 13 million tonnes per year. In the case of Port expansion, volume will be adjusted proportionally. MMX SUDESTE MINERAÇÃO Continue to be a wholly owned subsidiary of MMX. MMX S.A. Investors provide a bridge loan of up to US$ 150 million; Option to acquire an additional stake of up to 7.5% in Sudeste Superport.
  • 4. 4 1 PROVIDES FUNDS TO CONCLUDE THE INVESTMENT IN SUDESTE SUPERPORT; 2 PROVIDES A SOLUTION FOR MMX’S DEBT; 3 IMPLIED VALUATION OF SUDESTE SUPERPORT : APPROX. R$6,0 BI(1); 4 MMX MAINTAINS 35% STAKE IN THE PORT AND WILL BENEFIT FROM THE FUTURE CASH FLOW OF SUDESTE SUPERPORT; 5 MMX WILL HAVE A PORT SHIPPING VOLUME OF 7 MILLION TONNES PER YEAR, WITH AN OPTION TO INCREASE IT TO 13 MILLION TONNES PER YEAR; 6 MMX HAVE THE OPTION TO INCREASE ITS STAKE IN THE PORT BY 7.5%; (1) Pre-money enterprise value, calculated as shown on slide 7. 7 SUDESTE SUPERPORT WILL BENEFIT FROM THE TRADING KNOW HOW OF TRAFIGURA. TRANSACTION BENEFITS
  • 5. 5 Sudeste Superport MMX Corumbá Mineração MMX Sudeste Sudeste Superport MMX Corumbá Mineração MMX Sudeste 100%94,52% 100% 35%94,52% 100% Mine Debt Port Debt Trafigura and Mubadala 65% Mine Debt MMXM11 Port Debt MMXM11 + US$ 400 mm MMX: PRE- AND POST-DEAL STRUCTURE CURRENT STRUCTURE POST-DEAL STRUCTURE
  • 6. 6 SUDESTE SUPERPORT IMPLIED VALUATION IN THE TRANSACTION (R$ mm) (2)(1) 477 2,734 2,940 6,152 Equity Pre-money Total debt Royalties at market value Enterprise Value Sudest Superport Source: Company and Bloomberg, as of September 12, 2013. (1) Equity pre money, considering that Mubadala and Trafigura invested USD400 mm for a 65% stake. (2) Total debt remaining in Sudeste Superport, database June 2013, using an FX rate of BRL2.22/USD. 477 2,734 2,940 6,152
  • 7. 7 MMX: FOCUS ON HIGH-QUALITY ASSETS Current production capacity of approximately 8 Mtpa of friable ore; Total reserve of 1 bi tonnes (~10% friable); Mining rights in the Quadrilátero Ferrífero; Integrated logistics with competitive cash cost; Expansion and partnerships options; Production committed to strategic consumers (China and South Korea) under long-term purchase agreements. License to produce 50 Mtpa, with possible capacity expansion to 100 Mtpa; Possibility to act as ore trading; Port with strategic location with capacity to capesize ships. MMX Sudeste Serra Azul Unit Sudeste Superport SERRA AZUL | 100% MMX SUDESTE SUPERPORT | 35% MMX
  • 8. Carlos Gonzalez CEO and IRO Adriana Marques Manager 8 MMX INVESTOR RELATIONS Phone + 55 21 2163-6197 + 55 21 2163-4366 E-mail ri@mmx.com.br
  • 9. www.mmx.com.br