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Iron Ore Mining CAP Group update – March 2015 Cerro Negro Norte mine Raúl Gamonal - CFO Ownership structure Mitsubishi Pension Invercap Other Corporation Funds 19,3% 6,8% 31,3% 42,6% 47,32% 52,68% 75,0% 99,9% 25,0% Compañía Minera Compañía Siderúrgica Novacero del Pacífico Huachipato 50,93% 30,56% 11,03% 57,79% Cintac Intasa 1 Source: CAP, March 2015 Iron ore mining 2 Mining sites El Laco Punta Totoralillo Port CAP Mining has three Cerro Negro Norte different areas of operation Desalination Plant Copiapó in the north of Chile, located around the cities of: Magnetite Plant Copiapó Valley • Copiapó • Vallenar • La Serena Los Colorados Guacolda II Port Cities Vallenar Pellets Plant Mines Huasco Valley El Algarrobo Plants Cristales Ports El Tofo Elqui Valley El Romeral La Serena Guayacán Port 3 Cerro Negro Norte mine 4 Magnetite plant 5 Los Colorados mine IronEl Romeral ore mine 7 Mining property Ranking 2013 Hectares in exploration concessions - Chile N° Company Hectares % 1 BHP Chile Inc 1.917.100 11,33 2 Compañía Contractual Minera Los Andes 841.100 4,97 3 CAP 677.700 4,01 4 Teck Exploraciones Mineras Chile Ltda 629.700 3,72 5 Antofagasta Minerals S.A. 514.500 3,04 6 Codelco 435.500 2,57 Ranking 2013 Hectares in exploitation concessions - Chile N° Company Hectares % 1 Soquimich S.A. 2.861.157 20,06 2 Codelco 840.704 5,89 3 Minera Escondida Limitada 363.798 2,55 4 SCM Virginia 252.532 1,77 5 Enami 250.847 1,76 6 Antofagasta Minerals S.A. 231.392 1,62 7 CAP 205.788 1,44 • Top 3 position in exploration concessions • More than 700.000 meters drilled over the period 2008-2013 8 Source: SERNAGEOMIN Resources and reserves of magnetic ore As a result of continued successful exploration campaigns, iron ore resources have increased progressively over the years, reaching 7,250 million tons in 2014 Mineral resources (1) Reserves (2) Mine/Deposits & Grade (% Fe) Mine/Deposits 8.000 2.500 & Grade (% Fe) 7.250 Tofo 27,7% 2.278 2.214 7.000 2.039 2.040 6.351 Pleito Cristales 32,8% Tofo 26,1% 2.000 6.000 5.367 Los Colorados El Laco 56,7% Distrito 43,3% 4.716 5.000 El Laco 49,2% 1.500 1.403 1.364 El Algarrobo El Algarrobo Distrito Distrito 35,5% 4.000 3.478 3.249 30,3% El Algarrobo 49,0% El Algarrobo 45,5 % 3.000 1.000 CNN 36,3% CNN 31,7% 2.000 Candelaria 10,0% Candelaria 10,0% 500 1.000 Romeral 30,5% Romeral 28,2% 0 0 Los Colorados 2009 2010 2011 2012 2013 2014 Los Colorados 34,7% 2009 2010 2011 2012 2013 2014 36,5% (1) Resources: Minerals measured on a geological ore content feasible of being mined. (2) Reserves: Minerals measured on a geological content feasible of being mined economically. (3) CMP has the contract for processing the tailings of the Candelaria copper mine. 9 Source: CAP Minería Mining products BF and DR Pellets (Fe 65% - 67%) Lumps (Fe 62%) Pellet Feed (Fe 67% - 68%) Fines (Fe 62%) 10 Iron ore shipments and markets Shipments (Th.MT) 12.952 12.246 12.086 11.469 10.146 10.213 2009 2010 2011 2012 2013 2014 Shipments by markets and products 2014 Lumps Self - fluxing Korea Malaysia Sinter feed USA 4% pellets and DR 1% 1% 7% Bahrein pellets 1% Pellet chips 10% 14% 1% Japan Fines 7% 2% Chile 8% China 70% Pellet feed 72% 11 Main customers Deutsche Bank* Posco Glencore* Koch Cargill* JFE Steel Corporation Qingdao Iron and Steel Bahrain Steel Kobelco Xinyu Iron and Steel Nisshim Steel Rizhao Iron and Steel Jinan Iron and Steel Wanbao Group RGL Group* Yaochang Group Fangda Iron and Steel CAP Acero Hangzhou Iron and Steel 12 * Acts as trader Steel production 13 Steel focus on long products • Steel business reorganization in 2H13 to produce 700 kt/y, with one blast furnace • Strong adjustment in its industrial processes and workforce lowering costs and expenses • Sustainable growth in long products demand mainly due to the need of grinding media supply to the mining sector Shipments and prices CAP Acero Talcahuano 2.000 1.000 1.800 883 900 811 1.600 737 800 799 700 1.400 699 700 1.200 600 1.000 500 Th.MT 800 400 US$/Ton 600 1.113 1.124 300 400 922 859 200 671 701 200 100 0 0 2009 2010 2011 2012 2013 2014 Shipments Prices 14 Recovery of cash generation (EBITDA) Net Income and EBITDA evolution 20 14 10 2 -10 -7 1 0 -9 -12 -10 -17 million Impairment -20 Net income US$ US$ -14 -22 -30 -27 EBITDA -31 -44 -40 -50 -56 -60 1Q13 2Q13 3Q13 4Q13 FY2014 • Due to the reorganization and adjustment in industrial processes, the steel company has managed to generate positive cash flow over the last six quarters 15 EBITDA: Gross Margin – S&AE + Depreciation and Amortization, over the last twelve months Steel processing 16 Steel processing • Creates value-added solutions for the construction, industry and infrastructure sectors in Chile, Peru and Argentina • Chile is LATAM´s most intensive user of steel in construction • Transition to establish new and competitive supply sources of flat steel Shipments and prices Sales by Sector December 2014 1400,0 1.252 600,0 1.199 1.167 1.119 1200,0 1.059 Other 500,0 1.013 12% 1000,0 400 412 370 381 400,0 800,0 297 300,0 274 Th. MT 600,0 US$/Ton Industrial Construction 200,0 400,0 31% 54% 100,0 200,0 ,0 ,0 2009 2010 2011 2012 2013 2014 Infrastructure/ Roads Shipments Price 3% 17 Reorganization and assets availability Steel processing reorganization towards a lighter and lower cost structure Cintac S.A. Cintac S.A. 99.99% 99.99% 99.99% 100% Steel Trading Inmobiliaria Centroacero Cintac SAIC Company 99.99% 89.48% Cintac S.A. S.A. INC. Cintac SAIC Tupemesa S.A. 99.99% 99.97% 99.99% 99.99% 89.48% Conjuntos Instapanel Tecnoacero Tecnoacero Estructurales Tupemesa S.A. S.A. Uno S.A. S.A. S.A. • Assets availability for rental (or sale): Centroacero, 55,600 m2, US$1.3 million yearly Varco Pruden, 36,000 m2, US$0.8 million yearly 18 Other consolidated assets Desalination plant19 Other consolidated assets Power transmission line20 Global industry update 21 Global economic scenario •Real GDP growth expected at 3.1% in •Real GDP growth expected at 7.0% 2015 and 2.8% in 2016 in 2015 and 6.75% in 2016 • UK real GDP growth expected at 2.6% in 2015 and 2.4% in 2016, whilst Euro Zone GDP growth is expected at 1.2% in 2015 and 1.6% in 2016 • Real GDP growth expected at 1.1% in 2015 and 1.4% in 2016 •Real GDP growth expected at 0.5% in 2015 and 1.7% in 2016 •Real GDP growth expected at 2.7% in •Real GDP growth expected at 2.6% in 2015 and 3.5% in 2016 2015 and 3.1% in 2016 22 Source: Bloomberg consensus, February 2015 Seaborne iron ore supply/demand projection • Global oversupply in fines products with grades lower than 62% Fe content 1800,0 1800,0 1600,0 1600,0 1400,0 1400,0 1200,0 1200,0 1000,0 1000,0 800,0 800,0 Million Million tonnes Million tonnes 600,0 600,0 400,0 400,0 200,0 200,0 ,0 ,0 2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E 2018E Australia Brazil RoW Seaborne demand Source: Goldman Sachs, September 2014 23 Iron ore price evolution Platts IODEX and 1% diff vs Platts IO fines 65% ($/dmt) 180,00 Platts IO fines 65% Fe IODEX CFR CHINA 62% Fe plus 3* Mid Range Diff 160,00 140,00 120,00 100,00 80,00 60,00 Source: Platts, March 2015 24 Supply additions is forcing displacement of higher-cost tonnes • Displacement has occurred both in China and among non-major seaborne suppliers 25 Source: GTIS, Macquarie Research, February 2015 Iron ore production cuts: 170 Mtpy in 2014 Cliffs Northland Resources Canada Feb – 14, US$ 121 per ton Sweden Price/cost related mine Price related production closure Kimberley Metals cut 1.5 Mtpy Australia 2.0 Mtpy Price related production cut IRC IMX Resources Russia 1.7 Mtpy Australia Lack of finance Placed into administration – likely closure 1.0 Mtpy JSW/Minera Santa Fe Noble Resources 1.6 Mtpy Australia Chile Price related mine closure Price related mine closure MMX 1.5 Mtpy 2.0 Mtpy Jun – 14, US$ 93 per ton Shree Minerals Brazil Jul – 14, US$ 96 per ton Australia Price related, lack of Price related mine closure finance Labrador Iron Mines 0.1 Mtpy 6.0 Mtpy London Mining Canada Sierra Leone Price related mine closure Bellzone Price related, lack of finance Aug – 14, US$ 92 per ton 1.7 Mtpy Guinea 5.0 Mtpy Lack of finance 0.5 Mtpy Mt. Gibson Sep – 14, US$ 83 per ton W Desert Resources Australia Australia Oct – 14, US$ 81 per ton Price related mine closure Technical failure 2.0 Mtpy 4.0 Mtpy Pluton Resources African Minerals Australia Sierra Leone Price related mine closure Lack of finance, price related Nov – 14, US$ 73 per ton 0.8 Mtpy 20 Mtpy Arrium Cliffs Dannemora Dic – 14, US$ 69 per ton Australia Canada Sweden Price related mine Price related mine Lack of finance Jan – 15, US$ 67 per ton closure closure 1.2 Mtpy 6.0 Mtpy 3.6 Mtpy Others CITIC Iron Valley China, India, Others* Australia Australia Price related mine Price related closures Technical, commissioning issues closure 99 Mtpy 4.0 Mtpy 0.2 Mtpy Source: Platts and The Commodity Manual, Morgan Stanley, February 2, 2015 * Others include Iran, Canada, Malaysia, Peru, Mongolia, Indonesia, Mexico, Russia, Venezuela, USA, New Zealand, Kazakhstan, Serbia Further cuts ex-China in 2015…? Country Company Asset Prod’n (Mtpy) At high risk of closure: 12.4 Mtpy Sierra Leone Timis Corporation Marampa 5.0 Australia Mineral Resources Carina 4.2 Norway Northern Iron Sydvaranger 2.2 Sweden Dannemora Mining Dannemora 1.0 At moderate risk of closure: 98.5 Mtpy Australia FMG Cloudbreak 40.0 Australia Arrium Middleback ranges 13.0 Australia Atlas Iron Pilbara assets 12.0 Ukraine Ferrexpo Poltava/Yeristovo 11.5 Australia Cliffs Koolyanobbing 11.0 Australia BC Iron Nullagine JV 5.5 Chile CAP Minería El Romeral 3.0 Australia Grange Resources Savage River 2.5 Source: “Iron Ore: what to look for in 2015”, Wood Mackenzie, January 2015; The Commodity Manual, Morgan Stanley, February 2, 2015 2014’s international iron ore price adjustment and CMP’s cost reduction Premium for higher grades ..
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