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Fortescue Investor Presentation and Site Visit 10-11 August 2010 Disclaimer Important Notice The purpose of this presentation is to provide general information about Fortescue Metals Group Ltd ("Fortescue"). It is not recommended that any person makes any investment decision in relation to Fortescue based on this presentation. This presentation contains certain statements which may constitute "forward-looking statements". Such statements are only predictions and are subject to inherent risks and uncertainties which could cause actual values, results, performance or achievements to differ materially from those expressed, implied or projected in any forward-looking statements. No representation or warranty, express or implied, is made by Fortescue that the material contained in this presentation will be achieved or prove to be correct. Except for statutory liability which cannot be excluded, each of Fortescue, its officers, employees and advisers expressly disclaims any responsibility for the accuracy or completeness of the material contained in this presentation and excludes all liability whatsoever (including in negligence) for any loss or damage which may be suffered by any person as a consequence of any information in this presentation or any error or omission therefrom. Fortescue accepts no responsibility to update any person regarding any inaccuracy, omission or change in information in this presentation or any other information made available to a person nor any obligation to furnish the person with any further information. Competent Persons Statement The information in the report to which this statement is attached that relates to Mineral Resources is based on information compiled by Mr Stuart Robinson, Mr Mark Glassock and Mr Clayton Simpson who are all Members of The Australasian Institute of Mining and Metallurgy. Mr Stuart Robinson, Mr Mark Glassock and Mr Clayton Simpson are full time employees of Fortescue Metals Group Ltd and provided geological interpretations for Mineral Resource calculations and compiled the exploration results. Mr Robinson, who is a Fellow of The Australasian Institute of Mining and Metallurgy, and Mr Glassock and Mr Simpson who are Members of The Australasian Institute of Mining and Metallurgy, have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Robinson, Mr Glassock and Mr Simpson consent to the inclusion in this report of the matters based on their information in the form and context in which it appears. Welcome Rod Campbell Agenda 1. Company Overview 2. Operational Update 3. Marketing, Shipping and Metallurgy 4. Development Strategy 5. Financial Snapshot 6. BC Iron Joint Venture Company Overview Andrew Forrest Fortescue has a dominant Pilbara land position Fortescue: 71,400km2 Rio: 11,000km2 (Robe 4,200km2) BHP: 6,500km2 Integrated Business – over 72Mt shipped Ownership of infrastructure is the key Proven skills in Construction – Completion Records From concept To reality Port Herb Elliott Port 2006 2008 Rail Fortescue Railway 2007 2008 Mine Cloudbreak Minesite 2006 2008 FACT: Fortescue built its infrastructure faster than any other mining company FACT: Fortescue ramped up production faster than any other mining company Innovation at work • New exploration model applied • Surface miners optimise grade control • Automated overburden removal systems • Largest ore processing plant in the Pilbara • Fastest heaviest haul rail system • Port out-load rates highest in Australia • Energised and flat structured management team GROWTH STORY WITHOUT PARALLEL Innovation 4200 Surface Miner Innovation Automated overburden removal system – in operation mid September Innovation The largest Ore Processing Facility (OPF) in the Pilbara Innovation Fastest heaviest haul rail Guinness Book of Records Innovation Australia’s largest shiploader Herb Elliott Port – Over 72Mt Shipped Fortescue – forging ahead Operational Update Paul Hallam Key Points • Significantly improved safety performance. • Improved and Solid FY10 operational performance. • June Qtr 2010 was best sustained operational performance to date. • 40Mtpa rate until Christmas Creek expansion. • FY11 Exciting & Challenging Year; – Commissioning of overburden handling equipment; – Expansion of Christmas Creek (1 to 5 pits); – Commencement of Christmas Creek ore processing; – Innovation being applied to counter increased strip ratio costs. Safety • Management led focus on reducing safety incidents and injuries. • Significantly improved safety outcomes across all operational areas. • Hazard Management Program Lost Time Injury Frequency Rate - LTIFR Total Recordable Injury Frequency Rate - TRIFR Growth story without Parallel • Fastest ramp up of any Pilbara mine. • Surface miners optimise grade control. • Largest ore processing plant in the Pilbara. • Fastest Heaviest haul rail system. • Port out-load rates highest in Australia. • Energised management team. • Soon to be replicated at Christmas Creek. Ramp up without Parallel 50,000 45,000 Fortescue 40,000 Cloudbreak 35,000 30,000 25,000 20,000 15,000 Fortescue Christmas Creek 10,000 5,000 Annual Annual Production(kt) 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 RIO Hope Downs RIO IOC (pellets and concentrate) RIO Robe River RIO Channar RIO Eastern Range BHP Mt Newman Joint Venture BHP Goldsworthy Joint Venture BHP Area C Joint Venture BHP Yandi Joint Venture BHP Jimblebar BHP Samarco Fortescue Cloudbreak Source: Credit Suisse estimates Fortescue Christmas Creek Operational update – June Qtr 2010 Mining • Ore production combined rate of >45Mtpa. • Christmas Creek >6Mt in first year of operation. • Commencement of mobile equipment upscaling. Processing • Processing at Cloudbreak at rate of 42Mtpa. • New oversized crusher to commission in September. Rail • Heaviest haul and most efficient Pilbara rail infrastructure. • 40t axle loads, 240 cars and >35,500t/consist. • Best consist utilisation at >10Mt/consist. Port • Shipments at 44 and 50Mtpa rate for June Qtr 2010 and June. • Gross load rates in excess of 7,500 tonnes per hour (Pilbara best). Mining – Chichester Ore Mined 12 10 8 6 4 2 Total Movement 0 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 70 60 50 40 30 20 10 0 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Processing Ore Processed 12 10 Million 8 Tonnes 6 4 2 0 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Rail Ore Railed 12 10 8 Million Tonnes 6 4 2 0 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 Port Ore Shipped 12 10 8 Million Tonnes 6 4 2 0 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 FMG Ore 3rd Party Ore Production forecast • Production and shipments to be maintained at rate of around 40Mtpa until the Christmas Creek OPF is commissioned. • Wet commissioning of Christmas Creek OPF to commence February 2011. • Expansion to 55Mtpa run rate for June Qtr 2011. Efficiency Improvements • Reduce rehandle • Overburden handling equipment • Next generation surface miners • Larger scale trucks & shovels • Permanent primary crusher • Ore conveyor system • OPF enhancements (FY12) – CB: Wet Front End; – CC: Additional Scrubbers Marketing & Shipping Russell Scrimshaw Chinese steel industry and economy • Current forecast of around 620-630Mt of steel production for 2010. • Year on Year rise of over 10 per cent (2009 568Mt) • China cooling construction and inflation (above average two per cent). • Real economy still growing at over 10 per cent pa. • Construction bubble (construction 55-60 per cent of GDP) prompted tightened credit rules • Chinese consumer demand strengthening after recent large ‘minimum salary’ rises • Government allocating large amounts of land to support continued large scale rural migration to cities. • Infrastructure stimulus program of $101bn pushing ahead in Central and Western areas • Steel exports recovering very well. • Steel prices generally falling to flat since April. Futures curve looking strong. Rebars from 4500rmb/t to 3700rmb/t in late July, recovered slightly to around 4100rmb/t Shanghai spot rebar v 62% ore spot index (10 Aug) Source: GFI Market Pricing for Iron Ore • Big 3 migrated market in June Qtr 2010 to lagging ‘Index average’ for majority of shipments • BHPB offering customers choice of the previous 30, 60, or 90 day average of the Platts Index for each subsequent quarter. Vale and Rio offering 90 days. Shipping currently around $9/wmt. • Key factors influencing recent Index price and volume movements - low shipping rates - declining China domestic ore Fe grade - India including monsoon season, export taxes and state export bans - recovery of other Asian and European steel makers - generally weak international steel prices - destocking by Chinese mills in response to high 3Q10 quarterly Index prices China Spot Ore & Shipping Prices (10 Aug) Source: GFI Non China Iron Ore demand • Japan and Korea are back to pre-GFC production levels • Many large European and Asian steel makers are keen for a supply relationship as a result of Fortescue market credibility, proposed BHBP/Rio iron ore merger and expiring current LTAs • Fortescue expects several new non-China ‘blue chip’ customers in the half year. China's iron ore imports to June 2010 Imports, Jan - Imports, Jun M-o-m Y-o-y change Country Jun ('000 ('000 tons) change (%) (%) tons) Australia 21,033.78 -6.12 128,020.52 5.17 Brazil 8,419.56 1.01 59,625.25 -1.9 India 8,293.91 -21 64,883.43 3.83 South Africa 2,211.15 -31.5 14,740.55 -9.17 Iran 1,305.71 19.82 6,749.61 184.53 Peru 754.43 12.69 3,659.9 30.99 Ukraine 731.64 -41.06 5,751.05 -23.31 Indonesia 616.92 0.4 4,302.92 63.08 Kazakhstan 585.09 2.69 3,101.13 6.54 Chile 513.07 11.53 2,885.4 43.84 Russia 382.97 -23.14 2,106.93 -38.02 Canada 317.57 64.71 1,324.59 -58.43 Mexico 302.76 46.78 1,250.24 47.11 Venezuela 261.15 -15.19 1,694.78 19.03 Malaysia 206.76 -2.98 1,086.12 204.79 Mongolia 199.39 -3.61 1,092.06 114.8 DPRK 198.93 35.4 749.02 52.79 Vietnam 153.93 -18.9 917.06 81.49 Total 47,173.39 -9.1 309,282.94 4.06 Source: GAC Fortescue current market status • Market demand for Fortescue ore remains very healthy.
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