Transcript Miranda

Emerging energy focus
11 September 2008
Nedbank “Mid- Cap” conference presentation
Cape Town
Disclaimer
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All forward-looking statements in this presentation, other than historical facts, that address exploration activities
and mining potential are forward-looking statements. Although Miranda believes the expectations expressed in
such forward-looking statements are based on reasonable assumptions, such statements should not in anyway
be construed as guarantees of the future performance and no assurance can be given that such expectations
will be realised.
Factors that could cause actual developments to differ materially from expectations include, but are not limited
to, the successful conversion of the group’s old order exploration rights into new order rights, exploration results,
analysis of geological, metallurgical and other technical information, the operational performance of joint venture
partners, and the company’s ability to raise the necessary capital to progress its projects further.
The group is subject to specific risks inherent in the exploration and mining business, and general economic and
business conditions including, but not limited to, changes in the regulatory environment and other government
action, fluctuations in commodity prices and exchange rates, and business and operational risk management.
Reserves and Resources were compiled using the SAMREC guidance, with CPR’s still to be submitted to the
JSE
Short-term Asset Focus
Portfolio’s potential has not yet been recognised - significant value
remains to be unlocked
Develop
Sell / trade
Seek
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Coal – Main focus, move from JV to own production
Diamonds – Build up portfolio; create new vehicle
Gold
Andalusite – minor mineral
Magnesite – minor mineral
Base minerals – low grade, high capex, bulk up, create regional play
Silica sands
Fluourspar – Grassroots
Sand/aggregates - Construction sector active into foreseeable future
RETAIN INVESTMENT IN NEWCO which houses the balance of the assets
Coal production
Uranium
More Diamonds
Any other assets where value can be added
Team to focus on high value assets – create energy and diamond
company from MMH with potential to separately list diamonds
Section 2
Coal – the primary thrust
Coal strategy
With the price of coal reaching new highs…
“Xstrata has tabled its offer to some Japanese utilities for
thermal-coal term contracts starting in October at $175 a
tonne, up 125 percent from a year ago, a source familiar with
negotiations said on Monday”
Brooke Hunt website 1 Sept 08
Source: Global coal website
Coal in crisis: There are shortages of both coking
and thermal coal globally to the point where steel
mills may sit idle and consumers face electricity
shortages.
Macquarie– 28 July 2008
…it is easy to see the hidden upside in Miranda
Why KZN?
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MMH has historical relationships in the area
Major producer of coking coal and anthracite over the past 100 years
Access is simple, infrastructure readily available
Mining previously challenging but major progress in the thinner seam mining has been achieved
Historical Coal production from KwaZulu-Natal
KwaZulu-Natal has mined coal for over one hundred years, and is renowned for its production of
anthracite and coking coal.
Overview of Miranda’s Coal projects
Status Summary
Project Name
Hectares Region
Sesikhona - Klip Rand 816
Permit Status
JV Explore
Resource
Progress
Dannhauser
Applied for Mining permit Y
Drilling completed
Indic. 22.0 mill tons
Mining start Q4 '08
2,437
Glencoe
Prospecting right
Y
Drilling completed
Meas 6.6 mill tons
Mining Q3 '09
4,540
Glencoe
Prospecting right
N
Infill drilling
Infer.10.8m tons, Indic
34.4m tons
Mining Q3 '09
Boschoek/ Boschkloof 6,608
Glencoe
Prospecting right
N
Infill drilling
Indic 52.0m tons
Mining 2010/2011
1
Uithoek 2
Burnside 2
2
Nungu Trading Wasbank 2
2,135
Glencoe
Prospecting right
N
Drilling commenced
Infer 1.5m tons
Mining Q4 '09
Mlebogeng Nachtwacht 2
11,322
Utrecht
Prospecting right
N
Drilling ongoing
Pre-Infer. 53.0m tons
Resource during '09
Point Blank Learydale 2
253
Dannhauser
Prospecting right
N
Drilling to commence
Infer 44.3m tons
Resource Q3 '09
Yarl 2
1,216
Dannhauser
Prospecting right
N
Drilling to commence
Infer 16.9m tons
Resource Q4 '09
Amajuba 2
3,727
Dannhauser
Prospecting right
N
Drilling commenced
Pre-Infer. 100.0m tons
Resource during '09
7,102
KZN
Applications and
conversions in DME
process
N
Drilling to commence
To be determined
Awaiting permits
Six further permits on
33 farms 2
Notes:
1 JV with Iloshi Mining, Miranda's royalty R50/ton, Produce +/- 50,000 tpm
2 Project to be operated for Miranda account
Klipriver Collieries
- primary focus Coking coal
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Burnside Colliery
–
40 000 tpm coking coal
–
Active 1909 - 1956
Northfield Colliery
–
55 000 tpm coking coal
–
Active 1981 - ?
Indumeni Colliery
–
30 000 tpm coking coal
–
Active 1962 – ?
Durban Navigation Colliery
–
40 000 tpm coking coal
–
Active 1903 – ?
Dewars Colliery
–
40 000 tpm anthracite
–
Active 1978 – ?
Project location - Kliprand
Sesikhona Kliprand colliery – awaiting mining licence
-86000
-85000
-84000
-83000
-82000
-3097000
-81000
-3097000
-3097500
VERDRIET
KLIPROTS
-3098000
-3098000
14.11
VR
TE
EL
W
23.46
EN
ED
Dam
-3098500
7.4
Sill Break Through
7.4
8.8511.8
9.88 14.35
-3099000
Borehole Position
15.68
16.21
11.3
35.18
Top Seam Shallow Resource
38.09
47.53
41.62
3.54
4.74
5.4
8.7
12.96
14.46
8.8
-3099000
10.65
12.45
10.4
KLIPRAND
11.22
Top Seam Deep Resource
22.83
41.65
17.95
44.49
34.1
9.27
44.26
16.1
17.7
47.32
-3099500
46.35
16.69
5.54
6.56
7.56
10.28
12.45
6.15
-3100000
-86000
-3100000
-85000
0


-84000
250
500
750
-83000
-82000
-81000
1000
Dannhauser region, Northern Natal
Measured resource 5.4 million tons
– Indicated resource of 22.0 million tons
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Sesikhona JV with Ihlosi contract mining
Conversion to mining license submitted - mining is estimated to commence in Q4 2008
Planned production at 50,000 tpm with opencast and underground mining
Seshikona Kliprand - Timeline
Q2 ‘07
Q3 ‘07
Q4 ‘07
Q1 ‘08
Q2 ‘08
Q3 ‘08
Q4 ‘08
1st phase exploration
Scoping
SLP
EMP
Mobile plant
delivery
Feasibility
Mining right application
Mining
begins
Project Location
– Burnside, Uithoek, Wasbank, Boschoek & Boschkloof
Uithoek prospect
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Glencoe region, Northern Natal
A total of 122 boreholes drilled,
with49 infill holes completed to
confirm qualities
Measured resource of 6.6
million tons
About 40% of resource could be
opencast mining
The CPR was updated in August
2008, confirming that the
resource is a lean & bituminous
coal with the latter having coking
qualities
Feasibility study to be completed
Mining could commence during
second half 2009
Burnside prospect
BURNSIDE
-98000
-96000
-94000
-92000
-90000
-88000

-86000

FAULT
LINE
-3117000
103
230.25
-3117000
104
212.04
D5
1400 m
110
214.66
253.59
UG Block1
108
1 106
1200 m
184.4
232.13
UG Block2
D8
313.71
2
-3119000
322.29
D9
298.45
Davelsberg 3286
47
54
21.2
149.68
216.1
49
11.46
59
20.5 60
153.72
175.13
159.03
1400 m
51
168.1
17.3
9
20.5
-3121000
3

21.5
4
105.46
20.3
23
5
22.5
119.36
Open Pit
1200 m
-3121000
46
97.56
1600 m
-3119000
136.25
24
18.4 19.9
104.39
101.2245
97.54

16.6
195.61
UG Block3
21.3
58 57
55 56
1600 m
33
157.18
13.8
16.8
204.17
16.7 14.2
46.58
17.249.99
110.39
1600 m
17.7
2
23
Burnside 3287
D12
109
196.3
6
34
260.02
D6

23
20
48
206.86
6

17.4
1400 m
1200 m
-3123000
-3123000
Izemfene
Top Seam Resource Areas
Burnt Boreholes
Depth
-3125000
1400 m
Property Boundaries
-3125000
Resource Blocks
-98000
0
-96000
-94000
-92000
2000
4000
6000
Scale 1:750

-90000
-88000
-86000

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Glencoe region, Northern
Natal
78 boreholes drilled
previously
Indicated resource of
34.4 million tons
Inferred resource of 10.8
million tons
About 25% of resource
would be opencast
mining
Infill drilling (45 holes) in
progress to upgrade
resource to measured
Early indications are that
it is a lean & bituminous
coal with the latter having
coking qualities
Feasibility study to be
completed
Mining could commence
during second half 2009
Boschoek/Boschkloof prospect
BOTTOM SEAM
-100000
-99000
-98000
-97000
-96000
-95000
-94000
-93000
-92000
-91000
-90000
-89000
-3119000
1600m
-3120000
-3122000

1600m
1400m
-3121000

-3119000
1400m
Biggarsberg
-3120000
BF36
1600m
218.15 0.67
1160.18
BF21
200.82
0.83
BF24 BF29
BF26215.39
1145.75
1.12 0.44
176.68
284 0.07
1160.58
1155.13 1163.09
1400m
BF64
1600m
185.82
1.2
BF66 BF60
BF17
1159.28
256.12 213.98
1.18
165.6 1.23
1.4
1153.3 1156.12 BF19 1149.07
185.7 1.21
BF58
BF681140.79
171.5 0.45
BF31
1400m
198.38 1.46
1.34
1134.35
BF69 199.04
BF57
1154.98
1155.9
278.79 BF32
0.59
BF61
139.25 0.55
225.27 1.37 173.9
1142.82
0.581152.1
1400m
1150.66
1150.82
BHK 15
BF18
190.77 0.36
1400m
126.95 1.15
1137.17
BF34
1148.3
0.94
BF56 163.89
BF35
1137.37
154.35211.73
0.29
BHK16
BF55
1.82
BHK
14
BHK63
140.49 3.96
1139.56
120.88 0.6
1124.75
250.61
1.05
BF38
BF39
0.31
BF52
1137.55
1137.12
BF70
220.2 0.12
258.43 199.41
1.57
BHK39
BHK40
1076.34
140.08 1.28
BF10
252.09 0.29
196.37 0.39
131.68 1.3
1037.48 1138.44
1065.7 1095.28
159.09 1.06
1063.12
BHK62 1095.34
1129.72
BHK59
148.43 0.52
BF11 1088.35
Uplifted Block
86.19 BHK65
1.16
BHK13
BF51
116.32 0.91
1161.05
BF63
BHK66
1172.65
180.78
1.02
96.08 1.14
198.53 1.39
224.8 0.29
1131.67
BHK60
177.65
1.07
BF30
1076.6
1132.08
1060.88
1097.31
151.3
1073.580.65
189.35 1.3
BF67
152.63
0.65
1148.05
BF33
1099.35
173.58 0.14
1086.52
BHK
11
226.19 0.31
BHK37
1133.18
BHK43
0.6
BF65 176.89 1.19
158.33 121.31
0.52
1090.3
Uplifted Block
BF9
173.01BF3
0.86 1073.22
1073.151109.79
150.05 173.23
1.15
1.42
BF37
1059.53
BHK54
BHK51
BF12
Left Out of Resource
BF1
BHK35
160.41 0.97
BF42
67
113.97BHK
0.53
71.33 0.41BHK49
184.35 1.31 1065.8 1054.95
146.05 1.11
BF50 163.27 1.08 1051.64
146.32 1.57
1124.12
126.81
1.39
1400m
40.2 1.1
1040.5
BHK55 1088.26BHK
170.89 1.39 1095.75
1087.14
12
BF46 1129.41
1117.2
104.79
4.69
1099.5
BF49 1200m BHK33
48.97 0.43
129.2 0.96
1104.22
1030.52
154.75 0.96
1111.2
1119.04
201.08 1.25 BHK61
BHK42
1053.59
1037.47158.19 1.02 117.61 1.08
1078.89
BF28
1067.61
BHK58
230.6 0.89
BHK41 BHK53
135.05 1.27
1042.71
123.54
0.38
123.18 0.8
BF8A
BF8
BHK56
1067.18
1200m
BHK57
157.17 1.12
0.5
BHK50
1051.78
112.95
1.081026.02
BF13156.05
BHK19
162.1 0.04
67.33 0.37
1200m
1044.73
163.09 1.111045.13
1027.97
123.25 0.35
1052.16
1056.1
BF41
BHK441082.3BHK46
1105.5
225.82 0.5
108.05 2.4567.97 1.18
BHK 6
BHK64
BHK48
117.32
1.9
118.68
0.55
1041.08
1055.2
BF48
Uplifted Block
1063.25
101.83 0.98
1058.58
168.44 0.55
1059.67
Left Out of Resource
1050.99
1039.81
BHK18
BHK 10
BHK45
136.34 0.47
96.67 0.16 127.52
BF4
BF7
0.39
BF40A
BF40
0.95
1085.09
1043.57
88.21 102.44
3.74
1015.59
BHK34
220.84
221.4 1.52
0.95
1095.85 1098.41
BF45
143.08 3.77
1040.51
1039.28
252.68
1
1052.85
BHK 27
BF14
BHK23
1038.42
BHK 9 55.4 1.13
114.94 0.27
146.41 0.74
BHK29
54.86 0.97
1043.77
1087.29
1032.25
92.75 0.3
1062.87
BOTTOM SEAM
BHK26
1039.25
BHK24A
BHK24
149.51 0.21
BHK 3
BHK2
43.03
0.29
0.77
163.71
0.08
54.6643.78
1.23
1031.98
BF5
BH Position
1047.13
1047.2
Burnt or No Coal
1038.91
142.46
1 1057.41 BHK 1 1200m
BHK 31
Thickness
Depth
154.66 1.06
69.83 1.02
BF6 1067.84
BHK30
112.64 1.12
1049.28
BHK28
1066.45
93.65
0.82
1200m
Seam Elevation
BF15
1079.13 115.68 1.22
BHK22
114.71 0.97 1079.24
Sill Breakthrough
1057.7
55.3 0.32
1062.32
BHK 5
1038.48
143.88 0.27
BHK 8
Licence area
1051.65
56.45 1.44
Resource Areas
1103.21
BF43
141.43 0.78
1069.69
1200m
Rivers & Streams
BF16
143.2 2.11
Possible Dyke
1051.6
Biggarsberg

-3121000

Boschhoek
-3124000
-3125000
-3126000
-3127000
-3128000
Block1
Boschkloof
Block2
1200m
Surface Contours
-100000
-99000
-98000
-97000
-96000
-95000
-94000
-93000
SCALE
0
2000
4000
-92000
-91000
-90000
-89000
141 boreholes drilled
previously
Indicated resource of
52.3 million tons
-3122000
Block3
-3123000
Glencoe region, Northern
Natal
1400m -3123000

-3124000
-3125000
-3126000

-3127000

-3128000
Infill drilling (15 holes) in
progress to upgrade
resource to measured
Early indications are that
it is a lean & bituminous
coal with certain areas
having anthracitic
qualities , with about 75%
of resource with coking
qualities
Feasibility study to be
completed
Mining construction could
commence during second
half 2009
Uithoek, Burnside & Boschoek / Boschkloof - Timelines
Q1 ‘08
Q2 ‘08
Q3 ‘08
Q4 ‘08
Q1 ‘09
Q2 ‘09
Q3 ‘09
Q4 ‘09
1st phase exploration
Scoping
SLP
EMP
2nd phase
exploration
Feasibility
Uithoek
&
Burnside
Environmental approval
Mining right application
Mobile plant
Feasibility
Boschoek
&
Boschkloof
Environmental approval
Mining right application
Mobile plant
Resource
update
Reserve
update
Mining
begins
Wasbank prospect
WASBANK
-92000
-91000
-90000
-89000
-88000
-87000
-86000
W
as
ba
nk
Sill Line
BOTTOM SEAM RESOURCE
-3127000
No Coal Holes
WK5 WK3
53.4 31.55
WK4
0.61 0.82
25.87
0.28
WK1
58.1
1.34

-3126000
-3127000
WK2
50.41
0.54
R
oa
d
2008 Boreholes
-3128000
-83000
Property Boundary
-3129000

-3129000

-3130000
6/77
MS1/79
MS2
MS 5
-3131000
Meran
29/47
-3132000
Wasbank
MS1
MS3
21.33
MS8/79
18.38
0.77
18.95
0.14
0.7
MS7/79
MS4
18.35
MS6/79
25.480.37
17.85
0.89
MS5/79
0.65
17.26
0.27
Mooispruit
Wasbank River
MS9/79
R
ai
lw
ay
-3132000
Road R602
-93000
-92000
-3133000
-91000
-90000
-89000
-88000
-87000
Scale
0
2000
4000


-3131000
MS10/79
-3133000

-3128000
Resource Block
-3130000

Sill Line
R
60
2
BH Position
Depth
Thick
-84000
R
iv
er
Boschhoek
-3126000
-85000
R
ai
lw
ay
-93000
-86000
-85000
-84000
-83000
Glencoe region,
Northern Natal
7 boreholes drilled
previously
Inferred resource of
1.5 million tons
16 further boreholes
planned for 2008
Resource to be
upgraded
Feasibility study to be
completed
Mining could
commence during
second half 2009
Project Location
– Yarl, Learydale & Amajuba
Yarl prospect

YARL 2962
-93000
-92000
-91000
-90000
-89000
-3089000
1400m
BH No.
13
00
m
-3089500

BOTTOM SEAM
Floor Elevation
Depth
Seam Thickness
-3089500

Sill Transgression Line
1300m

Resource Blocks
-3090000
Surface Contours
M7
193.84 1134
2.02
M6
155.99
-3090500
1135
-3090500
YARL 2962
1
21
1300m
194.46
130.76 1104
1078

-3091000
0.76
M8 1.22
No Coal
172.55 1117
1.2
1300m
Uplifted Block
M27
-3091500
-3091500
190.22 1109
0.5

M17
116.6
1120
1
Normal Block
-3092000
M9
162.42 1165
0.08
1300m
24
M18
134.75
1110
1
-3092500
188.32
YL2962/2

1155
169.98 1076
1.07
-3092500
M16
151.18
1186
1
-93000
-92500
-92000
-91500
-91000
-90500
-90000
-89500
Scale 1:250
0
1000
2000
3000
-89000
-88500
Dannhauser region,
Northern Natal
71 boreholes drilled
previously
Inferred resource of 16.9
million tons
Currently infill drilling (20
holes) in progress to
upgrade resource to
indicated
Early indications are that
the coal qualities are
anthracitic and
bituminous
A further 80 holes to be
drilled during 2009 to
upgrade resource to
measured
Feasibility study for an
underground mine will
commence when drilling
is completed
Learydale prospect
LEARYDALE 4259
-95000


-92000
-91000
39.01
0.28
1300m
34 boreholes drilled
previously
4
-3091000
-3091000
14.94
0.92
NC 62
15.7
1.11
Sil
Inferred resource of 44.3
million tons
Sill
BH No
Seam Depth
Thickness
M2
52.9
1.25
M.19
-3092000
-3092000
77.96
About 5% of resource would
be opencast mining
Infill drilling required to
upgrade resource
ak
Bre
TOP SEAM
ea k
l Br
1
Permit Area
Yarl
1
NC 45
-3093000
103.38
1.04
M3
132D
131D
62.69
1.04
98.75
1.45
104.87
1.68
0
NC 75
1
1.4
1.46
137.02
0.08
CR 1
-3095000
Glenalgy
CR 3
CR 2 156.71
NC 41
M11
A
157.77
1.03
151.27
1.1
131.57
1.62
0.94
M.5
190.55
1300m
-3094000
1300m
166.71
1.87
M.21 CA9369/5
90C
165.4 163.04
1.9
NC 77
105.56
1.02
CA 9369/4
148.7
1.09
-3093000
NC 71
132.67
1.28
141.22
1.07
2000
96.11
M.4
-3094000
1000
89.43
1.58
143
0.86
97.97
1.17
Road
Scale
Milnedale
M20
Resource definition during
second half 2009
Resource
Blocks
1300m
NC 57
62.74
0.97
-3095000
M 12
1300m
MB
22
163.53
163.17
1.75
2.11
1.1
E
181.82
1.58
Brazil
M 13
NC 66B
192.43
1.47
162.45
1.329
Road
207.67
1.57
-3096000
1300m
NC48B
Christiana
171.91
1.6
D
157.77
1.06
-3096000
M10
209.02
1.44
-3097000
-3097000
Railway

Learydale
Railway

-93000
NC.72
Railway

Glencoe region, Northern
Natal
Railway

-94000
-95000
-94000
-93000
-92000
-91000
Amajuba project

Miranda obtained a 70% participation in the Amajuba project
–






located in the Newcastle/Dannhauser region, Northern Natal
The project consists of four prospecting permits over five farms for a total area of 3 727 Ha
242 boreholes were drilled previously, with a further 51 holes planned at an estimated cost of R 3.1 million
Drilling has commenced, with completion estimated for December 2008
From previous estimates indications show a likely resource approximating 100 million tons
The Amajuba project is contiguous to the Yarl and Learydale projects and should form one mining area
Feasibility study for a large underground mine with associated infrastructure,will commence once drilling is
completed
Amajuba - Timeline
Q1 ‘08
Q2 ‘08
Q3 ‘08
Q4 ‘08
Q1 ‘09
Q2 ‘09
Q3 ‘09
Q4 ‘09
1st phase exploration
Scoping
SLP
EMP
2nd phase
exploration
Feasibility
Mining right application
Resource
update
Reserve
update
Mining
begins
The Utrecht Coalfields
Project location - Nachtwacht
Nachtwacht prospect




Utrecht region, Northern Natal
8 boreholes drilled previously
Pre Inferred resource of 53.0
million tons
Infill drilling required to upgrade
resource
Summary of MMH Coal Resources
Total
Project Name
Measured
Indicated
Sesikhona - Klip Rand 1
5.4
22.0
Uithoek 2
6.6
Inferred
Tons (million)
22.0
6.6
Burnside 2
34.4
Boschoek/ Boschkloof 2
52.3
Nungu Trading - Wasbank 2
10.8
45.2
52.3
1.5
Mlebogeng - Nachtwacht 2
Point Blank - Learydale
Reconnaissance
1.5
53.0
2
Yarl 2
53.0
44.3
44.3
16.9
16.9
Amajuba 2
100.0
100.0
153.0
341.8
Six further permits on 33 farms 2
Total
11.0
108.7
73.5
Attributable value of MMH’s key coal assets
Based on 3 measures: Comparable transaction values, peer multiples and NPV’s
Resource
Value
Tons(m) Resource Mineable¹
6.5
2.0
5.0
25.1
2.5
5.0
Average
Peer
Holding
Attr
determined
(%)
Value(Rm)
value (Rm)
52%
14.0
24.9
52%
54.3
76.9
NPV
(Rm)²
Uithoek
Measured
6.6
65%
4.3
3.0
5.0
19.8
21.5
20.6
100%
20.6
29.2
394.0
Bosch
Indicated
52.0
60%
31.2
2.5
5.0
130.0
156.0
143.0
52%
74.4
119.8
285.0
Yarl /
Learydale
Inferred
60.9
50%
30.5
2.0
5.0
121.8
152.3
137.0
75%
102.8
202.3
102.8
53.0
40%
21.2
2.0
5.0
106.0
106.0
106.0
100%
106.0
234.8
0.0
100.0
40%
40.0
1.0
5.0
100.0
200.0
150.0
70%
0.0
0.0
0.0
372.1
688.0
1382.8
378.4
378.4
211.6
Pre-resource
Total for resources
Kliprand
royalties Indicated
60%
75%
316.7
22.0
Resource Mineable
21.6
32.4
83.5
125.3
Value
(Rm)
MMH
Status
Inferred
Indicated
Amajuba
%
Rate (R/t)
Farm
Burnside
Nachtwacht Pre-resource
Tons(m)
10.8
33.4
Mineable
158.7
60%
13.2
27.0
104.4
688.0
0.7
8.6
50.0
430.0
88%
601.0
Total Value Range
(Rm)
750.5
1,066.4
1,594.4
Total Value Range
(Cents/share)³
348
495
741
Notes:
1. Based on comparable transaction multiple: Acquisition of Coal Prospecting Rights by Wescoal holdings Limited (WSL) at R5/mineable ton (SENS announcement dated 10 April 2008)
2. The NPV calculation are based on the following pricing
assumptions:
a) Average export prices : From US$ 168 to US$
192/ton
4. Peer group average per resource ton (all at similar stage of development)
4.43
a) Average Eskom sales : R 130/ton
a) Exchange rate : R
7.50/US$
Includes resources as per CPR and competent persons input 01 09 2008
3. Based on 215 130 865 MMH shares in issue (as at 1
September 2008)
SIGNIFICANT UPSIDE IN VALUE AS PRODUCTION NEARS
Delivery to date
Past nine
months

Key licenses granted for coal
 Initial coal drilling capital raised
Next twelve
months

Board realignment started

Strategic review completed




 Botswana diamond focus initiated with two key permits


CPR’s completed for four key projects


Additional resources consolidating areas


Complete drilling and start coal production

Sale of non-core assets

Bolster diamond asset base

Expand gold exploration base
1/2

1/2
Investment summary











MMH is delivering on its focused coal strategy
Currently in full blown exploration mode
Drilling continues at all prospects
CPR update at Uithoek confirms value expectations, coking coal quality
Mine planning and development on track
Amajuba is another step into consolidation of the KZN coal fields
Coal values are high for coking coal and anthracite
The immediate value-play as seen by NPV’s and Peer comparables is coal
Remain open for business re: new rights in coal, diamonds and gold
Examining the potential listing of diamond assets in Botswana
Gold strategy developing as team scouts for opportunities to bolster the portfolio
QUESTIONS ?