CMOC

2017 Interim Performance Release（Corporate accounting standards in China）

2

DISCLAIMERThe information contained in these materials has not been independently verified. No representation or warranty express or implied is made as to, and no reliance

should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained in these materials. It is not the intention to

provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of China Molybdenum Co., Ltd. (“CMOC”) financial or trading

position or prospects. The information contained in these materials should be considered in the context of the circumstances prevailing at the time and has not

been, and will not be, updated to reflect material developments which may occur after the date of the presentation. CMOC, its subsidiaries, shareholders,

affiliates, directors, officers, employees, advisors and representatives shall not have any liability whatsoever (in negligence or otherwise) for any loss or damage

howsoever arising from any use of these materials or contents, nor any other loss or damage arising in connection with these materials.

Certain information contained in these materials constitute forward-looking statements. Forward-looking statements include, but are not limited to, the company’s

growth potential, costs projections, expected infrastructure development, capital cost expenditures, market outlook and other statements that are not historical

facts. When used in these materials, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “propose”, “may”, “will”, “potential”, “should”, and similar

expressions are forward-looking statements. Although CMOC believes that the expectations reflected in these forward-looking statements are reasonable, such

statements involve known and unknown risks, uncertainties and other factors, certain of which are beyond CMOC's control, that may cause the actual results,

performance or achievements to be materially different from those expressed or implied by the forward-looking statements and the forward-looking statements

are not guarantees of future performance or achievement. These risks, uncertainties and other factors include, but are not limited to: general business and

economic conditions globally or in certain jurisdictions; legislative and/or regulatory changes; the behavior of other market participants; fluctuations in the price of

copper and other commodities; fluctuations in currency exchange rates; CMOC's ability to integrate acquisitions; operating or technical difficulties in connection

with development or mining activities; the speculative nature of exploration and development, including the risks of obtaining the necessary permits and licenses;

risks and hazards associated with the business of exploration, development and mining; availability and cost of inputs; availability and cost of shipping; risks of

maintaining licenses and approvals; changes in the tax rates or introduction of new taxes. No assurance can be given that such forward-looking statements will

prove to have been correct. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this

presentation. CMOC disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events

or otherwise, except as required by applicable laws.

These materials should be read in conjunction with CMOC’s unaudited consolidated financial statements for the six months ended 31 June 2017 and other public

disclosures.

This document does not constitute or form part of an offer or invitation to issue or sell or a recommendation to acquire, purchase or subscribe for any securities

nor shall it be construed as calculated to invite any such offer and no part of it shall form the basis of or be relied upon in connection with any contract,

commitment or investment decision in relation thereto.

Agenda

• Group at a glance

• Group Financials

• China Operations

• International Operations

• Closing Remarks

4

CMOC Value Proposition

Our vision is to be a world class, international diversified mining company

1) H1 2016 period compared to H1 2017 period2) Based on Dec 2016 Reserve & Resource statement

TFM NPM

50% 75% 100%25%

2017 Copper Industry Cost Curve

▪ $5.3 b of acquisitions completed in industry low period

▪ 2016 simultaneous execution of 2 major transactions; awarded Platts Deal of the Year

▪ 416% revenue growth 1

▪ Focused in three commodity groups: Base Metals, Specialty Metals & Minerals

▪ Providing the key resources for housing, electric cars, light weight construction, efficient food supply

COMMODITIES THAT SHAPE OUR FUTURE

▪All assets in the bottom half of their respective cost curve

▪Majority of assets with greater than 20yr life 2

▪ Significant expansion potential

LOW COST/Long LifePORTFOLIO

PROVEN ACQUISITION TRACK RECORD

6

Global Unique Portfolio Across Diverse Commodities

1) Revenue by Commodity on H1 2017; 1% Au & Other

MoMolybdenum

China‘s largest producer and World’s 4th largest producer

WTungsten

Largest tungsten concentrate producer in the world

CuCopper

Major producer of Copper in the DRC and Australia (over 250 Kpa)

CoCobalt

World’s 2nd largest producer

PPhosphates

Brazil’s 2nd largest producer

NbNiobium

World’s 2nd largest producer

AuGold

Producer of Gold as a by-product from Northparkes copper mine

44%

Revenue % 1

21%

11%

7%

10%

5%

1%

7

From Humble Beginnings ….

High Quality Assets acquired from Majors and Experienced International Management Executive and Operational teams

1) Yahoo and Google Finance; Market Capitalization as of August 15th 2017

2004

Strategic investment by Private investor

(Cathay Fortune Holdings)

2007

IPO

2008

Setup small International team to focus

on foreign expansion

Dec. 2013

Acquired 80% in Northparkes

JV stake

1 Oct. 2016

CMOC Put/Call supporting BHR acquisition of 24% of TFM

17 Nov. 2016

2012

Listed

Acquired 56% interest in Tenke

20 Apr. 2017

Acquired Niobium & Phosphates Operations

Solid Foundation Assets in Mainland China

1969

Predecessorcompany founded

24 Jul. 2017

RMB 18b raised on a Non-publicIssuance Shares

6 Jul. 2017

New International

Office In Phoenix, AZ

USA

Market Cap. 1

US$18.8b

8

… to a Top 15 Position among Public Mining Companies

CMOC Group provided the highest 12 month stock return to Shareholders

1) Google Finance; Market Capitalization as of August 15th 2017; Ranking excludes unlisted, state-owned enterprises and commodity traders

18.4

19.1

19.3

24.1

20.2

22.6

23.6

29.9

22.9

18.8

51.3

61.2

101.4

81.3

61.5

29%

73%

42%

69%

34%

45%

-7%

48%

-30%

-10%

29%

-21%

100%

-24%

18%

1Yr Stock Price Change (%)Market Cap. (US$ b)1

(HKEx)

9

Outbound M&As Made History

✓ The 3 largest global mining deals completed since 2016

✓ Simultaneous negotiations / executions; complicated deal structure and intense competition

✓ Seized great market window to sign the SPA when the prices of both copper 1 and cobalt 1

were at historical low (USD4,698/ton and USD23,198/ton respectively)

✓ Awarded “Deal of the Year” by S&P Global Platts

1 Copper price is sourced from Bloomberg, cobalt price is sourced from LME.

Announcementdate

Acquirer TargetMain metal

Deal value (US$ mm)

May 9, 2016 CMOC Group56% TenkeFungurume (Freeport)

Copper, cobalt

$2,650

April 28, 2016 CMOC GroupNiobium, phosphates(Anglo American)

Niobium,phosphates

$1,500

November 15, 2016

CMOC Group/

BHR Partners

24% TenkeFungurume (Lundin）

Copper, cobalt

$1,136

February 15, 2016 Sumitomo 13% Morenci (Freeport) Copper $1,000

July 5, 2016 Genterra GoldThompson Creek Metals

Copper $937

June 30, 2016 PT AMI48.5% Batu Hijau(NEM)

Copper $750

March 10, 2016 Boliden Kevitsa (First Quantum) Nickel $712

March 13, 2017 Trevali80% Rosh Pinah & 90% Perkoa(Glencore)

Zinc $400

10

“Timing is everything”

4,000

4,500

5,000

5,500

6,000

6,500

7,000

2015-01-02 2015-04-02 2015-07-02 2015-10-02 2016-01-02 2016-04-02 2016-07-02 2016-10-02 2017-01-02 2017-04-02

SPA date

Closing date

"Preparation", "courage", "incisiveness" and "speed"

9

13

17

21

25

01/2016 02/2016 03/2016 04/2016 05/2016 06/2016 07/2016 08/2016 09/2016 10/2016 11/2016 12/2016 01/2017 02/2017 03/2017

Cobalt price since 2016

LME copper price since 2015

Closing dateSPA date

11

Safety is Critical to Our Success

Note: LTI – Lost time injury ; TRI – Total recordable incidents

NPM

2016 2017 YTD

LTI 2 1

TRI 4 3

Tenke

2016 2017 YTD

LTI 5 3

TRI 19 15

Nb&P

2016 2017 YTD

LTI 6 2

TRI 35 12

1H 20171H 2016

Number of Lost Time Injuries (LTIs per Operation)

1

2

11 1

3

1

0

1 1 1

0

Mar-16 May-16Apr-16Feb-16Jan-16 Oct-16Sep-16Jul-16 Nov-16Jun-16 Dec-16 Jan-17Aug-16 Jul-17May-17Apr-17Mar-17 Jun-17Feb-17

3

1

2

3

1

3

1

China TFM Nb&P NPM

China

2016 2017 YTD

LTI 6 2

Overall safety performance

improvement to date

Providing safe conditions for our people and the local community delivers a motivated and more productive workforce and ensures compliance with local laws.

Overall safety performance improved from 2016 to date:

12

Successful Offering of RMB18 bn A-share Private Placement

✓ The 2nd largest ever 1-year lock-up A-share private placement; The largest ever 1-year lock-up A-share private placement in the non-financial sector

✓ Swift completion of unconditional regulatory approval

✓ 2.15x oversubscription by high-quality investors amid highly challenging market conditions and new selling restrictions enacted by CSRC on May 27th

13

Introduced Sophisticated and Long Term Investors

Shareholding Structure before the A-Share Private Placement

Shareholders# of shares

held (100mm) Shareholding

Cathay Fortune Corporation (A+H in total) 53.33 31.58 %

Luoyang Mining Group Co., Ltd. 53.30 31.56 %

China Securities Finance Corporation Limited 4.30 2.55 %

Other A-share shareholders 21.64 12.81 %

Other H-share shareholders 36.30 21.50 %

Total 168.87 100.00 %

Shareholding Structure after the A-Share Private Placement （Major

Shareholders)

Shareholders

# of sharesheld

(100mm) Shareholding

Cathay Fortune Corporation (A+H in total) 53.33 24.69 %

Luoyang Mining Group Co., Ltd. 53.30 24.68 %

Beixin Ruifeng Fund Management Co., Ltd. 10.26 4.75 %

CCB Principal Asset Management Co., Ltd. 7.77 3.60 %

China Structural Reform Fund Co., Ltd. 7.40 3.42 %

Bosera Asset Management (International) Co., Ltd. 5.26 2.44 %

Hotland Innovation Asset Management Co., Ltd. 5.19 2.40 %

Manulife Teda Fund Management Company Limited 4.78 2.21 %

Minsheng Royal Fund Management Co., Ltd. 4.72 2.18 %

China Securities Finance Corporation Limited 3.13 1.45 %

CITIC-Prudential Fund Management Co., Ltd. 1.74 0.81 %

Other A-share shareholders 22.81 10.56 %

Other H-share shareholders 36.30 16.81 %

Total 215.99 100.00 %

Note: the number of shares held by Cathay Fortune Corporation includes 303,000,000 shares of H-share held by its wholly-owned Hong Kong subsidiary

Cathay Fortune Investment Limited and registered under the name of HKSCC NOMINEES LIMITED

14

Improved Capital Structure and Enhanced Financial Strength

1 The market cap as of July 31, 2017＝17.666bn shares of A share*the closing price of RMB7.23 per A share as at July 31+3.933bn shares of H share*the closing price of HK$4.25 per H share as at July 31*exchange rate, which is 0.8614.2Debt-to-asset ratio for Chinalco Mining Corp is as of June 30, 2016 as it has delisted since March 15, 2017, while figures for all the other companies are as ofDecember 31, 2016; the debt-to-asset ratio for CMOC after the private placement is based on its interim report 2017, assuming that the private placement had been completed, and one third of the proceeds is used to repay the loans for the two outbound acquisitions and two thirds are used to swap for internal funds

● As of July 31, 2017, the market cap of CMOC reached RMB142.1bn1

Debt-to-Asset Ratio2

(RMB100mm)

70.0%

55.7%

88.3% 83.0%75.2%

64.9% 65.1%58.6% 55.6% 51.5% 48.8% 47.8% 44.1%

CMOC(as of June30, 2017)

CMOC(after theprivate

placement)

ChinalcoMining Corp

MinmetalsResources

Freeport Glencore Zijin Mining Vale GrupoMexicoSCCO

AngloAmerican

Rio Tinto BHP JiangxiCopper

Median：58.6%

The scale of assets expanded significantly

879.8

998.9

264.0

442.6

June 30, 2017 After the private placement

Total assets Net assets

Agenda

• Group at a glance

• Group Financials

• China Operations

• International Operations

• Closing Remarks

16

3.68

11.59

2016年H1 2017年H1

5.35

34.81

2016年H1 2017年H1

9.52

51.74

2016年H1 2017年H1

22.60

116.55

2016年H1 2017年H1

H1 Performance Quick Overview

✓ In the first half of 2017, the company realized revenue of RMB11.7 bn, 9.4 bnmore than the same period of 2016 and a YoY increase of 416%

✓ In the first half of 2017, the company realized an EBITDA of RMB5.2bn, 4.2 bnmore than the same period of 2016 and a YoY increase of 443%

✓ In the first half of 2017, the group realized a net profit attributable to shareholders of RMB835 mm, which increased by RMB 323 mm compared to the first half of 2016 and realized a YoY growth rate of 63%; the net profit excluding nonrecurring P&L was RMB1.2 bn, which increased by RMB 792 mm than the first half of 2016 and realized a YoY increase of 215%

✓ The net operating cash flow in the first half of 2017 was RMB3.5 bn, an increase of RMB2.9 bn than the first half of 2016 and a YoY increase of 551%

Revenue (RMB 100 mm) EBITDA (RMB 100 mm)

Net Profit Excluding Nonrecurring P&L and Attributable To ParentCo (RMB 100

mm) Operating Cash Flow (RMB 100 mm)

2016 H1 2017 H1 2016 H1 2017 H1

2016 H1 2017 H1 2016 H1 2017 H1

17

Balance Sheet Metrics

(RMB 1,000) 2017.06.30

Total Assets 87,980,415

Total Liabilities 61,579,606

Net Assets 26,400,809

Net Asset per Share(RMB) 1.108

Total Liability to Asset Ratio 69.99%

Total Debt 45,877,651

Cash Equivalents 11,290,161

Net Debt 34,587,490

Net Debt to Asset Ratio 39.31%

Balance sheet metrics in 2017 1H

18

Income Statement Metrics

Metrics (RMB 1,000) 2017H1 2016H1 %change

Revenue 11,654,941 2,259,852 416%

Net profit excluding nonrecurring P&L and attributable to parent company 1,159,120 367,532 215%

EBITDA 5,174,109 952,302 443%

EBITDA Rate 44% 42% 4.8%

EPS (RMB/Share) 0.05 0.03 66.7%

EPS excluding nonrecurring items (RMB/Share)

0.07 0.02 250%

Income statement metrics in 2017 1H

19

Cash Flow Statement Metrics

Metrics (RMB 1,000) 2017 H1 2016 H1 %Change

Net operating cash flow 3,481,412 534,958 551%

Net free cash flow 2,824,275 680,791 315%

Net operating cash flowper share (RMB/Share)

0.21 0.03 600%

Cash Flow Statement Metrics in 2017 1H

20

Breakdown of Revenues

Revenue

Copper/Gold8.4 7%

Niobium8.5 7%

Copper and

cobalt67.6 59%

Other0.8 1%

巴西

刚果（金）

NorthparkesCopper/Gold

San Dao Zhuang Molybdenum/Tungste

n

Shang Fang GouMolybdenum/Iron

Xinjiang ProjectMolybdenum

Niobras/CopebrasNiobium/Phosphate

Tenke FungurumeCopper/Cobalt

RMB 100 mm Molybdenum Tungsten

17.3 15%

Phosphate 13.0 11%

Agenda

• Group at a glance

• Group Financials

• China Operations

• International Operations

• Closing Remarks

CMOCCHINA

CMOC PARENT COMPANY

Sandaozhuang Mine

Shangfanggou Mine

Xinjiang project

Luoyang

REGIONAL OFFICES

Beijing

Shanghai

Hongkong

23

CHINAMine operations in

Luoyang City, Henan Province

Offices in Beijing, Shanghai and Hong

Kong

1969predecessor

company founded in China

CMOC’s Sandaozhuang mine is one of the largest reserves of molybdenum and the second largest reserves of tungsten in the

world.

CHINA LARGEST producer of Molybdenum

LARGEST global

producer of tungsten

16kt Molybdenum & 10kt Tungsten

production in 2016

COMMUNITIESAwarded “Pioneer on Donation and Poverty Relief” by Luanchuan

County government for several consecutive years actively engaged in charity activities including poverty

relief campaignsDonation in 2017 H1 is

RMB17m

24

Performance Overview

Moly & Tungsten Revenue （100mm RMB）

Moly & Tungsten GP Ratio（%） Moly & Tungsten Net Income attributable to

Parent Company（100mm RMB）

Moly & Tungsten GP （100mm RMB）

25

Performance Overview

Molybdenum Production（Ton） Tungsten Production（Ton）

Cash Cost of Molybdenum（RMB /Ton） Cash cost of Tungsten（RMB /Ton）

12,080

15,653 16,671

16 H1 16 H2 17 H1

55,153 55,951

54,353

16 H1 16 H2 17 H1

8,008 8,294 8,161

16 H1 16 H2 17 H1

4950 5168

5649

16 H1 16 H2 17 H1

Budget Cash Cost：RMB55.3K/Ton—RMB61.1K/Ton

Production Budget: 16K ton

Budget Cash Cost：RMB13.8K/Ton—RMB15.2K/Ton

Production Budget: 11K ton

26

8.00

10.00

12.00

14.00

Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17APT

4.00

5.00

6.00

7.00

8.00

9.00

Jan-16 Apr-16 Jul-16 Sep-16 Dec-16 Mar-17 Jun-17 Ferromolybdenum (60%)

5.00

6.00

7.00

8.00

9.00

Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17Black Tungsten (65%)

600

800

1,000

1,200

1,400

Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17Molybdenum Concentrates ≥47%

Molybdenum and Tungsten Price Movement in China

Source: molyworld.com; cnfeol.com and comelan.com

Molybdenum Concentrate Market

Ferromolybdenum Market

Tungsten Concentrate Market

APT Market

RMB 10,000/ton

2016 1H: 66.8K/MTU

2017 1H: 77.3K/MTU

2016 1H: 6.44/ton

2017 1H: 7.85/ton

2016 1H: 862/MTU

2017 1H: 1,115/MTU

RMB/MTU

2016 1H: 10.53K/ton

2017 1H: 11.96/ton

RMB/MTU

RMB 10,000/ton

Molybdenum Historical Prices Tungsten Historical Prices

0

100,000

200,000

300,000

400,000

500,000

04-2004 07-2008 10-2012 02-2017

Ferroniobium (60%, China)

427,000

0

30,000

60,000

90,000

120,000

150,000

180,000

04-2004 07-2008 11-2012 02-2017

WO3 （65%，China）

159,000

Agenda

• Group at a glance

• Group Financials

• China Operations

• International Operations

• Closing Remarks

28

An Introduction to our International Operations

World Class Assets Across 3 continents

Tenke (TFM)

Northparkes (NPM)

China Moly

Niobras/Copebras

Copebras

Phoenix, Arizona, USAInternational Headquarters

Sydney Regional Office

London Sales&Mkt

Office

Singapore Sales&Mkt

Office

1) 2016 Production figures2) Nothparkes 100% production

▪ 9kt Nb; 1,200kt fertilisers▪ 3,500 employees &

contractors▪ Mine Life: +16yrs Nb &

+46yrs Phosphates

▪ 216kt Cu & 16kt Co as by-product 1

▪ 7,000 employees & contractors

▪ Mine Life: +25yrs

▪ 46kt Cu & 36koz Au as by-product 1, 2

▪ 420 employees & contractors

▪ Mine Life: +20yrs

TFMRegional Office

CMOC InternationalAFRICA

TENKE FUNGURUME MINING (TFM)

TFM (Mine)

REGIONAL OFFICES

Lubumbashi & kolwezi

Kinshasa

Johannesburg

30

Tenke, one of the largest/highest grade copper-cobaltresources in the world.

DRCMine and Processing

Facilities located between the towns of Tenke and Fungurume

2nd LARGEST global producer

of cobalt

216kt Cuproduction in 2016

with 16kt Co as by-product

2009Beginning of Copper

and Cobalt processing activities

COMMUNITIES98% local employment

TFM Social Community Fund contributions of $27M

since 2009TFM Community

Developmentsupporting Health, Education,

Economic Development

31

TENKE H1 Overview

C1 Cost reduced dramatically given favorable Cobalt prices

Note: H1 2016 & H2 2016 Freeport Ownership (Quarterly & Annual Reports); H2 2016 CMOC from the completion date (17/Nov./2016) to the end of the reporting period

▪ Solid operational performance despite historically high wet season

▪ Strong cost control & cobalt price credit resulting in lower first quartile cost position

▪ Full year production guidance: ▪ 210 kt – 220 kt Cu▪ 16 kt – 18 kt Co

Production (kt) & Cash Cost (US$/lb)

H1 2016

23

109

H2 2016

111

88

H1 2017

105

CMOC Non-CMOC Ownership

9

H1 2016

7 7

62

H1 2017H2 2016

Non-CMOC OwnershipCMOC

Copper

Cobalt

1.16 0.28

C1 Cost

32

Copper cost curve positioning

Copper assets in the lower first quartile

Source: SNL Mine Economics for Primary Copper Mines Only and Company Data (FY 2017e)

50

0

150

250

200

-50

100

Cash Operating Cost(US$ cents/lbs)

Cumulative Paid Copper (K ton)

2017 Copper Industry Cost Curve

TFM NPM

50% 75% 100%25%

CMOC InternationalBRAZIL

NIOBRAS

Ouvidor, Goiás state

Catalão, Goiás state

COPEBRAS

Ouvidor (Mine)

Catalão (Chemical Plant)

Cubatão (Chemical Plant)

REGIONAL OFFICE

Cubatão, São Paulo state

34

BRAZILMine located in Catalão and processing plant in Ouvidor, both in Goiás

state

1976Beginning of niobium processing activities in Ouvidor, Goiás state

2nd LARGESTglobal producer of niobium

~9,000 tons of Nb

annual capacity

Product exported to steel mills in Europe, North America and Asia.

COMMUNITIES 1Social Investments of

BRL 2.5 MILLION in the communities of Catalão, Ouvidor and

Cubatão, São Paulo state

1) Communities related information refers to the combined operations in Brazil

35

Brazil is an agricultural powerhouse serving the world’s food demand. Fertilizer is one of the key enablers.

BRAZILMine and processing

plant located in Ouvidor, chemical plants in

Catalão and Cubatão

1954Beginning of Copebras

operations

~1,200,000annual capacity

2nd LARGEST supplier of phosphate

fertilizers in Brazil

COMMUNITIES 1

More than BRL 247 MILLION negotiated

with local suppliersTHOUSANDS OF JOBS generated in Catalão and

Ouvidor

1) Communities related information refers to the combined operations in Brazil

36

NIOBIUM H1 Overview

Additional volume successfully placed in the market

Note: H1 2016 & H2 2016 Anglo American Ownership (Interim & Annual Reports); H2 2016 CMOC from the completion date (1/Oct./2016) to the end of the reporting period

▪ Recently constructed BVFR plant doubling production capacity

▪ Volume growth of 65% compared with H1 2016, successfully placed into the market

▪ Full year production guidance: ▪ 8.5kt – 9.0kt Nb (in FeNb)

NIOBIUM PRODUCTION (TONS)Nb Production (kt)

+65%

H1 2017

4.3

2.1

4.0

H1 2016

2.6 1.9

H2 2016

CMOC Non-CMOC Ownership

37

PHOSPHATES H1 Overview

Operations supported by continued strong safety performance

Note: H1 2016 & H2 2016 Anglo American Ownership (Interim & Annual Reports); H2 2016 CMOC from the completion date (1/Oct./2016) to the end of the reporting period

▪ Strong safety performance; H1 LTI-free▪ Production mix optimized to capture best

margin returns▪ Implementation of a series of Kaizen &

similar process analyses giving rise to incremental low / no capex production capacity improvements

▪ Full year production guidance: ▪ 1,170kt – 1,180kt fertilizer products

H1 2017

547

303

607

H1 2016

561

304

H2 2016

CMOC Non-CMOC Ownership

Fertilizer Production (kt)

CMOC InternationalAustralia

NORTHPARKES MINES (NPM)

NPM (Mine)

REGIONAL OFFICE

Sydney

391 Northparkes 100% production

One of the world’s most automated underground mines.

AUSTRALIA27km north west of the Parkes township in the Central West

of New South Wales, Australia

1994Beginning of Northparkes operations

46kt Cu production in 2016

with 36koz Au as by-

product 1

COMMUNITIES98% local

employment, AUD 31.3 million spent with local suppliers

40

NPM H1 Overview

Productivity improvements and a re-baselining of costs

Note: 1) Annualised basis2) Northparkes 100% production

▪ 129 days injury free▪ Productivity improvements expected to deliver record

performance▪ $6-8 million 1 of cost savings delivered

▪ Full year production guidance: ▪ 42kt – 45kt Cu 2

▪ 32koz – 36koz Au

Production & Cash Cost (US$/lb)

0.870.930.69

H2 2016

18

H1 2016

19

H1 2017

23+20%

CMOCC1 Cost

+32%1520

14

H1 2017H2 2016H1 2016

Gold (K Oz)

Copper (Kt)

41

CMOC International Revenue distribution

Growth perfectly timed to benefit from price improvements

1) Tonnage expressed in copper equivalent tons

Gold & Other2%

Cobalt25%

Niobium8%

Copper52%

Phosphates13%

Revenue Distribution by Commodity

1.50

2.00

2.50

3.00 H1 2016

LM

E C

op

pe

r P

rice

(U

S$

/lb

s) H2 2016 H1 2017

Price Change:

+15% +6% +8%+4%

15,000

25,000

35,000

45,000

55,000

65,000

LM

E C

ob

alt

Pri

ce

(U

S$

/to

n) H1 2016 H2 2016 H1 2017

Price Change:+36% +83% -3%+1%

22

+1,007%

H1 2017

319

132

4247

22

62

H1 2016

27

Niobium

Copper

Cobalt

Fertiliser & animal feed productsGold

Production by Commodity 1

42

C1 Cost for Copper Assets Significantly below the “Break-even Point” Copper price, which has potential for sustainable growth

Source: Wood Mackenzie (Q4 2016), company announcement1 According to the definition by Brook Hunt, C1 cash costs include expenses for mining, grinding, refining, field management, tax on mine, transport and sales, with the value of associated mine deducted2 C1 cash costs for NPM and Tenke in 2016 are disclosed on their annual reports

Historical copper price is constantly higher than 90th percentile

of C1 cash cost curve1

1,786

2,558

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

2008 2009 2010 2011 2012 2013 2014 2015 2016

US

D/T

on

90th percentile Historical average copper price

NPM² Tenke²

Tightly Balanced for copper supply increase

The price required for inspiring introduction of new capacities

（2016A)

Short supply of refined copper drives a rebound in price

0

10

20

30

40

1992 1997 2002 2007 2012 2017 2022 2027

mm

to

ns

Base Case Production Capacity Highly Probable Projects

Probable Projects Possible Projects

Primary Demand

2,000

4,000

6,000

8,000

10,000

12,000

(400)

(200)

0

200

400

600

201

4

201

5

201

6

201

7

201

8

201

9

202

0

202

1

202

2

202

3

US

D/to

n

1,0

00

to

ns

Surplus/(deficit) Copper price

$7,275/Ton

43

0

5,000

10,000

15,000

20,000

25,000

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

2016 2017 2018 2019 2020 2021

HEV (LHS) PHEV (LHS) EV (LHS) Demand for cobalt forEV battery (RHS)

Demand for cobalt for lithium EV battery as of the total demand

0

30,000

60,000

90,000

120,000

150,000

2016 2017 2018 2019 2020 2021Metallurgical cobalt Other chemicals Ni-MH/Ni-Cd battery

3C lithium battery EV battery

(Ton)

Deploy Strategic Cobalt Assets for NEV Battery Dividends

Source: CRU (Q1 2017)

Considerable increase in cobalt demandIncrease of EV output leads to greater demand for

lithium-ion batteries

6.6% 9.1%12.1%

14.9%

15.6%

17.5%

The annual increase of

demand will be 16,000 tons

in the next five years

(mm) (Ton)

44

0

10

20

30

40

50

2,000

4,000

6,000

8,000

10,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

LME copper price (LHS) Niobium price (RHS)

(USD/Ton) (USD/kg)

Niobium Is Less Cyclical

Source: Roskill, LME, Ministry of Foreign Trade and Export of Brazil, company information

Because of the peculiarity of niobium industry, niobium is expected to provide stable cash flow for the company in the future and enhance the anti-cycle capacity

Ferroniobium price has been rather stable in history due to CBMM’s

dominance on the supply market, few substitutes for the metal as

well as its small contribution to the cost of iron-steel production

Compared with any new prospective capacities, the current ones are

more competitive in terms of size, grade and cost

(USD/kg niobium)

1.5

CBMMCatalão (CMOC)

Niobec

Panda Hill

Elk Creek

Aley

0

10

20

30

0 0.75 2.25

In production Potential project

Bubble size represents capacity

Nb2O5 Grade

Niobium price has always remained stable and is not sensitive to cycles

Production cost and grade of niobium projectsThe peculiarity of niobium industry

45

100

200

300

400

500

600

700

01-12 11-12 09-13 07-14 06-15 04-16 02-17

Geographical Advantage Helps Generate Stable Profit

Source: Roskill, LME, Ministry of Foreign Trade and Export of Brazil, CRU, Company Information 1 Brazilian MAP CFR price.

Minas

Gerais

Goias

Morro Preto

Chapadão

650km Belo Horizonte

Sao Paulo

CatalãoOuvidor

Coqueiros

Cubatão

10.8%

7.8%

9.7%

% Demand Contribution to National Total by State

Being close to a major farming province is a great benefit

Price History of Phosphorus Fertilizer1

(USD/Ton)

P Supply – BRA (Mt P2O5)

c.55% Imports

2.1 2.0 2.0 2.0 2.0 2.4 2.4 2.4 2.4

2.7 3.1 2.5 3.0 3.1 2.9 3.0 3.2 3.3

2019

5.4

2018

2021

5.7

2020

5.55.0

2016

4.8 5.04.5

5.1 5.2

2014

2015

2013

2017

Imports

Domestic Production

46

Long Lived Assets with Strong Growth Potential

1) As of 12/31/2016 Annual Report2) Life of Mine

▪ Underground resource potential

▪ Longer-term extension options at other areas

▪ New deposit resources potential; Expansion opportunity at Catalão

▪ Greenfield deposit potential

▪ Debottlenecking Project

▪ Other mine area exploration potential

▪ Debottlenecking Project

▪ Heap Leach Project

▪ Sulfide Project

Resources & Reserves (R&R) Mton 1 Expansion OpportunitiesLoM 2

34

836

482

121

182

108

458

232

Resource Reserve

Grade 1

25+ Years

16+ Years

46+ Years

20+ Years

Cu @2.89%Co @0.27 g/t

Cu @2.51%Co @0.31 g/t

Nb2O5 @1.07%

Nb2O5 @0.90%

P2O5 @11.4%Nb2O5 @0.26%

P2O5 @11.9%Nb2O5 @0.36%

Cu @0.56%Au @0.18 g/t

Cu @0.58%Au @0.22 g/t

47

CMOC International – Closing Remarks

A number of short term achievements …

• Strong position across a range of commodities & geographies• Low cost • Exciting expansion opportunities giving notable upside

• Significant niobium production volume increase; Record production rates at Northparkes; Strong production performance at Tenke despite difficult weather conditions

• Successful transition for Brasil and DRC operations (both integration and restructuring)

• Key additional steps taken toward optimization across the operations • Headcount reductions in Northparkes• Production capacity increases in Phosphates with little or no capex investment

• Establishment of CMOC International Office in Phoenix

… Setting the stage for future success

Agenda

• Group at a glance

• Group Financials

• International Operations

• China Operations

• Closing Remarks

49

Looking Ahead

Our vision is to be a leading, international diversified mining company

▪ Lead in health, safety & environmental practices

▪ Hold a world class low cost position in base and specialty minerals & metals

▪ Acquire & diversify markets, products & geography

▪ Optimise existing assets through opportunities to expand production or extend mine life with low relative execution risk

▪ Retain & attract world class international management

▪ Improve production technologies and operational efficiency

COMMODITIES THAT SHAPE OUR FUTURE

TIER 1 / LOW COST PORTFOLIO

TFM NPM

50% 75% 100%25%

2017 Copper Industry Cost Curve

PROVEN ACQUISITION TRACK RECORD