Morgan Stanley Australia

Emerging Companies Conference

Peter Wade, Executive Chairman

June 2011

� This presentation has been prepared by Mineral Resources Limited (“MRL” or “the

Company”). It should not be considered as an offer or invitation to subscribe for or purchase

any securities in the Company or as an inducement to make an offer or invitation with respect

to those securities. No agreement to subscribe for securities in the Company will be entered

into on the basis of this presentation.

� This presentation contains forecasts and forward looking information. Such forecasts,

projections and information are not a guarantee of future performance, involve unknown

risks and uncertainties. Actual results and developments will almost certainly differ materially

from those expressed or implied.

� You should not act or refrain from acting in reliance on this presentation material. This

overview of MRL does not purport to be all inclusive or to contain all information which its

recipients may require in order to make an informed assessment of the Company’s prospects.

You should conduct your own investigation and perform your own analysis in order to satisfy

yourself as to the accuracy and completeness of the information, statements and opinions

contained in this presentation before making any investment decision.

Disclaimer

2

Process Minerals

Minerals and base metals

processing, logistics, ship

loading & marketing

Crushing Services

Australia’s largest specialist

BOO crushing, screening

and processing contractor

PIHA

Pipeline, services, site

infrastructure, contractor

and polyethylene fittings

manufacturer

Polaris Metals

Specialist Iron Ore

resources company

Mesa Minerals

(64% owned)

Specialist manganese and

technology company

Minerals ProducerService Provider

Mineral Resources

3

Financial history

4

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2006 2007 2008 2009 2010 Jun 2011

$ '0

00

s

Value of an investment of $1,000 in MIN on

float in 2006

0

50

100

150

200

250

300

350

400

FY2007 FY2008 FY2009 FY2010 HY2011

$ m

illi

on

s

Revenue

first half second half

0

20

40

60

80

FY2007 FY2008 FY2009 FY2010 HY2011

$ m

illi

on

s

NPAT (normalised)

first half second half

Safety performance

5

Industry Average Source: Worksafe Mining Services category

0

2

4

6

8

10

12

14

16

Ma

r-0

6

Ma

y-0

6

Jul-

06

Sep

-06

No

v-0

6

Jan

-07

Ma

r-0

7

Ma

y-0

7

Jul-

07

Sep

-07

No

v-0

7

Jan

-08

Ma

r-0

8

Ma

y-0

8

Jul-

08

Sep

-08

No

v-0

8

Jan

-09

Ma

r-0

9

Ma

y-0

9

Jul-

09

Sep

-09

No

v-0

9

Jan

-10

Ma

r-1

0

Ma

y-1

0

Jul-

10

Sep

-10

No

v-1

0

Jan

-11

Ma

r-1

1

Ma

y-1

1

LTIFR Industry Average

Christmas Creek BOO contract

6

� Plant construction / operational testing complete

� Ramp up to name plate in progress

� > 1million tonnes delivered

� Planning for additional tonnages

Christmas Creek BOO contract

7

Yilgarn iron ore district

8

Exploration - Yilgarn iron ore district

9

� Current program

� Carina Extended – resource

definition drilling of the

northern extension

� Johnson Range – extension

of previous resource

definition programme

� Mayfield – met testing of

diamond drill core samples

� Short term program

� Carina Extended targetted

program to extend

geological strike range

� J4 – infill drilling of earlier

positive results

Carina iron ore mine

10

Project Statistics

• Project EPCM – Crushing Services International

• Total Project Value - $197mill

• Final Project Approvals – May 2011

• First Ore on Train – Scheduled for October 2011

• Project Construction Man-hours – 500,000

• Initial Clearing Required – 300 Hectares

• Earthworks volume to be moved – 850,000M3

• Civil Concrete Works – 6500M3

• Structural / Platework Fabrication – 1,500TMining Fleet

Mine site facilitiesWater supply

Carina iron ore mine

11

Haul road cleared & grubbedStockyard benching commences

Mining equipment in action

• Mining pre-strip civils in progress

• Support infrastructure underway

• Accommodation village

• Haul road

• Mine facilities

• Rail Load-out / line work

• Temporary processing plant in

construction

• KBT2 project – broken ground

Carina iron ore mine

12

Kwinana Berth 2Friday night seafood

Accommodation unitsMain line turnout

Poondano iron ore project

13

� Target capacity 1.5 – 2 mtpa

� Processing plant in construction

� Site infrastructure ready to

mobilise

� Logistics chain in place

� Projected site commencement

for operation June 2011

Mesa Minerals

14

� Mesa Manganese Joint Venture

� Partners - Mesa Minerals 50%,

Auvex Resources 50%

� Resource – Ant Hill & Sunday Hill

manganese tenements

� MRL holds 64% of Mesa

Minerals

� MRL agreed to purchase Auvex

Resources via scheme of

arrangement. Court date set for

June 2011

� Manganese technology

commercialisation of assets

Pipeline operations

15

� Workshop activity – record� Australian coal seam gas infrastructure

� Overseas supply

� Overseas contracting - strong� Brunei

� Indonesian mining client

� Australian contracts – mine infrastructure focus� Cadia Ridgeway

� Cape Lambert

� BHP – multi-site

Equipment procurement opportunities

16

• Mineral processing equipment

opportunities locally & overseas

• Equipment becoming available as

previously closed operations

dispose of equipment

• Opportunity to acquire assets

depends on ability to dismantle

and remove items

• MRL expected spend > $20 mill

for value X 10.

• Key to success is seamless execution of major projects

• Major opportunities to grow in contracting – market presents a range of opportunities

• Infrastructure continues to provide significant opportunities

– Ports

– Accommodation

– Logistics

• Resource definition in YilgarnRegion promising

• Equipment procurement opportunities in region

• PIHA opportunities local and overseas

Business development / operations priorities

17

• Port infrastructure key to operational success in WA – state government has some momentum – opportunities for MRL

• Resource sector growth creates opportunities for mid-tier operators to move into production with links to majors – opportunities for MRL

• Market

– Iron ore pricing continues to maintain pricing premium

– Manganese pricing expected to improve in medium term

– New markets for WA commodities outside of China (eg India)

Market outlook

18