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1 必和必拓铁矿 : 专注夯实基础 Alan Chirgwin 铁矿石营销总经理 2013 年 2 月

2 Disclaimer Forward-looking statements This presentation includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 regarding future events, conditions, circumstances and the future financial performance of BHP Billiton, including for capital expenditures, production volumes, project capacity, and schedules for expected production. Often, but not always, forward-looking statements can be identified by the use of the words such as plans, expects, expected, scheduled, estimates, intends, anticipates, believes or variations of such words and phrases or state that certain actions, events, conditions, circumstances or results may, could, would, might or will be taken, occur or be achieved. These forward-looking statements are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results to differ materially from those expressed in the statements contained in this presentation. For more detail on those risks, you should refer to the sections of our annual report on Form 20-F for the year ended 30 June 2012 entitled Risk factors, Forward looking statements and Operating and financial review and prospects filed with the U.S. Securities and Exchange Commission. All estimates and projections in this presentation are illustrative only. Our actual results may be materially affected by changes in economic or other circumstances which cannot be foreseen. Nothing in this presentation is, or should be relied on as, a promise or representation either as to future results or events or as to the reasonableness of any assumption or view expressly or impliedly contained herein. Non-IFRS financial information BHP Billiton results are reported under International Financial Reporting Standards (IFRS) including Underlying EBIT and Underlying EBITDA which are used to measure segment performance. This presentation also includes certain non-ifrs measures including Attributable profit excluding exceptional items, Underlying EBITDA interest coverage, Underlying effective tax rate, Underlying EBIT margin, Underlying EBITDA margin and Underlying return on capital. These measures are used internally by management to assess the performance of our business, make decisions on the allocation of our resources and assess operational management. Non-IFRS measures have not been subject to audit or review. UK GAAP financial information Certain historical financial information for periods prior to FY2005 has been presented on the basis of UK GAAP, which is not comparable to IFRS or US GAAP. Readers are cautioned not to place undue reliance on UK GAAP information. No offer of securities Nothing in this presentation should be construed as either an offer to sell or a solicitation of an offer to buy or sell BHP Billiton securities in any jurisdiction. Reliance on third party information The views expressed in this presentation contain information that has been derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. This presentation should not be relied upon as a recommendation or forecast by BHP Billiton. Slide 2

3 Disclaimer Mineral Resources and Ore Reserves This presentation includes information on Mineral Resources (inclusive of Ore Reserves) and Ore Reserves. These have been compiled by: P Whitehouse (MAusIMM) Western Australian Iron Ore (WAIO) who is employed by BHP Billiton at the time of reporting. This is based on information in the BHP Billiton Annual Reports from 2007 to 2012 and other investor presentations which can be found at All information is reported under the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2004 (the JORC Code). The Compiler verifies that this report is based on and fairly reflects the Mineral Resources and Ore Reserve information in the supporting documentation and agrees with the form and context of information presented. Ore Reserve and Mineral Resource classification are contained in Table 1. Table 1 Proved Reserve (Bt) Probable Reserve (Bt) Measured Resource (Bt) Indicated Resource (Bt) Inferred Resource (Bt) FY FY FY FY FY FY Slide 3

4 目录短期预测 : 外部环境持续波动长期展望 : 铁矿供应正在迎头赶上必和必拓增产计划的进展 Slide 4

5 市场信心在 2012 年底得到了恢复中国房地产建筑面积 ( 月度同比变化 %,3 个月移动平均 ) 上证指数及螺纹钢期货 ( 上证指数, 人民币 / 吨 ) 新开工面积销售面积 2,800 2,600 Shanghai 上证指数 ( Stock 左轴 Index ) Rebar 螺纹钢期货 Futures May 年 5 月交割 2013 contract ( 右轴 )(RHS) , , , , , , Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 数据来源 : 国家统计局, 当月面积由累计值计算得来 Source: NBS, * monthly YoY data implied from YTD YoY data 1,200 Jan 12 Apr 12 Jul 12 Oct 12 Jan 13 数据来源 Source: : Bloomberg, 彭博, 上海证券交易所 Shanghai Stock, 上海期货交易所 Exchange, Shanghai Futures Exchange 2500 Slide 5

6 2012 年国内钢铁及铁矿石的各项数据都高于去年同期月度粗钢产量及市场库存 ( 百万吨, 年化 ) traders' 年贸易商钢铁库存 steel stock ((RHS) 右轴 ) 2012 traders' 年贸易商钢铁库存 steel stock ((RHS) 右轴 ) 2011 annualised 年月度粗钢产量 crude steel output 2012 annualised 年月度粗钢产量 crude steel output 25 月度铁矿石需求量及港口库存 ( 百万吨, 年化 ) 1, 年铁矿石港口库存 iron ore port stock ((RHS) 右轴 ) 2012 年铁矿石港口库存 iron ore port stock ((RHS) 右轴 ) 2011 年月度铁矿石需求量 annualised iron ore demand 2012 年月度铁矿石需求量 annualised iron ore demand , , Jan Mar May Jul Sep Nov 数据来源 Source: NBS, : 国家统计局 Mysteel, ; BHP 我的钢铁网 Billiton ; Analysis 必和必拓 Jan Mar May Jul Sep Nov Source: NBS, Mysteel, Steelhome, BHP Billiton Analysis, the iron ore demand is calculated based on the pig iron production from NBS multiply by the factor from 数据来源 pig iron : to 国家统计局 iron ore (62.0% ; 我的钢铁网 Fe, 5.0% ; 钢之家 moisture). ; 必和必拓 Port stock at natural grade Slide 6

7 铁矿石价格随着与钢铁企业的库存水平的变化而波动现货铁矿石价格与小型钢企进口矿石库存水平的比较美元 / 干吨 200 小型钢企进口矿库存可供生产的天数 ( 右轴 ) 普氏指数 ( 左轴 ) Small steelmill imported iron ore coverage (Days, RHS) Platts 62% Fines CFR China Price 天数 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 数据来源 Source: : 普氏指数 Platts, ; Mysteel. 我的钢铁网 Mysteel ; 必和必拓 survey 55 small mills (majority of them with capacity less than 5mtpa) located in Hebei province (Tangshan, Xingtai, Handan), Shandong province and Shanxi Province Slide 7

8 目录短期预测 : 外部环境持续波动长期展望 : 铁矿供应正在迎头赶上必和必拓增产计划的进展 Slide 8

9 铁矿石需求量预计在 2020 年代中期达到峰值中国粗钢产量展望示意图 ( 百万吨每年 ) 1,500 中国海运铁矿石需求展望示意图 ( 百万吨每年 ) 1,500 1,000 1, Mt +650Mt 备注 : 以上仅为示意图数据来源 Source: : World 国际钢协 Steel, Association; 必和必拓 BHP Billiton analysis. Source: 数据来源 GTIS; :GTIS, BHP 必和必拓 Billiton analysis. Slide 9

10 低成本的海运铁矿石的供应量的增加将会逐步取代高成本矿石的生产中国及世界其它地区的海运铁矿石消费量与供应量的指数 China total and ROW Seaborne iron ore demand vs supply index (2012 年 = 100) 中国及世界其它地区的海运铁矿石消费量 China total & ROW seaborne iron ore demand 160 被取代的非经济性产量 Uneconomical supply to be displaced 预期的海运铁矿石供应及中国自产铁矿的总量 Expected supply from seaborne producers and China domestic 数据来源 : 必和必拓 Slide 10

11 Iron 铁矿石生产成本 ore production cost ( 美元 (US$/dmt, / 干吨, CFR 中国到岸价 China) ) 新的低成本的供应将会拉低铁矿石的价格, 并且在长期来看有助于削减价格的波动幅度铁矿石成本曲线的示意图 Illustrative iron ore cost curve 目前与将来 current vs future ((US$/dmt, 美元 / 干吨 mt), 干吨 ) 目前的成本曲线目前铁矿价格的波动量未来的成本曲线随着低成本铁矿的供应量的增加, 未来铁矿价格的波动量累计的铁矿石产能 ( 百万吨 ) Cumulative iron ore production capacity (mt) 全年铁矿需求的 Annual iron ore 全年铁矿需求的 Annual iron ore demand 波动量 volatility demand 波动量 volatility 备注 Note: : 年度铁矿需求的波动将会受到很多因素的影响 Annual Iron ore demand volatility could be caused, 其中包括季节性因素 by many factors, including, 去库存与补库存等等 seasonal factor s, destocking or restocking of iron ore inventories, etc. Slide 11

12 目录短期预测 : 外部环境持续波动长期展望 : 铁矿供应正在迎头赶上必和必拓增产计划的进展 Slide 12

13 世界级的资源储备使我们能够满足日益增长的铁矿石需求铁矿资源量在六年内增长超过两倍而且在地理上分布集中必和必拓西澳铁矿石资源量和储量 ( 十亿吨, 湿基, 基于 100% 所有权 ) 资源量储量 +100 年矿山寿命 * 黑德兰港费尼肯岛 Boodarie 尼尔森角 YARRIE 15.0 黑德兰港 - 纽曼铁路 FY07 FY08 FY09 FY10 FY11 FY km 备注 : 请参阅在第三页上的免责声明 * Represents the Mineral Resource (inclusive of Ore Reserves) divided by the FY12 production rate and does not imply that any mine planning has been completed. The life of individual mines may be more or less than the number stated above. 现在将来新矿山必和必拓扬迪 South Flank 麦克 Marillana Jinidi OB 23/25 OB 18 纽曼津布巴威拉拉 ~250km Slide 13

14 必和必拓的扩产项目都能够按时或提前投产必和必拓西澳铁矿石产量 ( 湿吨, 百万吨每年, 基于 100% 所有权 ) 200 增长项目 5 期按时投产麦克矿提前投产增长项目 1 期按时投产增长项目 3 期按时投产 PACE 增长项目提前投产增长项目 2 期提前投产增长项目 4 期提前投产 - FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 备注 1: PACE 是产品和产能扩建项目的缩写 2: 箭头代表投产日期 Slide 14

在铁矿石项目上的庞大的投资展现了必和必拓对长期发展的信心必和必拓铁矿石项目的投资与资本支出相对于铁矿石息税前收入的比例 ( 百万美元, %) 7,000 6,000 必和必拓铁矿石项目投资额必和必拓铁矿石项目投资额占铁矿石息税前收入的比例 (%) 56% 64% 70% 60% 5,000 45%

15 在铁矿石项目上的庞大的投资展现了必和必拓对长期发展的信心必和必拓铁矿石项目的投资与资本支出相对于铁矿石息税前收入的比例 ( 百万美元, %) 7,000 6,000 必和必拓铁矿石项目投资额必和必拓铁矿石项目投资额占铁矿石息税前收入的比例 (%) 56% 64% 70% 60% 5,000 45% 46% 50% 4,000 40% 40% 40% 3,000 31% 27% 30% 2,000 20% 1,000 10% - FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 0% 来源 : 必和必拓年报注 : 必和必拓财年始于每年 7 月 1 日 Slide 15

16 在成本曲线上的优异位置, 使我们能够保证长期稳定的铁矿石供应铁矿石粉矿的成本曲线 - CY2012 ( 麦格里银行 ) ( 美元 / 吨, 名义价格, 中国到岸价 ) 年成本曲线必和必拓西澳铁矿 0 数据来源 : 麦格里银行,2012 年 9 月累计数量 ( 百万吨 ) Slide 16

17 扩建项目进展顺利增长项目都在预算内按时完成黑德兰港内港扩建已在 2012 年第四季度投产津布巴矿山扩建具备 3500 万吨的生产能力和更大规模的矿石处理能力, 将于 2014 年 1 季度投产铁路编组站扩建提高港口的矿石卸载灵活性和直接装船能力, 预计于 2014 年下半年开始运作内港优化项目进展顺利必和必拓西澳铁矿产量 ( 百万吨每年, 100% 产量基础 ) 300 >2.2 亿吨津布巴矿山扩建和 Mooka 铁路编组站 5 号翻车机去瓶颈项目 100 FY11 FY12 FY13e FY14e FY15e FY16e Slide 17

6000 万吨能力的堆场和铁路输出能力每年 5500 万吨能力的矿石加工中心 (OHP) 每年

18 津布巴矿山 : 产能易于进一步扩展津布巴矿山的基础设施能够满足超过 3500 万吨的产能增长预计在 2014 年一季度投产的津布巴矿山将增加 3500 万吨的年产能初期投资的基础设施包含每年 6000 万吨能力的堆场和铁路输出能力每年 5500 万吨能力的矿石加工中心 (OHP) 每年 3500 万吨能力的卡车车队只需增加非常低的投资就能实现产能的进一步增加典型的移动式二次破碎机 Slide 18

19 津布巴矿山项目稳步推进 : 矿石加工中心 Jimblebar: Ore Handling Plant (February 2013) 津布巴矿 : 矿石加工中心 (2013 年 2 月 ) Slide 19

20 津布巴矿山项目稳步推进 : Warrawandu 职工宿舍区津布巴矿 :Warrawandu 职工宿舍区 (2013 年 2 月 ) Slide 20

21 中国是津布巴矿山项目设备的重要供应商 Slide 21

22 支持铁矿石交易平台的发展在 globalore 和北矿所两个现货交易平台的年化交易总量 ( 千吨 ) 30,000 27,778 25,000 20,000 18,110 20,294 15,000 10,000 5,000 0 Feb 12-Apr 12 May 12-Jul 12 Aug 12-Oct 12 Nov 12-Jan 13 数据来源 : 普氏, globalore, 北矿所 Slide 22

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网易介绍 2005 Safe Harbor This presentation contains statements of a forward-looking nature. These statements are made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.