NMDC LIMITED

(A Govt. of India Enterprise)

Investor (Non-Deal) Presentation

 Disclaimer
 This presentation is issued by NMDC Limited (the “Company”) for general information purposes only, without regard to specific objectives, suitability, financial situations and needs of
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securities laws of any state or other jurisdiction of the United States. The Company’s securities have not been and will not be registered under the Securities Act.
 Section A: Company Overview
Section A: Industry Overview

3
 Indian Steel and Iron Ore Sectors - Positive Outlook

One of the Largest Users of Steel but Low Steel Penetration Levels(1)

75 523 301 505 1106 499 282 447 205 415

737

97
89
64 56
41 41 36 26. 25

South Germany Russia Turkey Mexico Italy

India China USA Japan Korea

Apparent Steel Use(2) 2017 (mn tonnes) Per Capita Steel Use (kgs)

• With per capital steel consumption of 75 Kgs against the world average of 225 Kgs, there is a huge potential for growth as steel
penetration is significantly low.
Notes:.1. World Steel Association. 2. Apparent steel use is defined as sum of net industry shipments within a given country, plus its imports minus exports.3. World Steel Association and street research. 4. National Steel Policy,
2017

Data Source : WSA / Annual report Ministry of Steel / News paper clipping, Financial Express dated 02-04-2019 (Data from ISDG)
Refer: Disclaimer 4
 Indian Steel and Iron Ore Sectors - Positive Outlook

3rd Largest Producer of Steel (CY17)(3)

(mn tonnes)

831

105
82 72 71
101
43 38 34 21

China J. Japan India USA Russia S. Korea Germany Turkey Brazil Ukraine

2nd largest as per 2018 data

Notes:.1. World Steel Association. 2. Apparent steel use is defined as sum of net industry shipments within a given country, plus its imports minus exports.3. World Steel Association and street research. 4. National Steel Policy,
2017

5
 Indian Steel and Iron Ore Sectors - Positive Outlook

India Steel Consumption is Expected to Grow at a CAGR of ~7.4% -over the next 12 years

(mn tonnes)

230

73.5 73.9 77.0 84.0 91.0

71.0 82.0

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY31

Consumption in terms of Crude Steel: 255 MTPA

Notes:.1. World Steel Association. 2. Apparent steel use is defined as sum of net industry shipments within a given country, plus its imports minus exports.3.
World Steel Association and street research. 4. National Steel Policy, 2017

6
 Focussing on Business & Industry update
INDIAN STEEL (FY‘18)
• India’s capacity of crude steel increased from 22 MTPA in FY’92 to 122 MTPA in FY’16.
CAGR of 5.1% till 2000 & CAGR of 8.3% from 2000 to 2016. From 2010 to 2016, capacity
increased from 75 to 125 MTPA @ 8.8% CAGR.
• Crude steel production capacity reached 137.98 MT, a growth of 7.6 per cent.
• Total finished steel production was 102.34 MT, an increase of 4.5 per cent.
• India was a net exporter of total finished steel.
• India is the largest producer of direct reduced iron (DRI) in the world.
• The Govt. targets 300 MT capacity by 2030.
• The steel sector contributes to nearly 2% of the country's GDP and employs over 6 lakh
people.
• Per capita Steel consumption is 75 kg against world’s 225 kg, which shows that Indian Steel
Industry has the opportunity for growth in terms of steel consumption.

Data Source : WSA / Annual report Ministry of Steel / News paper clipping, Financial Express dated 02-04-2019 (Data from ISDG)
Refer: Disclaimer

7
 Section A: Company Overview
Section B: Company Overview

8
 NMDC : Pioneer in the Indian Mining Industry
• Over 60 years of Experience
1 • Consistent majority ownership of the Govt. of India for over 6 decades
Rich Heritage • Classified as Navratna CPSE providing significant Operational
flexibility

• Production of over 35 MT in FY 2018

2 India’s Largest Iron
• Production of 32 MT in FY 2019 (Prov)
Ore Producer • Market share of ~ 18% in FY 2018

• Iron Ore Resources of 2.730 bn Tons (Hematite) as per UNFC (April

3 2018) and resource of 1.586 bn Tons as per JORC (April 2014)
Large Asset Base • Proximity of mines to Key Demand Centers
• Access to reserves of high grade iron ore, predominantly with greater
than 64% Fe

• Has been involved in exploration and mining of various minerals such

4 as Iron ore, Copper, limestone, dolomite, diamond, gypsum, etc., since
Proven Track
inception.
Record of Execution
• Track record of operationalizing mines and handing over to other
public companies / development into independent companies.

• Focus on increasing iron ore mining capacity to 67 MTPA by FY 22.

5 Strategic • Strengthen exploration and forward – integrate to value added business
Management Plan to (Pellets /Steel)
Drive Growth • Focus on Global presence by investing in companies like Legacy Iron
ore Limited at Perth, Australia and ICVL at Mozambique

• Market Cap of US $ 4.6 bn

6 • FY 18 Revenue : US $ 1659 mn: FY 18 Operating EBITDA Margin: 55.7%
Strong Financials • FY 18 Net Cash: US $ 778 mn
• FY 18 RoE: 15.6%
• FY 19 Dividend Yield: 5.3% (Considering Interim Dividend for FY’19)

Note: INR 70 = US$ 1

Closing Price of NMDC Share as the end of FY 19 is considered. 9
NMDC: Over 60 Years of Experience in the Mining Industry
2016: Commissioning of Pellet 2019: Buyback of
plant & buy back for 25% equity INR 1000 cr,
shares surpassed sale of
32 mt

2012: Government of India

2010: Govt of India divested sold 10% stake through the 2019
8% of its stake. 2017
Offer for Sale mechanism
2016
2015
2012
2003 : Commissioned 2010
Bailadila Deposit-10 &11 A 2009

2008
1997: Listed on Indian
stock exchanges 2003 2009 : Forward integration into 2015: Commissioned
steel making (pellets/steel) Bailadila Deposit- 11B;
and organic expansion Trial Run of 1.2 MT Pellet
1977: Commissioned 1997 2008: Categorized as
through setting up new mines Plant
Donimalai Iron Ore Mines “NAVRATNA” Public Sector

and Bacheli Complex of Enterprise by the Department of

1988 Public Enterprises
Bailadila Iron Ore Mines

1988: Deposit 11/C of Bailadila Iron 2017: Production surpassed 34

Ore Mines commissioned mt with sale of 35 mt
1977

1968: Kirandul complex of Bailadila

1968
Iron Ore Mines commissioned • ISO 9001:2000 certification for iron ore mines
1958 • ISO 9001:2008 certification and IMS for R&D center
1958: Incorporated as a Government of • R&D has received 3 US patents (Amorphous Silica,
India enterprise with the objective of
Sodium Silicate and Zeolite-A)
exploring mineral resources
• ISO 14001:2004 EMS certification for all production mines
• OHSAS 18001:2007 OHMS certification for all production
mines 10
18
 Section A: Company Overview
Section C: Performance

11
 Highlights

A Largest Producer of Iron Ore in India

B Large Asset Base

C Low – Cost Producer of Iron Ore

D Strong Domestic & International Customer Base

E Strong Management and Govt. of India Parentage

F Robust & Sustained Financial Performance

G Superior Corporate Governance Standards

H CSR Initiatives
12
 A. Largest Producer Of Iron Ore In India
In FY 2013-14, NMDC’s production exceeded 30.00 MT for the first time since inception.
Produced 34 MT in 2016-17 and 35.5 MT in FY 2017-18

Location of NMDC’s principal mining facilities Historic production at key mining locations
30.4 28.6 34.0 35.6 32.5

(% of Total Production)
100%
34.0% 35.0% 34.0% 28.0%
80% 41.0%

60%

40% 72.0%
66.0% 59.0% 65.0% 66.0%
20%

0%
FY2014-15 FY2015-16 FY2016-17 FY2017-18 FY2018-19
Madhya Pradesh
(1) (2)
Chhattisgarh Karnataka
Bacheli Mining
Panna Diamond Chhattisgarh Complex: Composition of iron ore production
Mine Deposit – 5, 10
and 11A 30.4 28.6 34.0 35.6 32.5
100%

(% of Total Production)
Karnataka 80%
Donimalai Mining 64.0% 64.0% 65.0% 66.0% 66.0%
Kirandul Mining Complex: 60%
Complex: Donimalai
Deposit – 11C, 14
40%
Donimalai Mining Chennai Port
Complex: 20% 36.0% 36.0% 35.0% 34.0% 34.0%
Kumaraswamy`
0%
FY2014-15 FY2015-16 FY2016-17 FY2017-18 FY2018-19

Lumps Fines
(1) Includes Bacheli and Kirandul mining complexes
(2) Includes the Donimalai mining complex
(3) Figures for 2018-19 are provisional. 13
 B. Large Asset Base

Iron Ore Reserves and Resources of NMDC Limited as on 1.4.2018 as per UNFC
(Cut off Grade - 45% Fe)
Grand Total
Proved Reserves Propable Reserve
Total Reserves Resources (Reserve+ ML Valid
Iron Ore Tenement (111) (121 & 122) Complex
Resource) up to
Qty Fe% Qty Fe% Qty Fe% Qty Fe% Qty Fe%
Chhattisgarh
Deposit 5 180.97 67.69 72.11 67.90 253.08 67.75 99.42 58.02 352.50 65.01 31.03.2020
Bacheli
Deposit-10 210.91 62.52 - - 210.91 62.52 110.53 61.96 321.44 62.33 31.03.2020 Complex
Deposit -11A 52.02 65.56 35.62 65.12 87.64 65.38 89.42 61.51 177.06 63.43 10.09.2037
Deposit -11B 156.04 66.94 37.84 65.37 193.88 66.63 184.30 61.81 378.18 64.28
Deposit -11C(Part) 41.65 64.65 6.99 63.48 48.64 64.48 17.38 59.60 66.02 63.20 10.09.2037
Kirandul
Depoit11 249.70 66.27 80.45 65.10 330.15 65.98 291.10 61.58 621.25 63.92 Complex
Deposit-14 324.15 64.70 38.04 59.75 362.19 64.18 105.33 59.72 467.52 63.18 31.03.2020
Deposit-14NMZ 147.20 65.55 15.36 65.53 162.56 65.55 78.66 61.74 241.22 64.31 31.03.2020
Subtotal Chhattisgarh 1,112.93 65.24 205.96 65.12 1,318.89 65.22 685.04 60.86 2,003.93 63.73
Karnataka
Donimalai 100.00 64.74 33.00 63.57 133.00 64.45 18.00 - 151.00 64.45 03.11.2038 Doni
Kumaraswamy 56.23 62.48 84.34 61.87 140.57 62.11 72.00 - 212.57 62.11 17.10.2022 Sector
Subtotal Karnataka 156.23 63.92 117.34 62.35 273.57 63.25 90.00 - 363.57 63.25
Total NMDC 1,269.16 65.08 323.30 64.12 1,592.46 64.88 775.04 60.86 2,367.50 63.65
Under Joint Venture -NMDC-CMDC Ltd. (NCL)
Deposit 13 324.69 67.24 - - 324.69 67.24 37.64 67.01 362.33 67.22 09.01.2067
Subtotal NCL 324.69 67.24 - - 324.69 67.24 37.64 67.01 362.33 67.22
Total 1,593.85 65.52 323.30 64.12 1,917.15 65.28 812.68 61.14 2,729.83 64.13

14
 C. Low-cost Producer Of Iron Ore

Operating cost per ton of Production Factors enabling low cost of production of NMDC

 Highly mechanized mines leading to lower wastage

22.6
25.0  Access to relatively large talent pool in India
20.7
18.9
16.0  Cost management through cost centre wise monitoring and
(US$/t)

20.0
14.2 9.9 control practices, leading to greater operational efficiency
8.5 and logistics planning
6.4
15.0
6.5 4.4  Stability / predictability of certain expenses e.g.
10.0 – Wage increases governed by periodic long term
settlements
12.5 12.2 12.7
9.5 9.8 – Long term arrangements/contracts with OEMs for
5.0
maintenance of HEMs
– Outsourcing of non-core services.
-
2014-15 2015-16 2016-17 2017-18 2018-19
(UPTO
 Proximity of expansion projects to existing mines enabling
DEC'18) utilization of existing infrastructure
– Lesser investment cost
Cost per ton Stat. Levies per ton – Fungibility of resource pool

INR 70 = US$ 1 15
 D. Strong Domestic And International Customer Base
Key domestic customers Key international customers

CG units

Gujarat China
South Japan
Essar
Chhattisgarh Korea
JSW ISPAT /
Welspun RINL
Maharashtra
 Japanese steel mills (LT
JSW Steel Andhra Pradesh contract)
KIOCL
 POSCO, South Korea (LT
Karnataka contract)

Offtake in domestic and export markets (mt )

40
35 32.89 33.48 • Long Term Contracts with Key International Customers
31.21
30 28.05 27.71
• Exports to Japanese / South Korean Steel Mills through
25 MMTC, which is the canalizing agency under long term
contracts
20
15 • Prices are fixed quarterly benchmarked to prices of Platts
10 Fe 65%
5 2.47 2.73 2.60
1.13 1.18
0 • Export sales are on ‘FoB’ Basis with the company paying
FY2014-15 FY2015-16 FY2016-17 FY2017-18 FY2018-19 the costs of railway freight, port charges & export duties.

Domestic Export

Figures for 2018-19 are Provisional 16

 Key arrangements in regard to Domestic and
Export Sales
Key terms of domestic supply contracts Key terms of export supply contracts
 Domestic supply contracts are generally for a duration of 5 years  Exports to Japanese / South Korean steel mills are through MMTC
which is the canalising agency under long term contracts.
– The quantity allocation is done annually
– Prices are fixed quarterly benchmarked to prices of Platts Fe 65%
– Prices are fixed based on market dynamics
 Export sales are on “Free on Board” basis with the Company paying the
 Prices are adjusted based on change in Fe content of ore supplied costs of rail freight, port charges and export duties etc
 Domestic sales are on “Free on Rail” / Free on Truck basis.

Average sales realization (per metric tonne in US$)

Domestic (FOR / FOT basis) Export (FOB basis)

100
100 92
90
70 90 78 76
80
62 80 71
70
46 50 50 70 56
60 41 55 54
41 60 50
50 38 44 45
31 50
40 25
40
30
30
20
20
10
10
0
2014-15 2015-16 2016-17 2017-18 2018-19 (UP 0
TO DEC 18) 2014-15 2015-16 2016-17 2017-18 2018-19 (UP
TO DEC 18)
LUMP FINES
LUMP FINES

Note: INR 70 = US$ 1

17
 E. Strong Management & Govt. of India Parentage

Best in Class Management Team Consisting of Govt.

Representative Directors & Independent Directors Strong GoI Support
100%
90% 90% 90%
90%
80% 80% 80% 80%
N Baijendra Kumar • Before joining NMDC, was Addl. Chief
Secretary to Chief Minister of 80% 75%
Chhattisgarh. 72% 72%
Chairman Cum managing Director • Handled department such as
commerce, industry, energy, 70%
environment and Forest Mining etc. in
Varied Experience as a Senior IAS the State of Chhattisgarh.
Officer • An M. Sc. in Zoology and M. Phil in 60%
Environmental Sciences.

50%
40%
Dr. T. R.K Rao • Previously worked as Consultant with
World bank
Director (Commercial) • Completed his Masters in Economic
Key Positions held in the Ministry of Policy management from Columbia 30%
Railways University
20%
P K Satpathy • Previously General manager of BIOM
Kirandul Complex, Chhattisgarh 10%
Director (Production) • Bachelor of Engineering (Mining) with
1st Class Mining Manager certificate of
>33 years of experience in the fields of
Competency 0%
Iron Ore & Copper FY FY FY FY FY FY FY FY FY FY
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Sandeep Tula • Joined NMDC as general manager

(Personnel) in 2013 from SAIL
Director (Personnel) • Post Graduate Diploma in Social Work
Awarded “Navratna” Status in 2008
>35 years of experience in Personnel from Kolkatta University
Management

Amitava Mukherjee • Joined NMDC in Nov’2018 from

Ministry of Railways. Was working
Director (Finance) with Railways as a Joint Secretary level
As an IRAS officer held Key Positions Officer
in Ministry of Railways • Cost Accountant and Masters of
Commerce

Refer: Disclaimer 18
 F. Robust & Sustained Financial Performance
Sales (mtpa) Revenue (US$mm) EBITDA on Sales (US$mm)

2,500
1,500 80.4% 80%
40 35.620 36.080 67.7%
61.5%
1,418.58 70%
35 32.390 2,000 1765.20 55.7%
30.520 1659.27 51.1% 60%
28.840
30 1,000
50%
1,500 1261.38
25 1215.62 924.59 40%
20 747.07 30%
922.47 500 624.89 644.27
1,000
15 20%
10 10%
500
5 0 0%
2014-15 2015-16 2016-17 2017-18 2018-19
0 0 (up to
2014-15 2015-16 2016-17 2017-18 2018-19 2014-15 2015-16 2016-17 2017-18 2018-19 (up Dec'18)
(Prov.) to Dec'18)
EBITDA % Margin

PAT (US$mm) Capital expenditure (US$mm) Net Cash (US$mm)

1,000 70%
600
60% 525.57
917.41 495.41 4,000
50% 500 448.01
52.0% 42.0%
32.9% 37.5% 3,000 2,634.73
29.3% 40% 400
500 335.10 1,895.23
543.70 30% 282.52 2,000
455.48 300
387.36 369.88 20%
1,000 755.61 705.45 627.50
10% 200

0 0% 100 0
2014-15 2015-16 2016-17 2017-18 2018-19 2014-15 2015-16 2016-17 2017-18 2018-19
(up to 0 (up to
Dec'18) 2014-15 2015-16 2016-17 2017-18 2018-19 Dec'18)
PAT % Margin

Exchange rate used for conversion: INR 70 = US$ 1

19
 SHAREHOLDING PATTERN AS OF 30.03.2019

Market cap”: US $ 4.66 bn

1.49
3.38 0.73 0.31
3.90
3.94 % Shareholding
Key Shareholders Other Than GoI as on
13.96 30.03.2019
LIFE INSURANCE CORPORATION OF 12.9%
INDIA
LICI NEW ENDOWMENT PLUS-GROWTH 2.03%
FUND
ADITYA BIRLA SUN LIFE TRUSTEE 1.17%
PRIVATE LIMITED
EDGBASTON ASIAN EQUITY TRUST 0.79%

72.28 VANGUARD EMERGING MARKETS 0.42%

STOCK INDEX FUND

Central Government Insurance Companies

FII/FPI Financial Institutions/Banks
Mutual Funds Corporate Bodies
Trusts Others

@ US $ = INR Rs 69
Market Data as on 05.04.2019
20
 Dividend Payment

1,200
1,100

1,000
855

800
750

581
552
600 515
430

400
281 291
234
161
200
53 63 53
36

-
2014-15 2015-16 2016-17 2017-18 2018-19

Dividend payout (Incl. DDT) % of PAT % of EQUITY

Exchange rate used for conversion: INR 70 = US$ 1

Figures for 2018-19 are Provisional

21
 G. Superior Corporate Governance Standards

COMMITTEES:

i) AUDIT COMMITTEE: Majority Members are Independent Directors and also Chaired by an Independent Director

ii) NOMINATION & REMUNERATION COMMITTEE - Consist of three Independent Directors with Director Personnel as a
special invitee

iii) CSR & SUSTAINABILITY COMMITTEE - Headed by an Independent Director

iv) RISK MANAGEMENT COMMITTEE – consists of all the Functional Directors (excluding CMD)

v) SHAREHOLDERS INVESTORS GRIEVANCE/ STAKEHOLDERS COMMITTEE – consists of Chairman of Audit

Committee, Director Finance and Director Production

OTHER AREAS:

i) Internal Code of Conduct for Prevention of Insider Trading

ii) Financials audited by Independent Auditors & additionally Audited by Government Auditor too i.e., C&AG.

iii) Independent Vigilance Department and Whistle Blower Mechanism

iv) Right to Information Act which promotes transparency and accountability

v) Apart from the above, mechanism like Integrity Pact, Fair Practice code etc are also in place.

vi) Performance Review Mechanism by the Government.

22
Refer: Disclaimer
 H. Corporate Social Responsibility (“CSR”) initiatives
Environment
Natural
Education
Calamities

Culture &
Sports Health

CSR Focus

Infrastructure Skill
Development Development

Livelihood & Capacity

Learning Building

 NMDC’s CSR goals aim at emancipation, improvement in the standard of living and quality of life of its stakeholders towards nation
building.
 The approach is holistic and oriented towards community and stakeholders
 CSR model integrated into business strategy
 Recognition by Govt. of India as the Best Continuous Consultative CSR Model

23
 Section A: Company Overview
Section D: Growth Strategy

24
 SMP – Capacity Enhancement Plan

Mines Project Existing Mining Mining Capacity

Capacity Ramp up by FY 22
Kirandul 14 21
Existing Bacheli 15 17
Operating
Mines Donimalai 14* 14*
Kumarswamy
Sub total 43 52
Greenfield Mines Deposit 13 0 10
(JV with CMDC) Deposit 4 0 5
Sub total 0 15
Grand Total 43 67

*Subject to clearance of Donimalai case & start of production

25
 Evacuation Enhancement Plan

Project Route Existing Evacuation

Evacuation Capacity Ramp up
Capacity by FY 22
Railways 28 28
Road 3 3
Bailadila Sector
(Including JV with Essar Slurry Pipeline 8 8
CMDC) Doubling of KK Line - 12
NMDC’s Slurry Pipeline - 15
Donimalai Sector 14 14
Grand total 53 80

NMDC has planned for sufficient evacuation capacity to meet the requirements of production ramp up

26
 Value Addition Activities In Relation To Iron Ore
• Cost Estimate: US$ 2218 mn (under revision)
• Likely commissioning by 2019-20 (H2)
• Flat Products like HR plates, HR Sheets, HR Coils, automotive steel and API Grade Steel of about
2.7 MT
INTEGRATED STEEL
MANUFACTURING
• Logistic Advantage – location near iron ore mine- centralized location for transportation to customers
at Raipur, Vizag etc.
• Freight from railways for empty wagon
• At 100% capacity, Steel Plant will contribute USD 1.7 bn to the topline of the company with EBITDA
of 25%.

• Cost Estimate: US$ 415 mn. (First Phase)

• The system is intended for transportation of Pellet Feed Concentrate from Bailadila to Jagadalpur.
• Initially, “2 MTPA Ore Processing plant at Bacheli, 2 MTPA Pellet Plant at Nagarnar, 15 MTPA Slurry
SLURRY PIPE LINE Pipeline from Bacheli to Nagarnar and associated facilities” are taken up.
• Likely commissioning by 2021-22 (H1)
• Cost of evacuation from Bailadila sector to Vizag port to reduce by about 55% from Current cost of ~
USD 17 to ~ USD 8.

27
Note: INR 70 = US$ 1
Value Addition Activities

28
Refer: Disclaimer
 Section A: Company Overview
Appendix

29
 MM (D&R) Amendment Act, 2015 – Opportunities

 All Mining allocation to be done through auction route, however reservation is available for
NMDC (being a public sector company) under section 17A(2A) of MMDR Act, 2015.

 Renewal of leases expiring by Mar 2020, for private miners is only through auction route
while MMDR Act provides for extension of existing leases to Govt. Companies only for
further period of 20 years.

 Hence, NMDC shall continue to operate its existing iron ore mines after Mar 2020 under
Merchant mining category.

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National Steel Policy, 2017 – opportunities for NMDC

 Tremendous potential for growth in Steel Sector.

 NMDC being largest iron ore player with integrated mining solutions is better positioned
to take advantage of opportunities in iron and steel industry which is expected to grow
with CAGR of 7.4%.

 Targeted Increase in steel capacity by more than double at 300 mtpa requires raw
material of about 437 mtpa and provides fillip to iron ore industry and NMDC with a
current market share of 15-18% has great opportunity to ramp up its production.

 Increase in Demand for Pellets, Coking Coal and Manganese provides diversification
opportunities for NMDC.

 Opportunity to Geographically expand into new regions like Odisha and Jharkhand due
to increased steel demand.

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National Mineral Policy, 2019 – opportunities for NMDC

 NMP, 2019 reinforces the core competency of NMDC in exploration as it provides edge
over other mining companies through Right of First Refusal at the time of auction or
seamless transition from RP to PL to ML or auctioning of composite RP cum PL cum ML
in virgin areas on revenue sharing basis.

 NMP 2019 states that “Efforts shall be made to grant mining the status of industry”.

 NMP 2019 has stressed on “Development and installation of innovative, eco-friendly

and efficient modes of evacuation like slurry pipelines and close loop conveyors shall be
promoted and encouraged”. This is already in practice in NMDC and NMDC has
established a benchmark for other Mining Companies.

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THANK YOU

December 2013

(Non-Deal Roadshow)
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