1. SA Mining & Energy Infrastructure Conference, Adelaide
12-13 April 2011
Andrew Woskett, Managing Director
Minotaur Exploration Limited
ACN: 108 483 601
ASX: MEP

2. The Braemar Infrastructure Challenge
1. Disclaimer
2.
Introduction to the Braemar Iron Formation: where, what and why it is significant
3. A mining development scenario: how big could it be
4. Infrastructure profile:
 Beneficiation
 Power & Water
 Concentrate Slurry/Rail
 Pellitisation
 Port

3. Cautionary Statements
This presentation has been prepared by the management of Minotaur Exploration Limited (ASX: MEP) for the general benefit of
analysts, brokers and investors and does not constitute specific advice to any particular party or persons. Information herein is based
on publicly available information, internally developed data and other sources. Where an opinion, projection or forward looking
statement is expressed in this presentation, it is based on the assumptions and limitations mentioned herein and is an expression of
present opinion only. No warranties or representations are made or implied as to origin, validity, accuracy, completeness, currency or
reliability of the information. MEP specifically disclaims and excludes all liability (to the extent permitted by law) for losses, claims,
damages, demands, costs and expenses of whatever nature arising in any way out of or in connection with the information, its
accuracy, completeness or by reason of reliance by any person on any of it. Where MEP expresses or implies an expectation or
belief as to the success of future exploration and the economic viability of future project evaluations, such expectation or belief is
expressed in good faith and is believed to have a reasonable basis. However, such projected outcomes are subject to risks,
uncertainties and other factors which could cause actual results to differ materially from projected future results. Such risks include,
but are not limited to, exploration success, metal price volatility, changes to current mineral resource estimates or targets, changes to
assumptions for capital and operating costs as well as political and operational risks and government regulatory outcomes. MEP
disclaims any obligation to advise any person if it becomes aware of any inaccuracy in or omission from any forecast or to update
such forecast.
The following presentation is a visualisation of possible infrastructure solutions to
support potential future iron ore mine developments. Locations nominated for the
provision of infrastructure facilities are for illustration purposes only and should not be
considered viable technical, economic, environmental, social or State solutions for any
future requirements

4. Braemar Ironstones: The next big (Fe) thing
This presentation is based on a range of views and assumptions held by Minotaur alone and Minotaur does not purport to speak on
behalf of other mineral exploration companies with interests on the Braemar Iron Formation. Minotaur has not sought nor has it received
any authorisation to make forward looking statements on behalf of other entities.
This presentation conceptualises a development scenario for magnetite deposits on the Braemar Iron Formation. Being a concept, there is currently
no supporting technical or economic justification. The integrated, multi-user infrastructure facilities envisaged are hypothetical in nature and scope
and do not, in Minotaur s understanding, reflect third party intentions as presently contemplated. There can be no level of certainty that this or any
concept may eventuate

5. Braemar Ironstones: what is it?
 a significant regional sequence of highly magnetised sediments containing the magnetite form of iron
 The Braemar Iron Formation is emerging to potentially become Australia s next big iron ore province
 100km SW of Broken Hill
 Heavy duty rail link 300km to Port Pirie or 325km to Port Germaine

6. Braemar Ironstones: Explorers
 several ASX listed explorers are active along the Braemar and all are reporting exploration success
 multiple zones, each potentially hosting hundreds of millions of tonnes of magnetite rich siltstones
 Regional potential for total Exploration Target of up to 20,000 million tonnes (Minotaur guesstimate) of in-
situ Fe mineralised siltstone, circa 15-25% Fe content
 Could anticipate ~10 billion tonnes of mineable magnetite ore to be defined through exploration
The
term
"Explora/on
Target"
should
not
be
misconstrued
as
an
es/mate
of
Mineral
Resources
and
Reserves
as
defined
by
the
JORC
Code
(2004),
and
the
term
has
not
been
used
in
that
context.
It
is
uncertain
if
further
explora/on
will
result
in
the
determina/on
of
a
Mineral
Resource.
Refer
Cl
18
of
the
JORC
Code
(2004).

7. Braemar Ironstones: the potential scope
 Assume ~10 billion tonnes of
mineable magnetite ore can be
defined
 scope for say 5 pits each mining
10-20Mtpa ore and beneficiating
5Mtpa of concentrate each
 gives a foreseeable 100 year regional
life of mining @ nominal 100Mtpa
mining rate
 with annualised output of 25Mtpa of
blast furnace quality magnetite
concentrates grading 65% - 70% Fe

8. Braemar Ironstones: Processing for 25Mtpa Con
 Assume ~10 billion tonnes of mineable
magnetite ore can be defined
 scope for say 5 pits each mining 20Mtpa
ore and beneficiating 5Mtpa of
concentrate each
 @ nominal 100Mtpa mining rate gives a
foreseeable 100 year regional life of ore
mining
 with annualised output of 25Mtpa of blast 6 fully autogenous grinding mills @ 28MW each
furnace quality magnetite concentrates
grading 65% - 70% Fe
 Beneficiation scenarios:
 5 processing operations for 5Mtpa
concentrate each, at +$2b Capex each,
or
 one 25Mtpa Super Plant and assoc
infrastructure at ~$6b, saving ~$5b
overall, with scale to include a Pellet
Plant (producing a value added product)
 equivalent to CITIC s $5.5b for 28Mtpa
huge magnetite project at Cape Preston,
WA
photos sourced from www.citicpacificmining.com/resources/news
450MW Power station, combined cycle, gas fired

9. Braemar Ironstones: Off Plot Infrastructure
 Water
 Power
 Rail
 Concentrate Slurry Pipeline
 Port
 Pellet Plant

10. Braemar Ironstones: Water for 25Mtpa Con
Water Supply scenarios:
๏ magnetite comminution and magnetic
recovery circuits use vast amounts of
clean (demineralised) water
๏ process circuit will consume ~50Gl per
year (50,000 Mega litres pa or 135 Mega
litres per day)
๏ a desal (RO) plant will be required on
Spencer Gulf (BHPB s proposed facility for
ODX is to supply additional 200 Ml/day from
Port Bonython area)
Proposed Olympic Dam Expansion Desalination Plant, Point Lowly, 200Ml per day capacity
Source: ODX EIS p136-154, Fig 5.32
๏ 350km transfer pipeline, 1m diameter, plus 4 pump
stations to deliver water to process facility
๏ annual operating power demand of 150,000 MWh
CITIC Desalination Plant Feb 2011
photo sourced from www.citicpacificmining.com/en/news/progress-images

11. Braemar Ironstones: Power for 25Mtpa Con
Power Supply scenarios:
๏ power demand of ~450MW
(ODX requires additional 650MW generation)
๏ consuming 3,000 GWh pa
(ODX to consume additional 4,400 GWh pa)
graphics sourced from www.petratherm.com.au/expmodel.html
๏ potential for geothermal energy from shallow hot
rocks nearby at Petratherm s Paralana project
๏ potential for meshed 275kV transmission NEM
network between Paralana-Port Augusta-Broken
Hill, supplying 500MW into grid
๏ all in all, 1000km of new HV transmission network
Disclosure: MEP holds an economic interest in Petratherm (ASX: PTR)

12. Braemar Ironstones: Transfer 25Mtpa Con to Port
Concentrate Transfer scenarios:
๏ Rail:
• 325km to Port Germaine (25km north of Port
Pirie)
• ARTC to upgrade E-W corridor in 2012
• 35km spur required into train loading bins
• ballon loop required at each end for train turn
around and 24 hour loading/unloading
• 2000m long trains, 25 tonne/axle, 100 tonne
wagons, 20,000 tonne capacity
๏ Slurry Pipeline:
• 360km buried pipeline to Port Germaine
• requires 600mm diameter Con delivery pipe +
Return Water Line
• Examples:
✴ Century Zinc s 300mm diameter concentrate pipeline
is 304km long, concentrate in slurry
✴ Minas Rio iron project, Brazil, 600mm diameter
pipeline is 522km long, to transport 24.5Mtpa
• 2-3 intermediate Pump Stations
• Port Dewatering station & Concentrate storage

13. Braemar Ironstones: Port for 25Mtpa Con
Berthing for 200,000DWT Cape Size vessels
 125 ships loaded per year
 4,000tph loading rate
 320m long
 20m draft
 jetty length ~3km ?

14. Braemar Ironstones: Downstream option for Con
CITIC Stacker Reclaimer Feb 2011
photo sourced from www.citicpacificmining.com/en/news/progress-images
Pelletisation
๏ Concentrate is agglomerated to form pellets for direct injection into a steel making Blast Furnace
๏ Pellet plants are common in China. OneSteel has a 1.2Mtpa pellet plant at Whyalla steel making plant
๏ in 2010 Iran commissioned a 5Mt pa plant (see photo) costing US$600 million
๏ Pelletisation adds value to the concentrate product and is required before feeding into Blast Furnace
๏ Pellets are easier to ship (no moisture content), less likely to release fugitive dust emissions
๏ Australia is underweight in downstream value-add components of the steel making supply chain

15. The Braemar – evolving to be Australia’s next big Fe Infrastructure province?
Minotaur Exploration Limited
ACN: 108 483 601
ASX: MEP
www.minotaurexploration.com.au