Slide 1: Investor Presentation 2002 Full Year Results
"Investor Presen r tion . . oe Fu Year Results | | rebaary 2003 a :
Slide 2: Agenda
Financial Performance | Operational Performance and Outlook - Market Outlook | Progress Against Strategic o pjectives “cesses I Concluding Comments _ | ‘Appendices
Slide 3: Performance Overview — 2002 Full Year
Performance Overview — 2002 Full Year Ey HUKA Sales Revenue (Continul g Business Net Profit (Continuing Business) 120) hhh 100 no oo 0 om interim = =Final
Slide 4: 2002 Highlights
2002 Highlights Cy _mid-west operations - > Record SR sales of 516.0
Slide 5: Overview
Overview Operational Performance and Outlook | i Market Outlook | Progress Against Strategic Objectives ee _ I Concluding Comments _ | ‘Appendices
Slide 6: * includes $44m in write downs and discontinued operations for comparative purposes
69) ca * includes $44m in write downs and discontinued operations for comparative purposes
Slide 7: Financials
Financials Ey Continuing Operatior Sales Revenue (A$m _ operating cashfiow (A$m) Seer EBITDA (Asm) | ___EBITDA/Sales (%) __EBIT(A$m) _ _NPAT(A$m) _EPS (A$) (B
Slide 8: Financials cont'd
Financials cont’d Ey Group Concoleistod
Slide 9: Currency Position
Currency Position Cy
Slide 10: Net Profit Sensitivity 2003
Net Profit Sensitivity 2003 LY Operating Net Ba Results — Sheet —Liabili
Slide 11: Debt Maturity
Debt Maturity by _ Repayment Pro
Slide 12: Overview
__Overview | Financial Performance 7 Market Outlook | Progress Against Strategic Objectives et I Concluding Comments _ | ‘Appendices
Slide 13: Australian Operations - Western Australia
Australian Operations Ey 2 Western Australia Performance — - tailings dreutt _Yarraman problems: partly offset by. anproved Ibis _ performance: and higher grades from trial dry mining in H2
Slide 14: 2003 Production Outlook - WA
2003 Production Outlook - WA Cy oo Hin | _ planned 6 week shutdown of SR3 j in Qa ae leaching project completed by end 013 2003 - -extra sedis tonnes of SR Ber ee _ i. increased i . 420,000 tonnes: = [2 and ow 270k mikey zircon grades) | _ increased ilmenite production from sw W operstions
Slide 15: 2003 Production Outlook - CRL
2003 Production Outlook - CRL Cy > DFS to underpin’ the I dredge: and : een cture upgra a to mine the Enterpri posit t is scheduled for eornitony end Qi capex requirement ppprouimetely $20 million
Slide 16: Murray Basin Update
Murray Basin Update by Douglas stage-1 project highlights _ environmental [approval Q3 2002 _. test pit: successf ally com __» MSP approved by Council mid Qu 2003 ____} EPCM contractor to be appointed late 2 Qt: 2003 | De lopment. timef me _ n track for a final investment c commitment i in 93 2003:
Slide 17: Murray Basin Update cont'd
Murray Basin Update cont'd by Schedule revised to | ____ accommodate additional — 7 _ technical work — _ management work required as previous work hadnot _ deliveredadefinitive —T _ clay/fines management plan
Slide 18: Murray Basin Update cont'd
Murray Basin Update cont'd by y Good Progress has been made wit , An extensive testing program h been completed _ : 7 Modeling of clay composition, variability within ore ay and _ de-watering characteristics on ae / ___» Thickener design (type and oe) tone optimised to m _. arog an Poomlremens and a
Slide 19: USA Operations
USA Operations Cy . revised coe path (lower grades) _ conditions i in 93/04 _ / Old Hickory production lower duc to atin and. commissioning of expansion project. Final stages of | _ commissioning was delayed by water shortages caused by _the wort srougtt conditions oe 6 ace 7 mace a a loss in 2002
Slide 20: 2003 Production Outlook - USA
2003 Production Outlook - USA e 7 dry mill r running at 95% of nameplate. capa ie __ changes underway to reach name-plate red y by production of ilmenite and zircon expected to be _. approximately 50% > than ao) levels
Slide 21: Overview
Overview _ “Financial Performance _ ‘Operational Perfo mance and Outlook Progress Against Strategic Objectives. a I Concluding Comments _ | ‘Appendices
Slide 22: Titanium Minerals Outlook
Titanium Minerals Outlook Ey > Subject to modest continuing global economic growth the - | ee for titanium fines remains = aenecally eee ve some products and pli ate prices for slag and nas Tluka’s future sales will be influenced’ by ; poe productionisfullysold
Slide 23: Zircon Outlook
Zircon Outlook e lobal zircon 1 market outiook is expected to rema eadae et with some continuing regional differences | b ‘ing developed not expected te to create over mo in zircon sue ee oe _ _ xpected to rem: trong with _ | supply pit sone balance for i rad eee ‘Stage are
Slide 24: 2003 Sales Outlook
2003 Sales Outlook Ey premium cae volumes and pricing | __> Sales of ilmenite and zircon are expected, oi increase | __» SR and rutile sales will be lower in 2003 > SR expected to be 5 to 8% lower compared with 2002 as ____ sales were partially underpinned by high opening inventory _levels |
Slide 25: 2003 Sales Profile
2003 Sales Profile Ey | _Sales profile will m tch produc . overall sales /ahipping panes <imilar to 2002 0 on a half ren ee ~~ je more ney oe oo | - . Gen c ton oe shuniown: (10 oa 20 days) in ony and | mie 2b have bone factored ins the Halvery sfcaie
Slide 26: Overview
Overview | Financial Performance | Operational Performance and Outlook . = | Market Outlook Concluding Comments _ | ‘Appendices
Slide 27: Murray Basin development progressing as planned
urray Basin sicuenen progressing as planet. ont US _ earoneic me second oS to: commence oy identify and assess opportunities _
Slide 28: MnM Program and Cost Base
MnM Program and Cost Base by 2003 14-16 Oct 21 Oct-24 Jan 3 Feb-2May 5-7 May 12 May-1 Aug 11 Aug-31 Oct |
Slide 29: MnM Wave-1 Results
MnM Wave-1 Results Ey > Wave-1 process compl in iat Jan and reviewed Potential identifi ied for savings of A$20 million and producti enhancements of approx ae mons on a ee ee dese po : implementation _ .. » Savings/ production enhancements will requi e additic : o- ee 2003/04 . =. : i nts from wave-
Slide 30: Overview
Overview Financial Performance Operational Performance and Outlook Market Outlook Progress Against Strate ic Objectives Appendices
Slide 31: 2003 Financial Outlook
2003 Financial Outlook Sy _ Scaling _ speenens - basin/USAa and SWAIOLD I in 2003/04.
Slide 32: Concluding Comments
Concluding Comments Ey vered on n expected 2002 pron it result ood progress made on strategic objectives the of 2002 to establish foundation for growth / MoM program on: track to achieve a target 0 asao mi ncrease in pre-tax earnings byend 2004 Lape enhanced through targeted . _ > Continuing to. rev
Slide 33: Overview
| Overview : ; . Financial Performance Operational Performance and Outlook Market Outlook . _ . Progress Against Strategic Objectives Concluding Comments
Slide 34: Profit Analysis
Profit Analysis | Ore a . "Profit ¢ on ae of A Koba Tin 2 Tax . jormal Taxation CEL CC
Slide 35: Group Production & Sales 2002 v 2001
Group Production & Sales 2002 v 2001 Ey . Zircon sales _ _ Leucoxene production _Leucoxene sales _ a