PROGRESS REPORT PRESENTATION

RIOsources Conference

Merrill Lynch

February 1-2, 2007

This presentation relating to MMX Mineração e Metálicos S.A. (“MMX”) includes “forward-looking statements”, as that term is defined in the Private Securities Litigation Reform Act of 1995, in Section 27A of the Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. All statements other than statements of historical facts are statements that could be deemed forward-looking statements and are often characterized by the use of words such as “projects”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, “may”, “will”, or “intends”, or by discussions or comments about our objectives, strategy, plans or intentions and results of operations. Forward-looking statements include projections regarding our operating capacity, operating expenditures, capital expenditures and start-up dates.By their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that these statements may not be fulfilled or, even if they are fulfilled, the results or developments described in such statements may not be indicative of results or developments in future periods. We caution participants of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause future results to differ materially from these statements.Forward-looking statements may be influenced in particular by factors such as the ability to obtain all required regulatory approvals on a timely basis or at all, exploration for mineral resources and reserves, difficulty in converting geological resources into mineral reserves, and changes in economic, political and regulatory conditions. We caution that the foregoing list is not exhaustive. When relying on forward-looking statements to make decisions, investors should carefully consider these factors as well as other uncertainties and events. MMX does not undertake to update our forward-looking statements unless required by law. This presentation is neither an offer to sell (which can only be made pursuant to definitive offering documents) nor a solicitation of an offer to buy any securities in the United States, or any other jurisdiction. The securities referred to herein have not been registered in any jurisdiction, and in particular, will not be registered under the U.S. Securities Act of 1933, as amended, or any applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without MMX’s prior written consent.

Investor RelationsRodolfo Landim – Investor Relations Officer

Elizabeth Cruz – ManagerGina Pinto - Analyst

Tel. 55 21 2555-5634 / 5558/ 5563ri@mmx.com.br

http://www.mmx.com.br/ri

DISCLAIMER

PROGRESS REPORT PROJECTS PERMITTING SINCE IPO

Construction License granted on August 16, 2006

Leveling and barrage works started on September 26, 2006Acquisition of 100% of the equipment for the operation

Construction License granted on August 17, 2006

Earth movements and civil works started on August 26, 2006First blast furnace operating in May 2007

Environmental License granted on August 22, 2006

Authorization for construction and operation granted by ANTAQ (National Agency of Waterway Transportation) on January 10, 2007

1

PROGRESS REPORT PROJECTS PERMITTING SINCE IPO

Operating License granted on August 16, 2006

Renovation of equipment and railway

Environmental License granted on December 27, 2006

Construction License to be granted in March 2007

Construction License granted on January 14, 2007

Comprises sintering plant, steel and rolling mill

2

PROGRESS REPORT STRATEGIC PARTNERS

Cleveland-Cliffs agrees to purchase Centennial Asset’s 30% stake in MMX Amapá for US$ 133 million

Final closing expected for March 2007

3

PROGRESS REPORT LONG-TERM SUPPLY AGREEMENTS

Signed:

6.5 Mtpy of iron ore fines from AmapáOption for additional supply of 6.5 Mtpy of pellet feed from Minas-Rio to be exercised in March 2007

Gulf Industrial Investment Co.20-year supply contract signed on November 9, 2006

100% export production (excludes South America) - 308.000 tons / year of pig iron from Corumba

Supply agreement signed in January 2007

Advanced negotiations under existing MOU for Minas-Rio

Final Negotiation:

4

PROGRESS REPORT LONG-TERM SUPPLY AGREEMENTS

Trial Cargoes:

LUCCHINI (Italy) – Received 40,000 t lump ore from Corumbá which is being tested as 23%input in the blast furnace burden and has been presenting very good performance

VOESTALPINE (Austria) – 40,000 t lump ore from Corumbá will be sent early February fortesting in the blast furnace

ACEPAR (Paraguay) – Received 13,000 t lump ore from Corumbá which is being tested as 100% input in the charcoal blast furnace burden and has been presenting very good performance

5

PROGRESS REPORT CAPEX

69%

25%

6%

CorumbáAmapáMinas-Rio

CAPEX AND PRODUCTIONCAPEX – Distribution by System

TOTAL: US$3,602 million

6

25252566

308

1.158

1.538

440

38

9

41

38

19

31

38

-

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2006 2007 2008 2009 2010 2011 2012 2013-

5

10

15

20

25

30

35

40

CAPEX Iron Ore Production

(in US$ million) (in million t)

PROGRESS REPORT FINANCING

Mine -> US$ 32 million disbursed @ Libor + 2.7% --> increasing debt maturity

Metallics -> US$ 50 million bridge loan disbursed – to be converted in long-term debt totaling US$ 150 million

Mine & logistic -> US$ 200 million to be signed in mid February

US$ 50 million bridge loan disbursed

US$ 310 M -> 8-year financing for the acquisition of Mining Rights

US$ 675 direct credit from Unibanco and Itaú BBA

US$ 82 million US$ 200 million US$ 1 Billion

7

150

170

190

210

230

250

270

25-J

ul-0

6

08-A

ug-0

6

22-A

ug-0

6

05-S

ep-0

6

19-S

ep-0

6

03-O

ct-0

6

17-O

ct-0

6

31-O

ct-0

6

14-N

ov-0

6

28-N

ov-0

6

12-D

ec-0

6

26-D

ec-0

6

09-J

an-0

7

23-J

an-0

7

IBOV MMXM3

Price (US$)MMXM3: US$246IBOV: 43,573ptsMarket Cap: US$1,870 million

43%

11%

26%20%Brazil

United States

Canada

EU

Capital Stock – 7,607,756 common shares

PROGRESS REPORT MMXM3 IN NOVO MERCADO - BOVESPA

ControllingShareholder andManagement

FreeFloat

8

Geographic Distribution

Volume TradedPerformance MMXM3 X IBOV

31,6

38,1

3,9 4,6

24,1

12,6

56,2

5,31,7 0,2 0,2 0,6

3,01,2

-

10,0

20,0

30,0

40,0

50,0

60,0

Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06 Jan-07

Total Daily Average

(in US$ million)

Date Ratio

January 2007 2 → 1 share

July 2007 2 → 1 share

January 2008 10 → 1 share

PROGRESS REPORT

9

MMX IN THE CAPITAL MARKET

Listing in Canada – Toronto Stock Exchange:

Auditing of MMX Systems´ resources and mineral reserves under way – CanadianStandard NI-43.101 – disclosure is expected for 1Q07;

USGAAP Financial Statements to be reported in 1Q07;

Level I Global Depositary Receipts (GDR) Program approved by CVM in December 2006 -GDR per Common Share ratio of 20:1 - estimated GDR CAD$14.5 (Jan 29, 2007 prices).

Stock Split Program

Iron Ore Fines: 6.5 MtpyPig Iron: 2.0 MtpySemi-finished: 0.5 Mtpy

Iron Ore: 4.9 MtpyPig Iron: 0.4 MtpySemi-finished: 0.5 Mtpy

Engineer Eliezer Batista Natural Reserve

MMX Amapá System

MMX Minas-Rio System

MMX Corumbá System

Iron Ore: 26.6 MtpyPellets: 7.0 Mtpy

PROGRESS REPORT MMX INTEGRATED SYSTEMS

MMX Integrated Systems develop and operate iron ore mines, pig iron and semi-finished plants and a pelletizing plant.

10

MMX CORUMBÁ SYSTEM

11

PROGRESS REPORT

Mine currently operating under Federal Environmental License

Tests performed by Lucchini (Steel Mill, potentialofftaker) – lump ore quality improves blast furnaceoperational performance.

Mine 63 – Industrial Plant

12

MMX CORUMBÁ SYSTEM

Pig Iron Plant Construction

PROGRESS REPORT

Acquisition of two farms in 2006 as the first steptowards self-sufficiency in charcoal production

• Correntes Farm: 8,975 acres for eucalyptus plantation (CVRD)

• Jatiuca Farm: 500 acres for the construction of nursery

PROGRESS REPORT MMX CORUMBÁ SYSTEM

Hired the most renowned eucalyptus plantingcompany in Brazil – Plantar- to plant 48,250 acres in 5 years – in own and third-party lands

13

Certified Charcoal Supply Program

14

MMX AMAPÁ SYSTEM

Primary Crushing

PROGRESS REPORT

15

MMX AMAPÁ SYSTEM

Primary Screening

PROGRESS REPORT

PROGRESS REPORT HIGH QUALITY IRON ORE

Additional iron ore resources from Serra do Sapo

Pelletizing tests performed by SGA/Germanystated:

• high quality direct reduction (DR) grade pellets can be produced with Minas-Rio fines

• high potential for the Minas-Rio pellets willmatch the requirements for a DR-feedstock in all aspects as indicated by thecomparison of the chemical, physical andmetallurgical properties of the Minas-Rio-DR-pellets to the quality of other DR-pelletgrades of the world and to the target data;

• Chemical analysis proves that the Fecontent is high at 68.84%, guanguecontents are low at about 0.9% (SiO2+Al203) 16

PROGRESS REPORT HIGH QUALITY IRON ORE

Tests performed by Outokumpu – Lurgi/Germany

• preliminary test results indicates excellent chemical, physical and metallurgical properties as well as excellent productivity in the pilot plant – final report to be concluded by mid February

17

18

Pipeline with approximately 525 km, passing by 32 municipalities;

Environmental impact study in approval process by IBAMA, Preliminary Licenseexpected for 1Q07;

Detailed topography concluded, right of way to be concluded in mid 2007.

MMX MINAS-RIO SYSTEMPROGRESS REPORT

PROGRESS REPORTSUPER AÇU PORT

A CONCEPTUAL PLAN

Filteringarea

Iron ore storage area

Offshoresupportinfrastructure

PelletizingPlants

Petroleumprocessingplants

PowerPlants

SteelPlants

Tankingfacilities

SIZE OF RETROAREA – 15,000 ACRES

voltar

FILTERING AREA

voltar

IRON ORE STORAGE AREA

voltar

OFF-SHORE SUPPORT INFRASTRUCTURE

voltar

PELLETIZING PLANTS

voltar

PETROLEUM PROCESSING PLANTS

voltar

POWER PLANTS Coal and LNG 3,500 megawatts

voltar

STEEL PLANTS

voltar

TANKING FACILITIES

Possibilities to interconnect MMX Systems to the existing railway systems

PROGRESS REPORT RAILWAY INTERCONNECTION

Option 2

45km

To beconstructed

by MMX

Option 1

ENVIRONMENTAL RESPONSABILITY

29

PROGRESS REPORT

Eliezer Batista Natural Reserve – MMX´s commitment with environmentalpreservation, 50 thousand acres in the most preserved area in South Pantanal.

APPENDIX

RESOURCES CORUMBÁPROJECT

AREAAreaResource

Classification Tonnage (MT)

Indicated 65

Mine 63 – lump (85%) and sinter feed (15%) production initiated in 2005 Drilling performed: 3,611 meters as of November 2006Of the 21 mining rights, 3 were researched as of September 2006 (2 measured)

Mine 63

TOTAL 1,154

PROGRESS REPORT IRON ORE RESOURCES AND RESERVES

30

GEOLOGICAL RESOURCES – as of March 31, 2006

IndicatedInferred

220155

Taboca andVila do Meio

Indicated Inferred

408159Itapanhoacanga

Inferred 147João Monlevade

MMX Corumbá System

MMX Amapá System

Drilling performed: 28,254 meters as of November 2006Of the 18 mining rights, 3 were researched and measured

MMX Minas-Rio System

Pellet feed production to begin in 2009Drilling performed: 19,736 meters as of November 2006Of the 27 mining rights, 12 were researched as of November

2006 (5 measured)

810

4.300

6.500 6.500

55309

1.300

2.000

490

2007 2008 2009 2010

Iron OrePig IronSemi Finished

PROGRESS REPORT PRODUCTION CAPACITY BY SYSTEM

31

CORUMBÁ

AMAPÁ

AMAPÁ

1.000

3.260

4.870 4.870

400196

375 452

56

2006 2007 2008 2009

MINAS-RIO

8.000

20.000

26.600 26.600

3.000

7.000 7.000

2009 2010 2011 2012

Iron Ore

Pellets

(1000 t)

PROGRESS REPORT CAPEX DISBURSEMENT TIMETABLE

As of September 2006, expenditure of US$ 64.5 million.Disbursement timetable under review, payments carried over to 2007 (approximately US$129 million).

32

CAPEX – By System (US$ million)

254

828995

283

2,377

54330

543297

1,225

2006 2007 2008 2009 - 2013 Total (*)Mine & logistics Metallics

(*) includes 2005 figures

CAPEX – By Activity (US$ million)2006 2007 2008 2009 - 2013 Total (*)

Corumbá 88 93 23 - 220 Mine 42 13 - - 72 Metallics 46 80 23 - 148

Amapá 87 294 382 153 915 Mine 60 54 38 - 152 Logistics 21 59 40 - 120 Metallics 5 181 304 153 643

Minas-Rio 134 772 1,133 427 2,466 Mine 100 282 348 241 971 Logistics 31 420 569 42 1,062 Pellet Plant 3 70 216 144 433

Total 308 1,158 1,538 580 3,602

US$ millionUS$ million

Status (1)Status

US$50 mmBridge Loan

--

DisbursedFirm Commitment

US$ 50 mmBridge Loan

PROGRESS REPORT FINANCING

2,37872273

2,033

1,224148643433

3,602TOTAL

MetallicsCorumbáAmapáMinas-Rio (Pellet Plant)

MineCorumbáAmapáMinas-Rio

CAPEXProject Financing (1)

1,74426

2001,518

2,729

985150510325

ABC/Unibanco/Itaú BBA/BNDES

Itaú BBA, ABCUnibanco/Syndicate/BNDES

Lenders

Credit SuisseItaú BBA/BNDES Itaú BBA/BNDES

Term

3 years7/10 years12 years

7 years10 years10 years

Financing in progress to carry out execution of Business Plan

33

(1) Expected Weighted Average Cost of Borrowing: Libor + 1,5%, assuming 50% funding by BNDES.

Potential lending institutions: BNDES, JBIC, Itaú BBA, Citibank, Votorantim, Santander, BNP Paribas, Bradesco, Banco do Brasil, Caixa, ABC