Annual Report

NMDC LTD

JORC EQUIVALENT RESERVE ESTIMATE STATEMENT

(BEHRE DOLBEAR PROJECT NUMBER J10-012)

21 January 2010

PREPARED BY:

BEHRE DOLBEAR INTERNATIONAL LIMITED, Hydra House, 26 North Street, Ashford, Kent, TN24 8JR, United Kingdom www.dolbear.com

A Member of the Behre Dolbear Group Inc. © 2009, Behre Dolbear International Ltd. All Rights Reserved.

JORC Equivalent Reserve Estimate Statement

January 2010

CONTENTS Page no.

1.0 INTRODUCTION 2.0 SCOPE OF WORK 3.0 TENEMENTS GRANTED TO NMDC 3.1 3.2 3.3 3.4 3.5 IRON ORE TENEMENTS IN BAILADILA REGION OF CHHATTISGARH IRON ORE TENEMENTS IN BELLAR-HOSPET SECTOR OF KARNATAKA DIAMONDS TENEMENT AT PANNA IN MADHYA PRADESH MAGNESITE ORE TENEMENT AT PANTHAL IN JAMMU & KASHMIR LIMESTONE TENEMENT AT ARKI IN HIMACHALPRADESH 1 1 1 2 2 2 2 2 2 5 6 7 8 9 9 10

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4.0 IRON ORE TENEMENTS OF NMDC 4.1 IRON ORE TENEMENTS GRANTED IN CHHATTISGARH (Table 1- a to f) 4.2 IRON ORE TENEMENTS GRANTED IN KARNATAKA (Table 2- a to b) 5.0 DIAMONDS TENEMENT AT PANNA IN MADHYA PRADESH 6.0 MAGNESITE ORE TENEMENT AT PANTHAL IN JAMMU & KASHMIR 7.0 LIMESTONE TENEMENT AT ARKI IN HIMACHAL PRADESH 8.0 BENCH MARK APPLIED 9.0 DISCLAIMER 10. COMPETENT PERSON'S CONSENT FORM  

Project No. J10-012

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BEHRE DOLBEAR

JORC Equivalent Reserve Estimate Statement

January 2010

LIST OF TABLES Page no. TABLE-1: IRON ORE TENEMENTS IN CHHATTISGARH TABLE-2: IRON ORE TENEMENTS IN KARNATAKA TABLE-3: SUMMARY OF DRILLING IN CHHATTISGARH GROUP TABLE-4: JORC EQUIVALNET RESERVE STATEMENT- CHHATTISGARH TABLE-4a: STATEMENT ON EXPLORATION RESULTS- CHHATTISGARH TABLE-5: SUMMARY OF DRILLING IN KARNATAKA GROUP TABLE-6: JORC EQUIVALNET RESERVE STATEMENT- KARNATAKA TABLE-7: PROJECT-WISE IRON ORE PRODUCTION VS PLANNED FOR 2008-09 TABLE-8: JORC EQUIVALNET RESERVE STATEMENT- PANNA DIAMOND TABLE-9: JORC EQUIVALNET RESERVE STATEMENT- PANTHAL MAGNESITE TABLE-10: JORC EQUIVALNET RESERVE STATEMENT- ARKI LIMESTONE TABLE-11: SUMMARY OF ORE RESERVE AND MINERAL RESOURCE...