Molibdenos y Metales 'BBB-' Rating Affirmed On Improving Leverage, Outlook Still Stable

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1 Research Update: Molibdenos y Metales 'BBB-' Rating Affirmed On Improving Leverage, Outlook Still Stable Primary Credit Analyst: Diego H Ocampo, Buenos Aires (54) ; Secondary Contact: Francisco Serra, Buenos Aires (54) ; Table Of Contents Overview Rating Action Rationale Outlook Ratings Score Snapshot Related Criteria And Research Ratings List APRIL 14,

2 Research Update: Molibdenos y Metales 'BBB-' Rating Affirmed On Improving Leverage, Outlook Still Stable Overview We expect Chile-based molybdenum processor Molymet to improve its leverage ratios and strengthen its financial flexibility by prepaying most of its short-term debt. We are affirming our 'BBB-' global scale and 'mxaa' national scale ratings on the company. We will keep monitoring the financial flexibility of the company's subsidiary, Molycorp, as it may need financing from its owners. Rating Action On April 14, 2014, Standard & Poor's Ratings Services affirmed its 'BBB-' global scale and 'mxaa' national scale ratings on Molibdenos y Metales S.A. (Molymet). The outlook remains stable. Rationale The affirmation mainly reflects our expectation that the $100 million equity, which shareholders recently injected, and overall improving business conditions that our base case incorporates will rapidly and significantly strengthen Molymet's credit metrics in 2014 and Therefore, we continue to derive our ratings on Molymet from our assessment of its "satisfactory" business risk and "intermediate" financial risk profiles, which leads to a 'bbb-' anchor with neutral impact from modifiers. Our assessment of Molymet's business risk profile mainly stems from the company's "satisfactory" competitive position assessment thanks to good positioning in the niche market of molybdenite roasting services with about 35% of global installed capacity; its adequate operating efficiency due to its ability to recover high molybdenum content out of the processed concentrate; cost-efficient technology; and a certain degree of bargaining power that allows it to keep its operating margins at healthy levels despite volatile market conditions. Also, the company benefits from a stable stream of profits from medium-term, fixed-priced tolling contracts with major copper and molybdenum producers, which account for approximately 70% of its current EBITDA generation. As a result, the company benefits from resilient operating cash flows despite currently low molybdenum prices. Molyment's overall small scale and limited asset and product diversification partly compensate these strengths. APRIL 14,

3 Research Update: Molibdenos y Metales 'BBB-' Rating Affirmed On Improving Leverage, Outlook Still Stable We continue to view Molymet's financial risk profile as "intermediate" mainly because we expect core ratios to revert to more conservative levels in 2014 and 2015, thanks to a recent $100 million capital injection and rising production volumes in its Molynor plant in northern Chile, as the company plans to process the molybdenum concentrates produced by KGHM International Ltd's Sierra Gorda copper project. Our base case also assumes: Molybdenum prices about $9 per pound and production volumes rising to 191 million pounds in 2015 and thereafter from 167 million pounds in 2014; Rhenium prices at about $1,340 per pound and annual output of about 60,000 pounds; and Increases in average roasting fees in 2014 on better prices for incremental volumes. Based on these assumptions, we arrive at the following credit measures: EBITDA margins improving to 15% in 2014 and 2015; Adjusted debt to EBITDA of 2.6x in 2014 and 2.2x in 2015; and Funds from operations (FFO) to debt increasing to 29% in 2014 and 35% in Liquidity We consider Molymet's liquidity as "strong," mainly due to its strong cash position relative to its cash uses. We expect cash sources to exceed cash uses by at least 50% in the next 24 months, and cash sources to exceed cash uses even if EBITDA were to decline by 30%, which enables the company to manage high-impact, low probability events. Molymet's ability to tap foreign debt markets (other than Chilean and the U.S.), the relatively low interest costs on its outstanding bonds, and the ample headroom it enjoys under current covenant package are also qualitative supporters of our liquidity assessment. Principal liquidity sources: Cash reserves of $225 million as of December 2013; Capital increase of $84 million since January 2013; and Cash flow from operations of about $100 million. Principal liquidity uses: Capex of $64 million which includes investment and discretionary spending; $100 million in short-term debt (that came due in March 2014 and were fully paid); and Dividends averaging 40% of net income. Outlook The outlook is stable, reflecting our expectation of the company's improving leverage and financial flexibility in 2014 and Molymet's businesses should expand on expected volumes increases and better pricing levels, which APRIL 14,

4 Research Update: Molibdenos y Metales 'BBB-' Rating Affirmed On Improving Leverage, Outlook Still Stable would result in stronger profit margins and operating cash generation. Downside scenario Our main source of concern lies in the possibility that the company's 20%-owned subsidiary, Molycorp Inc.'s (CCC+/Watch Dev/--) financial flexibility weakens further, requiring additional funds from shareholders. We believe such scenario could hurt Molymet's financial flexibility and/or leverage levels, although our base case suggests that any potential new investment in Molycorp should be manageable for Molymet. We could lower the ratings if leverage does not improve as expected and adjusted debt to EBITDA remains above 3.0x by the end of A downgrade could also occur if Molymet pursues large growth initiatives that pressure its liquidity. Upside scenario An upgrade is unlikely in the near term given the company's limited business scale and product diversification. We could consider a one-notch upgrade in the medium term if the company successfully expands its asset base and business diversification, while it maintains leverage below 3x and a robust financial flexibility. Ratings Score Snapshot Corporate Credit Rating: Global scale National scale BBB-/Stable/-- mxaa/stable/-- Business risk: Satisfactory Country risk: Low Industry risk: Moderately high Competitive position: Satisfactory Financial risk: Intermediate Cash flow/leverage: Intermediate Anchor: bbb- Modifiers Diversification/Portfolio effect: Neutral, no impact Capital structure: Neutral, no impact Liquidity: Strong, no impact Financial policy: Neutral, no impact Management and governance: Fair, no impact Comparable rating analysis: Neutral, no impact APRIL 14,

5 Research Update: Molibdenos y Metales 'BBB-' Rating Affirmed On Improving Leverage, Outlook Still Stable Related Criteria And Research Methodology And Assumptions: Liquidity Descriptors for Global Corporate Issuers, Jan. 2, 2014 Industrials: Key Credit Factors For The Metals And Mining Downstream Industry, Dec. 20, 2013 Corporate Methodology, Nov. 19, 2013 Corporate Methodology: Ratios and Adjustments, Nov. 19, 2013 Ratings List Ratings Affirmed Molibdenos y Metales S.A. Corporate Credit Rating Global Scale CaVal (Mexico) National Scale Senior Unsecured Senior Unsecured BBB-/Stable/-- mxaa/stable/-- mxaa BBB- Complete ratings information is available to subscribers of RatingsDirect at and at All ratings affected by this rating action can be found on Standard & Poor's public Web site at Use the Ratings search box located in the left column. APRIL 14,

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