MINARA RESOURCES LIMITEDASX CODE: MRE ABN 23 060 370 783

26 August 2011

Dear Fellow Shareholder

Glencore Takeover Offer

As you may be aware, on 24 August 2011, Glencore Investment Pty Ltd (a wholly owned subsidiary of Glencore International plc) announced an off-market takeover offer of

87 cents cash for each of your Minara shares.

I am writing to let you know that i n response to Glencore’s offer, we have established a n independent committee of Minara's b oard (comprising John Morrison, Peter Johnston and me) to consider the offer and prepare a formal response to the offer (the Target’s Statement).

We have appointed KPMG Corporate Finance (Aust) Pty Ltd to prepare an independent report on whether the offer is fair and reasonable . A copy of KPMG’s report will be included with our Target’s Statement.

In about two weeks, Glencore will post its offer to you. There will be plenty of time to

consider Glencore’s offer because it will be open until at least 10 October 2011.

By the end of September 2011, we will send you our Target’s Statement which will include our recommendation about whether you should accept or reject the Glencore offer.

In view of the timing of Glencore’s offer, WE STRONGLY RECOMMEND THAT YOU TAKENO ACTION in relation to Glencore’s offer until AFTER you receive our Target’s Statement.

In the meantime, if you have any questions in relation to the Glencore offer, please feel free to contact David Griffiths on +61 8 9382 8300 .

Yours sincerely

Malcolm Macpherson

Chairman

Minara Resources Limited