Preheat oven to 350°F and grease 2 large cookie sheets. In a large bowl with mixer at low speed, beat oats, coconut, flour, brown sugar, shortening, salt, baking soda and powder and eggs until blended, occasionally scraping down the sides of the bowl with a rubber spatula.
With a wooden spoon, stir in cereal and mini M&M's. Drop dough by heaping tablespoons, about 2 inches apart, onto cookie sheets. Flatten cookies into two inch rounds with your hand.
Bake 12 to 12 minutes or until golden, rotating sheets between upper and lower racks half way through baking time. Let cookies cool slightly on sheet, then remove to wire racks to cool completely. Repeat with remaining dough.