Antamina La Mina Peruana del Futuro

Zinc College China November 2002

Per in perspective
T 1.2

million km2 slightly smaller than Alaska 27.4 million

T 78% T 53% T 50%

T Population

urban , 28% rural coast, 37% Sierra, and 10% jungle of the population below poverty line

T Spanish

and Quechua offical languages

Antamina Will Increase

T T T T

Increase Peruvian mining exports by 30% Raise Peruvian GDP by 1.8% Improve regional infrastructure development Facilitate enhanced regional development

Location
T T T

Eastern range of the Andes 270 Km. to the northeast of Lima Between 4,300 and 4,700 m. above sea level Western range of the Andes 288 Km. to the northwest of Lima Sea level

T T T

Huarmey Antamina

Project Characteristics
T T T

0 4200 meters 0 to 1500 mm precipitation Coastal Desert to Alpine life zones

Infrastructure

T T T T T
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70,000 tpd mill - conventional 220 KV power line 302 km concentrate pipeline Port - concentrate dewatering and load-out 118 Km Highway (Conococha - Antamina

Milestones of the Project

Privatization Signature of contract Completion of exploration program Feasibility and Environmental Impact Noranda / Teck New shareholders Confirmation of the Project Development Financing agreement for the Project Mitsubishi, new shareholder / First draw down Billiton Plc. (for Rio Algom) new shareholder Mechanical facilities completion Testing Operations Commercial Production Jul. 96 Sep. 96 Jul. 97 Mar. 98 Jul. 98 Sep. 98 Jun. 99 Oct. 99 Oct. 00
Jun. 01 Jun. - Set. 01

Oct. 01

Antamina Current Ownership

Billiton
BHP Billiton (1996/2001) Noranda (1998) Teck Cominco(1998/2001) Mitsubishi (1999) 33.75 33.75 22.50 10.00 100.00

Project Financing and Employment

US $1.32 billion secured
~ $680MM from ECAs ~ $535MM commercial bank facility ~ $105MM JBIC co-financing facility Loan requires compliance with: National Environmental Regulations, EIA commitments, and World Bank Guidelines

Employment:
Up to 10,000 during construction 1,450 permanent workforce; majority Peruvians
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Antamina Deposit
10500 E 10000 E 11000 E 4600m

Proven & probable reserves of 559 million tonnes 1.24 % copper 1.03 % zinc 13.7 g/t silver 0.029 % molybdenum Copper equivalent grade of 1.66%

4400m

4200m

4000m

SECTION 20200N
Overburden Partially Oxidized Limestone Intrusive Cu Only Skarn Cu-Zn Skarn Bornite Zone Skarn 0 100 200m

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Ore ( Percent Of Tonnage )

Copper Bornite high zinc Copper- Zinc low bismuth
6 3 15 38

Bornite low zinc Chalcopyrite low bismuth

high bismuth

27 11

Chalcopyrite high bismuth

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Mill Feed
Ore Type Cu Lo Bi Cu Hi Bi Cu-Zn Lo B Cu-Zn Hi B Bor Lo Zn Bor Hi Zn Total
Cutoff-0.7% CuE
12

Ore mmt 188 57 76 134 16 30 500

Cu % 1.4 1.3 1.1 0.9 1.2 1.7 1.2

Zn % 0.2 0.2 1.4 2.3 0.2 2.1 1.0

Ag g/t 8 12 11 13 19 32 12

Mo % 0.04 0.04 0.01 0.01 0.06 0.03 0.03

Bi ppm 9 120 11 241 127 160 97

Antamina Schematic Flow Diagram

3 km Conveyor Cu Mine Primary Crusher Cu-Zn Coarse Ore Stockpiles Grinding Circuit

Tailings Zn Conc Cu Conc

Zinc Flotation

Copper Flotation

Zn Conc Dewatering Filter Plant Zn Conc

Separation Circuit

Bismuth or Moly Conc

Cu Conc Dewatering

302 km Pipeline

Ship Loading

Conc Pump Station

Cu Conc

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