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MinesOnline.

com Analysis of Glencore Xstrata's sale of the Las Bambas copper project On the 13 April 2014, Glencore Xstrata plc (LSE:GLEN) announced that it has agreed to sell the Las Bambas copper project, a development asset in Peru, to a consortium owned 62.5% by MMG Limited, 22.5% by GUOXIN International Investment Corporation Limited and 15.0% by CITIC Metal Co., Limited for a total consideration of US$5.85B in cash plus all capital expenditure and other costs incurred in developing Las Bambas in the period from 1 January 2014 to the close of the transaction (which is expected prior to the end of Q3 2014). The capital expenditure and other costs incurred since the beginning of January to the end of March 2014 amounts to approximately US$400M1. The asset has JORC (2012) compliant Ore Reserves of 950Mt @ 0.80% CuEq for a total of 16.73Blb CuEq and JORC (2012) compliant Mineral Resources of 1,710Mt @ 0.67% CuEq for a total of 25.14Blb CuEq2. Based on the acquisition of 100% of the Las Bambas Project for a total consideration of US$6.25B3 and an exchange rate of AUD/USD:0.93914, the transaction is valued at approximately US$0.374 (A$0.398) per reserve pound and US$0.249 (A$0.265) per resource pound. The offer is contingent on regulatory approvals as well as the approval of MMG Limited Shareholders5.

Reserves and Resources Reserves Resources

Contained Tonnage Grade Copper (Mt) (%CuEq) (Blb CuEq) 950 1,710 0.80% 0.67% 16.73 25.14

Transaction Value (A$/lb) $0.398 $0.265

Transaction Value (US$/lb) $0.374 $0.249

Transaction Market Metrics Comparison Comparing the Las Bambas transaction with the MinesOnline Market Metrics shows the acquisition value based on pounds contained in Ore Reserves is significantly above the

current 3 and 5 year Reserve median of US$0.149/lb for both periods. Comparing Mineral Resource metrics shows the transaction is also significantly above the current 3 and 5 year Resource median of US$0.066/lb and US$0.060/lb respectively. However the transaction is perhaps more in-line with the Northparkes transaction (US$0.667 per reserve pound and US$0.215 per resource pound) which was an operating mine, the sale of Palabora (US$1.142 per reserve pound and US$0.201 per resource pound) which was in exploration stage or the sale of Marcona (US$0.251 per reserve pound and US$0.102 per resource pound) which was also in development in Peru.

MinesOnline Transaction Market Metrics 3 year median 5 year median Recent Transactions Northparkes Palabora Marcona Date Announced 29/07/2013 11/12/2012 23/04/2012

Reserve Multiple (US$/lb) $0.1496 $0.149 Reserve Project Stage Multiple (US$/lb) Operation Exploration $0.667 $1.142

Resource Multiple (US$/lb) $0.066 $0.060 Resource Multiple (US$/lb) $0.215 $0.201 $0.102

Development $0.251

The total capex for year 2013 was US$1,734M and so US$400M may not represent the total in ongoing capex and other costs that will be payable at the close of the transaction, this may affect the overall analysis on a consideration per reserve and resource pound basis. 2 Sourced from Glencore Xstrata Reserves and Resource statement for 31 December 2013. 3 This is based on the cash component of US$5.85B combined with the current capex of US$400M for a total of US$6.25B. 4 Exchange rate AUD/USD: 0.9391 (Source: OANDA (13/04/2014)) 5 See Glencore Xstrata sale announcement from 13 April 2014 for further details. 6 Based on less than 5 transactions. Agreement: Click Here See MinesOnline.com Market Metrics for more information

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