From Money to Metals:

The Good Campaigners’ guide to

Questionable Funder$

A Project in Progress

Nostromo Research, London

Updated: 3 March 2009

* 94 New Entries to the Funding database:

Agapov Group
Alexei Mordashov
Altima Partners LLP
Azure Capital
Baker Steel Capital Managers
Bank of America
Beacon Hill Resources
Billy Rautenbach
Black River Asset Management
Blackwood Capital Ltd
British Asset Trust
British Empire Securities
Camrose Resources Ltd
China In vestment Corp
Christian Leone
The City of London Investment Trust
Crawley Investments
Crosby Capital
Cyrus Capital Partners
Dan Gertler
Denham Capital Management
Desjardin Securities
Edinburgh Worldwide Investment Trust plc
Electrum Strategic Resources LLC
Elliott Associates
Emerging Metals Ltd
Epion
The Equity Partnership Investment Co
Euroz Securities
Foreign and Colonial Investment Trust
Freshfields Bruckhaus Deringer
Gazmetall
General Trust plc
George Forrest International
Glasgow Income Trust
Grant Samuel
Greenlight Capital
Hansa Trust PLC
Invecture Group
Investors Capital Trust plc
Jaguar Financial
The Japan Equity Fund, Inc
JB Were
JF Mackie and Co
John Bredenkamp
Juno Ltd
Keystone Investment Trust plc
Limelight 2nd Development Trust
Lazard Asset Management
Luxor Capital
MacKenzie Financial Corp
M&G Investment Management
Matterhorn Inv Management
Merck Fink
Metalinvest
MineFields Group
Monks Investment Trust
MSG Investment Management
MTO
National Australia Bank Group
National Bank Financial
Norwegian Government Pension Fund
NovaDX
Och-Ziff Capital Management
Oleg Deripaska
Ontario Teachers Pension Plan Board
ORGAMAN
Passport Special Ops
PSimga
Public Investment Corp
Punter Southall
Providential Holdings
Ransome Dock
Rathbone Brothers
Raymond James Ltd
RBG Capital
Rensburgh Sheppards Inv Man Ltd
Research Capital Holding Corp
Resource Development Capital Ltd
Ridgepoint Overseas
Rob McEwen
RPG Industries
Salman Partners
Shackleton Capital
Shelfco 725
Solomon Capital
The Thai Capital Fund Inc
Thomas Weisel Partners
Top Meadow Capital
Viktor Vekselberg
Ward Ferry Management
WB Nominees
Witan Investment Trust PLC

* Updated Information on 76 existing fund providers:

Aberdeen
ABN Amro
African Lion
Allianz
Ambrian Capital
ANZ
Artemis Investment Management
Audley European Opportunities
Aurora Investment Trust
AXA Framlington
Bank of Scotland
Barclays
Bear Stearns
BlackRock
BNP Paribas
Cambrian Mining
Canaccord Adams
Capital Group Companies
Caterpillar Financial
CIBC
Citigroup
City Natural Resources High Yield Trust PLC
Clydesdale Bank
Commonweath Bank of Australia
Cormack Securities
Credit Suisse
Deutsche Bank
F&C Asset Management
FMR Corp
Fortis
Gartmore Group
GLG
Goldman Sachs
Glencore
Global Resources
Henderson Global
HSBC
HVB
Interros
INVESCO
Investec
Investor Capital Trust
JP Morgan companies
Kupferberg Est
Lansdowne Partners
Legal and General Group
LR Global Partners
Macquarie Bank
Majedie Asset Management
Merrill Lynch
Metalloinvest
Midas Income and Growth
The Monks Investment Trust
Morgan Stanley
Mirabaud Securities
New India Investment Trust plc
Nutraco Nominees
Oleg Deripaska
Ospraie
Pacific Road Resources
PLC Nominees
Polo Resources
Prudential
RAB Capital
RAB Special Situations
RBC
RBS
Renaissance Capital
Societe Generale
Soros Fund Management
Standard Bank
Standard Chartered
Standard Life
Starvest
State Street Corp
UBS
Witan Pacific

Introduction
Launched in late 2007, the “From Money to Metals” documentation project was intended
as a preliminary essay at gathering together disparate data on institutions (both
commercial and private) which aim to profit from mineral extraction and processing.

Thanks to invaluable support from the Heinrich Boell Stiftung of Germany, it has now
been possible to update the database and analysis of mining-related investment, and to
continue improving these over coming months.

Readers will be well aware that, in the months since this document last appeared (July 15
2008), the so-called “credit crisis” has resulted in a virtually unprecedented meltdown for
many banks and associated fiscal players. While the earliest victims of this were poorer
mortgage borrowers (sacrificed in the “sub prime” market) few people have remained
immune to the failure of banks to fulfil their basic commitments to customers; and the near-
criminal extent to which some financiers have salted or frittered away our individual and
collective wealth. .

Whether, as a result of this gargantuan financial disarray, the mining and minerals
industry has been fatally impacted is highly debatable. However, over the past eight
months or so, mining companies have suffered a worse reduction in stock value than any
other industrial sector represented on the London Stock Exchange (LSE) - the single most
important source of mining capital [Russ Mould, editor, Shares Magazine, in presentation
to LSE seminar, London, 17/2/09]. Almost every mining company listed on other stock
exchanges has also experienced a fall in its market capitalisation, while mineral
commodities have been trading at lower prices or volumes than at any time for 10 or even
-20 years.

The only exceptions have been gold and silver – the former sustaining its historical role as
a “store of value” and “safe haven” in hard times or during dramatic fluctuations in dollar
exchange rates. [See: Lawrence Williams:” Is gold the only salvation from this financial
Armageddon? Mine web, 16/2/09; also: Barry Sergeant: “Warm bullion, hot stocks”,
Mine web 21/1/09]. Barry Sergeant, of Mineweb, commented on February 25th that:
“While the rest of the investment world continues to anticipate the next disaster or
scandal, trembling in fear, gold stocks are having a fine time of it, underpinned by the
world's best performing commodity.”
But this is not because the banks have been committing new capital to the sector. (Indeed,
they are having enough trouble trying to raise funds to bulwark their own collapsing
balance sheets and pay off the vast debts they have accumulated.) Instead, it appears
that gold miners are profiting from what is termed “bought deals” – and to a lesser extent
the trading of stock via ETFs, or Exchange Traded Funds [see footnote 4]. Bought deals
occur when a small number of brokers buy an entire stock issue from a company, then
onsell the shares (or convertible bonds) to their own clients in what may then become a
series of smaller transactions. Such transactions have been valued at nearly US$ 4 billion
since late 2008, and include ones with Eldorado Gold, Great Basin Gold, Victoria Gold,
Allied Gold and Gold Wheaton, as well as some silver producers [Barry Sergeant,
Mineweb, and 25/02/09].

But, while gold prospectors (in both senses of the term) may be riding fairly high, this is not
the case for base metals’, ferrous metals’, diamond, and other producers or their
workforces. Scores, if not hundreds, of thousands of jobs have been lost in the past four
months, not only at the pit face but also in construction and automobiles - two industries
intrinsically dependent on processed minerals. Numerous expansions of existing mines
have been postponed, while some smaller companies have effectively been liquidated.
The future for junior mining companies – those mostly involved in exploration – looks grim,
if not terminal. According to the Fraser Institute’s 2008-2009 survey of mining executives,
at least 30% of them expected exploration companies would be forced to fold in the
near future. One respondent went so far as to declare that: “[J]uniors may never return to
the market. The industry should prepare itself for a ‘paradigm shift' in how exploration is
funded." [See: Fraser Institute Annual Survey of Mining Companies 2008-2009,
Vancouver, February 2009]

Most indicative of the nature of this global turmoil is that several major extractive
companies which, only nine months ago, appeared financially secure and with billions of
dollars to spare, are now saddled with massive indebtedness. On December 31 2008, Rio
Tinto, the world’s second largest mining company in mid-2008, acknowledged a debt of
some US$ 39 billion. It has now signed a deal with Chinalco which should see China’s
state-owned aluminium giant acquiring nearly 20% of the legendary UK company [News
services, 9-14 February 2009]. UK-Switzerland-based Xstrata (number 5 among global
miners last year) has announced a £4.1 billion rights issue to cover its own massive
shortfalls [Bloomberg 16/2/09]. OZ Minerals, Australia’s third biggest miner and the
world’s second largest producer of zinc, is about to fall into the hands of another Chinese
state enterprise, the ubiquitous Minmetals [Mineweb, 16/2/09].

It would be a rash analyst indeed who claimed they could predict what shape the minerals
industry will be in by this time next year. Will there be further mergers and acquisitions in
order to reduce costs and consolidate existing leases? Will current cut backs in
production bring markets back into balance – or are some metals fated to fall into a
permanent decline? To what extent will the Chinese government fulfil intentions to reduce
excess metals-based consumer exports, and restrain parts of it’s “over heated” domestic
economy? Is it remotely realistic that -sacked workforces will be re-employed at any point
in the future?

These are important issues but not necessarily the most fundamental ones. In response to
dramatic falls in commodity prices, at least one mineral-dependent –state has reversed a
recent decision to recoup more value from the exploitation of resources under its peoples’
ground. In January 2009, Zambia significantly diluted the more stringent taxation
regime introduced the previous year, as its government succumbed to mining companies’
threats to pull out of the country [“Zambia abolishes 25% windfall mining tax”, Reuters,
30/1/09]. Botswana is often cited as a model of success in conquering the “resource
curse.” But it is now staring at the collapse of its 50% -owned diamond industry as its
private partner De Beers announced that it couldn’t predict when (or even if) global
demand would recover. Just two years ago, Argentina was widely canvassed as one of
the most mineral prospective countries in Latin America. Recently it was named by
prominent mining consultancy, Behre Dolbear, as the least attractive on the subcontinent
because of "the populist policies of the government, the seizure of pension funds, and the
expectation that things will get much worse than they were in 2008" [ Dorothy
Kosich:“Exercise much caution when investing large sums on mining projects-Behre
Dolbear”, Mineweb 16/2/09].

These examples (and there are others) illustrate that, although a government may have
responded to citizens’ demands for an end to destructive mining and a guarantee of
improved rural livelihoods, they are still at the mercy of largely foreign-controlled mining
companies. This is never more true than in a “bear” market, especially one of the ferocity
experienced at present. How, then, to counteract these deleterious economic impacts?
Even though the World Bank itself counselled the Zambian government not to cave in to
industry demands ("This is a perishable resource. Once it's gone the country has no more
access to it. It should be benefiting from it more now." [FT 20/1/09]) the advice was not
heeded. If the world’s most powerful “development agency” makes no headway in this
direction, how can anyone else?

Yet, pessimism shouldn’t be the sole order of the day. It is not just lesser-developing
mineral-providing states which are now in jeopardy. (Arguably for some, the attrition
could be relatively short-lived, while Tanzania’s government in mid-February announced
that it would still increase royalties on gold and diamonds ,by up to 3% [ MJ 20/2/09]).
As just pointed out, mineral exploration and extractive companies, as well asmaterials’
traders are struggling. Conceivably there has never (certainly in our own lifetimes) been
a more propitious moment to re-examine the nature of the relationships between
exploiters and exploited and thus change them permanently.

Now is the time to ensure that the most dubious of planned mines will never surface. and
that the most parlous of current operations are closed once and for all. Already, there has
been some welcome stemming of investment in bad ventures. (For example, Rio Tinto has
off loaded its water-threatening phosphates mining scheme in Argentina; BHP Billiton, the
world’s leading “natural resources” company, has abandoned its Gag Island nickel
venture in West Papua). The challenge ahead is to ensure that all new investments (if
indeed they are actually proffered) - be firmly directed towards projects enjoying the full
support of local people, as well as contributing directly towards truly sustainable economic
and social development.

This requires a three-fold strategy.

First, we all need to better inform ourselves about the methods used to dispense mining-
related finance and how current or future related debt may be “securitised”. This means
keeping close track, not only of any newly-emerging financial instruments, but also
recently-discredited ones (such as the “shorting” of stock, practiced by hedge funds) which
may creep in under different guises. Demystification of terms and tactics is an essential
part of this endeavour.

Second, we must become considerably better acquainted with who is paying whom for
what and in what form (whether as direct equity, bonds, credit derivatives and “swaps”.
other forms of derivatives; the use of exchange traded mechanisms, or specific project
finance). To be informed is to be forearmed.

Third, with this information under our belts, we should be able to mobilise more effective
shareholder actions, and form broader consensuses when directing our concerns at those
investment institutions which need to be held to account,

These tasks are certainly demanding, but nonetheless achievable. Never has the time been
more ripe to challenge previous assumptions about who should control the flows of money
into mining and the legitimacy of their raising and dispensing it. Many people who, just a
year ago, would have dismissed such issues as too erudite or remote, are now rudely
discovering for themselves how widespread and endemic are the manipulations and
concealments characteristic of modern capitalism. It is the power of our own purses and
pensions which should determine the nature of global financial architectures not the other
way around

Hopefully, the present research assists in fulfilling these aims.

Content of this report

The database which follows (Part Two) records names and some details of around 500
banks, private funders, insurance companies, hedge funds and private equity firms, as well
as some individuals, which provide, or have recently provided, financial stimulus to
numerous mining companies. Not included are state-owned investors, or purportedly
publicly-accountable bodies such as government agencies for overseas development or
which grant export credits and provide political risk insurance. Regrettably, for the
moment, it also excludes most multilateral development banks (MDBs)/multilateral
financial institutions (MFIs), although these often underwrite critical investments in
questionable extractive ventures. [For example, see the critique of the European
Investment Bank by Heather Stewart:“The shadowy bank that has loaned £150 bn of your
cash”, The Observer, London, 2/3/08]

Outside the scope of this paper, too, are the profits generated by commodities’ trading,
essentially in derivatives (see glossary), on mercantile exchanges such as NYMEX (New
York Mercantile Exchange), CME (Chicago Mercantile Exchange), Euronext.Liffe (a
subsidiary of the NYSE) and, most important in terms of metals trading, the LME (see
glossary).
Nor does it cover the overt or hidden subsidies granted by governments to bolster private
companies engaged in exploration or production, among which we may count CDC Group
PLC in the UK. The Canadian government stands out for such support of the industry
through its so-called “Flow-Through shares” arrangement, which allows corporate miners
to deduct exploration expenses from their income tax. [MJ and PDAC Exploration 2008,
February 2008; see also Salman Partners Inc, below].

As share prices bottomed-out in late 2008 and early 2009, at least one Canadian
financial services firm, specialising in flow through brokering since the turn of the new
century, was swift to boast the value of such investments. The MineralFields Group (qv)
argued that “this is probably the best time to make flow-through investments in history, as
the bargains are incredible, unprecedented, and we are buying stocks at low or no
premium (and increasingly, at a discount), and at 2 year, even 3 year lows !” ; adding
that the Group offered “the highest possible level of safe tax sheltering “

Such a manifest “distortion of the tax system” (in 2008 amounting to 60% of all
exploration funding raised in Canada) has been criticised from within the industry itself as
penalising ordinary citizens. [See: “Flow-through shares put Canadian mining and
exploration juniors ahead” Liezel Hill, Mining Weekly 27/2/08; see also Note 1, below].
On February 20 2008, South Africa’s finance minister announced that he would not
introduce a similar “flow through” system in his own country, instead opting for a 50% tax
break on investment by junior mining and exploration outfits [MJ 22/2/08].

When funders won’t come clean

Diligent reading of trade journals, the financial press, company annual reports and
announcements, will usually, though not always, reveal which funds have provided what
money for specific projects and purposes (2). However, it is in the nature of equity
purchases (buying shares in companies) that holdings will change over time – indeed
sometimes over a short period and especially in volatile market conditions such as those of
the past six months. An investor may purchase a stake one month, sell it the next, and then
buy it back again. In 2006, RAB Capital (still probably the most significant hedge fund
involved in mining) was pressured by Friends of the Earth Canada to sell its stake in
Ascendant Copper (recently renamed Copper Mesa Mining), following allegations of that
company’s human rights violations in Ecuador. RAB did so – but apparently re-invested
shortly afterwards when the pressure was off.

Funders will often refuse to divulge the identity of recipients of a specific equity
investment, claiming client confidentiality or breach of a host country’s laws: Germany’s
Commerzbank, for instance, cites the country’s “Banking Secrecy Act” [see: Letter from
Commerzbank, Frankfurt-am-Main to ACSTA, London, 16/1/08]. HSBC bank argues that
respect for “client confidentiality” renders it “unable to confirm whether specific companies
are clients of HSBC or not.” The bank did this in 2005, following publication of a joint
Nostromo Research-India Resource Center report on Vedanta Resources plc [“Ravages
through India, Vedanta Resources plc Counter Report”, Nostrum Research and India
Resource Center, London & San Francisco, September 2005]. HSBC’s then-advisor on
corporate social responsibility (CSR, aka SRI or Socially Responsible Investment) had
promised earlier to diligently read the report and get his employers responding to its
allegations. No such response has yet been forthcoming.

Banks and fund managers use a variety of equity instruments – such as options, warrants
and derivatives – which do not in themselves grant voting rights to determine a company’s
transactions. By and large, the owners of ordinary (or Class A) shares do have such rights
and therefore surely have an obligation to use them according to their own benchmarked
“principles”. But, even if they do not possess voting rights, arguably the very fact that they
have invested should make shareholders concerned about whatever the company gets up
to.

Many investment institutions hold shares on behalf of clients, either through a “managed”
fund, or by acting as a “nominee” (effectively as a stockbroker) (3). A quick glance
through the database below shows that most major global banks offer this service to
investors wishing to put their money where the mines are. Nominee accounts are particular
favoured by HSBC and Credit Suisse, but many other banks follow the practice even while
they may proclaim an “ethical” policy on behalf of their retail customers. The UK Coop
Bank, which refuses to invest in companies with major involvement in coal production, may
still offer such “exposure” through its unit trusts [Correspondence between author and
Coop Bank ethical team, December-January 2008-2009, on file]. Adding to this lack of
transparency, banks may also allow their nominee accounts to be administered by other
fund providers - as did RAB Special Situations on behalf of Credit Suisse Client Nominees
for its 2007 investment in Cambridge Mineral Resources plc [see Credit Suisse].

The nominee service is provided for external organisations and individuals by setting up a
named investment account, with the result that the bank or fund “[does] not have the rights
of shareholders and [is] not entitled to make approaches to a company about any of its
planned operations.” This was offered as a defence by both UBS and CS-First Boston in
late 2007, when tackled by various NGOs demanding the banks disinvest from London-
listed GCM Resources, lessee of the Phulbari coal project in Bangladesh. A similar
response came from HSBC in January 2008 when tackled by ACTSA (Action for Southern
Africa) – once again over the UK bank’s investment in Vedanta Resources plc. [John
Laidlaw, Senior Manager, Group Corporate Sustainability (sic), HSBC, London, to T Dykes,
ACTSA, 8/1/08].

Barclays Bank plc explains (rather, seeks to explain away) its failure to account for such
investments being channelled into dubious companies, by arguing that: “[The bank] through
our asset management business holds shares in thousands of companies around the world.
The funds are invested according to client instructions and the majority are in index tracker
funds (4) that do not distinguish between companies other than their being in a particular
index.” Barclays goes on to proffer its own brand of “socially responsible
investments” as a means by which clients can “omit certain industries” from their portfolios.
[Christine Farnish, Director of Public Policy & Sustainability, Barclays, London, to Tony
Dykes, ACSTA, 11/1/08]

This is fairly common practice, but no less objectionable for that. Even setting aside the
anomaly of running two potentially morally contradictory “books” under the same brand
name, it is likely to confuse and mislead many who seek an “ethical” portfolio. One of
Standard Life’s “Ethical” funds (as of November 2007) listed Xstrata plc among its top ten
biggest investments – as did the same UK insurer’s Pension Ethical Fund. [see: <
http://uk.standardlife.com/content/saving/investing_ethically.html >]. Yet Xstrata – has
come under consistent attack from trade unionists, environmentalists and Indigenous
Peoples Rights organisations in several countries, including Argentina, Australia, Canada,
Colombia, the Philippines and South Africa. Moreover, as pointed out at the time by John
Hilary of War on Want, there are purportedly ethical “fund of funds” which themselves
invest in “stand-alone” funds of doubtful provenance; surely the former should share
responsibility for what the former gets up to? [John Hilary, WoW, to author, 24/11/07]

Thus, we confront some significant problems when it comes to ascertaining who is a

shareholder, at any given moment, in a mining (or indeed any other controversial)
company. Although the two main conventions on global accounting – US GAAP (General
Agreement on Accounting Principles) and IFRS (International Financial Reporting
Standards) – have much in common, they differ when it comes to publicly identifying the
ownerships of equity in a given corporate enterprise. Moreover, there are national
variations in GAAP, while some companies may adopt what they call “non-GAAP”
methods of reporting.

We may consider it reasonable that all firms registered on a stock exchange should have
to divulge information about their shareholders and changes in equity. However, such data
is rarely published in the main body of Canadian company annual reports and accounts; it
is contained in supplemental notes that are more difficult and time-consuming to find.
Whether the expected convergence between IFRS and GAAP standards will overcome this
significant lacuna remains to be seen. [See
“Similarities and Differences: A comparison of IFRS and US GAAP”, published by
PriceWaterhouseCoopers, October 2007:
< http://www.pwc.com/gx/eng/about/svcs/corporatereporting/SandD_07.pdf >]

Even if a company’s reports do not publish shareholder information, or the information is

outdated, it may still be located from a stock exchange or perusal of industry journals (2)
and via specialist investor services (5). Nonetheless, as testified to by the many hours spent
compiling this document, such data should be much easier to access, if not made
electronically “live”. Transparency of this kind is burningly relevant, especially for
registered charities and pension funds whose duty of care for client’s money extends to
public employees, their own and other workers, and to society at large.

Limitations to this research – and challenges ahead

Setting out a comprehensive global table of funds linked to mining/mineral companies,

would stretch to encyclopaedic length if, as well as logging specific deals, it were also to
include all Chinese banks and mining companies (6), all project and debt financing (loans),
bond and securities’ issues; and every “arrangement” made for companies to list on a
stock exchange (IPO’s or Initial Public Offerings). Nonetheless, this paper does attempt a
summary of such tools (See Part One: Main types of mining finance) – and provides
many examples of how they are used.
Critical though it is to be familiar with these and other financial “vehicles” (such as those
mentioned in the Glossary) many of them defy easy definition and considerably more
investigation is needed into how they function. Welcome research in this direction has
already been performed by Mining Watch Canada; by Netwerk Vlaanderen and
BankTrack for their late 2007 “Bank Secrets” report (7); and by WISE (World Information
Service on Energy) in its “Mined U” survey (see Sources, below). However, project and
debt finance (though not bond issues) are usually announced only after the event. These
faits accomplis therefore do not provide much for campaigners to bite upon – except in
urging a funder not to repeat the error in future.

Initially it proved impossible within the limits of this research to include many small, so-
called junior, mining enterprises - those mostly registered on Canadian, Australian stock
exchanges, the LSE/London Stock Exchange’s AIM (Alternative Investment Market), and the
new Johannesburg alternative exchange, AltX. Some such outfits are only at an initial
stage of financing; they or their projects might be bought out by a fund or other mining
company at any time. Thanks to the support provided by the Heinrich Boell Foundation
these developments will be closely monitored and recorded from now on.

Drawing lines between the money and the miners

Of late it has become increasingly difficult to distinguish between a “hands on” mining firm
and an investor putting their money into the sector; primarily because they reckon this is
where new profits are to be made (and little else).

In 1995, Canadian mining junior Bre-X contracted with the Indonesian regime for a gold
deposit in East Kalimantan (Borneo) which it proceeded – with the assistance of compliant
advisors and “gurus” – to vaunt as one of the world’s richest. Within two years, however,
the lode was demonstrated to be virtually worthless. This criminal act shook Canada’s
venture capital markets to the core, resulting in a few cosmetic changes to stock exchange
regulations. (Indeed, the amalgamation of the Toronto Stock Exchange Group TSX) and
the Montreal Stock Exchange - essentially a derivatives market – might well lead to even
less accountability of Canadian venture capital companies).) In the wake of the Bre-X
fiasco, some junior mining companies vanished from the scene; others switched with alacrity
to launching penny stock “dot.com.” companies. A decade later, similar tactics have
emerged, as new enterprises pledge their faith in bio fuels; or have ostensibly moved
from banking into gold. Just how credible these ventures are, or how long they will last, is
anyone’s guess. For example, Yellowcake Plc, registered on LSE’s AIM in September 2005
as the market price of uranium started soaring, in order to “offer investors a vehicle to
invest in the market for quoted and unquoted uranium companies.” [Yellowcake PLC,
Annual Report and Accounts 30/6/2007]. Within a year, however, Yellowcake was
swaying on a wing and a prayer (or a speculative vein capped with a good measure of
hype). (In Financial Year 2007, the company earned less than ex-Labour party leader
Tony Blair could demand for a single bout of public speaking!) Other juniors claim to
have a similar strategy of centring investment on a specific mineral whose fortunes appear
to be rising- as does Coal International Plc which is both a miner and an investor. (The
company was targeted for takeover in mid-2008 by Cambrian Mining plc (see below)
as it planned to transform from an “investment holding company” into “an operating
mining group” [MJ 6/6/08]). In practice it is often difficult to distinguish the modus
operandi of “holding” companies from those of “dedicated” miners. Beacon Hill Resources’
description of itself as a “holding company” is transparently self-serving; while Minmet Plc,
in dubbing itself an “incubator” of minerals exploration and extraction opportunities,
seems to leave most of us guessing as to what its intentions are.

This is not dismiss these gambits altogether. Some smaller companies are beneficiaries of
fairly well-established miners, or may be profit-takers for larger, better-known financial
institutions. Mineral Securities Ltd is a creature of former down-under mining supremo
Robert de Crespigny and is not to be sniffed at. (De Crespigny founded Australia’s
Normandy mining company, was an advisor to the government of South Australia, and is
also Chancellor of the University of Adelaide). Its aim is to become a “21st century mining
house that owns and controls resource assets at all stages from exploration to production”.
As such it is classified in this report as an investor. Anglo Pacific Group PLC enjoys a
major investment from Rathbone Brothers PLC (which incidentally prides itself on its ethical
policy) and its shareholders benefit from royalties on coal mined by BHP Billiton and Rio
Tinto. City Natural Resources High Yield Trust PLC may be a little-known equity investment
outfit whose direct shareholdings in a wide range of mining companies constitute little
more than a foothold. However, more than half of City Natural Resources is owned by ten
major asset managers: among them JP Morgan Fleming, UBS, Barings, and Jupiter with a
3.3% stake held by the county of West Yorkshire’s Pension Fund. A third horse of this ilk is
Cambrian Mining PLC, in whose stable are to be found AXA SA, HSBC, the Bank of New
York (BNY) and Credit Suisse. Then there are some much bigger companies whose
acquisitions are ruthless and concerted enough to rank them as investors as well as miners.
Toronto Stock Exchange-listed base metals group, Lundin Mining Corp, took over four
European mines in 2006-7 and holds a quarter stake in Freeport McMoran’s vast copper-
cobalt project in DR Congo. Lundin shelled-out around US$2.1 billion for its entry to what
could be the largest deposit of its kind on earth and secured for itself a 300% rise in
profits for the third quarter of 2007 alone [MJ 16/11/07].. Corporate interlocks may
also operate in a slightly different direction. For instance, Canada’s Edco Capital Corp
and Balinhard Capital Corp are both controlled by directors of Imperial Metals Corp
which has four major gold properties in British Colombia and Nevada.

Campaigning for disinvestment

Many funds identified here hold comparatively small stakes in controversial companies.
Some - such as Merrill Lynch’s Gold and General Account, or Best Asset Class’ Platinum
Fund – take bets on the fortunes of a specific metal; in effect trading the price of metals’
commodities. Most others investments are above a cut-off point below which the
proportion of the equity need not be declared. London’s Stock Exchange (LSE) fixes this at
3% (of total stock held in a given company). Both the SEC (US Securities and Exchange
Commission) and the Australian Stock Exchange (ASX) set the bar at 5% - and Toronto’s
Stock Exchange even higher, at 10%.

How useful is it to target minor funders when (or so it seems) their shares grant them
merely token voting power and therefore influence over a company’s policies and
practises? (8). Even if they sold their entire stake in protest, what impact would it have?
Surely the shares will be snapped up swiftly by someone else with fewer scruples – or a
hedge fund benefiting from a momentary slide in the share price? In any case, there seem
to be precious few examples of investors openly declaring that social or environmental
abuses played any part in a specific disinvestment decision.

In reality it may be easier for a small investor to repudiate a company than for far larger
funds. Even if a big fund’s holding seems fairly insignificant, it will usually comprise part of
a diversified investment portfolio in which extractives are given an allotted role as
mandated by the fund’s advisors. These major financial institutions are probably not going
to withdraw from the sector altogether, unless the earth moves (or tumbles around mining
itself.) But junior investors, especially those which rely on derivative instruments and “play
the market”, can switch with greater ease - from gold to bio fuels or into IT, for example.
This isn’t to say that the likes of JP Morgan, HSBC or Credit Suisse, should not be lobbied
if they are underwriting a manifestly disreputable company, or one performing nefarious
deeds, whatever the extent of their holding. But, of course, such considerations do not
need to enter the Trust manager’s mind when s/he considers the financial attractiveness of
the stock on offer. Campaigners’ energies might, therefore, be better spent urging a
lighter-weight shareholder to disinvest, especially if this triggers a “demonstration effect”
for others.

Nor is it true that all investors clasp their cards so close to the chest that we never know
what impact our campaigning has had. Numis Securities, an investment fund believed to
have purchased a significant part of Vedanta Resources on its London Stock Exchange IPO
in 2003, openly admitted just one and a half years later that it no longer recommended
purchasing a stake in this highly controversial company, because of issues raised (inter
alia) in an NGO report. [“Ravages through India”, see supra].

Going one step better is the Financial Times’ FTSE for Good Index (FTSE4Good) which
outlines the reason(s) for ejecting companies from its index, though without publishing
details. It did this in 2006 to Canada’s Inco, (since taken over by Vale, formerly CVRD)
after finding the second biggest global nickel producer guilty of human rights violations.
[See: >http: //www.minesandcommunities.org/Action/press1090.htm. <] Nonetheless, the
FTSE4Good has, of late, taken a step backwards. While initially excluding all companies
involved in uranium mining, it recently accepted Rio Tinto into its fold, arguing that the
company is a relatively good performer in a sector which admittedly performs badly
overall. [See: Proinsias O'Mahoney, “Profits and Principles”, The Guardian, 21 February
2008].

It is the huge Norwegian government Pension Fund (aka: Petroleum or Sovereign Wealth
fund) that truly sets the current pace. This is the world’s second largest government pension
fund (after Japan’s), worth an estimated US$300 billion. The Fund, advised by its unique
Council on Ethics (ethical investment) over the past two years has sold all its equity in five
mining companies (Freeport, DRD Gold, Vedanta, Rio Tinto and Barrick Gold – the last in
January this year). and published comprehensive grounds for doing so. If, closely following
such reports, a company’s share price falls significantly, it’s reasonable to surmise that
other investors have followed the lead. (A number of Norwegian funds are known to have
followed the government’s lead on Vedanta as did a Belgian fund).

While this will hardly presage a stock market “bear run”, with substantial other investment
quitting the scene, it is impossible to predict whether a knock-on effect will occur and - if
so - what it will be. For example, closely following Norway’s condemnation of Vedanta in
late 2007, India’s Supreme Court declared the UK company to be persona non grata for
the mining of a highly significant bauxite deposit in Orissa. The Supreme Court pointed to
the Norwegian report as a compelling justification for rejecting Vedanta. (Unfortunately,
in a display of grotesque inconsistency, the Court promptly invited a subsidiary of
Vedanta to re-submit the application under its own aegis. [see: “ 'Vedanta' out, SC admits
Sterlite plea” Times of India, 16/2/08])

Shortly afterwards, India’s Ministry of Environment and Forests (MoEF) threw out Vedanta’s
proposal to expand bauxite-aluminium operations in the state of Chhattisgarh. Although
no direct connection can be drawn between the Supreme Court’s judgment and that of the
MoEF, the ministry’s decision contrasted sharply with the obeisance to Vedanta that it had
displayed just a few months earlier. [For details see:
>http://www.minesandcommunities.org/Action/press1807.htm<]

Norway’s stake in Vedanta was a mere US$13 million, against the UK company’s then-
market capitalisation of over US$ 7 billion. (The Norwegian government does not permit
any holding above 5% in a single company). It is therefore not necessarily true that,
because an investor possesses an insignificant equity stake, s/he may not be usefully
lobbied, either to use their holding to demand improved corporate practice, or sell it
should the targeted company fail to respond to just criticism. The Norwegian Council on
Ethics always invites companies to make responses, giving them several weeks to present
their counter-arguments before making a final judgment on whether to disinvest. (Neither
Rio Tinto, nor Barrick Gold, deigned to respond to the Council’s indictments.)

The above discussion is predicated on the assumption that disinvestment is not merely a
valid strategy of moral disapproval of inappropriate corporate behaviour; it actually
compels desired changes in that behaviour. Or, in the final analysis, it will bring about the
downfall of a transparently “bad actor.”

Simon Chesterman, of the NYU School of Law / National University of Singapore,

last year published a paper, discussing the work of Norway's Council on Ethics and
seeking to focus "on the ambiguous legal and ethical meanings of ‘complicity’” and the
uncertain impact that disinvestment has on behavior. " He asks: "[S]hould the ad hoc efforts
of investors to shape the human rights behavior of the companies in which they own shares
themselves be regulated? That is, by what standard, if any, should the activist shareholder
be judged?" According to Chesterman, the Fund's general guidelines "provide that the
overall objective remains safeguarding the fund’s financial interests, but that the exercise
of ownership rights 'shall mainly be based on the UN’s Global Compact and the OECD
Guidelines for Corporate Governance and for Multinational Enterprises.'...[T]he focus of
the Council’s work is on avoiding the risk of doing the wrong thing rather than ensuring a
desirable course of action is followed. Moreover, the Council’s examination is focused —
at least technically — on the potential for Norwegian complicity rather than the actual
conduct of the company in question. "

In practice, however, the Council's reports and recommendations blur this theoretical
differential. How could they do otherwise, given that the rationale for investment in any
corporate enterprise is based on what the company does, not on what it claims to be
doing?. The Council’s research draws on far more varied and heuristic tools than those
employed by the Global Compact or the Organisation of Economic Cooperation and
Development (OECD). And, as Chesterman himself says: "Though the Council on Ethics is not
a court and its recommendations do not have the force of law, it [has] swiftly assumed a
legal character. Through careful interpretation of its mandate, evaluation of evidence, and
justification of decisions, the recommendations resemble judgments of a rudimentary court
of first instance — rudimentary not because of the quality of the reasoning but because of
the limited resources available to make independent findings of fact, and the absence of
discipline imposed by the possibility of formal appeal. The decisions are ultimately
administrative recommendations, yet the nature of the ethical judgments being made and
the dispositions of the individuals making them has led to a kind of jurisprudence of ethics.”

Chesterman continues:

"Even though the issue of complicity raises difficult questions, the Committee considers, in
principle, that owning shares or bonds in a company that can be expected to commit
grossly unethical actions may be regarded as complicity in these actions. The reason for
this is that such investments are directly intended to achieve returns from the company, that
a permanent connection is thus established between the Petroleum Fund and the company,
and that the question of whether or not to invest in a company is a matter of free choice."

However, Chesterman is far from convinced of the logic - or soundness - of these

assumptions, "respectfully ask[ing] the Norwegian government and people to fully
recognize the seriousness of what Norway is doing with divestment decisions like these.
Norway is not just selling stock — it is publicly alleging profoundly bad ethical behavior
by real people. These companies are not lifeless corporate shells. They represent millions
of hard working employees, thousands of shareholders, managers and Directors, all now
accused by Norway of actively participating in and supporting a highly unethical
operation. The stain of an official accusation of bad ethics harms reputations and can have
serious economic implications, not just to the company and big mutual funds, but to the
pocketbooks of workers and small investors."

We may well be somewhat sceptical about Chesterman's own assertions: they appear to
negate the very act of disinvestment as a valid tool to secure changed behaviour -
including improved benefits to workers. (Of course, selling stock in an associated company,
or purchasing shares in another enterprise in order to pursue their own business "models",
have been essential ingredients of the raison d'etre of corporate bodies themselves - and
usually without regard to the vulnerability of employees.)

More challenging, and deserving of response, is Chesterman's conclusion that:

"The appearance of regulation may, in some circumstances, be worse than no regulation
at all. The turn to ethics as a means of improving behavior of multinational corporations
offers an opportunity but also an opportunity cost: ethics can be a means of generating
legal norms, through changing the reference points of the market and providing a
language for the articulation of rights; yet they can also be a substitute for generating
those norms.

"The Norwegian Council on Ethics demonstrates both tendencies. The tendency to

conceive its work in quasi-legal terms, justifying disinvestment decisions by reference to
complicity in wrongs, suggests where its work may lead — even as those terms perhaps
overstate how much has already been achieved. At the same time, however, the artifice of
a trial in which a company’s conduct is examined and judged without serious consequences
may create the illusion of accountability and thus reduce the demand for actual change.”

Nonetheless, despite these strictures, Chesterman welcomes the prospect of the Council’s
modus operandi setting a global precedent:

"These tensions will, eventually, need to be resolved. How they are resolved will depend
on whether the ethical precepts on which the Council bases its recommendations are
dismissed as Scandinavian self-righteousness, in which case their publicity and wider
significance are suspect, or as the precursor to a wider adoption of normative constraints
on corporate entities operating in jurisdictions without the capacity to control their
behavior. In the latter case, the Council’s work may serve as this new regime’s
foundational jurisprudence. “[Simon Chesterman, "THE TURN TO ETHICS: DISINVESTMENT
FROM MULTINATIONAL CORPORATIONS FOR HUMAN RIGHTS VIOLATIONS — THE CASE
OF NORWAY’S SOVEREIGN WEALTH FUND", Global Administrative Law Series, IILJ
Working Paper 2008/2]

Pensioned off

Finally, we should acknowledge that, while a raft of apparently unaccountable

and privately-administered hedge funds (as well as Sovereign Wealth/state pension
funds) have swept into the commodities’ market place during recent years; they are by no
means the only ones with influence. In fact, the most diversified and significant direct
profit-taker from the sector is the private commodities’ trader, Glencore, based in
Switzerland, which has been operating for some years (and before that, as the notorious
Marc Rich company.) and is the largest single shareholder in Xstrata plc.

Governments (both central and local), along with private Pension Funds, also markedly
increased their share purchases in the mining and minerals industry during 2007-2008 Nor
should it be forgotten that they invest in trusts and other funds which may also have a high
dependency on mining-related stocks. Whether this is advisable in the short-to-medium
term is a moot point. Already, in mid-2006, one Financial Times correspondent had
pointedly warned that: “[T]he fact remains that a frightening amount of pension and
savings money is forced to chase companies exposed to the riskiest parts of the global
economy. A true bursting of the commodities bubble would probably only follow a serious
slowdown in China…but in the meantime the UK is once again tied to the fortunes of
mining.” [Dan Roberts, “A British economy built on mining brings danger”, FT 3-4/5/06].

At the time this caveat was lost on some Pension Fund managers which (for example)
increased their investment in the palladium market during 2007 [MJ 16/11/07]. In the
wake of the recent commodities’ market disintegration, Pension Funds have begun taking
new stock of such investments [Russ Mould, Shares magazine, 16/2/09, op cit]. However,
to date little work has been done even to identify such holdings (some are noted below);
while few pension funds actively lobby beneficiary companies to adopt an ethical stance,
even where they are owned by public service employees.
This poses a major challenge to those now becoming aware of the massive negative
impacts of extractive industry on thousands of communities and numerous workers across
the globe. Is it not manifestly unacceptable that millions of workers in “developed” or
some “advancing” economies should continue to benefit from the naked exploitation of
millions of their even more exploited counterparts elsewhere?

Inviting your collaboration

Those who find the following database helpful are strongly encouraged to contribute
further data, including corrections and updates, in order to increase its usefulness.

More detailed allegations against the mining and mineral companies referenced below
can be found on the Mines and Communities (MAC) website:

www.minesandcommunities.org/company

Go to the “MONEY” page of the same site, to view critical information (regularly
updated) on some of the funders listed in this paper’s data base:

www.minesandcommunities.org/money/money.htm

You are warmly welcomed to submit evidence of further violations, or indicate where you
think this paper might have got it wrong. Kindly email:

info@minesandcommunities.org

Finding your way through the data

Main Keys:

Investors and lenders are highlighted in red

Mining and Mineral companies are in blue

Countries or regions where companies operate

are marked in plum

Financial entities or instruments are in yellow

Noteworthy or critical information is greened

Glossary:

ADR – American Depositary Receipt (see DR below)

AIM – London’s Alternative Investment Market (part of the London Stock Exchange)

AG – Aktiensgesellschaft or public limited liability company (in Germany, Austria,

Switzerland)

Arbitrage – the tactic of taking advantage in differentials between two different

market prices, to secure a profit

Bear Market – one where share prices (also those for commodities or bonds) are
falling, or expected to fall during the medium period, if not longer (see also Bull market)

Bearer share – see Shares

Bond – a loan or debt security which the issuer – government or private - promises
to repay with interest when it reaches its date of maturity

Bookrunner – the bank or funder which leads, or manages, the issuance of

corporate loans, debt or other securities, usually in association with other such financiers

Bought deals - are ones between brokers and a company, where the former by an
entire stock issue from the latter in a private transaction, then sell the shares on to private
purchasers (see also Brokers)

Brokers/brokerages - place shares on behalf of companies, selling them to private

clients who want to invest in those companies. Banks, as well as specialised brokerage
Houses, act as brokers (see also Bought Deal)

Bull market – one where share prices (also commodities and bonds) are rising or
expected to rise over the medium period, if not longer (see also: Bear market)

BV – a limited company whose shares are privately registered and not freely
transferable (in Netherlands)

CDI s- CHESS Depositary Interests are the form in which ordinary shares and some
options are traded electronically on the ASX (see also: DIs)

Collateral - a guarantee to meet a debt, usually by ceding an asset, in the event

that the debtor is unable to repay the loan

Common shares – see Ordinary shares

Contrarian investors buy (sometimes sell) stocks in the belief that they have been mis-
priced by the “market”; the aim of course being to make a profit by doing so
 Convertible bonds – bonds which can be exchanged for stock in the company which
issues them on terms set at their issue

CSD/ICSD – An (International) Central Securities Depository holds securities/bonds

and settles trades between them. The Depository Trust Company (DTC) in the US holds
more than US$2 trillion in non-US securities and ADRs (qv)

Debenture – a bond which is not secured by property or collateral

DIs – Depositary Interests are UK-registered securities that enable trading in non-
UK incorporated and registered company shares, to be undertaken and settled within
the UK in electronic/paperless form

DR – a Depositary Receipt - enables investment in a company registered offshore,

through one’s home-domiciled bank.

Derivative – literally something which “derives” from something else; in financial

markets, the use of futures and options contracts to bet on the rise or fall of value of an
equity, credit “product” or other type of security

Distressed situations - see Special Situations

Dividend - that portion of a company’s net profits, proposed by its board and
confirmed at an annual shareholders’ meeting, which represents revenue on a share

EDR – European Depositary Receipt (see DR)

Event driven – a euphemism for the hedge fund strategy of profiting from falls in
the value of a company’s shares (see also: Special situations)

ETFs/ETNs – Exchange Traded Funds/ Exchange Traded Notes (see Footnote 4)

Equity/Equities – see Shares and Private Equity

Floating rate – a debt subject to periodic changes in interest rates

Fund of Funds – a portfolio held in a number of investment funds, rather than

directly in equities or bonds, viz. a “Hedge Fund of Funds”

FY - Financial Year; usually running for twelve months from middle or late calendar
year

GDR – Global Depositary Receipt (see DR)

GmbH – a company with limited liability (in Germany, Austria, Switzerland and in
Central Europe)
 Junior – a mining company registered on a stock exchange (eg. TSE, TMX, AIM,
ASE, AltX), seeking venture (or “start up”) capital, usually for exploration purposes.

JV – Joint Venture

IPO – the Initial Public Offering of shares in a specific company

LBO (Leveraged Buy Out) – where a company raises debt finance to acquire
another

LLC – Limited Liability Company

London Metal Exchange (LME) – the world’s premier forum for daily trading in the
prices of aluminium, copper, nickel, zinc, other nonferrous metals and (from 2009) iron ore.
Contracts are agreed by means of “open cry” across a physical space, to which only
eleven named Ring Traders are admitted, and which are purportedly backed by physical
supply in LME warehouses

LP/LLP – Limited (Liability) Partnership

Managed Fund - see Mutual fund

MBO (Management Buyout) – where managers acquire a company for which they
work

M &As – Mergers and Acquisitions

Market Cap/Market Capitalisation – the value of a company’ shares, consolidated

between their price(s) on one or more stock exchanges at any given moment

Mutual Fund – one which pools money from many clients, to invest in stocks, bonds
et al. Known in Europe as a Unit Trust; in the US as an OEIC (qv) and in Australasia as a
Managed Fund

Nominees - brokers, or banks acting as such, which hold a named person’s shares
in a non-paper form, rather than as a share certificate (see footnote 2).

OEIC (Open-ended investment company) - arranges for customer’s money to be

added to that of other investors and spread across a wide range of equities and/or fixed
interest securities

Ordinary shares – those which normally carry voting rights (see also Shares and
Preference shares)

P/E – Price to Earnings ratio, which evaluates dividend received against the price,
paid for a share; the higher the P/E then, usually, the less attractive the stock.

PLC (Plc, plc) – Public Limited Company (in UK and Ireland)

 Preference shares – grant the owner dividends, even when ordinary shareholders
may not receive them, as well as the first pick of proceeds when a company is liquidated.
They normally do not carry voting rights

Private Equity – share holdings not listed on a registered stock exchange; see also
Venture Capital

Pty Ltd - Proprietary Limited (in Australia)

Re-insurance – insuring an insurer and thus spreading liability

Revolving credit/debt - a flexible facility by which loans are made and repaid
with interest over time, up to an agreed limit and without a fixed rate of repayment

Ring trader – see London Metal Exchange

Royalties – payments made for the use of an asset (in the case of mining usually a
produced metal or mineral) delivered to the “owner” of the asset (usually a government),
either at gross or net value of the asset, as determined by the owner

SE – Stock Exchange

Securities – see Bond

Senior debt/debenture – a debt which has priority in any conversion to equity etc.

Shares – also called “equities” or stock – is that portion of a limited company’s

capital, registered either in the owner’s name or in an account held by a bank, stock
broker, or other intermediary (known as a bearer share). (See also footnote 2).

Share option - a privilege, sold by one party to another that gives the buyer the
right, but not the obligation, to buy (call) or sell (put) a stock at an agreed-upon price
within a certain period, or on a specific date.

Share warrant – a paid-up share which can be transferred by its holder to another
party without any need for a registered transfer (UK) (see also Warrant)

Special situations – hedge fund jargon for taking advantage of failing companies,
usually by “shorting” the asset – i.e. betting on the failure itself. The term is also a
euphemism for “vulture funds” which buy failing equity or bonds, and government debt, at
a cheap rate, in order to cash in on their collapse

SPVs/SPEs - Special Purpose Vehicles or Entities provide a means of isolating risks

taken by a bank or other company, often in order to escape taxation or regulation. They
were one of the main concoctions used by Enron, to criminally conceal its vast financial
losses during the late 1990s

Stock – ordinary or common shares held in a company

 Sub-account – a category of general insurance, aimed at a specific sector
(e.g. buildings, shipping, accident)

SWF – Sovereign Wealth Fund: an investment agency of a state government in

onshore and offshore companies

Underwriting – the process by which an issue of equity, debt, bonds, is afforded

credit worthiness

Unit - . -.the minimum amount of stocks, bonds, commodities, or other securities

accepted for trading on an exchange. While one unit often equates to one share, it may
also include a subscription warrant (qv)"

Venture Capital – start-up funding provided for new companies (in the case of
mining, usually junior exploration companies) and generally classified as part of private
equity (qv)

Voting shares – see 0rdinary shares

Warrant – a piece of paper which entitles the owner to purchase shares in a specific
company, at a specified price (known as “exercising” the warrant(s)

Sources:

Bank Secrets - “Bank Secrets; Banks and their Alarming Investment Practices”, Netwerk
Vlaanderen in association with BankTrack, December 2007:

Financing Global Mining - “Financing Global Mining: The Complete Picture” (ed. Rob
Morrison), pfi market intelligence, Thomson’s 2007

Hemscott – Hemscott supplies daily-updated information on share prices and equity

investment in companies registered on the London Stock Exchange (including AIM), along
with the company’s own official announcements. (See also footnote 4).

FT – Financial Times (UK)

MJ - Mining Journal, published weekly in London

Piplinks 2007 – Research (currently being updated) on mining companies active in the
Philippines, carried out by Philippine Indigenous Peoples’ Links (Piplinks) UK

An excellent prime source of information on all aspects of Canadian mine finance is:

Mining Investors: Understanding the legal structure of a mining company and

Identifying its management, shareholders and relationship with the financial markets
by Joan Kuyek, Mining Watch Canada, November 2007; available for download at:
http://www.miningwatch.ca/updir/Mining_Investors.pdf

Mined U - Financing of new uranium mines, WISE (World Information Service on Energy)
Amsterdam, March 2998:

Part One

Main types of mining-related investment

By far the greatest chunk of minerals-dedicated, long-term, financing has traditionally

been tied up in equity. The “wall of money” represented by these stocks and shares – as
determined by their market capitalisation – has dwarfed that of all other types of finance
for the sector put together. While, as we have seen dramatically since mid-2008, the
value of equity will continually fluctuate due to external factors (rise or fall of confidence
in individual firms, the sector, and the “health“of “the market” itself), it is by no means
passive. Blessed with surplus cash (revenues) and instead of investing it in acquisitions or
projects, a company may purchase (“buy back”) its own shares in order to boost their
price and increase dividends to their own shareholders. A significant number of these will
be directors of the company itself. Even in the leanest of times, a company may
decide to make a “rights” issue to pay off its debts, hoping that institutional investors will
retain their confidence and trust the .board to weather the storm. After all, when shares
are at their low point, they are also cheap to buy.

Just eight years ago, the market capitalisation of all the world’s corporate miners, put into
one metaphorical “basket”, did not match that of just one oil company (albeit the
biggest) , Exxon. Since 2002 the picture dramatically altered. Spurred primarily by
metals, coal and cement demand from China and to a lesser extent from elsewhere in the
Asia-Pacific region, by 2007 we saw unprecedented high market prices for gold, copper,
iron/steel, platinum, aluminium, nickel and other materials. Exploration in Latin America
and Africa was at its height. In Russia, “oligarchs” favoured by Vladimir Putin amassed
personal fortunes from mineral-related corporate acquisitions (notably with Rusal
Aluminium’s merger with SUAL, followed by its takeover of Polyus Gold in 2006, and its
major equity purchase in Norilsk Nickel in 2008) which put most other capital accumulation
in the shade.

Little wonder, then, that by February 2008, market cap of the world’s five biggest mining
companies had reached an estimated US$650 billion, while Exxon’s was little more than
two thirds of this at US$456 billion. (Total market cap for all the world’s listed companies
in Spring 2007 was over US$50 trillion [Reuters 3/3/07]). As UNCTAD’s 2007 World
Investment Report acknowledged, a large part of this accretion in the mining sector was
due to mining FDI (Foreign Direct Investment) made within lesser developing economies
(China and India in particular); inside the FSU (Former Soviet Union); or by companies in
the South buying into counterparts in the North. Again, this was especially characteristic
of Chinese and Indian firms – notably Chinalco’s purchase, along with US-based Alcoa, of
a 12% equity stake in Rio Tinto in early February 2008 (Alcoa sold its part of the stake in
February 2009). This gambit was widely viewed, not only as providing a major footing
for Chinese investment in the world’s second most important mining company, but also as a
“poison pill” to deter BHP Billiton’s hostile attempt to absorb Rio Tinto.

However, the most spectacular example of such South-North movement of mining and
minerals-directed capital was the snapping-up by Brazil’s iron ore giant, CVRD, of
Canada’s Inco in 2006. (As of February 2008, CVRD - now called Vale - was also looking
to buy out Xstrata, fifth among global corporate miners, although it seemed that
Glencore, with its 35% ownership of Xstrata, would foil the attempt).

Outstripping any of these deals was the US$33.6 billion merger between Luxembourg
steel producer Arcelor and Mittal Steel in 2006. The new ArcelorMittal is no, by far, this
sector’s world leader. Though technically not classified as a “mining” enterprise, the
company is committed to major iron ore exploitation – notably in Liberia.

The number of mining M&A’s somewhat increased during 2007, maintaining the pace of
heady “smash and/or grab” of the previous two years, while the value of just two of these
exceeded all previous transactions of the kind. In March 2007, Russia’s largest integrated
aluminium producer, Rusal, merged with the country’s second largest, SUAL; absorbed
some of the global bauxite, alumina and aluminium assets of Glencore; and became
United Company RUSAL. This amalgamation is generally valued at around $US 30 billion
- although UC Rusal has yet to make an IPO

Not to be outdone, five months later Rio Tinto succeeded in a friendly bid for Alcan, the
world’s second biggest aluminium producer. This was claimed by Rio Tinto to be the
largest- ever financing raised, for any purpose, in the UK - and the fourth biggest in
history. Underwriting the acquisition’s syndicated US$ 42 billion loan were: RBS, Deutsche
Bank and Credit Suisse. Rio Tinto’s debt gearing rose markedly as a result of this
transaction; and when aluminium demand toppled in the second half of last year, it was
scarcely surprising that the British company almost fell on its face (if not its sword). At the
time, however – and buoyed by the wave of other acquisitions in the mining sector – many
observers viewed this as a bold, rather than rash, move to make.

2007 also saw the private Indian group, Tata (Tata Brothers), taking control of Europe’s
second biggest steelmaker, UK-Dutch owned, Corus, at a cost of US$7.6 billion. A highly-
diversified industrial conglomerate, Tata owns iron ore, coal and chromium mines in India,
and is trying aggressively to lay its hands on mineral deposits overseas. Then, in March
2008, Oxiana Gold agreed a US$ 5.6 billion combine with Zinifex, to form OZ Minerals,
Australia’s third-largest mining company (after BHP Billiton and Rio Tinto) and the world’s
number two zinc producer [Forbes.com 3/3/08]. The deal was remarkable, not only for
the sum involved, but also because few outside mining’s innermost circles had much idea
what either company got up to and only a few years before both had been classified as
mere “juniors.” With hindsight, this merger – like that between Rio Tinto and Alcan –
seems somewhat foolhardy, but it made sense at the time. Who was to guess that, less
than a year later, OZ Minerals would bow down to a takeover offer by a Chinese
company, pitched at only just over a billion Australian dollars? [Bloomberg News Service,
17/2/09]. -

The early February 2008 market value of the world’s biggest mining companies is set out
in Table 1.

A summary of the value of the major mining M&As between 2001 and 2007 is to be
found at Table 2.

Table 1: Rankings of major mining groups (in US$)

US$)

Below are rankings for the five major diversified mining groups in terms of market cap,
and revenues as of early 2008

Market capitalisation (in $US on 5 February 2008)

1) BHP Billiton (Australia, UK) – 192.0 bln

.
2) Rio Tinto (UK-Australia) -- 161.7 bln
.
3) Vale (CVRD- Inco, Brazil, Canada) -- 146.1 bln .

4) Anglo American (UK) -- 75.1 bln

.
5) Xstrata (UK, Switzerland) – 75.1 bln

Revenues (in $US for 6 months to end June 2007)

1) BHP Billiton -- 25.4 billion

2) Anglo American -- 19.9 bln

3) Vale -- 17.01 bln

4) Xstrata -- 14.23 bln

5) Rio Tinto -- 12.06 bln

[Sources: Reuters 3000 Xstrata, for market capitalisation; Reuters Knowledge, for revenues, 6 February
2008]

_______________________________________________________________________

Table 2:
2: Value of Top mining M&A
M&A’
&A’s (above US$ 3 billion)
billion) 2001
2001-2007
2007 (in $U
$US)

2007 Rio Tinto takeover of Alcan Inc 42, 957 million

2006 Freeport purchase of Phelps Dodge 22, 629 million

2006 Goldcorp takeover of Glamis Gold 18, 710 million

2006 Xstrata takeover of Falconbridge 18, 235 million

2006 CVRD (now Vale) takeover of Inco 18, 019 million

2001 BHP merger with Billiton 15, 570 million

2007 UC Rusal acquisition of 25% of Norilsk Nickel 13, 272 million

2006 RUSAL takeover of Polyus Gold 12, 860 million

2005 BHP Billiton takeover of WMC Resources 7,800 million

2007 Norilsk Nickel takeover of LionOre Mining 5, 447 million

2005 Kumba Iron Ore (internal, by Anglo American) 4, 796 million

2007 Teck Cominco takeover of Aur Resources 3, 862 million

2007 Yamana Gold takeover of Meridian Gold 3, 410 million

2006 Kinross takeover of Bema Gold 3,026 million

NB: According to Thomson Financial, in 2000 there were 505 M&As between mining
companies; the figure shot up to 1,580 in 2006 (comprising a book value of US$ 134,
735 million).

PriceWaterhouseCoopers reported 1,732 mining M&As in 2007, with a combined worth

of US$158.9 billion.

[Sources: “Mining Deals: 2007 Annual Review”, PriceWaterhouseCoopers, March 2008; “Financing Global
Mining”; Mineweb, 3/7/06]
_______________________________________________________________________

Loan Rangers

In Financial Year 2007 the total in direct loans, for all purposes, issued by the World
Bank/IFC came to US$ 8 billion, plus another US$4 billion “mobilised.” [see:
>http://www.ifc.org/ifcext/annualreport.nsf/AttachmentsByTitle/AR2007_ExeSum/$FILE
/AR2007_ExeSum.pdf<])

In contrast, between 2000 and 2006, direct loans to, and debt financing of, the minerals
industry involved at least fifty three banks (both private and state-owned,) insurers and
other financial institutions, each providing from US$ 5 million to US$ 5,746 million in any
one year (lower priced loans or debt-financing not included.)

This resulted in around US$ 178 billion (US$ 177, 864 million) being disbursed to mining
companies during that period.

The amount of money “arranged” for the minerals industry – both in projects and
for general corporate purposes - has been significantly more, coming to a figure not far
short of US$250 billion (US$ 248,170.8 million) from the start of the new millennium until
2006. Known as a syndication, where more than one bank or “underwriter” (assurer) is
involved (and headed by a “lead arranger”) this classification includes both loans (see
Tables 3 and 4) and bond issues (Table 5).

________________________________________________________________________

Table 3: Largest lenders to mining,

mining, 2000 - 2006 (in US$ million)

1) JP Morgan 23, 416 million

2) Citigroup 20, 814 ml

3) Credit Suisse 14, 477 ml

4) ABN Amro 14,306 ml

5) Deutsche Bank 13, 232 ml

6) BNP Paribas 12, 245 ml

7) Societe Generale 11, 150 ml

8) Barclays Capital 10, 446 ml

9) RBC (Royal Bank of Canada) Capital Markets 9,809 ml

10) Bank of Nova Scotia 8, 921 ml

11) UBS 7, 160 ml

12) Royal Bank of Scotland (RBS) 7, 132 ml

13) HSBC Holdings 6, 861 ml

14) ING 6,454 ml

15) Morgan Stanley 6, 110 ml

16) Dresdner Kleinwort 5, 331 ml

[Figures aggregated by author from “Financing Global Mining”]

Table
Table 4: Top Mining Loan deals (above $US 3 billion)
illion) 2000-
2000-2006

(Lenders are listed in order of priority for each transaction)

1) May 2006 to Xstrata PLC - US$ 19 billion

Lenders: JP Morgan, Barclays, Deutsche Bank

2) October 2006 to CVRD (Vale) - US$ 18 billion

Lenders: Credit Suisse, ABN Amro, Santander, HVB

3) May 2006 to Glencore - US$ 7.775 billion

Lenders: Barclays, BNP Paribas, JP Morgan, Societe Generale,

ABN Amro, Citigroup, Credit Suisse, Deutsche Bank, HSBC, ING,
Lloyds TSB, Morgan Stanley, Royal Bank of Scotland, Calyon,
Fortis, HSH Nordbank, Rabobank, West LLB, ANZ, DBS Bank,
HVB, KfW, SEB, StanChart, Wachovia

4) July 2006 to INCO - US$ 5.5 billion

Lenders: Royal Bank of Canada, Morgan Stanley, Bank of
Nova Scotia, BNP Paribas

= 5) March 2005 to Xstrata PLC - US$ 4 billion

Lenders: Barclays, J P Morgan, Royal Bank of Scotland

= 5) December 2005 to INCO - US$ 4 billion

Lenders: Royal Bank of Scotland, Morgan Stanley, Bank of

Nova Scotia, BNP Paribas

= 5) September 2003 to Alcan - US$ 4 billion

Lenders: Royal Bank of Canada, Morgan Stanley, Citigroup,

ABN Amro, CIBC, Commerzbank, Societe Generale, Bank of
Nova Scotia, TD, UBS, West LLB

6) June 2003 to Glencore - US$ 3.770 billion

Lenders: ABN Amro, Barcap (Barclays), BNP Paribas,

Rabobank, ANZ, Citigroup, Deutsche Bank, ING, JP Morgan,
HVB, Lloyds TSB, Royal Bank of Scotland, Societe Generale

7) January 2006 – to Arcelor - U$ 3.641 million

Lenders: BBvA, BNP Paribas, JP Morgan, KBC, Natixis, Calyon,

Credit Mutual, Fortis, ABN Amro, Barclays, Citigroup, Deutsche
Bank, Dexia, Dresdner Bank, HSBC, HVB, ING, Mizuho, BSCH,
Societe Generale, UBS

[Source: “Financing Global Mining”]

________________________________________________________________________

A view to a kill: the Bond market

The value of bonds, issued on behalf of mining companies in 2006 alone, outstripped that
of all project funding granted during the previous five years (Table 5).

Traditionally, mining-related bond issues have been made in the US, Canada and the UK.
But the largest single issue of all during this year was made in Brazil (for CVRD. At US$7,
278 billion, this was nearly double all mining bonds issued the previous year

The lead bond issuers for the mining sector were:

JP Morgan, Citigroup, Morgan Stanley and Merrill Lynch.

Table 5: Global Mining Bond issues, 2000-

2000-2006 (in
(in US$)

2000 2, 253. 5 million

2001 - 6, 940.8 ml
2002 - 5, 226.2 ml
2003 - 4, 598. 5 ml
2004 - 4, 813.4 ml
2005 - 4, 014.7 ml
2006 - 9, 871.1 ml

Total: 37,718.2 ml

[Source: “Financing Global Mining”]

________________________________________________________________________

“Project finance remains a key”

The amount of money put directly into mining projects per se, appears insignificant,
compared to that provided through corporate loans/debt finance, or bond issues.
(See above).

Nonetheless, just over 9 billion dollars (see Table 7) signifies more than a widower’s mite.
More strikingly, over a third of this project finance was disbursed in only one year, 2006.
As one commentator put it: “Project finance remains a key.” [Quoted in “Financing Global
Mining”, op cit.] That is especially true once a company has completed its economic and
other due diligence studies (which may or may not include social and environmental
assessments), then seeks to present a “bankable feasibility study” to potential lenders. For
junior companies – especially those fresh to “the market” – this is a critical stage, at which
they may well stand or fall.

Table 7: Mine Project Finance between 2000 and 2006 (in US$)

2006 3,163.7 million

2005 2,490.1 million
2004 2, 028.6 million
 2003 493.0 million
2002 257.3 million
2001 300.1 million
2000 394.4 million

Total 2000-2006: US$ 9,127.2 million

[Figures aggregated from: “Financing Global Mining”.]

_______________________________________________________________________

Part Two: a data base

Minding the Miners: Who finances What & for Whom

Aberdeen Asset Management/Aberdeen Asset Managers PLC. One of this major

investment group’s venture capital Trusts held £77,000 of shares in Hambledon Mining
PLC as of September 2007(see also AXA). Controversially, Aberdeen Ethical
Engagement Fund lists Rio Tinto among its investments. [Proinsias O'Mahoney, The
Guardian, 21/2/08, op cit], while Aberdeen All Asia Investment Trust PLC (formerly
managed by Gartmore Investment Ltd), as of 30 September 2008, itself held a £937,000.n
stake in Rio Tinto Ltd. (See also Murray Income Trust PLC, Dunedin Income Growth
Investment PLC, and Shires Income Plc).

Aberdeen Asian Income Fund Ltd, as of 30 June 2008, held just under half a million
pounds worth of shares in Siam Cement of Thailand.

Aberdeen New Dawn (ADB Investment Ltd) holds 4.76% of African Minerals Ltd
(See Prudential PLC) [Hemscott 22/1/09].

ABN Amro, the major Dutch retail and investment bank, was acquired in 2007-(in the
biggest banking merger in history) - by a consortium comprising RBS (qv), Fortis (qv)
and Banco Santander.
During the financial crisis of the following year, the Dutch government nationalised the
divisions owned by Fortis, while the UK government took effective control over the
divisions allocated to RBS after its (or rather, UK taxpayers’) financial bail-out of the
Scottish bank.

ABN Amro was subject (along with ANZ (qv), KFSX (qv) and Standard Chartered (qv)
to a 2007 campaign in the Philippines, urging it to disinvest from the Rapu Rapu mine
project, operated by Lafayette Mining. [Philippines update, Mines and Communities
website, 24/4/07]. By early 2008, Lafayette seemed on the brink of dissolution as it
proved unable to obtain further financing after a series of environmental delinquencies
resulting in oceanic spills from the mine site.

Among the bank’s owned or managed investments (as of late 2007) were:

US$ 17.5 million in Freeport McMoran-Phelps Dodge;

US$ 9.8 million in Barrick Gold;
US$ 7.8 million in Vedanta Resources;
US$ 5.7 million in GoldCorp;
US$ 3.9 million in Newmont Mining;
US$ 0.5 million in AngloGold Ashanti.
[All references: Bank Secrets 2007]

Aegon Group is one of the largest global insurance and pension groups and -is based in
the Netherlands. It has a 5.69% holding in Aricom PLC (see Lansdowne Partners)
[Hemscott 15/5/08]

African Lion Ltd is an unlisted mining venture capital fund with a modest initial capital
(US$33.75 million) invested in 15 companies. As of February 2009 it held: 18.43% of
Albidon Ltd (nickel and platinum group metals, in Zambia, Botswana and Tanzania)
[Hemscott 12/2/09]. Earlier it held:
• 32.5 % of Copperbelt Selection NL (Zambia)
• 7% of Platmin Ltd, South Africa
• 2.4% of Sphere Investments (iron ore Mauritania)
• 2.6% of Shield Mining (Mauritania)

(See also: CDC Group PLC, EIB, Investec, Lion Selection Ltd., Proparco, FirstRand
Bank)
Agapov Group is an investment fund controlled by the hardly-known Russian oligarch,
Andrei Agapov, who is domiciled in London. Its main mining asset appears to be Rusoro
Mining which listed on the Toronto Stock Exchange in November 2006. The Group
itself has an enigmatic – if not murky – provenance. (Industry journalists spell Agapov’s
first name variously as Andrei, Andre - and even Andres!)

According to Gold Fields, whose loss-making gold assets in Venezuela were sold at a
profit to Rusoro in October 2007 [John Helmer, Mineweb 14/10/07], the Group’s only
Russian connections at the time were through “the nationalities of Andrei Agapov and his
father Vladimir who control the company from London and Caracas; and a handful of
others on the board of directors or the advisory board.” [Helmer, ibid].

Whatever the truth of Andrei (Andre?)’s claims that he has close connections with the
ruling Russian hierarchy, in the succeeding 15 months Rusoro sealed a potentially
highly lucrative relationship with Venezuela’s government through a 50/50 joint venture
called VenRus which has launched hostile bids for two north American mining
companies, Crystallex Resources and Gold Reserve (GRZ) [Reuters, 2/2/09].

In 2008, Rusoro had already agreed with Venezuela’s president, Hugo Chavez, to take
over US mining company Hecla’s La Camorra and Isidora mines, and set up RusKaolin,
to exploit an open-pit China clay deposit [OpEd.news.com 16/1/09].

Answering criticisms that his enterprise is guilty of a “lack of personal information

available on the www”, in January 2009 Agapov claimed that this was because “it’s a
very small company with basically zero public exposure”, while the “the only press [it
has had] has been since Rusoro's very public involvement in Venezuela last year”
[OpEd.news.com ibid].

AIG is one of the world’s most important (and scandal-ridden) insurance providers;
It has long been a leader of the non-state owned insurance industry in backing global
mining ventures [see Roger Moody, “The Risks We Run: Mining, Communities and
Political Risk Insurance”, International Books, Utrecht, 2005]. However, it had to be
bailed out by the US government in 2008 as its huge off-book debts, and reckless use of
“toxic” financial instruments, brought it to the brink of collapse.

AIG Infrastructure Fund provided US$15 million to First Quantum in 2003 [MJ 28/3/03]
during a period when the mining company was accused by a UN panel of being complicit
in various abuses in the DR Congo. The same year, AIG joined with Interros (qv) – the
holding company in Russia’s biggest mining company and the world’s largest nickel and
platinum miner, Norilsk Nickel - to launch a US$300 million private equity fund for
Russian businesses. [AltAssets, 4/08/03].
Albany Investment Trust plc held (as of February 2008) US $1.46 million in BHP
Billiton [see also: Hemscott 12/2/09].

Alexei Mordashov – see Oleg Deripaska

Alliance Bernstein/Alliance Bernstein Global Wealth Management, headquartered in

London, oversees some £54.8 billion in private capital invested in stocks, fixed
interest investments, real estate investment trusts, and hedge funds.

As of December 2007, it was the largest private equity holder (4.13%) in POSCO, the
leading South Korean steel manufacturer (see also: Berkshire Hathaway)

Alliance Trust (Scotland) holds an unknown stake (below 3%) in Vedanta Resources plc
[The Herald, Scotland, 29/10/07]

Allianz SE/Allianz AG owns 7. 27% of Metals Exploration plc, whose aim is to identify
and acquire mining companies, and is active in the Philippines [Hemscott 14/2/09,
2/2/08, Piplinks 2007]. It holds 4.01% of UK COAL (see Artemis Investment
Management Ltd)

Altima Partners LLP is a UK-based privately owned hedge fund sponsor [Business Week
14/2/09] and the biggest shareholder in Aurum Mining PLC which is actively searching
for gold in Kyrgyzstan [Hemscott 14/2/09]

Ambrian Capital PLC is an AIM-listed bank and commodities trader whose team is
linked with the London Metal Exchange; it has 8.88% of Anglesey Mining PLC
[Hemscott 12/2/09]. Anglesey has iron ore operations in Canada and is owner of the
legendary, but defunct, Parys Mountain copper-lead-zinc mine in Wales which it has
been trying to sell [Hemscott 12/2/09]. . Ambrian also has a small holding in Jubilee
Platinum PLC (see JP Morgan Chase) [Hemscott 12/2/08]

American Express Co and Group (the very card!) holds 11.9% in Lonmin Plc
(not to be confused with Lonrho plc [Hemscott, 22/1/08]; nor should it be confused with
Ameriprise Financial Inc (qv)

Amerprise Financial Inc, one of the US’ largest financial services companies, is the third
largest shareholder in UK COAL (at 4.89%) [UK COAL annual report, 9/4/08] and in
2007 held 6.27% of share capital in Johnson Mathhey (see LloydsTSB). It is the
successor to American Express Financial Services/Corporation, spun off from parent
American Express (qv) in 2005.

Over the years since then, Amerprise has fallen foul of US securities regulations on
several occasions. [For a concise documented summary of these, see wikipedia’s entry on
the company]. In July 2007 - in the first case of its kind – the brokerage arm of
Amerprise, Securities America, was fined $375,000 by the NASD, for improperly sharing
directed brokerage commissions from a mutual fund company with a former Securities
America broker. [NASD press release, 11/7/08]

Anglo Pacific Group PLC generates returns for shareholders by receiving royalties from
coal mines in Australia operated by BHP Billiton and Rio Tinto - a substantial part of
which it pays as shareholder dividends.

It has 100% control of the Groundhog and Trefi coal interests in British Columbia,
Canada and, inter alia:

* 20% direct interest in Core Resources Pty Ltd

* 3.77% of Cambrian Mining PLC (see Audley European Opportunities) [Hemscott
14/2/08]
* 5.3% of Horizonte Minerals PLC [Horizonte Minerals plc Annual report, 31/3/08]
Angstrom Capital Ltd/SA Angstrom is presumed to be a private equity firm whose
investments in various mining outfits are closely associated with the interests of Stephen
Dattels (qv), Guy Elliott and David Lenigas, all of whom hold stakes in Polo Resources
plc (qv) and GCM Resources plc.

In July 2004, Angstrom, Gondwana Investments, and others/ announced a link-up with
Diamond Fields International to explore for diamonds in Finland [PR Newswire,
15/7/04]. (Diamond Fields International is controlled by notorious diamond entrepreneur,
Jean-Raymond Boulle, with operations in Zambia, Namibia - including offshore diamond
mining - Liberia and Madagascar).

Two years later, in 2007, Angstrom, along with Dattels, launched uranium explorer,
UraMin, [UraMin announcement, 25/7/07] and set up Templar Minerals, a minerals
investment company of which David Lenigas is chair, Guy Elliott a major stakeholder,
and Angstrom the biggest single shareholder [Templar announcement 5/5/07].

In October 2007, Stephen Dattels, his Chirompo Company SA and Angstrom joined with
Lithic Metals and Energy (an African uranium exploration and “development” company
listed on London’s AIM) to acquire RRCC (part of Regent Resources Capital
Corporation) which has multi -mineral base metal and uranium deposits under
exploration in Togo. [Lithic Metals and Energy statement, 26/10/07].

ANZ (the big Australian investment bank ) is an investor in the Tokay Tindung gold
mine project in northern Sulawesi (Indonesia) operated by UK-AIM listed Archipelago
Resources, from which German bank West LLB (qv.) reportedly withdrew its support in
January 2008 [see: Mines and Communities website, 21/1/08].

OZ Minerals, in January 2009, secured an A$140 million ($91 million) bridging loan
from a banking syndicate comprising ANZ Banking Group, Bank of Scotland
International, BNP Paribas, Commonwealth Bank of Australia, Bayerische Hypo-und
Vereinsbank AG (Singapore), National Australia Bank and Royal Bank of Scotland
(RBS). The money will mainly be used for “short-term cash needs” the company’s
Golden Grove and Prominent Hill operations in Australia and its Martabe gold-silver
project in Indonesia [Metal Bulletin, 23/1/09] (See also: Societe Generale/SG).

In February 2009, Straits Resources Ltd extended an A$ 50 million load, to March 31,
which had previously been granted by ANZ and Macquarie Bank [MJ 6/2/09]

ANZ Nominees Ltd is the third biggest holder of shares (9.85%) in the Fortescue Metals
Group. This is already the third biggest iron producer in Australia (superseded only by
Rio Tinto and BHP Billiton) with a market cap. of more than A$26 billion. In May 2008,
Fortescue concluded an historic agreement with China’s Baosteel, for the export of iron
ore from Fortescue’s operations in Western Australia.
ANZ Nominees also held 13% of the capital of Russian Mining NL in mid-2007
[Piplinks 2007]. The bank was targeted (along with ABN Amro (qv.), KFSX (qv.) and
Standard Chartered (qv) by a campaign in the Philippines during that year for it to
disinvest from the polluting Rapu Rapu mine project operated by Lafayette. [Philippines
update, Mines and Communities website, 24/4/07].

As of February 2009 the nominees hold a small (3.06%) share in Allied Gold Ltd (see
HSBC Global Custody Nominees) [Hemscott 12/2/09] and 3.88% in Aquarius Platinum
[Hemscott 13/2/09].

Appaloosa was the owner in 2007 of 18% of steel company, Stelco, Canada [Toronto
Globe and Mail 1/6/07]

Apollo Management JP, Leon Black’s private equity firm. bought Xstrata Aluminium
(the aluminium assets of Noranda) in April 2007 for US$1.15 billion cash [Hemscott
11/4/07] following the earlier takeover by Xstrata of Falconbridge (which had previously
itself absorbed Noranda).

Argos Greater Europe Fund holds 3.05% in GCM Resources (see RAB Capital)
[Hemscott 10/6/08]

Artemis Investment Management is a leading UK fund manager which operates unit

trusts, venture capital trusts and hedge funds.

It is the second largest shareholder (at 5.49%) in UK COAL, Britain’s leading coal
mining company [UK Coal, annual report, 9/4/08]. It is also a 5.59% shareholder in
Firestone Diamonds plc. (See Aurora Investment) [Hemscott 11/2/08] and, as of 2007,
held a minor stake (worth £3.25 million) in ATH Resources plc (see AXA/Framlington
Extra Income Fund)

In February 2009, Artemis was the second largest shareholder (at 11.34%) in Avocet
Mining PLC (see Elliott Associates LP) [Hemscott 14/2/09].
Ashdale Investment Trust Services Ltd is nominee and sub-account holder for clients of
Irish stockbroker, Campbell O’Connor, with 3.24% of West African Diamonds Ltd
operating in Sierra Leone (See Merrill Lynch) [Hemscott 24/1/08]

Atticus Capital LLC is a privately-owned hedge fund sponsor, whose co-chairman in

Nathan Rothschild (one of the famous dynasty). It was involved with Arcelor-Mittal in a
bid for Germany’s stock exchange, Deutsche Bourse, in 2006 [FT 26/6/06] . Atticus also
persuaded Phelps Dodge to recoup some its own shares in 2005 (which it did to the tune
of US$1.5 billion in dividends and share buy backs) [MJ 28/10/05]. As of 30 September
2008, RIT Capital Partners PLC held ££36 .6 million in Atticus Global

Atticus was one of those hit by the “August Blues” of mid-2007 [FT 1-2/9/07].
Rothschild (RIT) has a £35.7 million share in Atticus Global [RIT 3/07]

Audley European Opportunities Master Fund is a hedge fund which is the biggest single
shareholder (29.15%) in Cambrian Mining PLC (qv) [Hemscott 14/2/08] and fifth largest
shareholder (8.225) of African Minerals plc [see Prudential PLC) [Hemscott 22/1/09].
It is also a minor (3.37%) owner of UK COAL (see Artemis Investment Ltd).

One of Audley’s remunerated directors is the UK Tory (Conservative Party) Member of

Parliament, John Redwood.

Auramet LLC, based in New Jersey, is a physical metals merchant which both buys and
sells physical metal from mining companies, refineries and recycling companies, and
sells it to industries. It also provides hedging for all these partners, and merchant banking
“activities”, -including project finance loans and for-process refining facilities and pre-
export financings. In 2007-08, Auramet made two bridging loans, worth a combined
US$6,500,000, to Exellon Resources for its silver, lead and zinc mining operations in
Mexico.
Aurora Investment Trust PLC /Aurora International Investments Ltd is an equity
investment instruments company with just under 13% of Firestone Diamonds PLC
[Hemscott 11/2/08] – a company that claims to the largest holder of mineral rights in
Botswana’s diamond fields. As of May 2008, Aurora’s most important shareholder was
the West Riding of Yorkshire Council Pension Account (with 10.06%) [Hemscott
18/5/08].

As of 31 August 2008, it held £2 million in Rio Tinto, £1.8 million in Xstrata, £1 million
in BHP Billiton, and £1.3 million in Antofagasta. In May 2008 it had held small stakes in,
Kazakhmys, the Merrill Lynch World Mining Fund (qv) and GCM Resources
(valued at £676,000).

The previous year, Aurora rated its small stake in GCM Resources plc (see RAB Capital)
as its leading “detracted” investment for that financial year, its value having fallen by
more than a million pounds.

In his report to shareholders, MJ Barstow (a non-executive director, employed by Mars

Asset Management) made the following reprehensible comment relating to the Trust’s
continued investment in GCM:

“Global Coal Management (formerly Asia Energy) suffered from failure to receive
permission to mine its massive open cast coal deposit in Bangladesh from the previous
administration. Fortunately the army has assumed control of the country since January
[2007] [author’s italics] and is taking key decisions to stimulate the economy as well as
gaoling many of the former corrupt politicians. Accordingly the management of this
company is now raising hopes that permission will soon be forthcoming” [Aurora
Investments Trust Ltd, annual Report 2007, 25/5/07]

Aviva plc – the world’s fifth largest insurance group - holds 3.78% of Hambledon
Mining PLC (operator of the Sekisovskoye gold and silver project in Kazakhstan).
through its subsidiary Morley Fund Management; and in 2007 held 3.24% of Johnson
Matthey (see Lloyds TSB)

AXA SA/AXA Framlington is one of the world’s leading assurance, financial services’
protection, pensions and savings providers. In recent years it acquired control of (inter
alia) the insurance companies Royal Guardian, Sun Life, and National Mutual
(Australia). AXA is:

- the fourth biggest shareholder (at 4.85%) – tied with Barclays PLC - in Rio Tinto
PLC [Hemscott 4/3/08]
 - the third largest fund investor (at 7.69%) in the huge Kazakhstan copper miner,
Kazakhmys PLC [Hemscott 12/2/08];

- second largest shareholder (9.04%) in Cambrian Mining plc - a UK mine finance

company [Hemscott 11/2/08];

- third biggest shareholder (at 6.01%) in Antofagasta Plc, one of the worlds’ major
private copper companies, operating in Chile [Hemscott 13/2/09]

- third biggest holder of shares in Caledon Resources PLC [Hemscott 20/2/08]

- third largest shareholder in Hambledon Mining plc [Hambledon annual report 1/6/08]

AXA Investment Managers UK Ltd

* is the biggest single shareholder (10.93%) in Anglo Pacific Group PLC – a royalties
and mine finance company (qv) [Hemscott 12/2/09]

* is the third biggest shareholder in Firestone Diamonds PLC (see Aurora Investment) [Hemscott
11/2/08];

* owns 8.29% of Hambledon Mining PLC (operator of the Sekisovskoye gold and silver
project in Kazakhstan.) [Hemscott 11/2/08]

* holds 3.61% of Mercator Gold PLC (see SVM Asset Management) [Hemscott 12/2/08];
and

* has 14.02% of Toledo Mining PLC, active in the Philippines [Hemscott 14/2/08]

* holds 3.21% of Metals Exploration PLC [Hemscott 14/2/09]

Among its other owned or managed investments (as of late 2007) were:

• US$ 194. 7 million in Freeport McMoran-Phelps Dodge;

• US$ 21.9 million in Vedanta Resources;
• US$ 4.4 million in AngloGold Ashanti;
• US$ 10.4 million in Barrick Gold;
• US$ 33.4 million in Newmont Mining;
• US$ 4.3 million in GoldCorp [all references: Bank Secrets 2007]

As of February 2009, AXA held onto its 4.9% stake in Vedanta Resources plc, making it
the third biggest investor [Hemscott 27/2/09]
AXA Framlington Extra Income Trust in 2007 was the second biggest shareholder (£3.7
million) in ATH Resources plc, the third largest coal miner in the United Kingdom

Framlington Innovative Growth Trust PLC, as of 30 June 2008, held small investments in
Dwyka Resources and Kopane Diamond Developments

Azure Capital is a San Francisco based venture capital group - see China Investment
Group

Baillie Gifford – see Monks Investment Trust, Edinburgh Worldwide Investment Trust
plc and Pacific Horizon Investment Trust

Baker Steel Capital Managers is a UK-based specialist investor in gold and natural
resources, with three funds under management. One of these – Genus Natural Resources -
is a short-long hedge fund operating out of the Cayman Islands tax haven, client
investment in which must be at least US$1 million.

The firm is a minor shareholder (3.92%) in Metals Exploration PLC, active in the
Philippines [Hemscott 14/2/09], and holds 5.18% of another Philippine mining company,
Toledo Mining Corporation PLC. [Hemscott 12/2/08]

Balinhard Capital Corp (Canada) – see Edco Capital Corp

Bank of America in late 2008 announced a decision to "phase out" loans to companies
practicing "mountain top" coal removal in the eastern USA (of which Massey Energy is
the most notorious practitioner). Later, however, the Rainforest Action Network (RAN) -
which had lobbied the Bank and Citigroup to forsake such support, recognized that the
Bank’s move "doesn't go far enough". The US National Mining Association (NMA)
dismissed it as a "bit of a Public Relations' ploy" - although it did express concern that
the Bank's initiative could create a "ripple effect" among other financiers [Associated
Press, 5/12/09]. See also: BlackRock Inc

Bank of New York (BNY) Nominees holds:

6.46% of Rio Tinto PLC [Hemscott 4/3/08]; 14.43% of Uranium Resources PLC (active
in southern Tanzania) [Hemscott 14/2/08]; 7.50% of Shanta Gold (see HSBC Global
Custody Nominees) [Hemscott 20/5/08]; just under 4% of Cambrian Mining PLC
[Hemscott 11/2/08]; 3.92% of Maghreb Minerals PLC (see RAB Capital) [Hemscott
10/6/08]; 3.56% of Kenmare Resources PLC (see State Street) [Hemscott 12/2/08];
3.13% of Van Dieman Mines PLC (see Galena) [Hemscott 12/2/08.

See also: Mellon HBV Alternative Strategies LLC

Bank of Nova Scotia in February 2008 arranged a “general purposes” US$ 30 million
credit facility for NovaGold Resources Inc. [MJ 8/2/08]

Bank of Scotland is part of HBOS (qv) which also embraces the Halifax Building Society
and which had to be bailed out massively by the British government in late 2008-early
2009, then to be merged with Lloyds TSB

OZ Minerals, in January 2009, secured an A$140 million ($91 million) bridging loan
from a banking syndicate comprising ANZ Banking Group, Bank of Scotland
International, BNP Paribas, Commonwealth Bank of Australia, Bayerische Hypo-und
Vereinsbank AG (Singapore), National Australia Bank and Royal Bank of Scotland
(RBS). The money will mainly be used for “short-term cash needs” at the company’s
Golden Grove and Prominent Hill operations in Australia and its Martabe gold-silver
project in Indonesia [Metal Bulletin, 23/1/09] (See also: Societe Generale/SG).

Barclays PLC/ Barclays Bank/BARCLAYS CAPITAL/ Barclays Wealth/ Barcap PCIA

(Principal Commodities Investment Area)/Barclays Global Investors:
 • is a Ring Trader on the London Metal Exchange (LME) [MJ Special September
2005]

• is largest direct shareholder (5.51%) of the world’s biggest mining company,

BHP Billiton PLC [Hemscott 22/1/09]

• owns 4.92% of Rio Tinto PLC [Hemscott 22/1/09]

* has 4.30% of GCM Resources (see Polo Resources) [Hemscott 10/6/08]

• holds 5.06% of Central China Goldfields PLC [Hemscott 11/2/08]

• helped provide finance for Eureka Mining PLC’s Chelyabinsk copper-gold

project in the Urals of Central Russia in 2006 [MJ 8/7/06]

• issued convertible bonds in 2004-5 for six mining companies: Ocean Gold,
Perseverance Corp, Sino Gold, Lion Ore (now owned by Norilsk Nickel), Apex
Silver and Bema Gold [MJ 22/12/05]

• provided in May 2007 (along with the European Investment Bank a US$60
million finance package for Albidon’s Zambian nickel play

• as of January 2008, through Barclays Wealth, held just under 4% of African Eagle
Resources PLC {Hemscott 23/1/08]; also

• holds 2.39% of POSCO (see Alliance Bernstein and Berkshire Hathaway)

* owns 5.05% of Toledo Mining Corporation PLC, active in the Philippines

[Hemscott 14/2/08];

* via Barclays Global Investors holds 0.60% of Vedanta Resources PLC

* has 6.30% of Uranium Resources plc (see BNY) [Hemscott 14/2/08]

• is the fourth biggest shareholder (4.72%) in Ariana Resources PLC [Hemscott

18/5/08]
• holds 5.08% of Maghreb Mines (see Bear Stearns) [Hemscott 14/2/09]

Barclays PLC, in mid-June 2007, held 6.84% of Cambridge Mineral Resources plc
(see also: CS Client Nominees (UK)) on behalf of Gerard Investment Management Ltd
[Cambridge annual report 2006, 14/6/07]
Barclays PLC is also the fifth largest investor in BlackRock World Mining Trust PLC
(qv)

In January 2009, Barclays Global Investors sold 357,871 Newcrest Mining shares,
reducing its holding in the United States’ leading gold miner from 5.05% to 4.97%

In February 2009, Barclays Investors held 4.10% of Angus & Ross PLC whose prime
asset is a lead-zinc mine (currently closed) in western Greenland [Hemscott 12/2/09].

Barclays Nominees Ltd, on behalf of clients, holds 9.52% of the shares of Minco PLC,
which operates in Mexico [Hemscott 14/2/09]

Barcap PCIA has also invested in Bisichi Mining in South Africa

Baring Asset Management – previously part of ING and now owned by MassMutual
Holding (see Massachusetts Mutual) - invests in public equity markets of the UK. It holds
4.14% of City Natural Resources High Yield Trust PLC (qv) [Hemscott 14/2/08].

Bayerische Hypo und Vereinsbank AG – see HVB

Bayview Investments is a Wisconsin-based mortgage provider which (at 18.88%) is the

biggest shareholder in Tower Resources PLC, active in Namibia and Uganda.
[Hemscott 13/2/08]

Beacon Hill Resources PLC grandiosely describes itself as a holding company with
“mineral interests and strategic partnership in the minerals field” [Hemscott 13/2/09]. In
fact. the only interest it appears to possess is Carnegie Minerals PLC (the name by which
it previously traded) whose Gambia mineral sands project was expropriated by the
Gambian government in October 2008 [Hemscott 23/10/08].
Bear Stearns, the US global investment bank- which had to be “rescued” by JP Morgan in
2008 – had earlier held 3.58% of Mercator Gold PLC [Hemscott 12/2/08] and, in June
2007, 4.4% of Mwana Africa plc. As of February 2009 it was the biggest single
shareholder in Maghreb Mines, exploring in Tunisia [Hemscott 14/2/09].

Berkshire Hathaway is a leading US-based insurance company, wielding a wide variety

of investment instruments under the tutelage of Warren Buffett, the world’s second
richest man and whose choice of target companies is almost apocryphal for his apparent
canniness. Among Berkshire’s subsidiaries is US automobile insurance company, GEICO
(Government Employees Insurance Company) which in 2007 provided coverage for more
than 10 million trucks and other vehicles owned by more than 8 million policy holders.

Berkshire also owns 40% of General Re, part of the world’s fourth largest re-insurance
company, Cologne Re. In 2003, General ReCologne published a significant study of the
rise in European chemical pollution cases between 1985 and 1998. The report, entitled
“Loss and Litigation”, named several corporate offenders, including mining companies.
[see: Roger Moody, “The Risks We Run: Mining, Communities and Political Risk
Insurance”, International Books, pages 49-50, Utrecht, 2005.]

In late 2006, Berkshire Hathaway purchased 4% of the equity in South Korea’s POSCO,
(see Alliance Bernstein), the world’s fourth leading steel producer. POSCO’s plan to
establish a complex of iron ore mines and steel plants in the Indian state of Orissa has
provoked a number of serious conflicts with local communities.

Best Asset Class (BAC) – based in the tax haven of Zug, Switzerland - is a general
investment group with links to hedge fund Harcourt Consulting AG. BAC’s Platinum
Fund in 2007 advertised itself as “the world’s only platinum fund”, in which Swiss
pension funds held 20% as of end-April that year. It then held:

17.8% of Eland Platinum

10.5% of African Platinum
8.1% of Anooraq Resources
7% of Wesizwe Platinum
6.9% of Ridge Mining [Mineweb, 11/5/2007] and in early 2008:
6.16% of Jubilee Platinum PLC (see JP Morgan Chase) [Hemscott 12/2/08].
Best Decade Ltd was 77% owner of Delong Holdings, a steel trader based in Singapore,
until a bid made by Evraz, the Luxembourg steel maker until February 2008 (see:
Delong).

BHF Bank (Frankfurt) in early 2008 expressed concern about accidents at Arcelor-
Mittal’s coal mining operations in Kazakhstan, hinting at possible reduction of its
investment in the world’s biggest steelmaker. [Mines and Communities website, 28
January 2008]

Billy Rautenbach is a highly suspect mining entrepreneur who, in January 2009, was
added to the European Union’s “blacklist” of “people thought to be supporting the
Mugabe regime in Zimbabwe. The move saw his British Virgin Islands’ investment
company, Ridgepoint Overseas, having its mining assets frozen as part of increased EU
sanctions [Metal Bulletin, London, 27/1/09]. A well-known figure in the Central African
cobalt market, and a shareholder in Central African Mining and Exploration Co (Camec)
(see also: Capital Group Companies),.Rautenbach is believed to have supported senior
regime officials in Zimbabwe during their intervention in the DRC Congo (DRC)
Second Congo War (1998-2003) [Metal Bulletin, ibid].. He is also wanted on fraud
charges by the South African government (see also: John Bredenkamp).

Rautenbach is still a 7% shareholder in Camec and, in July 2007, was declared persona
non grata by the DRC government, shortly before ministers decided to pull one of
Camec’s mining licenses [Metal Bulletin 18/7/07]. However, .a spokesman for the
company told the London-based Metal Bulletin in January 2009 that his addition to the
EU blacklist “will not affect Camec’s operations in the DRC or its platinum project in
Zimbabwe” [Metal Bulletin, 27/1/09]

Black River Asset Management (not to be confused with BlackRock – qv) is an

“independently run” hedge fund, wholly owned by Cargill, the notorious global
agricultural commodities conglomerate. In February 2009 it held 4.93% of Amur
Minerals Corp, a UK-listed company exploring in eastern Russia [Hemscott 12/2/09].

BlackRock Inc (not to be confused with BlackRock Group) is a US-based multi-

investment strategy group which specialises in hedge fund strategies, and is 49% owned
by Bank of America. It has a 7.15% share in Atlantic Coal plc, operator of the Stockton
Colliery in the United Kingdom [Hemscott 14/2/09].

BlackRock World Mining Trust plc was, until mid-2008, the Merrill Lynch World
Mining Trust plc (qv). Headquartered in London, and administered by BlackRock
Investment Management (UK) Ltd, its objective is “to maximise total returns to
shareholders through a world-wide portfolio of mining and metals securities”
[BlackRock WMT Half Yearly Financial Report, June 2008, 13/8/08].

It does this by holding relatively small numbers of shares in an unequalled range of

mining companies and, on occasion, dealing in metal-based derivatives instruments.

Its major institutional share holders are:

* Rensburgh Sheppards Investment Management Ltd – 4.09%

* Legal and General Investment Management Ltd - 4%
* Credit Suisse Securities (Europe Ltd) - 3.94%
* Lazard Asset Management LC – 3.5%
* Barclays PLC – 3.42%

As of 31 December 2008, BlackRock WMT’s investments – totaling £581 million -were

as follows:

Ten largest investments (as percentage of BlackRock WMT portfolio)

Vale - (formerly CVRD) 15.6% (2007: 14.7%)

BHP Billiton - 14.0% (2007: 6.1%)

Minas Buenaventura - 7.5% (2007: 3.5%)

Impala Platinum - 6.1% (2007: 4.1%)

Rio Tinto - 5.9% (2007: 12.2%)

Industrias Penoles - 4.3% (2007: 2.4%)

Alcoa - 3.4% (2007: 4.4%)

Newcrest - 3.3% (2007: nil)

African Rainbow Minerals - 2.9% (2007: 1.2%).

Iluka Resources - 2.5% (2007: 0.7%)

Other investments (as of 31 December 2008

Teck Cominco 1.6%

Anglo American 1.3%

Sterlite Industries 1.3&

Vedanta Resources 0.8%

Oz Minerals* 0.5%

PanAust 0.2%

Lihir Gold 0.5%

Minera IRL 0.4%

Gold Fields 0.4%

AngloGold Ashanti 0.0%

----
Anglo Platinum 2.3%

Aquarius Platinum 0.8%

Ridge Mining 0.3%

Freeport McMoran Copper & Gold 1.9%

Antofagasta 1.8%

Soc Min Cerro Verde 1.7%

First Quantum Minerals 1.4%

Equinox Minerals 0.9%

Kazakhmys 0.4%

South Peru Copper 0.1%

Fresnillo 2.0%

Gem Diamonds 0.8%

Harry Winston Diamond Corp…. 0.5%

Alumina 1.1%

Peabody Energy 2.0%

Bumi Resources 1.3%

Homeland Energy Group 0.0% (only 73 shares held)

Nyrstar 0.4%

Griffin Mining 0.1%

Soc Min El Brocal 0.1%

Potash Corp. 1.7%

Agrium 1.4%

Minsur 1.3%

Mosaic 0.9&

Eramet 0.9%

UEX 0.7%

Australian Energy 0.5%

Noventa 0.1%

Sunkar Resources 0.1%

Ivanhoe Nickel & Platinum (130 Warrants) 0.0%

------ ---- ------- -----

=====
* Held at Directors' valuation.

£ Unquoted investments at Directors' valuation.

All investments are in ordinary shares unless otherwise stated.

The number of investments held at 31 December 2008 was 50 (31 December

2007: 58).

BlackRock Commodities Income Trust plc (in which BlackRock Group holds 5.95% with
Rensburg Sheppards the largest shareholder at 9.74%) invests in a virtually all-inclusive
range of mineral-based commodities. During 2008, as a reflection of the growing
downturn in commodity markets, the Trust reduced its holdings in every mineral
commodity except for gold (up 2% on 2007), iron ore (up 70%), coal and potash.

The Trust, as of 20 November 2008, held:

• £5,17 million in BHP Billiton

• £2 million in Rio Tinto
• £2.1 million in Vale (including £1.1 million in Vale Capital)
• £1.4 million in Goldcorp
• £1.3 million in Peter Hambro Mining
• £500,000 in Sterlite Industries

• And smaller holdings in:

• Barrick Gold
• Jaguar Mining
 • Agnico-Eagle Mines
• High River Gold
• Straits Resource
• OZ Minerals
• Xstrata
•

BlackRock Group/BlackRock Investment Management Ltd was part of Merrill Lynch

(qv) until a 2008 merger.

During 2008-2009 it held:

* 4.70% of BHP Billiton PLC [Hemscott 22/1/09];

* 4.95% of Central Rand Gold Ltd [Hemscott 11/2/08];

* 7.36% of Hochschild Mining PLC [Hemscott 11/2/08];

* 10.8% of Hambledon Mining PLC (operator of the Sekisovskoye gold and silver
project in Kazakhstan [Hambledon annual report 1/6/08]; and

* 2.77% of Vedanta Resources PLC

* 7.20% of Target Resources Plc (see JP Morgan Assent Management (UK) Ltd)

* 3.4% of Talivivaara Mining Company Ltd (see Varma Mutual Pension Insurance Co)

* 11.34% of African Minerals plc (see Prudential PLC) [Hemscott 22/1/09]

In 2007 it held 5.76% of Johnson Matthey (see Lloyds TSB)

In June 2008, BlackRock Investment Management , along with GLG Partners LP, hedge
fund Lansdowne Partners Ltd, and Peter Hambro Mining plc, formed a syndicate to
invest US$80 million in Rusoro Mining Ltd, whose main assets are in the Bolivar Sur
region of Venezuela [MJ 13/6/08].

It also holds 11.34% of African Minerals Ltd (see Prudential PLC) [Hemscott 12/2/09];
8.42% of West African Diamonds PLC, operating in Sierra Leone [Hemscott 13/2/08], and 9.87%
of Avocet Mining PLC (see Elliott Associates) [Hesmcott 14/2/09].

Black Rock Investment Management(UK) Ltd is the largest single shareholder in

Minera IRL Ltd, registered on the London Stock Exchange, whose main asset is the
Corihuami gold project in Peru [Hemscott 14/2/09].
Blackwood Capital Ltd is an Australian investment services group which, in February
2009, along with Euroz Securities (qv), managed a shareholder placement for Integra
Mining Ltd’s Aldiss-Randal’s gold project in Western Australia [MJ 20/2/09]

Blenheim Asset Management (US) is the largest shareholder (13.35%) in Firestone

Diamonds plc [Hemscott 11/2/08].

BMO Financial Group/Bank of Montreal is Canada’s oldest bank, and a leader in North
American capital financing. In August 2008 it granted Cdn $9 million financing to
Alberta’s Athabasca Minerals Inc. to assist the company with completing the acquisition
of Aggregates Management Inc.

The Bank’s subsidiary, BMO Capital Funds, and its affiliate BMO Nesbitt Burns, are one
of the most important brokers, underwriters and advisors in mining. Between December
2007 and January 2008, BMO Nesbitt Burns operated as sole financial advisor to the
Chinese mining company, Jinchuan, in three successful takeovers of companies operating
in Peru and Australia [Toronto Globe and Mail, 11/1/08]

Among BMO’s recent dubious gambits have been the underwriting of Golden Star’s
share issue for a much-condemned gold mine venture in Ghana [MJ 9/3/07]; and its
acquisition of 10.4% of Northern Dynasty, whose key project is an Alaskan copper mine
at Bristol Bay that has been condemned by local fisher peoples’ and environmental
groups.

In February 2009, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc., with
BMO Capital Markets as lead manager, raised around $US 1.7 billion in a public offering
of 34,500,000 shares of common stock and $517.5 million of convertible senior notes due
2012, for Newmont Mining. The US’ leading gold company intends to use the net
proceeds to fund acquisition of the remaining one-third interest in its huge Boddington
gold project in Western Australia [PR Newswire/First Call, 3/2/909].

The same month, Lundin Mining's Red Back subsidiary in Mauritania negotiated a
bought deal worth about $150 million with a group of underwriters led by Cormark
Securities and BMO [Bullion Vault, 4/2/09].
Along with Thomas Weisel Partners Canada, in February 2009 BMO Capital Markets
underwrote an offering for the Osiko Mining Corporation of C$350,350,000 Inc. for its
major Malarctic gold prospect in Quebec.

BNP Paribas. OZ Minerals, in January 2009, secured an A$140 million ($91 million)
bridging loan from a banking syndicate comprising ANZ Banking Group, Bank of
Scotland International, BNP Paribas, Commonwealth Bank of Australia, Bayerische
Hypo-und Vereinsbank AG (Singapore), National Australia Bank and Royal Bank of
Scotland (RBS). The money will mainly be used for “short-term cash needs” at the
company’s Golden Grove and Prominent Hill operations in Australia and its Martabe
gold-silver project in Indonesia [Metal Bulletin, 23/1/09] (See also: Societe
Generale/SG).

British Assets Trust plc is a 110-year old investment fund, part of F&C, which in
November 2008 held a £6.863 million share of Anglo American plc and £5 million stake
in Rio Tinto

British Empire Securities and General Trust plc holds shares in Cameco Corp of Canada,
the world’s leading uranium miner (valued at £7,247,000 in September 2008) and First
Uranium Corp (valued at £5, 385). Anomalous though it may seem to trumpet a name
hardly redeemed by history, the group proudly traces its origins back to the Transvaal
Mortgage Loan and Finance Company of 1889.

Brookfield Bridge Lending Fund Inc secured a C$ 17.5 million “floating rate senior
secured convertible debenture”, plus a C$ 20 million secured revolving debt facility, for
Grande Cache Coal Corp in February 2008. [MJ 22/2/08]

C
Cambrian Mining PLC/ Cambrian Investment Holdings Ltd finances the development of
mining companies and mineral exploration, with emphasis on coal, gold/antimony and,
more recently, energy projects -including oil shale, the mining of which is claimed to be
dirty and destructive.

As of February 2008 Cambrian held:

* 44.1% of Western Canadian Coal Corp

* 100% of Falls Mountain Coal Corp
* 34% of Coal International PLC
* 27.1% of Energybuild Group PLC, a Welsh coal producer in which Coal
International (qv -see also RAB) holds 23.1 %.) [Hemscott 13/2/08]

* a stake in Xtract Energy (not to be confused with Xstrata)

Cambrian itself has many prominent direct and indirect shareholders, including AXA SA,
FMR, Goldman Sachs, HSBC, BNY and Credit Suisse.

In early 2008, the company was forced to reissue its financial results (previously reported
at a £40 million profit) as an operating loss of £4. 6 million after investigations by the UK
Financial Reporting Review Panel. Cambrian’s share dealings had been suspended in
December 2007 because of “mistakes and missing disclosures.” Astonishingly,
Cambrian’s board claimed that it “did not think the company’s prospects had been
affected by the review or re-issue of the account”! [MJ 22/2/08].

Then, in April 2008, the company announced plans “to move towards
becoming a focused mine operator to take advantage of high commodity prices”; possibly
buying the shares in Coal International (qv) that it doesn't own; and selling a number of
its smaller holdings over the following few months. These steps would purportedly
“leave the company focused on income producing assets, with exposure to commodities
that are highly in demand” [Mineweb, 1/4/08] and transform it from “an investment
holding company into an operating mining group…” [MJ 6/6/08]

Over the following eight months, Cambrian’s financial position failed to improve and,
in December 2008, it announced a possible acquisition by Western Canadian Coal of its
entire issued, and to-be-issued, share capital. In January 2009, Western Canadian
provided a secure loan to Cambrian of US$ 36 million [MJ 2-9/1/09].

Camrose Resource Ltd – see Dan Gertler

Canaccord Capital, based in Canada and listed on both the TSE and London’s AIM, is a
leading independent, “full service” investment dealer for private client services and
capital markets, offering brokerage and investment banking services.

In FY 2007, it led 174 transactions, worth C$ 5.1 billion; and participated in another 497
transactions which raised more than C$ 32.3 billion. A quarter of these transactions was
in the mining & metals sector, while the revenue derived from this sector comprised 42%
of the company’s total that year - reaping around 300 million dollars for Canaccord.
[Cannacord Capital Annual Report 2007].

These results enabled Canaccord to claim number one position among corporate
transaction arrangers in Canada that year.

Among its recent mining-related clients have been: Peak Gold, Yamana Gold, Paladin
Energy, European Nickel, Corriente Resources, Metal Corp, Galway Resources, Temex
Resources and Silverado Gold Mines Ltd.

Canaccord Adams as co-lead manager, and JPMorgan Cazenove sole book runner, for
the placing of shares in London-based (non-LSE listed) Aricom, whose mineral holdings
in Russia’s Far East are being coveted by London-listed Peter Hambro Mining plc
[Reuters, 5/2/09]. .

Goldman Sachs Canada Inc, along with CIBC World Markets Inc.as co-lead managers
and joint book runners; and including National Bank Financial, along with UBS
Securities Canada, Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Raymond
James, Salman Partners Inc. and Canaccord Capital Corporation as co-managers,
launched a share offering for Pan American Silver in February 2009 [MarketWire
5/2/09].

Canadian Imperial Bank of Commerce – see CIBC

Cantor Fitzgerald/Cantor Fitzgerald Europe is a large global equities and fixed income
investor (which also runs a profitable gambling service). It was a small shareholder
(5.54% as of early 2007) in Metals Exploration PLC, active in the Philippines [Piplinks
Research 2007]; and holds 5.80% of Ormonde Mining PLC (see JP Morgan Fleming)
[Hemscott 13/2/08]
Chase – see JP Morgan Chase

Canusa Capital Corp (CANUSA) is a Canadian investment bank specialising in mining,

which has gold claims in Nevada. [MJ special supplement on the Prospectors and
Developers Association Canada (PDAS), 2/2006]. Among its associates is Lake Victoria
Mining, exploring on a single lease in Tanzania [0TCBB website, 14/2/08]

Capital Group Companies Inc/ Capital Group International Inc is one of the largest global
hedge funds. It won the Mining Fund management award at the 2004 Mines and Money
Awards [MJ 8/12/06]

As of 2006, Capital held:

3.9% of Rio Tinto

3.5% of European Nickel Co
and a minor stake in Lonrho Africa plc

In early 2008 it held:

* 11.19% (as largest single shareholder) of Central African Mining & Exploration
Company PLC (Camec) - not to be confused with Cameco, the Canadian uranium
mining giant. (see also: RP MEF). Together with a separate stake by its Capital Research
and Management subsidiary (see below), Capital’s effective holding in Camec was
14.47%.

* 8.11 % of Lonrho Plc

* 4.5% of Aricom PLC (see Lansdowne Partners);

* 3.38% of European Nickel plc (see Prudential plc)

In November 2007, Camec signed a joint venture agreement with Prairie International
Limited, a company controlled by the family of much-criticised diamond dealer, Dan
Gertler, to own and operate Mukondo Mountain in DR Congo. This, according to Camec
directors, is “believe[d to be] the richest cobalt mine in the world (although Freeport
McMoran’s own copper-cobalt project in DR Congo bids fair to rival this claim).

As of end-2008, the agreement had not been finalised. Under it, Prairie would sell its
stake in Camec for around 39.9% of an enlarged Camec. [Camec press release, 7/2/08]
Capital Group also held:

* 3.07% in GCM Resources, operator of the Phulbari coal mine project in Bangladesh
[Hemscott 23/2/08] (see RAB)

* 9.03% of Oxus Gold PLC (see RAB Capital) [Hemscott 13/2/08]

* 9.30% of African Minerals Ltd (see Prudential plc) [Hemscott 12/2/09]

Capital Research and Management:

* is the largest single shareholder in Lonrho Plc (12.13%)

* is the third biggest stakeholder (8.26%) in Kenmare Resources PLC (see State Street)
[Hemscott 12/2/08]

* holds 3.11% of Caledon Resources PLC [Hemscott 20/2/08]

* had 3.47% of POSCO (as of December 2007)

* has 5.53% of Polo Resources as of March 2008 [Polo Resources website, 17/3/08]

* holds 3.28% of Camec (see Capital Group Companies, supra).

Capital Management Associates has a share in Newmont Mining [International Herald

Tribune 22-23/11/07]. (This is probably the stake that Capital Management Mid-Cap
Fund held in the world’s second largest gold miner in 2002. [International Herald
Tribune, 22-23/11/02]).

Cargill – see Black River Asset Management

Caterpillar Financial SARL is a subsidiary of the world’s largest supplier of earth-moving

machinery to the minerals industry, which has been indicted for providing
bulldozers to the Israeli government, used to illegally destroy Palestinian homes. It part-
financed Bema’s Kupol mine in Chukotka in late 2005 (Russia) [MJ 8/12/05] and helped
underwrite Tiomin’s Kwale mineral sands project in Kenya, along with Standard Chartered (qv)
and West LLB (qv).

Kwale is the biggest proposed new mine in Kenya, beset by local farmers’ legal actions
against forced “resettlement” and a failure to raise project finance that so far has stalled the
project.

In February 2009, the Church of England sold its investments in Caterpillar, saying that this was
for financial rather than moral reasons.

Caystar Holdings (registered in the Cayman Islands tax haven) is wholly owned by
Golden Star Resources, the Canadian company responsible for the notorious tailings dam collapse
at Omai, Guyana in August 1995. Golden Star manages two gold mines in Ghana which have
been indicted by community groups and international observers. (see BMO ) As of early 2008,
Caystar was also the second biggest shareholder in Minera IRL Ltd (see BlackRock) [Hemscott
13/2/08]

CDC Group PLC, formerly the UK government’s Commonwealth Development Corporation, is a

UK government owned “fund of funds” which invests in private equity enterprises focussed on
Asia, Africa and Latin America, through its subsidiaries Actis and Aureos. It is the leading
shareholder (at around 27%) in African Lion Ltd (qv).

CDS & C0 is a nominee company for the issue of Canadian Depository Securities, or government
treasury bills. In early 2007 CDES & CO was the largest shareholder (71.5%) in Anvil Mining
Ltd [Pip links 2007], whose recent operations in the DR Congo have been condemned, both
inside and outside the country, for breaching human rights.

Centaurus Capital, based in London, operates the Centaurus Alpha (hedge) Fund and was
involved in the bid to break up Ahold, the steel company, in 2006
[FT 26/6/06]

Chase Nominees – see JP Morgan Chase

The Children’s Investment Fund (TCI) is a major hedge fund which was involved in the
Severestal bid for Arcelor in 2006 [FT 26/6/06]

China Investment Corp – in February 2009 began discussing possible investment (if not
take over) opportunities for Fortescue Metals Group, Australia’s third biggest iron ore
producer. This, and other approaches, are being advised upon by JP Morgan Australia,
Grant Samuel and Azure Capital [MJ 20/2/09]

Christian Leone – see Luxor Capital

CIBC World Markets is part of Canadian Imperial Bank of Commerce. For over a
century, it has claimed its “close involve [ment] in the mining industry and “stand[ing] at
the forefront of the industry as a recognized leader in providing financing and advisory
services to mining companies around the globe.” The bank’s metals and mining
professionals are located in Toronto, Vancouver, Sydney, London and New York, with
mining investment bankers recently established in Hong Kong and Beijing.

As a global leader in mining M&A advisory (it’s the biggest in Canada), equity
underwriting and project financing, CIBC has undertaken assignments for mining
companies in North and South America, Australia, Europe, Asia and Africa.

Among its gold and base metals equity transactions have been ones with:

• Placer Dome (USD$468 million)

• Noranda (CAD$614 million)
• Centerra (CAD$282 million)
• Etruscan Diamonds SA (private placement) [MJ 16/3/07]

Among the bank’s M&A lead advisory roles have been those in:

• the 2007 merger between Rio Tinto and Alcan (worth USD$44.0 billion)
• Xstrata’s 2006 takeover of Falconbridge (CAD$27.0 billion)
• Barrick’s earlier absorption of Placer Dome (USD$10.7 billion)
 • Goldcorp’s acquisition of Glamis Gold (USD$8.5 billion)
• Noranda’s successful 2005 bid for Falconbridge (CAD$4.5 billion)
• Teck Cominco’s take out of Aur (CAD$4.1 billion)
• Katanga’s 2007 takeover of Nikanor (USD$2.1 billion), and
* AngloGold’s merger with Ashanti Gold (USD$1.7 billion).

In addition, CIBC has been a lead arranger of financing for some of the largest mining
projects, including for:

• Antamina (Xstrata, BHP Billiton, Teck Cominco, Mitsubishi, Peru,)

• Alumbrera (Xstrata, Northern Orion, Goldcorp, Argentina)
• Collahuasi (Anglo American, Chile)
• Bulyanhulu (Barrick Gold, Tanzania)
• Diavik (Rio Tinto, Canada)
• Las Cruces (Inmet, Spain)
• Mina Justa (Chariot Resources and Korean partners, Peru)
• Quebrada Blanca (Teck Cominco, Chile)

[Information from CIBC website, 20/1/08 and other sources]

In September 2008, CIBC joined a syndicate of underwriters, led by RBC Capital Markets (qv)
which included UBS Securities Canada Inc. and Raymond James Ltd, to promote Banro
Corporation’s gold projects in DR Congo.

Goldman Sachs Canada Inc. joined CIBC World Markets Inc.as co-lead managers and
joint book runners of a share offering for Pan American Silver in February 2009; with.
UBS Securities Canada Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc.,
National Bank Financial Inc., Raymond James Ltd. Salman Partners Inc. and Canaccord
Capital Corporation acting as co-managers of the Offering [Marketwire, 5/2/09].

CIBC Canadian Control Account (CCC), which holds 4.26% of the equity in Oriel
Resources PLC (see CS Nominees) [Hemscott 13/2/08] is an “offsetting service that nets
the balances in [customer] accounts on a daily basis for interest calculation and liability
purposes.”

CIM Special Situations Fund Ltd is a UK publicly traded hedge fund, structured as a
mortgage REIT. (This means that it has to pay at least 90% of its income out as dividends
every quarter). In 2008 it held 6.2% of Tower Resources PLC (see Bayview Investments)
[Hemscott 13/2/08]; 10.6% of Horizonte Minerals plc. In 2007 it held 9.7% of Zambezi
Resources, listed on AIM. [proactiveinestors.co.uk, 2/3/07]; and 2.58% of uranium
mining explorer, Extract Resources (see HSBC Custody Nominees (Australia) Limited).
In 2008, CIM owned 5.9% of Altona Resources PLC, which is prospecting for coal-to-
liquids opportunities in Australia [Reuters, 6/2/08]; and was the biggest (5.47%)
shareholder in Minerals Corporation Ltd [company announcement, 10/1/08]

Citibank/Citigroup/Citicorp/Citi. Until a near-meltdown, following the “sub prime crisis”

of 2007-08, this was the world’s biggest financial services provider. In February 2009,
the US Treasury agreed a deal whereby it would take up a 36% holding in the bank.

Since 2005, Citigroup has participated in several major “revolving credit” placements
with mining companies. These companies include: with

* AngloGold Ashanti (RC: US$ 700 million);

* Barrick Gold (US$1.5 billion);
* PT Freeport Indonesia (US$ 465 million);
* Newmont Mining (US$ 2 billion)

Citicorp Nominees Pty Ltd is the fifth largest shareholder (7.67%) in Fortescue Metals
(see ANZ Nominees); a 3.5% shareholder in Medusa Mining Ltd (see Gazmetall), active
in gold-copper forays in the Philippines [company website, 14/1/09]; and it held 1.51% of
Extract Resources in September 2007

In April 2007, Citi provided a bridge loan to Vedanta Resources PLC (US$ 1.1 billion
euros) and, two months later, arranged a share issue (IPO) of US$ 2 billion, to enable
Vedanta’s subsidiary, Sterlite Resources, to trade on the New York Stock Exchange
[Bank Secrets 2007].

Citi’s self-owned or managed shares include:

• US$ 156.7 million in Freeport McMoran-Phelps Dodge;

• US$ 74 million in Barrick Gold;
• US$ 55.2 million in GoldCorp;
• US$ 15.4 million in AngloGold Ashanti;
• US$ 1.9 million in Vedanta Resources, and
• US$ 0.01 million in DRD Gold [Bank Secrets 2007]

Citigroup, as of December 2007, held 4.03% of POSCO (see also: Alliance Bernstein,
and Berkshire Hathaway)

On February 2 2009, along with Macquarie Bank, Citigroup managed a share offering,
aimed at raising US$130 million for Hong Kong-based Real Gold Mining – the second
biggest IPO in Hong Kong since October 2008 [South China Morning Post, 2/2/09].
A day later (on February 3rd 2009) Citigroup Global Markets Inc. and J.P. Morgan
Securities Inc., with BMO Capital Markets as lead manager, raised around $US 1.7
billion in a public offerings of 34,500,000 shares of common stock, and $517.5 million of
convertible senior notes due 2012, for Newmont Mining. The US’ leading gold company
intends to use the net proceeds to fund acquisition of the remaining one-third interest in
its huge Boddington gold project in Western Australia [PR Newswire/First Call, 3/2/909].

City Equities Ltd holds 8.02% of Red Rock Resources PLC [Hemscott 18/5/08]
City Equities Nominees Limited, as of 15 September 2007, held 6.44% of West African
Diamonds PLC

City Natural Resources High Yield Trust PLC is a “closed-end” equity investment
company, specialising in mining and natural resources.

As of June 30 2008, its ten largest mining investments were in:

Goldcorp (worth £ 4 million)

Extract Resources (£4 million)
Gold Eagle Mines (3 million)
Kalahari Minerals (£2.7 million)
Riversdale Mining (£2.2 million)
FMG Finance (£2 million)
Albidon (£2 million)
Pike River Coal (£1.9 million)
Avoca Resources (£1.8 million)
Kinross Gold (£1.8 million)

It has smaller holdings in:

Metals Exploration
Potash Corp
Sphere Investments
Allied Gold
Resolute Mining
Sylvania Resources
Mano River
Western Areas
Rusina Mining
Platinum Australia
Cudeco
First Australian Resoures
Simmer & Jack Mines
Radicle Projects
Mintails
Jubilee Platinum,
Lihir Gold
San Gold
Nikwe Platinum
Western Goldfields
Polar Star Mining
Kenmare Resources
CGA Mining
Magindustries
Tamaya
Great Panther
New City Energy
KIPC Middle East
Crecent Gold
Katanga Mining
Heemskirk
Churchill Mining
St Barbara
Vane Minerals
Altus Minerals
Dragon Mining
Platmin
Dyno Nobel
Zedex Minerals
Metorex
Ferrous Resources Placing
Allied Nevada Gold
Silver Wheaton

The City of London Investment Trust plc is managed by Henderson Global Investors Ltd
(qv), with an independent board of directors. As of June 30 2008, it held:

• £16 million of shares in Anglo American

• £13, 82,0001 shares in Rio Tinto
• £13, 400,000 in BHP Billiton
• £3,500,000 in Kazakhmys
• £2. 5 million in ENRC ,
Clydesdale Bank, a large Scottish high street retail and business investment bank is part
of the National Australia Bank Group; it holds 4.96% of Kenmare Resources (see State
Street) [Hemscott 12/2/08]

Coal International plc is both a holding company and a coal producer, with investments
in coal mining companies in Wales, the United States and Canada. As of December 2007,
it held:

• 100% of Maple Coal and King-Coal Corporation (registered in England and

operating in the US)
• 50% of Energybuild Group plc

The biggest shareholders in Coal International are Cambrian Investment Holdings Ltd
(see Cambrian Mining) at 34.38%, and RAB Capital (qv) at 9.59%

Commonwealth Bank of Australia

OZ Minerals, in January 2009, secured an A$140 million ($91 million) bridging loan
from a banking syndicate comprising ANZ Banking Group, Bank of Scotland
International, BNP Paribas, Commonwealth Bank of Australia, Bayerische Hypo-und
Vereinsbank AG (Singapore), National Australia Bank and Royal Bank of Scotland
(RBS). The money will mainly be used for “short-term cash needs” the company’s
Golden Grove and Prominent Hill operations in Australia and its Martabe gold-silver
project in Indonesia [Metal Bulletin, 23/1/09] (See also: Societe Generale/SG).

In December 2008, along with Societe Generale Australia Branch, the Commonwealth
Bank arranged a debt facility for Avoca Resources Ltd’s US$47.2 million Higginsville
gold project in Western Australia [MJ 12/12/08].

By February 2009, it had secured 4.5% equity in Albidon Ltd (see African Lion Ltd)
[Hem Scott 12/2/09]. and 4.99% of Allied Gold Ltd (see HSBC Global Custody
Nominees) [Hemscott 12/2/09].

Compass Asset Management – see JSC

Contango Markets is a European-based advisory service on commodities-related
investment and derivatives which offers services, among others, to hedge funds.
It is believed to hold 4% of Gryphon Minerals Ltd. (see Standard Bank).

Cormark Securities Inc is the new name for Sprott Asset Management, a brokerage and
investment bank, specialising in mining [MJ special supplement on the Prospectors and
Developers Association Canada (PDAS) 12/2/2006]. Via its Sprott Molybdenum
Participation Corp, it has been acquiring shares in various mining companies since early 2007
[MJ 13/4/07].

Along with RBC Capital Markets Inc, in late 2007 it co-led an underwriting syndicate for shares
issued by Aurora Energy Resources Inc, to “develop” the controversial Michelin and Jacques
Lake uranium deposits in Labrador, Canada. (see also: Fronteer) [MJ 2/11/07]

Early in February 2009, Lundin Mining's Red Back mining subsidiary in Mauritania
negotiated a bought deal worth about $150 million with a group of underwriters led by
Cormark Securities and BMO [BullionVault, 4/2/09].

Crawley Investments, part-owned by entrepreneur Michael Kieman, in November 2008

provided A$ 6 million financing to Redbank Mines Ltd of Australia. Earlier, two of
Kieman’s other mining companies (Monarch Gold Mining Co and Matilda Minerals Ltd)
went into administration [MJ 21/11//09].

Credit Suisse/Credit Suisse First Boston Equities/CS and Glencore (qv) in 2006 formed a
joint venture to trade in metals and minerals derivates [Forbes.com 3/8/06]. This
partnership followed a similar joint venture set up by the two firms, in power, petrol and
oil trading, along with the major US electricity utility TXU [Forbes.com ibid].

As of May 2008, it held 4.95% of GCM Resources [Hemscott 19/5/08] (see CS Securities
below) and 4.43% of African Minerals (see Prudential PLC) [Hemscott 22/1/09].

CS Securities Ltd has 5.79% in Central African Mining & Exploration (Camec), active in
DR Congo (see Capital Group Companies, and RP MEF).
CS Securities (Europe) Ltd owns 4.10% of GCM Resources [Hemscott 10/6/08].
(formerly Asia Energy), manager of the notorious, blood-stained Phulbari coal mine
project in Bangladesh [GCM Resource data, 10/1/08]. CS was the subject of a letter-
writing campaign by European and Bangladesh NGOs in late 2007, and somewhat
reduced its holdings in GCM shortly afterwards.

In February 2009 CS Securities Europe held 9.45% of Alexander Mining PLC, which
sells mining and mineral processing technologies [Hemscott 12/2/09]; 3.74% of Aricom
[Hemscott 13/2/09], and 4.72% of Mwana Africa PLC (see HSBC Global Custody
Nominees (UK) Ltd) [Hemscott 14/2/09].

It is also the third biggest shareholder (at 3.94%) in BlackRock World Mining Trust PLC
(qv) and also holds:

* 5.30% of Nufcor Uranium Ltd (see Deutsche Bank) [Hemscott 14/2/08];

* 4.76% of Kalahari Minerals PLC (see RAB Capital) [Hemscott 12/2/08];

.
* 4.25% in Diamondcorp PLC [Hemscott 11/2/08]; and 8.49% of Van Dieman Mines
PLC (see Galena) [Hemscott 12/2/08];

* 5.84% of Palmaris Capital plc (qv).

In 2003 CS arranged made a “Capital Management Arrangement” for the

controversy-ridden Tampakan Copper Project in Mindanao, the Philippines, although this
was terminated in 2006. [Piplinks Research, 2007]; in mid-2007 it held 3.42% of
Minerals (now Intex) [Philippines Research, 2007]

CS Client Nominees (UK) is the biggest stock holder (10.82%) in Mariana Resources
Ltd, which invests in, and explores for, gold, silver, copper et al in Argentina, Chile and
Ecuador [Hemscott 12/2/08]. It holds 9.27% of the seabed minerals “explorer”, Neptune
Minerals PLC [Hemscott 13/2/08]; 7.31% of Oriel Resources – focussed on chrome
and nickel in Russia [Hemscott 13/2/08]; a small stake (3.08%) in Cambrian Mining
PLC [Hemscott 11/2/08]; just under 8% of Cape Diamonds PLC [Hemscott 11/2/08];
12/42% of Tower Resources PLC, active in Namibia and Uganda [Hemscott 13/2/08];
4.28% of gold “recovery” junior, Goldplat PLC, operating in Ghana and South Africa;
and 4.95% of Ariana Resources plc (see Starvest PLC).

As of November 2007, the UK nominees held 3.13% of Palmaris Capital plc (qv.) and by
mid-2007 was the largest single shareholder in Cambridge Mineral Resources plc,
engaged in extensive gold prospecting in Colombia, Peru and Bulgaria and which, in
2006, acquired the major Masa Valverde base-metal deposit in Spain. [Cambridge annual
report, 2006, 14/6/07]. CS Client Nominees’ holding in Cambridge was itself held by
RAB Special Situations (Master Fund) Ltd (qv)
In February 2009, the nominees were the biggest holder of shares in Angus & Ross PLC,
whose prime asset is a lead-zinc mine (currently closed) in western Greenland
[Hemscott 12/2/09]; and second biggest fund holder in Beowulf Mining PLC – see
Sunvest Corp Ltd [Hemscott 13/2/09]

Credit Suisse First Boston Nominees in February 2008 held 21.85% - as the biggest
shareholder – in Maghreb Minerals PLC, which explores for lead, zinc et al in Tunisia
[Hemscott 12/2/08]; and 3.26% of UMC Energy PLC [Hemscott 12/2/08].

Crosby Capital Partners/Crosby Asset Management is a London AIM registered

investment fund, with offices in Hong Kong and Singapore, that holds 3.07% of Medusa
Mining Ltd (see Gazmetall) [Gazmetall co. statement 4/2/09].

Cyrus Capital Partners is a US “hedge fund sponsor” which, in November 2008 offered
US$12. 5 million to Angus & Ross PLC, to develop its prime asset, the Black Angel
lead-zinc mine (currently closed) in western Greenland [Hemscott 12/2/09].

Dan Gertler is one of the world’s best known and controversial “diamantaires”, but his
questionable reputation doesn’t stop there. Along with his family trusts, Praire
International (qv), he holds shares in Camec, operating in the DR Congo (see: Capital
Group Companies and John Bredenkamp). Another family trust, Camrose Resources
Ltd, in 2008 acquired a 62.5% interest in Africo Resources Ltd which, the following
February, confirmed a deal with the DR Congo government to proceed with its 75%-
owned Kalukundi copper-copper project [MJ 6/2/09].
•
•
•
•
Davidson Kempner European Partners LLP was one of the hedge funds which profited
from holding shares in Arcelor when it was taken over by Mittal in 2007 [Hedge Fund
News, 26/6/06]; was involved in criticising the earlier attempt by Russia’s Severastal to
take over Arcelor in 2006. [FT 26/6/06]
Deans Knight Capital Management is a Vancouver based investment fund, with an
unknown share in Anvil Mining Ltd [Piplinks 2007]

Delong Holdings was, until late February 2008, 77% owned by Best Decade Holdings
Ltd. In March 2007, Delong bought 70% of Cape Lambert Iron Ore Ltd, with an
eponymous mine in Australia [MJ 30/3/07]. In February 2008, the huge Russian
iron/steel combine, Evraz (41%- owned by Ramon Abramovich), bid to acquire up to a
51% stake in Delong from Best Decade [Interfax China Metals and Mining, 22/2/08]

Denham Capital Management Ltd/ Denham Commodity Partners Fund VLP is a US-
based private equity firm, specialising in commodities and energy. In January 2009, it
made an offer for AIM listed mining concern Polo Resources, which described the bid as
highly conditional, significantly undervaluing the company’s assets, although it did not
rule out a later cash offer [Smallcap.news. co. uk, 26/1/09]..

DE Shaw & Co LP was involved in the attempted “bombing” of Mittal in 2006 [FT
26/6/06]

Desjardin Securities, a Canadian brokerage company, in December 2008 purchased

C$800,000 of units, entitling it to 7% of Adventure Gold, a Toronto Stock Exchange
registered company prospecting in northern Canada.

Deutsche Bank AG (DB): Germany’s biggest investment bank in March 2007 secured
nearly 52% voting interest in Crescent Gold Ltd (Australia) with purchase of 316 million
shares [MJ 30/3/07].

DB’s London subsidiary was, at the same time, invested in the Masara mine project of
Crew Gold (now Intex) in the Philippines; and acted as a broker for the Tampakan
project, also in the Philippines, operated by Xstrata. [Piplinks Research, 2007].
Deutsche Bank

• is the second biggest shareholder (at 18.33%) in Nufcor Uranium Ltd [ Hemscott
14/2/08];

• holds 4.75% of share capital of Lonmin plc [Hemscott 22/1/08];

* has 4.09% of UK COAL (see Artemis Investment Management Ltd)

• is a 3.16% shareholder in Aurum Mining PLC [Hemscott 24/1/08]

• Deutsche Bank Asset Management has 8.26% of LonZim PLC, effectively the
holding company for, inter alia, Lonrho PLC (see Tudor Capital) [Hemscott
12/2/08]

Among its own and self-managed shares (as of late 2007) are ones in:

• Freeport McMoran- Phelps Dodge (US$ 1,063 million);

• Barrick Gold (US$ 226.6 million);
• Newmont (US$ 339.2 million);
• GoldCorp (US$ 330 million);
• Vedanta Resources (US$ 19 million), and
• Anvil Mining (US$ 1.3 million) [Bank Secrets 2007]

Deutsche Bank in February 2009, joined by JP Morgan Cazenove, led Xstrata’s rights
issue, in an attempt by the UK-Swiss mining company to grapple with its debt
[TheLawyer.com, 9/2/09].

Dexia is a European retail bank which owns, or manages (as of late 2007), shares in:

Freeport McMoran (US$ 21.0 million)

Vedanta Resources (US$ 10. 5 million)
GoldCorp (US$ 1.3 million)
AngloGold Ashanti (US$ 1.2 million)
Barrick Gold (US$ 0.8 billion)
Newmont Mining (US$ 0.6 million)
DRD Gold (US$ 0.5 million)

[references for all: Bank Secrets 2007]

Dresdner Kleinwort is believed to have put together a proposal for the merger between
Russia’s Metalloinvest (qv) and Norilsk Nickel in early 2008 [MJ 29/2/08]. Dresdner
Kleinwort Securities Nominees Ltd holds 4.81% of Ormonde Mining plc (see JP Morgan
Asset Management (UK) Ltd).

Dunedin Income Growth Investment PLC – part of Aberdeen Asset Management – as of

January 2008 held shares worth £11,597,000 in Rio Tinto and worth £10, 260, 00 in
Anglo American

Dynamic Funds of Canada was a finalist in the Mines and Money Awards for 2006 [MJ
8/12/06]

The Eastern European Trust PLC invests in former CIS countries and Turkey. As of
January 31 2008, it held just under US$ 22 million of shares in MMC Norilsk Nickel;
US$ 9.5 million in the Raspadskaya coal mine; US$ 7.625 of shares in Russia’s Evraz
Group; just under US$ 12 million in the Mechel Steel Group; US$ 5. 321 million in the
Magnitogorsk Iron & Steel works; US$ 5 million in Polyus Gold; US$ 4.5 million in
major steel producer, Severstal; just under US$ 4 million in Russia’s biggest potash
producer, Uralkali; US$ 1.754 million in Kazakhstan’s Uranium One; and US$ 1.877 in
the same country’s only listed cement producer, Steppe Cement.

Edco Capital Corp is headed by a director of Imperial Metals Corp which – together with
Balinhard Capital Corp (qv) - invested nearly 30 million Canadian dollars in that mining
company’s Red Chris project, British Colombia, in early 2008. The previous year the
project was delayed by Canada’s Federal Court when found to be “procedurally
incorrect” - a euphemism for the company failing to assess the future mine’s impact on
water and fisheries. [MJ 1/2/2008]
Edinburgh UK Tracker Trust plc is an investment trust which “tracks” the FT All-Share
Index. As of 31 December 2007, it held £9.426 million of shares in Rio Tinto; £7.229
million in Anglo American; £6.649 million of BHP Billiton; and £4.562 million of
Xstrata

Edinburgh Worldwide Investment Trust plc is part of Baille Gifford, the Scottish
investment fund manager (see Monks Investment Trust). As of 31 October 2008, it held
just under £4 million worth of shares in Vale

Electrum Strategic Resources LLC , based in New York, is a member of the Electrum
Group of Companies which allegedly holds one of the largest and most diversified
portfolios of precious metals exploration projects in the world [Marketwire 2/1/09]. In
early 2009, Electrum became the largest single shareholder (30%) in Canada’s
NovaGold, which owns two major gold prospects in Alaska and British Columbia. If
Electrum exercises all its warrants in the company it will then own approximately 46%.

Elliott Associates LP is the hedge fund arm of Elliott Management of the US and is the
largest single shareholder in Avocet Mining PLC which has two active gold mines in
Malaysia and Indonesia [Hemscott 14/2/09].

Emerging Capital Partners LLC/ECP of the US prides itself on being the first private
equity group to invest more than US$1 billion in African companies. It is the biggest
shareholder (15.96%) in Central African Gold PLC which has a gold mine in Ghana and
is active in Botswana [Hemscott 11/2/08]. It is also a shareholder in OSEAD Maroc
Mining – an SPV that owns Compagnie Miniere de Touissit, Morocco’s oldest lead
producer and exporter.

Emerging Markets Management LLC – as its name suggests - is a hedge fund exclusively
devoted to investing in emerging markets, claiming to manage more than US$20 billion
of funds, with clients that are “an elite group of global institutional investors including
well-known corporate and public pension plans, foundations, endowments, and high-net-
worth individuals.” It holds 8% of LonZim PLC (see Tudor Capital) [Hemscott 12/2/08]

Emerging Metals Ltd, established in 2007 and based in the tax-haven of the British
Virgin Islands says it “focuses on minor metals and rare earth elements by investing in
projects with exposure to these metals.” It holds 7.5% of Kalahari Minerals, in Namibia
(in which Rio Tinto holds 15.8%); Kalahari itself has a 40% stake in Extract Resources,
whose own Namibian uranium lease is close by Rio Tinto’s huge Rossing urnaium mine
[Reuters, 19/2/09]

Endeavour Financial, as of late 2006, held shares in Asian Silver Corp [MJ Special
supplement on London, 9/06]

In February 2008, the head of Endeavour Financial, mining financier and broker, Frank
Giustra, had (according to the New York Times) secured a huge chunk of uranium
resources in Kazakhstan through his company, UrAsia. Giustra's deal was allegedly
brokered by ex-president Clinton during a so-called "philanthropic tour" of the Central
Asian state in late 2005.A few months later, Clinton's eponymous charitable foundation
received just over US$30 million from Giustra, followed by a whopping US$ 100 million
shortly afterwards.[see also: Yorkton Securities]

Clinton's 2005 trip to Kazakhstan was, at least partially, aimed at boosting a bid by the
country's despotic president, Nursultan A. Nazarbayev, to head the OSCE (Organization
for Security and Cooperation in Europe). This was despite the regime's notoriously bad
human rights record and suppression of free speech. [“After Mining Deal, Financier
Donated to Clinton”, by Jo Becker and Don Van Natta jr, New York Times, 31 January
2008]

Enso Capital Management LLC – a New York based hedge fund with 3.03% of
LonZim PLC (qv) [Hemscott 12/2/08], and 2.2% of Talivivaara Mining (see Varma
Mutual)

EPIC/ Equity Partnership Investment Company PLC, registered in the Isle of Man,
is a closed investment company with a private equity subsidiary. EPIC has 3.42% of
Aurum Mining PLC (see JSC) [Hemscott 24/1/08]

Epion is a holding company, wholly-owned by Metalloinvest (qv) and is the largest

single shareholder in Nautilus Minerals Inc., the Pacific sea-bed minerals exploration
company registered on London’s AIM and the TSE [Hemscott 14/2/09].

The Equity Partnership Investment Co PLC is a 9.25% share holder in Aurum Mining
PLC (see Altima Partners) [Hemscott 14/2/09].

ETF Securities Ltd (based in London) operates an Exchange Traded Fund (ETF) for
investment in platinum (and possibly other metals) [MJ 25/5/07]

Eton Park Capital Management LP is a New York-based hedge fund which is the fourth
biggest shareholder (at 5%) in Talivivaara Mining Co (see Varma Mutual)

Eurasian Development Bank – in December 2006, along with Bayerische Hypo und
Vereinsbank AG (HVB) and West LB – provided US$120 million debt financing for
Oriel Resources plc’s Voskhod chrome project in Kazakhstan

European Investment Bank (EIB) – see Barclays. In 2003, the EIB provided a 14 million
euros debt-financing facility to First Quantum Minerals Ltd. active in DR Congo In 2008,
the Bank was criticised for its investments in Glencore’s copper mining in Zambia and
Freeport’s in West Papua [“The shadowy bank that has loaned £150 billion of your
money”, The Observer, 2/3/08].
Euroz Securities is a brokerage which is part of financial services firm, Euroz Ltd, based
in |Perth, Australia. In 2006 it brokered placements in Adams Resources for a mining
project in Ghana. In February 2009 it was the lead manager for a minimum of US$8.7
million of shares for Integra Mining Ltd’s gold project in Western Australia [MJ
20/2/09]. See also: Blackwood Capital

F&C Asset Management plc is one of the biggest fund managers in the UK, formed as a
merger between ISIS Asset Management and F&C Group (Holdings) Ltd in 2004.

Until early 2008, it was owned 53% by life assurer, Friends Provident plc. However, on
January 24 2008 - facing a shortfall of around £400 million - Friends announced that it
was near to ordering a “break up” of F&C, by which Lombard, its European wealth
management business, would end up in the hands of JC Flowers, the US private equity
group. [“Friends review lines up sell-off”, by Andrea Felsted and Kate Burgess, FT
24/1/08]

As of late 2006 F&C Asset Management held stakes worth:

£9.6 million in Anglo American PLC

£6 million in Rio Tinto PLC
£4.74 million in BHP Billiton [F&C annual report 2006]

In early 2008 it owned 10.85% of Aurum Mining PLC [Hemscott 24/1/08]

As of end-April 2007, F&C Global Smaller Companies PLC held small stakes in
UK Coal and the Australian company Consolidated Minerals. On April 30 2008, it held
£1,350,000 in Kenmare Resources.

As of September 30 2008, F&C Capital & Income Investment Trust PLC held £7,
289,000 of equity in Rio Tinto (its eighth largest investment); and just over £2 million in
Anglo American

See also: Foreign and Colonial Investment Trust, Pacific Assets Trust PLC and British
Assets Trust plc, Investors Capital Trust plc
Fenway Partners Inc is a private equity group which sold its 51% stake in Harry Winston
Diamond Corp (HWDC) to Aber Diamond Corp in 2004. This enabled HWDC and Rio
Tinto to embark on a major expansion of the Diavik diamond mine in Canada’s
Northwest Territories in November 2007 [MJ 29/2/08]

Fidelity International Ltd/Fidelity Investments/Fidelity Management (aka FMC

Corporation; see also FMR), based in the US, is one of the world’s largest financial
services providers. It has:

* a 5.98% stake in GCM Resources PLC, owner of the Phulbari coal mine project in
Bangladesh (see RAB Capital) [Hemscott 19/5/08];

* a minority share in Metals Exploration plc, active in the Philippines [Piplinks Research
2007] (see also: FMR Corporation);

* 4.55% of ZincOx Resources plc (ZinOx annual report, May 2007)

* 3.25% of African Copper PLC [Hemscott 12/2/09];

* 5.6% of Jubilee Platinum (see JP Morgan Chase) [Hemscott 12/2/08];

* 2.84% of Vedanta Resources PLC

* 2.13% of POSCO (see Alliance Bernstein and Berkshire Hathaway)

Firebird Management/Firebird Fund(s), based in the Cayman Islands is a “contrarian

portfolio equity fund” that invests in “exotic markets” (for which, read that it’s a hedge
fund), specialising in mining portfolios. In 2005 it held a “strategic” investment in Global
Gold in Armenia [MJ November 2005, special supplement on Armenia]... It is the biggest
single shareholder (at 24.06%) in Maghreb Minerals PLC (see RAB Capital) [Hemscott
10/6/08] and largest shareholder in Eurasia Mining PLC which explores for platinum in
Russia [Hemscott 11/2/08]; it also holds 7.12% of Trans-Siberian Gold PLC [Hemscott
13/2/08]. As of May 2008, it held 8.76% of the share capital of Australian-based Range
Resources Ltd, and 32.4% of War Eagle Mining Company Inc, registered on the
Canadian TSX.
First Eagle is a US firm dedicated to long term secure investment with some $30 billion
of funds under management; it holds 3.68% of Trans-Siberian Gold PLC [Hemscott
13/2/08]

First Rand Bank is a South African investment bank with a minor shareholding in African
Lion Ltd (qv). See also: RMB Resources

First State Investments Management based in Edinburgh, Scotland, holds 3.37% of

Mercator Gold PLC [Hemscott 12/2/08]

Fleming Family and Partners (FF&P) holds 4.80% of Highland Gold Mining Ltd
[Highland Gold annual report, 18/4/08]; see also Millhouse Capital, Sagitta Asset
Management and Mariner Fund.

FMC Corporation – see Fidelity Investments

FMR Corporation – owned by Fidelity Investments:

• holds 5.49% of African Copper plc [Hemscott 24/1/08];

• is the second biggest shareholder (12.8%) in Cambrian Mining plc [Hemscott

14/2/08];

• has 3.27% of Kalahari Minerals PLC (see RAB Capital)[Hemscott 12/2/08];

• owns 3.95% of Metals Exploration PLC (see Allianz AG) [Hemscott 12/2/08];

• possesses 5.22% of Toledo Mining Corporation PLC (active in the Philippines)

[Hemscott 14/2/08]

• is 4.78% owner of Anglo Asian Mining PLC [Hemscott 24/2/08]

• holds 4.75% of European Nickel plc (see Prudential plc)

 * holds 4.64% in Allied Gold Ltd (see HSBC Global Custody Nominees)
[Hemscott 12/2/09].

Foreign and Colonial Investment Trust PLC is managed by F&C Management Ltd (qv).
It describes itself, as of March 2008, as “one of the largest global growth trusts, with total
assets of £2.6 billion investing in over 680 companies in thirty five countries.” At that
time it held: stakes worth:

• £60 million in Rio Tinto plc

•
• £6.2 million in Rio Tinto Ltd
•
• £24 million in Anglo American
•
• £9.8 million in Vale
•
• £9.4 million in BHP Billiton Ltd
•

Forrest Group – see RP EMF

Fortis is the leading banking services and insurance provider for the Benelux countries in
Europe, and is far from reticent about employing client funds for risk-taking and risk-
making mining concerns.

In October 2005, Fortis provided US$ 2 million to AngloGold Ashanti; a year later it
loaned US$ 12.5 million to Anvil Mining (just after the company was indicted for
complicity in atrocities in the DR Congo).

In 2007, Fortis joined a revolving credit facility provided to Barrick Gold, as an

international campaign got underway to press the Chilean and Argentinian governments
to reject the Canadian company’s Pascua Lama project. [Bank Secrets 2007]

Among Fortis’ ownership or management of mining shares in 2007 were:

US$ 97.8 million in Freeport McMoran

US$ 0.5 million in Vedanta Resources
US$ 0.2 million in Newmont
US$ 0.1 million in Barrick Gold

[All references - Bank Secrets 2007]

In January 2009, Fortis “declined” to commit funds towards Century Mining Corp’s
Lamaque gold project in Quebec, due to what the Bank called:” depressed financial
markets, uncertainty in the overall economic environment and strategic changes within
Fortis” [MJ 6/2/09]

Framlington – see AXA-Framlington

Freshfields Bruckhaus Deringer is a leading UK-based law firm which, apart from being
main legal advisor for the London 2012 Olympic Games organising committee, in
February 2009 was appointed by Xstrata to handled its rights issue as the UK-Swiss
company’ attempted to wrest itself out of debt [TheLawyer.com, 9/2/08]. Freshfields also
handled Xtsrata’s takeover of Falconbridge in 2006 [The Lawyer, ibid].

Fronteer Development Inc/FRG invests in, and actively explores for, gold in Canada. It
holds 42.3% of uranium junior, Aurora Resources Development Inc. which wants to open
up a uranium deposit at Michelin in Labrador [MJ 22/208]. This prospect was previously
abandoned by Rio Tinto’s subsidiary, Brinex following vociferous rejection by the
indigenous Labrador Inuit inhabitants. [see: “Plunder!”, published by Partizans and
Cafca, London and Christchurch, 1991, pps. 140-142]

Galena Asset Management is Trafigura’s metals investment arm [FT 20/9/06].

Galena’s Special Situations Master Fund holds 9.69% of Van Dieman Mines PLC,
actively searching for tin, precious stones et al in Tasmania. [Hemscott 13/2/08]

Galena was set up in 2004 to “leverage the unparalleled commodities knowledge within
Trafigura to deliver absolute returns for hedge fund investors.” The Galena Metals fund
currently has approximately US$400 million under management.
For its part, Trafigura is one of the world’s largest independent commodities traders, with
55 offices in 36 countries and a turnover in FY 2006 that exceeded $44 billion.

Galileo Global Advisors LLC is a New York-based investment advisory company, which
in early 2008 expressed concern about accidents at Arcelor-Mittal’s coal mining
operations in Kazakhstan, hinting at a possible reduction in its investment. [Mines and
Communities website, 28 January 2008]

Gallagher Holdings Ltd is owned by Russian oligarch, Alisher Usmanov, who also
controls Metalloinvest (qv.). He not only operates a huge Russian iron/steel combine, but
is also the biggest single shareholder (at just over 24%) in the famed Arsenal Football
Club in north London. [Canadian Press, 15/2/08]. Usmanov made a stock “killing” from
liquefying his holding in Corus Steel when it was taken over by Tata Steel of India in
early 2007.

As of January 2008, Gallagher was the biggest single shareholder in Abbey PLC, the
housing and building group operated by Santander Bank. Gallagher also then held
12.06% of Medusa Mining, operating in the Philippines (see Citicorp Nominees).

Gartmore Investment Ltd, the UK fund manager associated with private equity group
Hellman Fried, and Barclays Global Investment (qv), has:

• small stakes in CVRD-Inco (now known as Vale) and Freeport McMoran

[Observer 20/4/07]

• 9.27% of Firestone Diamonds PLC [Hemscott 11/2/08];

• 4.38% of Ormonde Mining PLC [see JP Morgan Fleming] [Hemscott 13/2/08];

and

• 4.20% of Caledon Resources PLC [Hemscott 20/2/08]

• 6.02% of Aurum Mining PLC [Hemscott 24/1/08]

• 4.42% of Avocet Mining PLC (see Elliott Associates) [Hemscott 14/2/09]

Gartmore Global Trust PLC, as of 31 July 2008, held £2.3 million in Vale, and £1.3 in
Rio Tinto

Gartmore Growth Opportunities plc, as of June 30 2008, held minor equity in Avocet
Mining and Firestone Diamonds

Gazmetall Holding Ltd, as of April 2008, was effectively merged with Metalloinvest
(qv). Through its Cyprus registered subsidiary, it holds 11.96% of London-registered
Medusa Mining Ltd, an active gold producer in the Philippines [Hemscott 14/2/09],

Genesis Fund is believe to be a private equity company which holds 6% of

Gryphon Minerals Ltd (see Standard Bank).

Genuity Capital Markets, based in Toronto, is a privately held independent firm, which
claims that, “in contrast to many other full-service investment banking firms, we are not
part of a multi-line financial institution which serves, and is accountable to, many
competing interests. “ It was part of a brokerage deal for Inter Citic in 2008, partnered
with Salman Partners and led by Wellington West Capital Markets.

George Forest International (GFI) is the holding company of George Forrest, who began
cement manufacturing and coal mining in Zaire in 1992, and has been accused of
attempting to take over assets of the DR Congo state corporation, Gecamines. In No
ember 2008, GFI acquired Namibian uranium company, Forsys Metals Corp for C$579
million [MJ 21/11/08].

Gerard Asset Management is a UK-based full services brokerage/dealer, which – through

Barclays PLC – held 6.84% of Cambridge Mineral Resources plc in mid-2007 (see Credit
Suisse Client Nominees)
Glasgow Income Trust plc, as of November 2008, held £1.4 million worth of stock in Rio
Tinto (a reduction by nearly two thirds of its holding the previous year).

Glencore International AG was, at least until mid-2008, the world’s premier and most
profitable private trader in metals and minerals However, it does not publish financial
results. It inherited the assets of Marc Rich and Co in 1993, when Rich fell out with his
trading colleagues [FT 20/9/06]. Rich was a notorious fraudster, wanted in fourteen
countries until he was pardoned by Clinton during the US president’s last week of office.

Its most important single investment is the 35% it holds of Xstrata PLC, the world’s fifth
largest mining conglomerate, followed by the 16% it enjoys in United Company RUSAL.

Mines, associated assets and processing plants, fully, or part-controlled by Glencore

include:

Glencore’s Mines

* Prodeco and Calenturitas (coal), Colombia - 100%

* Carbones de La Jagua (formerly Caribe) (coal), Colombia - 100%

* Los Quenuales (zinc, lead), Peru - 97%

* Iscaycruz (zinc, copper, lead), Peru – 97%

* Yauliyacu Peruba (zinc, lead, copper), Peru - 97%

* Shanduka Coal, South Africa – 70%

* Sinchi Wayra (zinc, lead, tin), Oruro and Potosi, Bolivia - 100%

Empresa Metalurgica Vinto, located in Bolivia’s department of Oruro, was seized and
nationalised by president Evo Morales on February 9th, 2007. ["Bolivian troops seize
key smelter", BBC News, February 9, 2007].

The country’s president, Evo Morales, in September the following year during a speech
to the UN General Assembly, claimed that his government’s reversal of the earlier
privatisation process was “a rebellion against misery and poverty” [MJ 2-9/1/09].
Glencore’s Vinto smelter had been singled out as a prime example of such rebellion and
the company was accused of failing to conduct proper maintenance s well as being
involved in corruption with the complicity of the former government.
However, although Morales then threatened to take over Glencore’s Porco, Bolivar and
Colquiri mines, by early 2009 the government’s mining company, Comibol, was
negotiating joint venture agreements with Glencore to run the operations. An agreement
with the company, over compensation for the Vinto nationalisation also appeared to be
close [MJ ibid].

* Aguilar mine (zinc, lead, sulphuric acid), Argentina

* Mopani Copper, Zambia - 73%

* Murrin Murrin Joint Venture, nickel, cobalt, Western

Australia - 70.3% (effective interest)

* Minara Resources Ltd, Perth, Australia

(operator of the Murrin Murrin project.

* Cobar Copper Mine, Australia

* El Cerrejón Coal, La Guajira, Colombia – 11.65% (held through Xstrata PLC)

* United Company RUSAL, bauxite/alumina/aluminium, Russia - 16%

(The merger between RUSAL (66%) and SUAL Group (22%), with some of Glencore’s
aluminium facilities was announced in 2006 ["ALUMINUM MERGER - Rusal, Sual,
Glencore to create world leader", Canadian Mining Journal, 15/10/06], and completed in
March 2007 – see supra.)

In January 2009, Glencore provided a loan of US$ 100 million to Katanga Mining Ltd,
supplementing an early tranche of US$ 165 million, which could see Glencore
controlling 88% of the DR Congo-based company [MJ 2-9/1/09].

Glencore’s Plants:

* PASAR (copper) Philippines - 78%

* North America Evergreen Aluminum, Washington, USA - 100%

* Columbia Falls Aluminum Co. Montana, USA - 100%

* Sherwin Aluminum - USA

* Century Aluminm Company, Monterey, USA - 29%

* Portovesme (zinc, lead) Sardinia, Italy

Glencore Investments BV is a wholly-owned subsidiary of Glencore International

(qv) which, in late 2006, was reported to be negotiating a joint venture with Copper
Resources Corporation to “develop” the Hinoba-an project in the Philippines [Piplinks
2007] . In 2007, it was the largest shareholder in Zambezi Resources Ltd, an Australian
company with five gold, copper and uranium projects in Zambia.

In May 2007, Glencore International AG set up an SPV (special purpose vehicle) with
RP Capital Partners and others, to attempt a buy-out of Nikanor PLC, a company with
a lease (currently under review by the DR Congo government) on one of the largest
copper-cobalt deposits in the world. (For more detail – see RP Master Explorer Fund).

Kazzinc is a subsidiary of Glencore International AG which is in joint venture with

Highland Gold in a gold-polymetallic prospect in Russia’s Chita region and a gold
venture in the country’s indigenous Chukotka region [MJ 12/12/09]..

GLG/ GLG European Opportunity Fund is a major London-based hedge fund which, in
mid-2007 had to cough up US$ 3.2 million in a settlement with the US SEC (Securities
and Exchange Commission) after the company was found to have earned $2.2 million in
illegal profits. The regulators found that the firm had engaged in manipulative short-
selling, thus violating a key SEC Rule sixteen in connection with 14 different public
offerings. (The SEC prohibits investors from covering a short sale with securities
obtained in a public offering when the short sale occurs within five business days before
the pricing of the offering). [Reuters, 27/6/08]

As of February 2008, GLG held 4.06% equity in Central Rand Gold Ltd [Hemscott
11/2/08]; and 3.66% of Nufcor Uranium Ltd (see Deutsche Bank) [Hemscott 14/2/08];
in 2007 it held 7.69% of Energybuild Group (see Cambrian Mining).

As of February 2009 it was the largest single shareholder (9/99%) in African

Consolidated Resources Plc , a sub-Saharan Africa mineral exploration company
[Hemscott 12/2/09].

In June 2008, along with BlackRock Investment Management (qv), fellow hedge fund
Lansdowne Partners Ltd, and Peter Hambro Mining plc, GLG formed a syndicate to
invest US$80 million in Rusoro Mining Ltd

Global Resources Fund, headquartered in the US, calls itself a “family of mutual funds”,
and an “investment advisory firm specializing in natural resources and emerging
markets.” In its first 2008 quarterly results Global Resources recorded nearly two and a
half billion dollars (US $2.465 million) in net income.

Global also manages Gold and Precious Metals Fund, and a Gold Shares Fund.

Among investors in Global is the Wisconsin Education Association Council, to whose

pension plan is subscribed more than 98,000 public educators, support staff and retirees.
[GF announcement 28/12/08]

Global Resources holds 4.19% in Caledon Resources PLC [Hemscott 20/2/08]

Goldman Sachs Group was the world’s most profitable investment bank in 2007.
It acquired a 3.46% stake in GCM Resources plc in June 2008 (see Polo Resources)
[Hemscott 10/6/08] and just under 4% of Cambrian Mining plc (qv) [Hemscott 11/2/08]

Goldman Sachs was accused of having orchestrated the attempt by Russia’s steel
conglomerate, Severstal, to take over Arcelor in 2006 [see: “Arcelor, Mittal and the usual
hedge fund suspects”, FT 26/6/06]

It is the second largest shareholder (9.17%) in African Copper plc [Hemscott 24/1/08]; as
of July 2007 was the fourth biggest shareholder in Zambezi Resources [annual report,
Zambezi Resources 2007], and has a small (3.03%) stake in LonZim PLC (qv) [Hemscott
12/2/08]

In May 2008, Goldman Sachs, joined by UBS and Morgan Stanley made a rights issue
worth 9 billon Rand (approximately US$ 1.2 billion) on behalf of AngloGold Ashanti
[Mining Weekly, 7/5/08]

The same month, Goldman Sachs, along with Morgan Stanley and JP Morgan, co-
ordinated the London listing of central Europe coal giant, New World Resources NV
[see RPG Industries SE].

Goldman Sachs Securities (Nominees) holds 5.30% of Mariana Resources Ltd (see
CS) [Hemscott 12/2/08]. Its International Equity NonTreaty Custodians held just under
6% of Crew Minerals (now Intex) in mid-2007 [Philippines Research 2007]

In early February 2009, with Merrill Lynch & Co. Goldman Sachs became joint lead manager,
book runner and underwriter for an Aus$ 750 million share sale, on behalf of Newcrest,
Australia’s largest gold miner. JBWere Pty and UBS AG are also assisting with the sale
[Bloomberg, 2.2.09].

Goldman Sachs Canada Inc, along with CIBC World Markets Inc.as co-lead managers
and joint book runners; and including National Bank Financial along with UBS Securities
Canada Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Raymond
James, Salman Partners Inc. and Canaccord Capital Corporation as co-managers,
launched a US$ 90 million share offering for Pan American Silver in February 2009
[Marketwire 5/2/09].

Grant Samuel is a major Australia and New Zealand finance firm – see China Investment
Corp

Grant Thornton Capital, a leading London brokerage, acted as a “Nomad” (Stock

Exchange Nominated Advisor) for Thistle Mining in South Africa in 2007. [MJ 30/3/07]
That year, Grant Thornton was accused of having intervened on behalf of small-sale
miners in Bolivia to support their conflict with the state-owned mining company,
Comibol.

Greater Europe Fund Ltd was, until a buyout by China’s Zijin Group (see Xiamen Zijin),
the majority shareholder in Monterrico Metals plc, owner of the hugely controversial and
vehemently community-opposed Majaz mineral property in Peru.

Greenlight Capital is a US$ 6 billion hedge fund, specialising in spin-offs [SeekingAlpha

27/1/09]. In late 2008, its founder, David Einhorn, bought gold stocks positions, deciding
that “gold will do good either way; deflation will lead to further steps to debase the
currency, while inflation speaks for itself“[SeekingAlpha, 30/1/09]... “

Among its gold acquisitions in the last quarter of 2008 was some equity in Canada’s
Kinross Gold [Market Folly, 3/12/08].

Halifax Building Society – see HBOS

Hamilton Capital Partners Ltd – a US “private commercial real estate opportunity
investment fund”: holds 7.5% of Hidefield Gold PLC [Hemscott 11/2/08]

Hansa Trust PLC /Hansa Capital Partners LP, registered in the UK, as of March 31 2008,
held £5 million of shares in BHP Billiton, and £3 million in Cape Industries plc, whose
predecessor, Cape Asbestos, was found guilty in 2000, of causing massive asbestosis and
mesothelioma poisoning among those working for its plants in South Africa [See:
http://www.minesandcommunities.org/article.php?a=741 ]

Harbinger Capital Partners is part of the US Harbert Group, specialising in real estate,
private equity and venture capital, and owns 15.85% of Fortescue Metals Group,
Australia’s third biggest coal miner. [Interfax China Metals and Mining, 15/2/08]

Havens Advisors LLC is a US hedge fund set up by the quaintly-named Nancy Havens-
Hasty (sic). The fund doesn’t seem to live up to its name since it boasts of its “low risk
portfolio management” and specialism in “event-driven merger arbitrage and distressed
and special situations.” It owned stock in Inco when it was taken over in 2006 by CVRD
(Vale) [FT 29-30/7/06].

Haywood Securities, like Endeavour Financial is an investor in Asian Silver [MJ Special
London supplement, 9/06]

HBOS Group/HBOS PLC was, until late 2008, the UK’s biggest mortgage and insurance
provider, and includes Bank of Scotland (qv) and the Halifax Building Society. It owns a
“fraction of 1%” (according to the company) in Vedanta Resources plc [cited in The
Herald, Scotland, 29/10/07]. (See also Insight Investment). HBOS was merged with
LloydsTSB (qv) in January 2009, at a cost of £17 billion to British taxpayers [The
Observer, 15/2/09].
Henderson Global Investors Ltd holds 4.76% of African Minerals Ltd (see Prudential
PLC) [Hemscott 22/1/09] and 4.09% of Lonmin Plc [Hemscott 22/1/08]. As of February
2009 it held 7.77% in African Consolidated Resources Plc , a sub-Saharan African
mineral exploration company [Hemscott 12/2/09].

As of October 31 2007, Henderson Opportunities Trust plc held £428,000,000 worth of

shares in AIM-listed Brazilian miner, Serabi Mining and £189 million in deep-sea
minerals exploration company, Neptune Minerals

Henderson Far East Income Limited, as of 31 August 2007, held £6.113 million of equity
in POSCO, the world’s fifth biggest steel maker which has major interests in iron ore.

Henderson TR Pacific Investment Trust plc, as of 29 February 2008, held just under
£10 million investment in China’s Yanzhou Coal, and just over £10 million in India’s
Tata Steel. It appears to have disposed of these during the following six months, while
picking up a £1.27 million stake in China Steel in the meantime.

See also: The City of London Investment Trust plc

Hermes Pensions Management – owned by BT (British Telecom)’s pension fund - holds

a small (3.81%) stake in Hambledon Mining PLC (operator of the Sekisovskoye gold and
silver project in Kazakhstan [Hemscott 11/2/08]. Hermes Administration Services has a
3.86% stake in Caledon Resources PLC, a coal producer [Hemscott 20/2/08]

Heyman Investment Associates LP (Connecticut) was one of the hedge funds which
profited from its holding in Arcelor, before it was taken over by Mittal in mid-2006 (see
Davidson Kempner) [Hedge Fund News, 26/6/06]

Highbridge Capital Management LLC (New York) was one of the hedge funds which
profited from its holding in Arcelor, before it was taken over by Mittal in mid-2006 (see
Davidson Kempner) [Hedge Fun News, 26/6/06] ; and also had an interest in the outcome
of the (failed) attempt by Severstal to secure Arcelor in 2006 [FT 26/6/06]. It was hit by
the August 2007 sub-prime investment “blues”. [FT 1-2/9/07]
HSBC Investment Bank holds 4.23% of Nufcor Uranium Ltd (see Deutsche Bank)
[Hemscott 14/2/08]

HSBC Global Custodian (Custody) Nominees (UK) Limited on behalf of clients holds
3.05% of the share capital of BHP Billiton PLC [Hemscott 22/1/09], and is the majority
holder of shares in Mincorp PLC, which is principally focussed on gold mining in
Australia [Hemscott 14/2/09].

It has a small stake in African Diamonds plc [Hemscott, 23/1/2008]; 3.43% of Cambrian
Mining plc [Hemscott 11/2/08]; 6.33% of Cape Diamonds plc [Hemscott 11/2/08]; 4.99%
of Hidefield Gold PLC. [Hemscott 11/2/08]; 7.58% of Kenmare Resources PLC (see
State Street) [Hemscott 12/2/08]; and 4.20% of Ariana Resources PLC [Hemscott
18/5/08].

As of February 2009 the nominees held 6% of Mwana Africa PLC [Hemscott 14/2/09],
whose major asset is the Bindura nickel mine in Zimbabwe, where Mwana also has gold
properties, as well as exploring for copper and diamonds in DR Congo [Hemscott
14/2/09]. The nominees held 7.15 % of Persian Gold Plc and 3.76 of ZincOx Resources
plc (as of May 2007)

Nominees hold the largest single stake (at 27.99%) in Shanta Gold Ltd, a UK company
active in Tanzanian gold exploration [Hemscott 20/5/08] and – at 37.76% - in Allied
Gold Ltd, an LSE-registered company which has a gold oxide project at Simberi, Papua
New Guinea [Hemscott 12/2/09]. The nominees also hold 3.07% of Angus & Ross PLC,
whose prime asset is a lead-zinc mine (currently closed) in western Greenland [Hemscott
12/2/09].

In mid-2007 HSBC nominees were the largest single shareholders in OceanaGold Ltd
operating in the Philippines [Piplinks 2007]. They also hold 8.97% of Van Dieman
Mines PLC (see Galena) [Hemscott 12/2/08]; 3.31% of UMC Energy PLC [Hemscott
13/2/08]; (in 2006) just under 4% of Rusina Mining NL [Piplinks 2007]; and 3.08% of
Neptune Minerals PLC (see CS Client Nominees (UK)) [Hemscott 13/2/08]; and just
under 10% of Alexander Mining PLC (see CS Securities Europe) [Hemscott 12/2/09].^

HSBC Custody Nominees (Australia) Ltd has a combined stake of 11.41% in Fortescue
Metals Group (see ANZ nominees). In 2007 they were the second biggest shareholders
(14.86%) in Namibian uranium prospecting company, Extract Resources, based in
Australia; and held 5.6 million shares in Zambezi Resources Ltd (see Glencore
Investments BV). In February 2009 they held 3.07% of Medusa Mining Lt d (see
Gazmetall) and 8.12% of Aquarius Platinum. [Hemscott 13/2/09].
HVB (Bayerische Hypo und Vereinsbank AG) is involved in co-financing Bema Gold’s
Kupol project in Chukotka (see also Caterpillar Financial SARL.). Along with the
Eurasian Development Bank and West LB, it provided US$120 million debt financing for
Oriel Resources plc’s Voskhod chrome project in Kazakhstan in December 2006.

OZ Minerals, in January 2009, secured an A$140 million ($91 million) bridging loan
from a banking syndicate comprising ANZ Banking Group, Bank of Scotland
International, BNP Paribas, Commonwealth Bank of Australia, Bayerische Hypo-und
Vereinsbank AG (Singapore), National Australia Bank and Royal Bank of Scotland
(RBS). The money will mainly be used for “short-term cash needs” the company’s
Golden Grove and Prominent Hill operations in Australia and its Martabe gold-silver
project in Indonesia [Metal Bulletin, 23/1/09] (See also: Societe Generale/SG).

IBK Capital Corp is a Canadian investment bank specialising in mining [MJ special
supplement on the Prospectors and Developers Association Canada (PDAS, 2/2006]

Iimia Investment Management, based in Devon, UK, holds 6.37% of City Natural
Resources High Yield Trust PLC (qv) [Hemscott 14/2/08]

ING, in the Netherlands, claims to be “the world’s leading direct savings bank.
with over twenty million customers” (Like you and me – or would we rather put our
money into Triodos, the ethical Dutch bank?)

According to “Bank Secrets”, among ING’s dubious “achievements” have been

arranging two credit facilities worth US$ 9 billion for Freeport McMoran in March
2007. [Bank Secrets, 2007]

As of late 2007, ING owns, or manages, shares in the following mining companies:

• Freeport McMoran (US$ 288.2 million)

• Vedanta Resources (US$ 39.7 million)
• Newmont Mining (US$ 36.5 million)
 • GoldCorp (US$ 18.7 million)
• Barrick Gold (US$ 2.1 million)
• AngloGold Ashanti (US$ 0.5 million
[Bank Secrets 2007]

Insight Investment, part of the HBOS Group (qv), is one of the UK’s largest asset
managers with over £106 billion (at 30 September 2007) held on behalf of private
investors, pension funds, insurance groups and other institutions. In 2008 it owned 5.68%
of City Natural Resources High Yield Trust PLC (qv) [Hemscott 14/2/08]

Integra – a Montreal-based Mutual Fund manager - as of 30 June 2008, held shares in

many leading Canadian-based mining companies. In order of share value these were:
Cameco ( C$ 1.3 million), Teck Cominco (C$ 865 million ), Inmet Mining ($ 725
million), Barrick Gold (C$557 million), First Quantum (C$ 449 m), Anvil Mining (C$
422 m), Yamana Gold (C$ 329 m), Kinross Gold (C$ 294 m), Hudbay Minerals (C$ 287
m), Equinox (C$ 176 m) and Eldorado Gold (C$ 195 m).

Interros Holding, as of February 28 2008, became wholly-owned by Russian billionaire

“oligarch” Vladimir Potanin, and is the holding company for Norilsk Nickel (see also
KM-Invest). However, in April 2008, Oleg Deripaska of UC Rusal finalised
a long-delayed acquisition of 25% (plus one share) of Norilsk, thus presaging a possible
takeover of the world’s premier nickel mining company [Telegraph, UK 24/4/08].

Invecture Group SA de CV is a hedge fund based in Mexico. In November 2008, it

launched a bid to acquire Frontera Copper Corp, a Canadian junior active in Mexico.
Although Invecture claimed in January 2009 that it had made agreements to take over
47% of the mining company, on February 4th Frontera said it had secured a “white
knight” to fend off the hedge fund in the form of a US$ 34 million friendly bid from
Southern Copper Corp [Mineweb 5/2/09]; in response to which, Invecture raised the price
of its offer [Mineweb 10/2/09]..
INVESCO/Invesco Perpetual, based in the UK, is a huge global investment company,
valued at more than half a trillion dollars, with hedge fund of funds and private equity
arms. (For the third Quarter of 2007, its UK net retail sales were almost double those of
its closest rival [FT 19/11/07]).

Invesco’s leveraged High Yield Fund Ltd, as of September 2006, held £1,526,000 share
options in Vedanta Resources PLC, maturing in 2010. In 2006, Invesco Perpetual AIM
VCT had minor holdings in Monterrico Metals (see Xiamen Zijin), Neptune Minerals (by
way of warrants) and Anglo Asian Mining (see Resource Capital Fund)

INVESCO Income Growth Trust PLC (as of March 2007) held just over £2 million of
shares in Anglo American

Invesco Asia Trust plc, as of December 31 2008, held £1,612,000 of shares in BHP
Billiton (down from £8 the previous year) in BHP Billiton and seems to have sold, or
markedly reduced, its previous £3.5 million holding in Newcrest Mining

See also: Keystone Investment Trust plc

Investec, listed in London and Johannesburg South Africa’s leading private banking
group. In January 2009, the bank acquired control of the Bibiani mine in western Ghana,
after its owner, Central African Gold, allegedly defaulted on a loan of US$ 20.9 million
[MJ 16/1/09].

Investec UK is an investor in the Toka Tindung gold mine project, northern Sulawesi
(Indonesia), operated by UK-AIM listed Archipelago Resources PLC, from which
German bank West LLB apparently withdrew support in January 2008 [see MAC
website, 21 January 2008]

As of January 2008, the bank was the largest (10.29%) shareholder in African Diamonds
PLC [Hemscott 23/1/2008].

Investec’s earlier transactions have included participation with African Lion Ltd, an
African mining equity fund; arranging and underwriting the Lero project in Guinea and
the Mupane gold project in Botswana; the “unbundling” of Gencor’s interest in Impala
Platinum Holdings in 2002; and arranging a loan for AngloGold’s Yatela project in Mali.

Investika Ltd, domiciled in Australia, has mining interests (inter alia) in Chile, Indonesia
and Madagascar. Investika: held
 • (as of mid 2007) 24.8% of Berong Nickel Corporation (active in the Philippines)
[Piplinks 2007]; also in 2008:

• 10.93% of Toledo Mining Corporation PLC [Hemscott 14/2/08];

• 42.5% of Belitung Zinc Corporation [Hemscott 12/2/08];

• 33.2% of Tarquin Resources PLC, operating in Chile [Hemscott 12/2/08];and

• 20.4 % of UMC Energy PLC [Hemscott 12/2/08]

Investors Capital Trust plc, managed by F&C Investments (qv) as of 30 September 2008
held nearly £1.7 million in Rio Tinto; £1.15 million in Anglo American, £1.3 million in
BHP Billiton. (In May that year it held just under £1,000,000 in Xstrata

Jaguar Financial Corp of Canada used to be a mineral exploration company until early
2007, when it re-invented itself as merchant bank, investing in “undervalued small
companies” in a variety of industrial sectors.

It is a minority shareholder in HudBay Minerals Inc, a leading Canadian base metals

miner; and (as of October 2008) held 10.08% of common shares in Tiomin, whose major
Kwale project is a highly contentious mineral sands venture in Kenya.

Towards the end of 2008, Jaguar made a hostile bid to takeover HudBay, which it
abandoned in January 2009. The bid was ruled inadmissible by the Ontario Securities
Commission, since HudBay shareholders had not yet voted on their company’s plan to
take over fellow Canadian mining company, Lundin Mining. Corp. This was a move
which Jaguar had opposed [American Metal Bulletin, 23 January 2009], although
Lundin’s own shareholders were virtually unanimous in supporting the deal [Toronto
Globe & Mail, 27/1/09].

Acting in a similar respect as an “activist” shareholder, Jaguar in March 2009 berated

Tiomin’s board of directors and management for making bids for a gold mining company
and an exploration outfit called Cadiscor Resources.

Jaguar claimed that Tomin’s upper echelons were “diverting cash away from Tiomin and
its shareholders for the sole purpose of getting cash in friendly hands” in order “to avoid
a superior transaction such as a distribution of cash to all shareholders by dividend or by
a substantial issuer bid or by encouraging a bid for all the Tiomin shares." [CNW,
2/3/09]. Instead, Jaguar urged that Tiomin agree to a bid from the Chinese company,
Jinchuan Group, whereby Jinchuan would pay US$25 million directly to Tiomin Kenya
Limited (a wholly-owned subsidiary of Tiomin) entitling Jinchuan to 70% interest in the
Kwale project “without making an offer to all Tiomin shareholders.”

James Capel (Nominees) Ltd holds 3.4% of Ormonde Mining plc (see JP Morgan Asset
Management (UK) Ltd)

Jana Partners LLC was involved in Alcoa’s bid for Alcan in 2006.

J & W Investment Group is owner of Layansha Copper Mines, Zambia [MJ 9/3/07]

The Japan Equity Fund, Inc, as of October 31 2008, held 165,000 shares in Sumitomo
Metal Industries Ltd of Japan.

JB Were is part of Goldman Sachs (qv). In early February 2009 it joined Merrill Lynch & Co. as
joint lead manager, bookrunner and underwriter for an Aus$ 750 million share sale, on behalf of
Newcrest, Australia’s largest gold miner. Goldman Sachs and UBS AG are also assisting with
the sale [Bloomberg, 2/2/09].

Jean Raymond Boulle – see Angstrom Capital

J.F. Mackie & Company Ltd. is an independent equity investment firm, based in Canada,
which specialises in mining. In February 2009 it merged with brokerage Top Meadow
Capital and Research Capital Holding Corporation, when it also brokered a private
placement for Hawthorne Gold Corp for total proceeds of up to C$1,000,000
[Marketwire - Feb. 11, 2009].-

John Bredenkamp– along with his partner-in-crime Billy Rautenbach – was in January
2009 added to the European Union’s blacklist of people thought to be supporting the
Mugabe regime in Zimbabwe and had eighteen of his companies’ assets frozen as a
result [Metal Bulletin 29/1/09]. None of these entities included mining assets -
Bredenkamp’s Breco group apparently having disposed of its DR Congo mining interests
in 2006, according to its website. Bredenkamp and Rautenbach both formerly owned
stakes in Mukondo Mountain, thought to be one of the world’s largest cobalt deposits in
the DR Congo. Bredenkamp’s share in Mukondo was subsequently sold to mining
investor Dan Gertler.

JPMorgan/ JPMorgan Asset Management/JP Morgan Securities

[Note: while bearing the name “JP Morgan” – the buccaneer who founded US Steel,
formerly the world’s biggest iron ore miner and steel producer - several funds carrying
the title are today mainly owned by other investment banks, although management is in
the hands of the JPMorgan empire.]

• has 5.32% in Lonhro Plc and 3.83% of Lonmin plc [Hemscott 22/1/08]

* is the largest shareholder (7.96%) in Kopane Diamond Developments PLC

[Hemscott 12/2/08];

• is the second largest shareholder (5.16%) in Caledon Resources PLC [Hemscott

20/2/08]

• holds 1.65% of Vedanta Resources PLC (JP Morgan was the lead arranger for
Vedanta’s LSE launch in 2003, through Ian Hannam, an ex-SAS soldier (sic) who
then headed JP Morgan Capital Markets [FT 3-4/6/08])

• holds 3.60% of Ariana Resources PLC [Hemscott 18/5/08]

• in early 2007 was advising the Saudi Arabian regime on an IPO for its state-
owned Ma’aden mining company [MJ 2/2/07]

* in May 2008, along with Goldman Sachs and Morgan Stanley, JP Morgan, co-
ordinated the London listing of central European coal giant, New World Resources NV
[see RPG Industries SE].
•

As of 2008, JPMorgan Asset Management (UK) Ltd holds 9.95% of Sierra Leone
alluvial diamond explorer, Target Resources Plc [Target annual report, 15/4/08]; and
is the largest single shareholder in Ormonde Mining plc, which exploits tungsten in Spain
[Ormonde annual report 12/5/08].

In February 2009, it held 5.37% of Aricom (see Lansdowne Partners Ltd) [Hemscott
13/2/09]

In 2006, it held a 8.13% stake in Serabi Mining plc, active in the Tapajos region of
northern Brazil [Serabi Mining Annual Report 2006]; 5% of Copper Resources
Corporation (see Glencore Investments BV) [Piplinks 2007]; and 5.50% of Firestone
Diamonds plc (as of mid 2007)..

As of September 2007, JPMorgan Asset Management (UK) was the second biggest
shareholder (at 7.775) in European Nickel PLC (see Prudential plc)

In January 2009, JP Morgan Securities agreed to act on behalf of Freeport McMoran

Copper and Gold (FCX) to sell shares of common stock “from time to time” having
aggregate gross proceeds of up to $750 million [Business Wire, 26/1/09]..

In 2006, JPMorgan Asian Investment Trust plc held £5,461 million worth of shares in
India’s Gujarat Ambuja Cement [MJ 30/9/06] . As of September 30 2008, it held £4
million in Asia Cement of Taiwan. JP Morgan Asian is itself held 23.37% by pension
funds, 2.82% by charities, with small stakes (below 0.25%) held by governments.

JPMorgan Chinese Investment Trust plc in 2007 held a small (£1,800,000) stake in the
Aluminium Corporation of China (Chinalco); and as of September 2008, £1.1 million in
China Shenhua Energy

JPMorgan Emerging Markets Investment Trust plc (in which Lazard Asset Management
LLC held the biggest single shareholding of 12.1`% in September 2008, as of 30 June
2008, it held £ 32.733 million worth of shares in Brazil’s Vale (formerly CVRD),
£11.798 million in Impala Platinum, and £1.363 million in India’s Ambuja Cements. It
appears to have sold the nearly £4 million it previously held in Anglo American.

JPMorgan Fleming Mercantile Investment Trust plc/JPMF (managed by JPMorgan Asset

Management(UK) Limited, and of which AXA Investment Managers UK is the largest
single shareholder), as of January 2008, held £6.8 million of investment in Kazakhstan’s
Kazakhgold, £4.2 million in Gem Diamonds and nearly £4 million in Randgold
Resources.
In February 2009, JPMF's Natural Resources Fund held 7.6% of African Eagle Resources
PLC [Hemscott 12/2/09].

JPMorgan Income & Capital Investment Trust plc, as of February 28 2007, held shares
worth £3.584 million in Rio Tinto, and £3.034 million in BHP Billiton

JPMorgan Income & Capital Management Trust plc, as of 31 August 2007, held £2.903
million in Xstrata

JP Morgan Income & Growth Investment Trust plc, as of July 31 2008 held: £2 million in
Anglo American

JP Morgan Indian Investment Trust plc, as of September 2008, held: £2.3 million shares
in Ambjua Cements, £2.1 million in Associated Cements, and £1.4 million in Jindal Steel
& Power

In late 2007 JPMorgan Russian Securities plc held an ADR in Norilsk Nickel, a GDR in
Evraz, a minor stake in Severstal and Magnitogorsk Iron and Steel, and a share in Polyus
Zoloto.

As of October 31 2008, it held: £6,314, 000 of shares in Severstal; nearly £6 million in

Magnitorsk Iron & Steel; just over £4 million in Norilsk Nickel; £3,339,000 in
Novolipetsk Iron & Steel; and £757,000 in Evraz GDR

In February 2009, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc., with
BMO Capital Markets as lead manager, raised around $US 1.7 billion in a public
offerings of 34,500,000 shares of common stock, and $517.5 million of convertible senior
notes due 2012, for Newmont Mining. The United State’s leading gold company intends
to use the net proceeds to fund acquisition of the remaining one-third interest in its huge
Boddington gold project in Western Australia [PR Newswire/First Call, 3/2/909].

JPMorgan Nominees Australia has a 2.38% share of Fortescue Metals Group (see ANZ
Nominees) and a combined 7.21% stake in Allied Gold Ltd (see HSBC Global Custody
Nominees) [Hemscott12/2/09], as well as 5.08% of Aquarius Platinum [Hemscott
13/2/09].

JPMorgan Overseas Investment Trust plc (as of 30 June 2008) held £2.1 million of shares
in Yamana Gold; £1.6 million of shares in Vedanta Resources; and £1. 5 million of share
in BHP Billiton
JPMorgan Cazenove was appointed Nominated Advisor (NOMAD) and broker, in 2006
for Nikanor, the copper company operating in DR Congo [FT 5/7/06]. It was sole
bookrunner, with Canaccord Adams as co-lead manager for the placing of shares in
London-based (non-LSE listed) Aricom, whose mineral holdings in Russia’s Far East are
being coveted by London-listed Peter Hambro Mining plc [Reuters, 5/2/09]. .

Joined by Deutsche Bank, in February 2009 JP Morgan Cazenove led Xstrata’s rights
issue, in an attempt by the UK-Swiss mining company to grapple with its debt
[TheLawyer.com, 9/2/09].

JPMorgan Chase & Co:

* in 2006 was invested in Intex (formerly Crew Gold)’s Masara gold project in the
Philippines [PipLinks Research, 2007].

* has 37.5% of Jubilee Platinum PLC – active in South Africa [Hemscott 12/2/08]

* has 4.89% of African Copper plc [Hemscott 12/2/09]

* has .65% of Eurasia Mining PLC [see Firebird] [Hemscott 11/2/08];

* 9.04% of African Eagle Resources PLC [Hemscott 12/2/09], and

* 9.45% of Avocet Mining PLC (see Elliott Associates) [Hesmcott 14/2/09]

Chase Nominees hold: 3.14% of BHP Billiton PLC [Hemscott 22/1/09]; 4.24% of Rio
Tinto PLC [Hemscott 22/1/09]; 9.04% of Shanta Gold (see HSBC Global Custody
Nominees); 6.82% of Aquarius Platinum [Hemscott 13/2/09]; 9,48% of African
Diamonds PLC operating in Botswana, Guinea, Sierre Leone and DR Congo [Hemscott
12/2/09]. Chase Nominees also holds 13.1% of voting rights in JP Morgan Indian
Investment Trust plc

In 2008, the nominees held: 18.73% of Hidefield Gold PLC; 7.43% of Mariana
Resources Ltd (see CS) [Hemscott 12/2/08]; 5.49% of Firestone Diamonds PLC
[Hemscott 11/2/08]; and 4.05% of Van Dieman Mines PLC (see Galena) [Hemscott
12/2/08]. As of 15 September 2007 it also held 8.85% of West African Diamonds PLC

JP Morgan Fleming:

• is the biggest shareholder (9.03%) in Ormonde Mining PLC (which has a

tungsten project in Spain [Hemscott 13/2/08];

• holds 8.32% in Central China Goldfields PLC [Hemscott 11/2/08]

 * is second largest shareholder (10.08%) in Diamondcorp PLC [Hemscott 11/2/08]

• owns 3.82% of City Natural Resources High Yield Trust PLC (qv) [Hemscott
145/2/08]

JP Morgan Fleming Mercantile Investment Trust plc, as of January 31 2008, held £6.8
million in Kazakgold; £4.2 million in Gem Diamonds; and £3. 9 million in Randgold

JSC Compass Asset Management is a Latvian re-insurance company, but its

Compass subsidiaries are based in Kazakhstan, apparently with their main investments in
shipping. [information from Riga Re website, 24/2/08]. Compass Asset Management is a
hedge fund, also based in Kazakhstan, whose only known mining interest is the largest
stake (15.45%) in Aurum Mining PLC. [Hemscott 24/1/08]. Aurum was established to
explore for gold and other minerals in the Former Soviet Union (FSU); its key current
project is at Andash in the Kyrgyz Republic. [Hemscott ibid]

The Junior Energy Fund, domiciled in the Cayman Islands tax haven, invests in “long-
short global equities [using] derivatives for hedging.” Among these investments are
stakes in uranium miners, Denison Mines and Paladin Resources [Hedge Funds Review,
28/4/08].

Juno Ltd is the biggest single shareholder of Anglesey Mining PLC [Hemscott 24/1/08]

JZ Equity Partners PLC, as of June 2007, held a stake in Continental Cement company
LLC, a miner and processing of limestone in the US

KBC is a Belgian-based banking and assurance group which, as of late 2007, owned or
managed shares in:
 • AngloGold Ashanti (value: US$ 0.5 million);
• Barrick Gold (US$ 1.3 million);
• FreeportMcMoran-Phelps Dodge (US$ 5.5 million);
• Goldcorp (US$ 18.1 million) and;
• Newmont (US$ 0.7 million) [Bank Secrets, 2007]

Keystone Investment Trust plc is part of INVESCO (qv). As of 30 September 2008, it

held £1.762 million in UK Coal

KFXS, the South Korean bank, was subject in 2007 (along with ABN Amro (qv), ANZ
(qv) and Standard Chartered (qv)) of a campaign in the Philippines during 2007 urging
hat it disinvest from the polluting Rapu Rapu mine project, operated by Lafayette.
[Philippines update, Mines and Communities website, 24/4/07]

Kingdale Capital Partners Inc is a Canadian investment bank specialising in mining

[MJ special supplement on the Prospectors and Developers Association Canada
(PDAS) 2/2/2006]

KM-Invest is a Russian investment company, owned by Mikhail Prokhorov (see

Onexim), and the prominent politician, Vladimir Potanin. It holds 4% of Norilsk Nickel
(see Metalloinvest and Onexim Group) [MJ 29/2/08]

Kupferberg Est is the second biggest shareholder (9.93%) in Antofagasta Plc, one of the
worlds’ biggest private copper companies, which operates in Chile. [Hemscott 13/2/09]

L
Lansdowne Partners/Lansdowne Capital, based in the UK, is one of Europe’s five largest
hedge funds. It is the fourth biggest stake holder in LonZim Plc (see Tudor Capital)
[Hemscott 12/2/08]; and the largest (at 9.56%) in Aricom PLC, the Anglo-Russian
company which has a titanium JV with Chinalco of China, and a stake in the Garinskoye
iron deposit in Russia [Hemscott 14/2/09].

In June 2008, along with BlackRock Investment Management, GLG Partners LP, and
Peter Hambro Mining plc, it formed a syndicate to invest US$80 million in Rusoro
Mining Ltd

Lazard Asset Management LLC is the fourth largest shareholder (at 3.5%) in BlackRock
World Mining Trust PLC (qv). See also: JPMorgan Emerging Markets Investment Trust
plc

It holds 5.25% of Aquarius Platinum [Hemscott 13/2/09]

Legal and General Group PLC/Legal & General Investment Management Ltd is one of
Europe’s most important insurance and financial services’ providers. Many of its
customers are probably not be aware that their money is contributing to dubious
enterprises by three of the world’s four most significant mining companies. Legal and
General:

- is the third biggest direct shareholder (4.67%) in BHP Billiton PLC [Hemscott
22/1/09] which - along with BHP Billiton Ltd of Australia - comprises the world’s
largest mining company.

- is the third largest investor (5.01%) in Rio Tinto PLC [Hemscott 4/3/08]
-
- is the second biggest shareholder (5.09%) of Anglo American PLC [Hemscott
4/3/08]
-
- owns 4.98% of Lonmin Plc [Hemscott 22/1/08]

- holds 5.10% of Anglo Pacific Group PLC (qv.) [Hemscott 12/2/09]

- has 4.45% of Aricom PLC (see Lansdowne Partners) [Hemscott 13/2/09]

- is a 2.24 % stake holder in Vedanta Resources PLC

 - in 2007, held 3.49% of Johnson Mathhey (see Lloyds TSB)

Legal and General Investment Management Ltd is, at 4%, the second biggest
shareholder in BlackRock World Mining Trust PLC (qv)

Legal & General Assurance (Pension Management) Ltd holds 4.07% of UK COAL (see
Artemis Investment Management Ltd)

Lehman Brothers International, based in New York, London and Toyo, is a major global
investment bank; it holds 6.94% of Nufcor Uranium Ltd (see QVT) [Hemscott 13/2/08];
and 3.05% of Central African Mining & Exploration PLC (Camec) –see Capital Group
Companies.

Lehmann Brother International (Europe) in 2007 held 5% of Energybuild Group plc, an

open-cast coal mining company operating in South Wales (see Cambrian Mining Plc); as
of early 2008, it was the fourth biggest shareholder (at 5.09%) in European Nickel plc
(see Prudential plc), and held 3.51% in Lonrho Plc

Liberty Asset Management – see Standard Bank

Libra Advisors LLC – is investment manager of hedge funds, Libra Fund LP and Libra
Offshore Ltd which holds 3.88% of share capital of Polo Resources (qv)

Limelight 2nd Development Ltd holds 4.07% of Anglo Asian Mining PLC [Hemscott
12/2/09].

Lion Selection Ltd is an Australian listed resource investment company, with an

investment in African Lion Ltd (qv)
Lloyds TSB Group plc – one of the UK’s major retail and investment banks – in 2007
was the largest single shareholder (7.79%) of Johnson Matthey, a leading global refiner
of gold and silver, and manufactures of platinum–based catalytic converters [Johnson
Mathhey annual report 31/5/07]. Lloyds was merged with HBOS (qv) in January 2009.

London & Associated Properties PLC is a large property investor with the biggest single
shareholding (41.67%) in Bisichi Mining plc, operating a coal mine in South Africa
[Hemscott 11/2/08]

L.P – see L-R Global Partners

L-R Global Partners LP/L-R Global Fund Ltd (sometimes spelt as “L.R”) announces
itself as a “global hedge fund.”

In December 2008 it increased its shareholding in Lonrho Plc to 6.76% from 5.69%
earlier in the year.

In mid-May 2008 it had a 3.8% stake in GCM Resources, owner of the Phulbari coal
project in Bangladesh [Hemscott 19/5/08] – since reduced or disposed of

As of February 2008 it held 4.98% of Oxus Gold PLC [Hemscott 13/2/08]

In early 2006 it acquired 5.63% of Trans-Siberian Gold plc [L-R GP website, 11/1/06]

In early 2007 it held 9.44% of Copper Resources Corporation (see Glencore Investments
BV) [Piplinks 2007].

LonZim PLC is a holding company for Lonhro PLC; see also Tudor Capital
Luxor Capital LP/ Luxor Capital Management is a major US hedge fund, established and
managed by Christian Leone. A relative newcomer to investment in mining, over the past
year the fund has secured nearly 7 million shares in Canadian-based Australian diamond
and precious metals’ explorer, Caldero Resources. [SEC information, 14/11/08].Most
important, Luxor and Leone have secured the largest combined holding in LSE-listed
GCM Resources, manager of the highly-controversial Phulbari coal project in
Bangladesh, with Luxor at 28.63% and Leone at 12.56% [Hemscott, 6/2/09].,.

Luxor also has a small holding (just over 80,000 shares) in Patrick Coal Corp of the
United States which, in February 2009, settled the third largest penalty ($US 6.5 million)
ever paid in a US federal water pollution case for discharge permit violations, contingent
on the operations of another company, Magnum Coal, which it took over in 2008 [St
Louis Post Dispatch, 5/2/09].”

Mackenzie Cundhill Investment Management Ltd is the second largest shareholder

(12.04%) in Lonrho Plc [Lonrho Annual Report, 28/3/08].

MacKenzie Financial Corp is a major Canadian investment manager, specialising in

mutual funds. It holds 11.97% of the shares in Moto Goldmines Ltd, which has a gold
prospect in DR Congo [Hemscott 14/2/09].

Macquarie Bank, of Australia, is one of the shareholders (at 5%) in Gryphon Minerals
Ltd (see Standard Bank).

In September 2008, Mineral Deposits Ltd, which is constructing a gold mine in Senegal,
had paid back half of a US$50 million loan secured from the bank [MJ 28/11/08].

On February 2 2009, along with Citigroup, Macquarie managed a share offering aimed
at raising US$130 million for Hong Kong-based Real Gold Mining – the second biggest
IPO in Hong Kong since October 2008 [South China Morning Post, 2/2/09].

The same month a syndicate, led by Macquarie Capital Markets Canada Ltd. and
including RBC Dominion Securities Inc., Scotia Capital Inc. and National Bank
Financial Inc., made a C$61,500,000 private placement to First Uranium, to fund
continued development of the company’s Ezulwini uranium mine in South Africa [CNW,
11/2/09].

Macquarie North America Ltd, part of Australia’s Macquarie Bank, is a Canadian

investment bank specialising in mining [MJ special supplement on the Prospectors and
Developers Association Canada (PDAS), 2/2006]

Majedie Asset Management, a British private investment trust, as of September 30 2008,

held £3. 23 million worth of shares in Rio Tinto; £2.7 million in BHP Billiton, and just
over a million pounds in Mantra Resources (Australia).

It appears to have dispensed of it 3.65 % stake in Hambledon Mining PLC (operator of

the Sekisovskoye gold and silver project in Kazakhstan); and its 4.80% of Mercator Gold
PLC (see SVM) [Hemscott 12/2/08].

Majedie has a small (below 3%) stake in Metals Exploration PLC, held through ROY
Nominees Ltd [Hemscott 14/2/09].

As of September 30 2008, IT HAD small stakes in: Bumi Resources (Indonesia); China
Goldmines, Coal of Africa, Diamondcorp, Dwyka Resources, Gladstone Pacific, Kalahari
Minerals, Mwana Africa, Nautilus Minerals, Pangea Diamondfields, Polymet Mining,
Talvivaara Mining, Toledo Mining, and Xstrata.

M & G Investment Management Ltd, while autonomously-run, was taken over by

Prudential PLC (qv) in 1999. It is the second biggest investor (along with Prudential PLC
itself, both holding 17.42%) in Allied Gold Ltd (see HSBC Global Custody Nominees)
[Hemscott 12/2/09]

Man Financial Ltd, a major British futures’ trader and hedge fund, also sponsors the
renowned annual Man-Booker book prize. Man is a member of the London Metal
Exchange “Ring” [MJ special supplement 9/06].

As of February 2008 it was a minority (3.24%) shareholder in two companies active in

the Philippines: Metals Exploration PLC [Hemscott12/2/08]; and 3.98% in Toledo
Mining Corporation PLC [Hemscott 14/2/08]

It also held 3.90 % of Ormonde Mining PLC (see JP Morgan Fleming) [Hemscott
13/2/08].
Mariner Fund is a long-short hedge fund, launched by Sagitta Partners (part of FF&P)
in 2001, which has a share of Gryphon Minerals Ltd (see Standard Bank).

Martin Currie Pacific Trust is a Scottish-based investment trust, whose shareholders

(as of March 31 2008) include Rathbone Nominees Ltd (with 4.51%) and Barclayshare
Nominees (with 3.83%).

The Trust’s portfolio (as of 29 February 2008) included a £4.83 million stake in BHP
Billiton Ltd; just under £3 million in Newcrest Mining; £2.479 million in Rio Tinto Ltd;
and £2.5 million in Indonesia’s Bumi Resources

Massachusetts Mutual Life Insurance is part of the huge MassMutual insurance group
which includes Baring Asset Management (qv) and Oppenheimer funds (qv).
It holds 5.04% of Central African Mining & Exploration Company (Camec) (qv).
[Hemscott 24/2/08]

Matterhorn Investment Management LLP is a London-based hedge fund with 6.16% of

Brazilian Diamonds Ltd, an LSE-registered company exploring in Brazil for what is said
“on the tin” [Hemscott 14/2/09].

Mellon HBV Alternative Strategies LLC, part of the Bank of New York (BNY) (qv), is
the third biggest shareholder (8.85%) of Cambrian Mining PLC [Hemscott 14/2/08]

Merchants Trust – see The Merchants Trust PLC

Merrill Lynch, while not the biggest direct investor in mining, over the past decade
almost certainly possessed the most diversified portfolio of mining investments, through
its eponymous World Mining Trust plc.

In April 2008, Merrill Lynch Investment Managers merged with BlackRock,

and, in a “full product rebrand”, launched the BlackRock World Mining Trust which now
replaces the former World Mining Trust. [BlackRock WMT statement, 13/8/09].

OTE: Information on BlackRock’s mineral-related and mineral commodities holdings

can be found under BlackRock World Mining Trust (above).

Shareholders in the World Mining Trust included: Rensburg Sheppards Investment

Management (5%); Legal and General Investment Management (4.31%), Lazard Asset
Management (3.59%), and Newton Investment Management (3.01%), which is part of the
Bank of New York (see also: Mellon HBV) [Hemscott 19/2/08]

Merrill Lynch Gold and General Account/Fund is part of Merrill Lynch/Black Rock’s
Natural Resources team, which manages around six billion dollars work of investments
on behalf of individual and institutional investors, with nearly £1.5 billion of this
allocated to gold.

In 2005 the Fund claimed to be the biggest buyer of gold shares in the world. [Guardian
10/12/05].

“God in his wisdom has put gold in emerging markets”

Graham Birch, Manager of Merrill Lynch Gold and General Fund [Guardian 10/12/05]

In early February 2009, Merrill Lynch & Co. became joint lead manager, bookrunner and
underwriter for an Aus$ 750 million share sale, on behalf of Newcrest, Australia’s largest gold
miner. Goldman Sachs, JBWere Pty and UBS AG are also assisting with the sale [Bloomberg,
2/2/09].

Goldman Sachs Canada Inc, along with CIBC World Markets Inc.as co-lead managers
and joint book runners; and including National Bank Financial -, along with UBS
Securities Canada, Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Raymond
James, Salman Partners Inc. and Canaccord Capital Corporation as co-managers,
launched a share offering for Pan American Silver in February 2009 [MarketWire
5/2/09].
Merrill Lynch Investment Managers Ltd holds 5.91% of Lonmin PLC [Hemscott 23/1/2008]

The Merchants Trust PLC - as of January 31 2008 held around 18 million pounds worth
of shares in both Anglo American and Rio Tinto

Merck Fink and Co, a German private bank, holds 3.25% of African Eagle Resources PLC
[Hemscott 12/2/09]/

Metalinvest (not to be confused with Metalloinvest, qv), owned by the E Abaroa family of Chile,
holds more than half (50.72%) of Antofagasta Plc, one of the worlds’ biggest private copper
companies, which operates in Chile. [Hemscott 13/2/09]

Metalloinvest, a huge Russian group built on iron ore is controlled by Russian billionaire, Alisher
Usmanov (see also Gallagher Holdings). It manages the assets of ZAO Gazmetall, but has
recently measurably suffered from acquired debt..

In order partly to reduce its indebtedness, in February 2008 Metalloinvest submitted a proposal
(believed to have been put together by Dresdner Kleinwort) to merge with the world’s premier
nickel producer, Norilsk Nickel. [MJ 29/2/08].

A year later, Usmanov again proposed a tie-up between Metalloinvest and Norilsk Nickel
To make him the largest shareholder (at 37%) in a merged giant ferrous metals company which
could become the world’s largest of its kind. Under the proposal, Metalloinvest's 75% share of
its huge Udokan copper deposit would also go towards the combine, and t he Russian government
would hold a minimum stake of 25% [Reuters, 2/2/09].

In April 2008, Metalloinvest acquired shares from its subsidiary Gazmetall (qv) - their beneficial
owner - “for investment purposes only” in the leading sea bed copper and gold “massive sulphide
deposits” exploration company Nautilus Minerals Inc [Gazmetall statement, 20/8/09],.operating
offshore of Papua New Guinea. It did this through its wholly-owned Metalloinvest subsidiary,
Epion, which now holds 22.4% of Nautilus. [Hemscott 14/2/09]. Nautilus is registered on t he
LSE AIM and TSX; its other major shareholders are Teck Cominco Ltd and Anglo American
plc).
Midas Income & Growth Trust plc/MidasCapital PLC in October 2008 held a £527,000 stake in
BHP Billiton and a small investment in the unlisted Gold Fund Account which deals in gold
securities. Its Midas Balanced Income Fund holds a minor stake (£1.4 million) in ATH
Resources plc (see AXA Framlington Extra Income Fund). Midas Capital holds 7.59% of Minera
IRL Ltd (see BlackRock Investment Management (UK) Ltd), and 5.08% of Aurum Mining PLC
(see Altima Partners LLP [Hemscott 14/2/09].

Millennium Wave Fund was launched, in early 2006, as part of Absolute Return Partners (UK)
Fund of Hedge Funds.

Millennium Partners in 2005 held nearly a fifth (19.9%) of Weda Bay Minerals [MJ 9/12/05]
a company severely criticised by Indonesian environmental groups for its plans to mine in
protected forests.

The same year, this hedge fund was found guilty in a civil suit taken out by the New York
Attorney General, Eliot Spitzer, of massive illegal trading “in and out” (and out of hours) in
mutual funds. Millennium Fund was fined US$180 million and its manager, Israel Englander,
had to fork up an additional US$30 million of his own money [New York Times, 2/12/05].

Millhouse Capital is the investment group controlled (with an unknown stake) by one of Russia’s
richest man, London-resident (“non dom”) Roman Abramovich. In the early years of the new
millennium, Abramovich sold many of his key holdings – including those in RUSAL and
Gazprom, in turn the country’s biggest aluminium and gas producers – in order to buy UK’s
Chelsea football club. He holds on to around 41% of Evraz (see Delong Holdings).

In May 2008, Millhouse sold 8% of the shares of Highland Gold Mining Ltd, through its nominee
company, Primerod International Limited, to Abramovich’s partner in Evraz, Evegeniy
Schwidler (another “non dom”) [Integrum, Russia, 8/5/08].

Primerod now holds 40% of Highland Gold [Mineweb, 18/6/08], registered in the Channel Island
of Jersey.

Highland has been used as a vehicle by Barrick Gold to attempt to be the leading gold mining
company in Russia and Central Asia. Barrick itself now has a 20.37% stake in Highland, with.
Fleming Family & Partners holding 4.8%.

MineralFields Group (Canada) offers flow-through share investments in mining

companies, specializing in gold, platinum and uranium. Now in its 8th year of business, it
purports to have raised $552,178,570 to date; while sustaining “no debt (ever)” and with
low overheads. [See introduction for further discussion of Flow Through Shares].
Together with NovaDX (qv), in early 2009 it made a non-brokered private placement with
Houston Lake Mining Inc.

Mineral Securities Limited /MinSec Investments (BVI) Ltd of Australia holds key and
“emerging” assets in Australia, South Africa, Chile and elsewhere, concentrating on copper,
platinum, zinc and gold. Chaired by legendary mining magnate, Robert J Champignon de
Crespigny AC (Companion of the Order of Australia), many of its votable share options – too
numerous to list here in full - are held by investors in the form of DIs and CDIs (see glossary
above.)

Minmet Plc Group describes itself as an “incubator” (sic) and developer of oil & gas and mineral
exploration and extraction “opportunities”. Minmet (Isle of Man) Ltd in 2007 was the biggest
shareholder (at 14.8%) in Horizonte Mineral Plc, exploring in Brazil and Peru

Mirabaud Securities is part of Switzerland’s oldest bank. Richard Morgan, ex-editor of the
Mining Journal became its mining analyst in 2007 [MJ 1/12/06].

In October 2008, along with Renaissance Capital, Mirabaud supplied £20-million cash to African
Minerals plc to be used by the UK company for further drilling at the company's Tonkolili iron-
ore project in Sierra Leone.

Mining House is a London-headquartered private equity group “focused on developing a strong

portfolio of diversified mineral assets around the world.” However it does not appear to have
been active on the ground since 2006, when it held interests in:

Atlantic Mining PlC – Venezuelan coal

Carbon Mining PLC – with interests in the Philippines and a mineral sands venture in Bangladesh
Delta Pacific Mining PLC – coal exploration in Bangladesh
KAL Energy PLC – coal interests in Indonesia
Magellan Copper and Gold – operating in the Philippines
[All information from Piplinks 2007]
MKM Longboat Multi-Strategy Master Fund is a London based “multi strategy” hedge fund with
13.33% of LonZim PLC (see Tudor Capital) [Hemscott 12/2/08]

MLP Investments Ltd – based in the Cayman Islands - is the largest shareholder (17.51%) in
DiamondCorp PLC [Hemscott 11/2/08]

The Monks Investment Trust PLC is part of Baillie Gifford and Co, based in Edinburgh Scotland.
As of mid-2008, Monks held £21 million of shares in US Steel, just under £19 million in BHP
Billiton, £11.8 million in Rio Tinto and £177.7 million in the BlackRock World Mining Trust
(qv). As of October 31 2008, its biggest direct mining investment was £5.7 million in Norilsk
Nickel

Morgan Stanley/ Morgan Stanley Securities in June 2008 acquired a 4.11% stake in GCM
Resources (see Polo Resources) [Hemscott 10/6/08]; holds 7.25% of Neptune Minerals PLC (see
CS Client Nominees (UK) [Hemscott 13/2/08]; and a 3.12% stake in Nufcor Uranium Ltd (see
Deutsche Bank) [Hemscott 14/2/08].

In May 2008, along with Goldman Sachs and UBS, it made a rights issue worth 9 billion
Rand (approximately US$ 1.2 billion) on behalf of AngloGold Ashanti [Mining Weekly,
7/5/08].

The same month, along with Goldman Sachs and JP Morgan, Morgan Stanley co-
ordinated the London listing of central European coal giant, New World Resources NV
[see RPG Industries SE].

As of February 2008 it was the third biggest shareholder (6.82%) in European Nickel
PLC (see Prudential plc); and in February 2009, held 6.98% of Anglesey Mining PLC
(see Ambrian Capital PLC) [Hemscott 12/2/09].

Morgan Stanley Nominees holds 5.46% of Mariana Resources Ltd (see CS) [Hemscott 12/2/08]

Morley Fund Management – one of the biggest fund managers in the UK, with a large property
funding portfolio – holds 3.78% of Hambledon Mining (see Blackrock). It is managed by Aviva
plc (qv)
MSG Investment Management holds 17.42% of Allied Gold Ltd (see HSBC Global Custody
Nominees) [Hemscott 12/2/09].

MTO is a Portuguese fnancial holding company, part of the Martifer group which, in December
2008, acquired Lundin Mining’s Aljustrel zinc mine in Portugal [MJ 12/12/08].

Murray Income Trust PLC is part of Aberdeen Asset Managers PLC. As of June 2008 it held
$8.73 million of shares in Rio Tinto and £7, 04 million in Anglo American.

National Australia Bank Group. OZ Minerals, in January 2009, secured an A$140 million
($91 million) bridging loan from a banking syndicate comprising ANZ Banking Group,
Bank of Scotland International, BNP Paribas, Commonwealth Bank of Australia,
Bayerische Hypo-und Vereinsbank AG (Singapore), National Australia Bank and Royal
Bank of Scotland (RBS). The money will mainly be used for “short-term cash needs” the
company’s Golden Grove and Prominent Hill operations in Australia and its Martabe
gold-silver project in Indonesia [Metal Bulletin, 23/1/09] (See also: Societe
Generale/SG). (see also: Clydesdale Bank).

National Bank Financial Inc is one of the largest brokerage firms in Canada, and the
leader in Quebec. Along with Goldman Sachs Canada Inc. and CIBC World Markets
Inc.as co-lead managers and joint book runners, National Bank Financial acted as co-
managers of a share offering for Pan American Silver in February 2009, along with UBS
Securities Canada Inc., Merrill Lynch Canada Inc., RBC Dominion Securities Inc.,
Raymond James Ltd. Salman Partners Inc. and Canaccord Capital Corporation
[MarketWire 5/2/09].

Also in February 2009 a syndicate, led by Macquarie Capital Markets Canada Ltd. and
including RBC Dominion Securities Inc., Scotia Capital Inc. and National Bank
Financial Inc., made a C$61,500,000 private placement to First Uranium, to fund
continued development of the company’s Ezulwini uranium mine in South Africa [CNW,
11/2/09].
National Bank of Canada was part of a syndicate of banks, led by Scotia Capital (qv)and
Societe Generale which, in April 2008, put together a C$140 million revolving credit
facility for Iamgold [Mining Weekly, 28/4/08]

Natwest Securities, in 2006, held 1.07% of Rusina Mining NL [Piplinks 2007]

Nederlandse Financierings is the private finance arm of the Dutch government’s development
agency, FMO. It holds 5.07% of Kenmare Resources (see State Street) [Hemscott 12/2/08]

New African Mining Fund, set up in 2002, includes the World Bank/IFC [MJ 1/11/02]

New City Investment Managers Ltd (UK), as of early 2007, held a minority share in
Metals Exploration plc, active in the Philippines [Piplinks Research, 2007]

New India Investment Trust PLC is managed by Aberdeen (qv). As of September 30 2008, it held
£2. 6 million of shares in Grasim Industries, one of India’s biggest cement producers

Newsmith Opps Private Equity, part of Newsmith Capital, based in the US, with
7.40% of sea bed “explorer”, Neptune Minerals PLC (see CS) [Hemscott 13/2/08]

New Star Asset Management: a London-based multi fund manager, is the biggest shareholder in
City Natural Resources High Yield Trust PLC (qv) [Hemscott 15/2/08]

Newton Management Ltd is the fourth biggest shareholder in Lonmin plc (at 6.09%)
[Hemscott, 22/1//08]
NGP Energy Capital Management is a specialist energy investment firm which, in late 2006
launched NGP Energy Infrastructure and Resources to focus on “direct equity investments in
infrastructure ventures in various sectors of the midstream energy industry and all facets of the
mining and minerals sector” – with a target of raising $1.5bn.[AltAssets, 12/9/06]

NM Rothschild was part of a consortium of banks which raised funds for Iamgold in April 2008
(see Scotia Capital) [Mining Weekly, 28/4/08].

North Sound Capital is a hedge fund run by Thomas McAuley, “alumnus” of Tiger Capital
(qv). It is a 3.63% shareholder in Central African Mining & Exploration PLC (Camec: see Capital
Group Companies).

Norwegian Government Pension Fund. On January 29 2009, this state run Fund disinvested from
Barrick Gold because of the unacceptable risks run by its Panguna mine in Papua New Guinea –
specifically its use of riverine tailings disposal and the likely impacts of toxic metals, including
mercury, on the environment and people [Press statement by Norwegian government, Oslo,
29/1/09].

Previously, the Fund had disinvested its holdings in Freeport McMoran Copper and Gold, DR
Gold, Vedanta Resources and Rio Tinto [for further information, go to:
www.minesandcommunities.org.]

NovaDX of Vancouver, Canada, calls itself a “leading, publicly-traded investment firm that
provides capital investment, investment banking, financial and business advisory services
to early-stage natural resource exploration companies.” Along with with the Mineralfields
Group, in early 2009 it made a non-brokered private placement with Houston Lake Mining
Inc which raised C$755,200 for the mining company to advance gold projects in Canada.
The joint issue consisted of two and a half million Flow-Through Units, comprising one
flow-through common share and half a common share purchase warrant.
Numis Securities describes itself as “a leading independent investment banking and broking
group servicing high quality London-listed mid and small cap investments, based in London and
New York with a hundred corporate clients.” [MJ 23/5/07]

Among its coups was securing a major position in Vedanta Resources PLC’s IPO financing of
late2003. However, in late 2005, following the publication of a highly critical report on Vedanta
[“Ravages through India” published by Nostromo Research and India Resource Center, San
Francisco, September 2005 ], John Meyer of Numis stated that the company no longer advised
buying shares in the discredited UK company.[personal communication to author, 2005]

Nutraco Nominees, based in London, holds shares on behalf of clients, comprising 3.19% of
BHP Billiton PLC; 6.5% of Aquarius Platinum [Hemscott 13/2/09], and 3.17% of Mwana Africa
PLC (see HSBC Global Custody Nominees (UK) Ltd) [Hemscott 14/1/09].

Och-Ziff Capital Management Group LLC (qv) is a leading, global institutional

“alternative asset management” –i.e. private equity firm, based in the US, with
approximately $22.3 billion of assets under management, for around 700 fund investors,
as of February 1, 2009. (Reflecting the drop in value of many private equity firms over
the past eight months, on June 1, 2008, Och-Ziff managed approximately $33.8 billion.)

Old Mutual South Africa Trust plc holds shares in:

* Anglo American
* BHP Billiton
* Impala Platinum
* Gold Fields (South Africa)
* Mittal Steel SA

In late January 2008, Old Mutual announced that it was continuing discussions over
selling a controlling stake in its South Africa-based subsidiary Mutual & Federal to RBH, the
investment vehicle of the Bafokeng community (see Note 7) located in the north-west of the
country.[FT 25/1/08]
Oleg Derispaska is Russia’s richest individual, thanks to his investments in UC Rusal (see
Interros), the country’s biggest aluminium producer (and possibly the worlds), of which he
became CEO in January 2009 [Georgian Daily, 2/2/09].

Deripaska also controls the Russian energy group EN+ Group (qv) which, in February 2009,
made an offer for a 49% stake in Mongolia’s Togloi coking-coal deposit – a major potential mine
(with reserves of some 6 billion tonnes), for which Rio Tinto, BHP Billiton and Xstrata had
reportedly also made previous bids. The Mongolian government is said to have acted “positively”
to Deripaska’s move, which is baked by fellow oligarchs, Alexei Mordashov and Viktor
Vekselberg [MJ 20/2/09].

Onexim Group is a Russian privately-funded venture by billionaire, Mikhail Prokhorov,

set up to invest in nanotechnology, “high technology” projects, and non-ferrous and precious
metals mining. Prokhorov was former chairman of Norilsk Nickel (see Metalloinvest), and
is currently chairman of the country’s largest gold producer, Polyus Gold.

Ontario Teachers Pension Plan Board. One of the largest private pension fund investors in the
minerals industry, this Board in October 2008 acquired 1,85 million shares in the Canadian
assets of Fording Coal, after Teck sold a 27.6m Fording units to an unnamed Canadian bank
[Mineweb 14/10/08].

Oppenheimer Fund management/Oppenheimer Funds was a winner in the Mines and Money
2006 awards for its mining related investments [MJ 8/12/06].

Among these investments are 4.75% in Highland Gold Mining Ltd, which is building a portfolio
of gold assets in the Russian Federation. (The company’s leading shareholder is the world’s
biggest gold producer, Barrick Gold of Canada). [Hemscott 11/2/08]

Oppenheimer, based in Massachusetts, US, claims to have 60 mutual funds under its
Management, serving six million shareholders; in 2001 it branched into hedge funds.

ORGAMAN (Societe d’Organisation, de Participation et de Management) is a

private conglomerate in the DR Congo, owned and operated by the Damsceaux family
of Belgium for nearly eight decades. Its “mission” is to supply and transport agricultural and
maritime products.

It was formerly a joint venture partner with MOTO Goldmines Ltd in its eponymous gold project.
During an extensive mining review, carried out by the DR Congo government in 2008,
ORGAMAN withdrew from the JV. In early 2009, ORGAMAN arranged with MOTO for
repayment of the US$ 33.8 million debt owed to it by the mining company [MJ 2-9/1//09].

Origo Sino-India, a private equity firm, in late 2007 announced a fund to raise at least $100m for
investment opportunities in the natural resources sector in China and India. In summer that year,
Origo entered into a share subscription agreement with Fomento International Ltd, an iron ore
mining company, investing $10m to gain 3% of FIL’s equity. [AltAssets 20/11/2007]

Ospraie Management LLC/Ospraie Special Opportunities Master Holdings Ltd/The Ospraie

Portfolio Ltd. This US-based hedge fund held US$4 billion in assets in 2006 [FT 25/5/06].

The previous year it had adopted a “bear” position on copper and lost substantially as the market
turned bullish. By August 2008, its’ managed funds had dropped to US$ 2.8 billion
[Bloomberg, 26/1/09] and Ospraie began “redeeming” its “positions”, closing its biggest
hedge fund in September that year.

Ospraie’s founder, Dwight Anderson predicted it “may take as long as three years to
liquidate the flagship fund’s positions in illiquid investments.” [Bloomberg, ibid].

Four months later, in January 2009, Ospraie sold 49 % of British Virgin Islands’-based
Titanium Resources Group Ltd, which operates in Sierra Leone, to the mining company’s
former owner, the notorious Jean-Raymond Boulle, raising his stake to 59%...

Ospraie has had small stakes in Lonrho Africa Ltd [Lonrho Africa annual report 2006]; 6.72% in
Lonrho plc [Lonrho annual report 28/3/08], and 5.33% in LonZim PLC (qv) [Hemscott 12/2/08].

It was rumoured that, at the launch of Vedanta Resources PLC in December 2003, Ospraie led the
band of US-UK hedge funds which seized the first tranche of shares. Ospraie no longer has a
substantial holding in Vedanta.

Ospraie also holds a small stake (3.10 %) in GCM Resources, owner of the highly contentious
Phulbari coal mine project in Bangladesh. [Hemscott 10/6/08]

OZ Management LP – not to be confused with OZ Minerals, the Australian mining company, is

part of the huge US-based Private Equity (“alternative infestment”) firm, Och-Ziff Capital
Management Group LLC (qv) is a leading, global institutional alternative asset
management firm. We are one of the largest alternative asset managers in the world, with
approximately $22.3 billion of assets under management for approximately 700 fund
investors as of February 1, 2009. We have a strong
P

Pacific Assets Trust plc, managed by F&C Asset Management plc (qv) as of July 2008 held a
minor share (worth £ 2.36 million) in China Coal Energy

Pacific Horizon Investment Trust PLC is managed by Scottish fund manager Baillie Gifford &
Co. In July 2008 it had a £1,848,000 stake in Hong Kong coal producer, Handily Indus try
International Development

Pacific Road Resources Capital Management is a private equity fund, set up by the Sydney-based
Pacific Road Group "to invest directly in mining projects, related infrastructure and services
companies in Australia and selected overseas countries across a range of commodities." Among
its principals is David Klingner, formerly with Rio Tinto. In September 2007, along with RMB
Resources (qv), it bought LSE-listed diamond producer Gem Diamonds’ Woodlark gold project
in Indonesia [Mining Weekly, 10/9/07].

In January 2009 it provided £26 million to Albidon Ltd, a UK company exploring for nickel and
uranium in Zambia [Hemscott 30/1/09; MJ 6/2/09]].

Pala Investment Holdings acquired 13.3% of Avoca Resources Co in early 2007

[MJ 26/1/07]

Pallinghurst Resources is an investment fund which bid for Consolidated Minerals (Australia)
along with AMCI (US) in 2007 [MJ 2/3/07]

Palmaris Capital plc is effectively the manager of the Scottish Resources Group (formerly Mining
Scotland); it distributed its stake in Australian gold company Perseverance, in the form of
dividends to shareholders in 2007. As of November that year, Waverton Holdings Ltd and
Patersons Quarries Ltd between them held almost 68% of Palmaris.
Paradigm Capital is a brokerage and investment manager which has been a lead manager and
advisor in various mining forays, including those of Anvil (notorious for alleged complicity in
human rights abuses in DR Congo in 2004); and UrAsia Energy [PC company advert in Mining
Journal 13/4/07]

Passport Special Operations Master Fund LP, is an investment fund, based in Hong Kong, which
holds 10.32% of Anglesey Mining PLC (see Ambrian Capital) [Hemscott 12/2/09].

Pendragon Capital LLC holds 3.75% of Anglo Asian Mining (not to be confused with Anglo
American) (see also Resource Capital Fund) [Hemscott 24/1/08]; in 2008 it was the third biggest
shareholder (10.01%) in Nufcor Uranium Ltd. [Hemscott 14/2/08]

Perella Weinberg Partners Zerion Management Fund Ltd, based in US and UK is a private
investment management and advisory firm which holds a 3.58% share in Polo Resources (qv)

PIC Int Equity is- believed to be the overseas investment arm of Kuwait’s Petrochemical
Industries Company which, in January 2009, held 3.56% of BHP Billiton Plc [Hemscott
22/1/09].

PLC Nominees (Pty) Ltd holds, for clients, the largest share (24.85%) of Anglo American PLC
[Hemscott 4/3/08] and of BHP Billiton PLC (18.54%) [Hemscott 22/1/09]

Polo Resources Ltd. This company seems, effectively, to be a “fiefdom” of entrepreneur,

Stephen R Dattels (qv) and has extensive coal interests in Mongolia... In early 2008 it started
negotiating to purchase the majority of the stake held by RAB Capital in GCM Resources
[Hemscott 20/2/08].

By May that year, Polo had built up a stake of 29.72%, while RAB still held on to 25.96% of
GCM [Hemscott 18/5/08], and was the largest single shareholder (at 8.31%) in Polo Resources
itself.
.
As of January 2009, Polo held onto its 29.8% in GCM, along with a 26/3% stake in
Caledon Resources plc [Smallcap.news. co. uk, 26/1/09]

Posco Bio Ventures LP is a venture capital fund, set up in late 2002 by South Korea’s largest
steelmaker to “ emphasise its commitment to the biotech field” with planned investment of
$50m over a four-year period. [AltAssets, 12/9/02]. Although POSCO at the time said it was
trying to diversify away from steel, in fact it has expanded since – it’s most contentious current
project being a huge integrated iron-steel SEZ (Special Economic Zone) complex in the Indian
state of Orissa. (see Berkshire Hathaway).
.

Praire International Ltd – a holding company in which a Trust run by the Gertler family has
a major stake. See Capital Group Companies and RP MEF.

PricewaterhouseCoopers (PwC) is one of the world’s leading accountancy firm, and the firmest
ally, as such, of the minerals industry – to which it offers assurance and tax and advisory services
“to build public trust and enhance value for…clients and their stakeholders”), PwC also has a
hedge fund practice [FT 8/5/06].

Primerod International Ltd (see Millhouse Capital) – is the biggest single shareholder (at 32%) in
Highland Gold Mining Ltd [Integrum, Russia, 8/5/08]

Proparco, part of the French state’s Agence Francaise de Developpement group, has investments
in African Lion Ltd (qv)

Providential Holdings Inc, headquartered in Frankfurt, engages in “mergers and acquisitions,

real estate development, mining, and investing in special situations (i.e. hedge funding).
In January 2009, PHI’s majority-owned subsidiary, US-registered PHI Mining Group, Inc.,
through its wholly owned subsidiary Indochina Mining Corporation (IMC), signed a
partnership agreement with a Thai national, Chinnawat Chaikijjanuwat, to form a JV,
IMC Thailand Joint Venture Co., in order to “exploit and process black pearl granite in
Thailand’s Nakhon-Ratchasima Province.” PHI has also obtained agreements to acquire
interests in diatomite, lead, zinc, copper and granite properties in South East Asia
[PressWIRE, 26/1/09].

Prudential PLC is one of the UK’s biggest insurance companies. It holds 13.70% of Lonmin Plc
(not to be confused with Lonrho plc) [Hemscott, 22/1/08].

Subsidiary, Prudential Assurance Company Ltd, also has a 4.53% stake in Lonmin plc
[Hemscott, ibid]. In 2007 it was the second largest shareholder in Johnson Matthey (see Lloyds
TSB).

Prudential is the biggest single shareholder (at 12.97%) in European Nickel plc, which has
nickel plays in Acoje and Zambales in the Philippines and in Albania and Turkey.

In early 2009 it was also the largest shareholder in African Minerals plc which has
prospects in Sierra Leone [Hemscott 22/1/09]; and (at 14.72&) in African Mineral
Resources PLC, which is active in Sierra Leone [Hemscott 12/2/09]. It is the joint second
biggest equity holder in Allied Gold Ltd, a UK company embarked on a gold oxide
project in Papua New Guinea (see also HSBC Global Custody Nominees) [Hemscott
12/2/09]

PSigma Income Fund is a £389 million investment fund which is part of the London-based Punter
Southall group. It holds just over 2% of BHP Billiton and 0.8 per cent in Anglo American
[FT Investment Advisor service, 10/2/09].

Public Investment Corporation /PIC is a South African state-owned fund manager which makes
investments on behalf of the Government Employees Pension Fund, the Associated Pension Fund
and the Unemployment Insurance Fund et al . It is the third largest shareholder – at 5.05% - in
Anglo American PLC [Hemscott 12/2/09].

Punter Southall – see Psigma Income Fund

QVT Financial LLP is a major US hedge fund which, in February 2008, allegedly
introduced hedge fund tactics to Kazakhstan by buying into a Kazakh bank, ATF. The deal was
the “first big investment in central Asia by a major western financial services group” [FT
17/2/2008].

QVT is the biggest shareholder (21.01%) of Nufcor Uranium Ltd [Nufcor announcement,
18/2/08], a Guernsey-incorporated investment company which owns uranium for the long term,
enabling its investors to profit from an increase in its price. (Nufcor Uranium Ltd is not to be
confused with Nufcor International, a nuclear fuel supplier owned by AngloGold Ashanti and
FirstRand Bank). QVT also has 5% of African Copper plc [Hemscott 23/1/08]

Range Global Fund Ltd holds 8.19% of Anglesey Mining PLC [Hemscott 24/1/08]

RAB Capital PLC/RAB Special Situations Master Fund/RAB Special Situations Company
Ltd/RAB Energy Fund

As revealing a statement as any, made by this leading hedge fund to denote its true purpose, was
proffered by RAB in its Capital Situations Company Ltd annual report and accounts for 2007:

"Sadly our two largest holdings, Oxus Gold and Global Coal Management (formerly Asia
Energy, now GCM Resources) lost US$85 million (or 12% of the Master Fund's starting NAV}
between them, due to extreme local political difficulties which can be judged by the fact that
people were shot in both locations" (!).

RAB then goes on to say: "We have bought more of both stocks and believe we will make good
returns in the future..."

RAB had (still has?) a stake in Ascendant Copper, the Canadian junior whose misdeeds
(including use of a private security force which launched attacks on local community protestors
in Ecuador) are the subject of the 2006 award-winning film “The Cost of Copper.”

* It is the biggest single shareholder (27.28%) in Oxus Gold PLC (operating in Uzbekistan)
[Hemscott 13/2/08].

* RAB is the second largest shareholder in Kopane Diamond Developments PLC [Hemscott
12/2/08]

In 2007, RAB Capital launched a Global Mining and Resources Fund, worth US$ 171 million at
the end of that year [RAB Capital annual report 31/12/07]
RAB Special Situations (Master Fund) Ltd is the second biggest shareholder (7.19%) in Coal
International PLC which has operations in West Virginia and interests in coal properties in
Canada and the UK [Hemscott 14/2/08]

It is also

• the biggest shareholder (29.90%) in Carnegie Minerals PLC [Hemscott 11/2/08];

• leading shareholder in African Eagle Resources PLC (17.63%);

• number one shareholder in Kalahari Minerals PLC (total of 21.42%) [Hemscott 12/2/08];

• owner of 4.95% of African Copper plc [Hemscott 23/1/08]; and

• holder of 4.04%. of Lonrho.PLC. [Hemscott ibid]

• holder of 3.72% of Target Resources Plc (see: JP Morgan Asset Management (UK) Ltd)

• holder of 9.66% in African Minerals Ltd (see Prudential PLC) [Hemscott 12/2/09].

In 2007, it held 19.40 % of minerals exploration company, Cambridge Mineral Resources plc, on
behalf of client, Credit Suisse Client Nominees (UK Ltd) [Cambridge annual report, 14/6/07]

In May 2008, RAB Capital PLC held 25.96% of GCM Resources (formerly Global Coal
Management, earlier Asia Energy plc), the owner (though ownership has been disputed) of the
Phulbari coal lease in Bangladesh. However, at the end of January, Polo Resources Ltd (qv),
listed on AIM, agreed to buy out the majority of RAB’s stake (20.5%). As of 20 February 2008,
Polo held 8.8% of GCM, while Polo’s chair, Stephen R Dattels (qv) owned a personal stake of
5.77% [Hemscott 20/2/08].

By June 9 2008, RAB’s stake in GCM Resources had fallen below the notifiable 3% level.

RAB Capital also sold out its stake in Central African Gold PLC at the end of January 2008
[Hemscott 28/1/08]. Just over four months later, it sold its entire (21.85%) stake in Maghreb
Minerals Plc

As of February 2009, it was the largest single shareholder in African Eagle Resources PLC (with
nickel holdings in Tanzania and a copper J V in Zambia) [Hemscott 12/2/09]; also the biggest
stakeholder in Amur Minerals Corp, a UK-listed company exploring in eastern Russia
[Hemscott 12/2/09].

As of January 2009, RAB Special Situations LP was the third biggest shareholder in African
Minerals plc (see Prudential PLC) [Hemscott 22/1/09], and second largest (at 4.98% in Minco
PLC (see Barclays Nominees Ltd) [Hemscott 14/2/09]. .

* The main corporate shareholders in RAB Capital PLC are: Karrick Ltd, Santino Global Assets
Ltd, Sofina SA, Credit Suisse First Boston Equities (4.18%), Morgan Stanley (3.79%) [Hemscott
10/6/08]
* The main shareholders in RAB Special Situations Company Ltd are the Danish local authority
workers’ Pension Fund, Kommunernes Pensionsforsikring (14.75%) and Sweden’s state AP
Pension fund (13.81%), followed by JPM Multi-Manager Growth Fund (5%) and Henderson
Absolute Retirement Fund (4.38%) [Hemscott 24/2/08].

Rand Merchant Bank/FirstRand – see RMB Resources

Ransome Dock Ltd (believed to be a business centre sponsoring an eponymous real estate
development in south London) holds 8.45% of Anglo Pacific Group PLC [Hemscott 12/2/09]

Rathbone Brothers PLC holds 7.05% of Anglo Pacific Group PLC [Hemscott 12/2/09].

Raymond James Ltd is a leading Canadian “full services” investment company which, in
September 2008, joined UBS Securities Canada Inc. in a syndicate of underwriters, led by RBC
Capital Markets (qv) and including CIBC, to promote Banro Corporation’s gold projects in DR
Congo.

Another syndicate, along with Goldman Sachs Canada Inc. and CIBC World Markets Inc.
as co-lead managers and joint book runners, and including National Bank Financial -,
along with UBS Securities Canada Inc., Merrill Lynch Canada Inc., RBC Dominion
Securities Inc., Salman Partners Inc. and Canaccord Capital Corporation as co-managers
launched a share offering for Pan American Silver in February 2009 [MarketWire
5/2/09].

RBC Capital Markets Inc/Royal Bank of Canada/ RBC Dominion Securities Inc

In September 2008, RBC led a syndicate of underwriters, which included CIBC World Markets
Inc., UBS Securities Canada Inc. and Raymond James Ltd, in making a public offering of
11,000,000 warranted units of Canada’s Banro Corporation, worth U.S. $19,250,000, enabling
the holders to purchase a Banro common share for U.S. $2.20 per share until September 17, 2011.

The underwriters were granted an option, exercisable until October 17 2008, to purchase up
to an additional 1,000,000 common shares and 500,000 warrants to cover over-allotments and for
market stabilization purposes.

Banro intends to use the net proceeds from the offering to fund the development of the Twangiza,
Namoya and Lugushwa gold properties in DR Congo and for its general and administrative
expenses.

RBC also led an underwriting syndicate with Cormark (qv) for Aurora Energy’s uranium project
in Labrador in late 2007 [MJ 2/11/07].

In October 2008, RBC handled a share issue for Uranium Energy Corp [Natural Resource
Investor, 29/10/09].

In February 2009, a syndicate, led by Macquarie Capital Markets Canada Ltd. and
including RBC Dominion Securities Inc., Scotia Capital Inc. and National Bank
Financial Inc., made a C$61,500,000 private placement to First Uranium, to fund
continued development of the company’s Ezulwini uranium mine in South Africa [CNW,
11/2/09].

RBG Capital (not be confused with RAB Capital, or RPG Industries of Belgium) is brother to the
scandal-stricken RBG Resources, which was forced to liquidate after being found guilty of fraud
in the early years of this century [see: Guardian 15/5/02 and London Calling, MAC website,
28/7/02]. As of late 2007 it owned 62% of Falklands Gold and Minerals Ltd [MJ 22/12/07]

RBS/Royal Bank of Scotland is now 70% “owned” by British taxpayers, following an

unprecedented “rescue” by the UK Treasury in late 2008, and a record-breaking bail-out,
effectively by UK taxpayers, in late February 2009. These events had been preceded in
2007 by the biggest takeover of its kind in history when a consortium, comprising RBS,
Fortis, and Banco Santander acquired the leading Dutch investment and retail bank,
ABN Amro (qv).

RBS has been targeted by an alliance of UK NGOs for its investment in coal-fired plants
and utilities. These loans include ones to Glencore International (qv) made in November
2006; to Rugeley Power Ltd of the UK, provided the same month; a similar loan to OGE
Energy Corp and another to PSEG Power LLC of the US in December 2006; a loan to
American Electric Power Co Inc in March 2007; and yet another to LS Power in April
2007.

The bank also arranged a two billion dollar credit facility to Dynergy of the US in May
2007; participated in a billion dollar loan to Southern Co of the US in July 2007; a loan to
Noble Group, operating in Australia and Indonesia, the same month; a second loan to LS
Power and Dynergy in August 2007; a loan to Oklahoma G&E in November that year;
and other loans to OGE Energy and E.ON the same month.

In March 2008, RBS, along with ABN Amro, loaned US$ 700 million to Constellation
Energy Partners of the US, and just a month later, along with three other banks,
RBS/ABN Amro loaned US$2.5 billion to Florida Power and Light [All data above is
from: ”Cashing in on Coal: RBS, UK Banks and the Global Coal Industry”, published by
BankTrack, Friends of the Earth-Scotland, People & Planet, Scottish Education and
Action for Development, Stop Climate Chaos, and PLATFORM, 8/08].

In 2006, RBS acted as bookrunner for an US$8.5 billion loan to Xstrata [Euroweek,
23/6/06] r

In January 2009, OZ Minerals secured an A$140 million ($91 million) bridging loan
from a banking syndicate comprising ANZ Banking Group, Bank of Scotland
International, BNP Paribas, Commonwealth Bank of Australia, Bayerische Hypo-und
Vereinsbank AG (Singapore), National Australia Bank and Royal Bank of Scotland .
The money will mainly be used for “short-term cash needs” at the company’s Golden
Grove and Prominent Hill operations in Australia and its Martabe gold-silver project in
Indonesia [Metal Bulletin, 23/1/09] (See also: Societe Generale/SG).

RBS is a ring trader of the London Metal Exchange (LME)

Regent Mercantile Bancorp/Regent Resources Capital Corp – see Stephen R Dattels

Reliance Mutual Insurance Society includes a wide range of former stand-alone assurance
companies, including: Criterion Life Assurance Limited, British Life Office Limited, Family
Assurance Friendly Society, Eurolife Assurance Company Limited, Sweden’s SEB Trygg (UK)
Life Assurance Company Ltd, University Life Assurance Society and Hearts of Oak Friendly
Society/Hearts of Oak Insurance Company.

Reliance owns 4.07% of the equity in City Natural Resources High Yield Trust PLC
(qv) [Hemscott 14/2/08]

Renaissance Capital. Assisted by Credit Suisse First Boston, in 2006 Renaissance acquired
Indonesia’s PK Arutmin and Kaltim Prima Coal (KPC), the country’s largest coal producers.
[Liz Chidley, Down To Earth (UK), personal communication, 27/6/06]
KPC had previously been jointly owned by BP and Rio Tinto and managed by the latter
company. It proved to be one of the most contentious of Rio Tinto’s operations in the Asia-
Pacific region.

Renaissance, along with Renaissance Investment Management (UK) Ltd holds a combined
8.40% of LonZim PLC (qv) [Hemscott 12/2/08.

In October 2008, along with Mirabaud, Renaissance supplied £20-million cash to African
Minerals plc to be used by the UK company for further drilling at the company's Tonkolili iron-
ore project in Sierra Leone.

Renaissance Capital Fund III LP holds 2.54% of Medusa Mining Ltd (see Gazmetall Holding)
[Medusa Mining co. statement, 4/2/09].

Rensburgh Sheppards Investment Management Ltd is one of the oldest investment managers in
the world, with origins in the activities of the eponymous Harry Sheppard, a member of the
Liverpool (sic) Stock Exchange in 1873. It is t he largest single share holder (albeit at 4.09%)
in BlackRock World Mining Trust PLC (qv)

Research Capital Corp is a Canadian investment bank, specialising in mining.

[MJ special supplement on the Prospectors and Developers Association Canada
(PDAS) [2/2006]. In early 2007 it led a syndicate to raise US$40 million for AIM-listed
Gladstone Pacific.

In February 2009, Research Capital merged with Top Meadow Capital, a brokerage firm,
and J.F. Mackie & Company Ltd (qv).

Resource Capital Fund (RCF)/Resource Capital Funds III LP. In 2001, according to the Mining
Journal, Denver-based RCF was one of the two leading global mining-related private equity
funds. By the end of 2006 (through an advertisement placed by the Fund in the Mining Journal)
it claimed to have invested more than a third of a billion dollars (US$375 million) in the
resources’ industry over the previous nine years, with a total of US$527 million committed for
the future. [MJ special supplement 12/06].

At this time Resource held 6.3% of Anglo Asian Mining PLC (now 6.24%) [Hemscott
12/2/08] (see also: Pendragon Capital). Anglo Asian has three projects in the eastern area of
Armenia, claimed by Azerbaijan. [AAM annual report, 2006]. In 2005 it bought 14.3% of
Cumberland Resources (Canada) [Businesswire 23/11/05], which was taken over by Canadian
mining company, Agnico-Eagle 16 months later [alacrastore website: 1/5/07] .
Resource Capital also holds 18.77% of Ambrian Capital Ltd, which is a minor stakeholder in
Anglesey Mining PLC

Resource Development Capital Ltd (RDI) is a private equity fund run by one of Australia’s
richest individuals, Clive Palmer. His five billion dollar RCI accrued his wealth through
iron/steel, nickel and energy exploitation - netting Palmer around A1.5 billion by mid-2008
[Herald Sun, 4/7/08]. A plan to merge RDI with the mining holding company, Australasian
Resources Ltd was pending in February 2009 [MJ 6/2/09].

Ridgepoint Overseas – see Billy Rautenbach

RIT Capital Partners PLC – see Rothschild

RK Capital is headed by Michael Farmer, a specialist metals dealer, and avowed “devout
Catholic” who earned himself a devoted pile of pennies in 2006 (U$ 400 million) [Guardian
18/4/07]

RMB Resources is a wholly-owned subsidiary of FirstRand Bank (qv) offering multiple financial
services to the minerals industry (inter alia). In late 2007 it purchased the Woodlark gold project
of Gem Diamonds, along with Pacific Road Resources (qv) [Mining Weekly 10/9/07].It’s private
equity arm is RMB Capital. RMB is a 4% shareholder in Gryphon Minerals Ltd (see Standard
Bank).

Rob McEwen, though a private Canadian citizen, is included on this database because he
started out as an investor who, in his own words, then “developed a passion for gold”.
Methodically setting about acquiring a number of small mining companies, he
transformed them into Goldcorp - possibly the world’s lowest coast major gold miner - of
which he is the leading shareholder. McEwen is also Chairman and CEO of US Gold
Corporation and Lexam Explorations).

In February 2009, McEwen put in a bid for control of Argentina’s Minera Andes in the
face of a competitive bid by Hochschild Mining [Mineweb, 10/2/09].
Rothschild/RIT Capital Partners plc, as of March 31 2007, held £22.7 million pounds in
Newmont Mining, and £ 15.8 million in Freeport-McMoran Copper & Gold.

Among the more than half a dozen hedge funds investing in minerals, in which RIT itself invests,
are: Atticus Capital (qv) and Lansdowne (qv) (through its Macro Fund).

Royal Bank of Scotland – see RBS

ROY Nominees Ltd – see Majedie Investments PLC

RP Capital Partners – see RP Explorer Master Fund

RP Explorer Master Fund/RP MEF, is a London-based hedge fund, managed by RP Capital

Partners Cayman Islands Limited.

In May 2007, along with Glencore International AG, it set up an SPV “special purpose vehicle”,
along with three highly dubious private shareholders (Barry Steinmetz, the Gertner family and
Dan Gertler), between them owning 72% of Nikanor PLC, in an attempt to buy out the company.
Nikanor PLC has a lease (though this is currently under review by the government of DRC Congo
for alleged licence infringements) on what could be one of the he richest copper-cobalt deposits
in Africa. The takeover failed - thanks to opposition by founding shareholders. [“Saved in the
time of Nik?” London Calling, MAC website, 19/5/07].

A few months later, RP EMF stated that it was strongly opposed to a bid by a company called
Camec (see Capital Group Companies and Billy Brautenbach) to buy out Katanga Mining
Limited - another suspect player in DR Congo, in which RP EMF had a major (15.72%)
shareholding. RP EMF believed that “this unsolicited offer of Camec's shares undervalues the
potential of Katanga and the quality of its assets”

The takeover was supported by a notorious 67-year-old Belgian national, George Forrest
(of the Forrest Group) – who himself held 24% of Katanga Mining [FT 8/11/2007].

The bid was probably also supported by Glencore which had an exclusive contract to market the
output from both Nikanor and Katanga’s mines. An enlarged Katanga Mining could, according to
the Financial Times, “become Africa’s largest copper producer by 2011” - as well as “a future
target for a big group such as the acquisitive Xstrata, which is 40 per cent-owned by Glencore.”
[FT ibid] (since reduced to 35%).

RPG Industries SE (not to e confused with RBG Capital) was established by Zdenek Bakala in
2000, after he sold his brokerage company, Patria Finance, to KBC of Belgium (qv). Four years
later, Bakala bought out the recently –privatised Czech hard coal company, OKD, terming it
“an opportunistic acquisition… in [a] traditional old-fashioned industr[y]” [FT 11/4/08]. In May
2008, RPG (40% held by Bakala himself) listed its 4% owned subsidiary New World Resources
NV on the London Stock Exchange. This company, based in the Netherlands is (through its
control of OKD) Central Europe’s largest coking and thermal coal producer, with revenues for
the year ending November 2008 of 1.55 billion euros.

Among RPG’s other companies is Green Gas International BV which claims to promote
“clean energy” through coal and landfill methane “capture”. CEO of Green Gas is Chris Norval,
who was pivotal in merging BHP with Billiton in 2001, to become the world’s biggest mining
company.

New World Resources listing on the LSE was coordinated by Morgan Stanley, Goldman Sachs,
and JP Morgan [FT ibid].

Sagitta Asset Management is part of Fleming Family & Partners, which owns Mariner Fund (qv.).

Salman Partners Inc is an independent investment dealer, based in Canada, which specialises in
equity transactions for mining, as well as other natural resource, companies.

Goldman Sachs Canada Inc, along with CIBC World Markets Inc.as co-lead managers
and joint book runners; and including National Bank Financial, along with UBS
Securities Canada, Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Raymond
James, Salman Partners Inc. and Canaccord Capital Corporation as co-managers,
launched a share offering for Pan American Silver in February 2009 [MarketWire
5/2/09].

Salman Partners, along with Genuity Capital Markets in February 2008, joined a syndicate of
underwriters, led by Wellington West Capital Markets Inc in a C$16 million offering to
advance Inter-Citic at its Dachang gold project in China, and for general corporate
purposes

Among Salman’s other transactions during 2007-2008 (in C$ million) were:

Date Company Amount Transaction

31 Dec 2008 Endeavour Silver Corp. $2.3 Special Warrants

11 Dec 2008 Minefinders Corporation Ltd. $40.0 Units
09 Jul 2008 Potash North Resource Corp $32.8 Units
29 Apr 2008 Liberty Mines Inc. $16.5 Units
31 Mar 2008 Sherritt International Corporation $400.3 Common Shares
04 Mar 2008 Global Copper Corp. $9.6 Common Shares
27 Feb 2008 Silver Standard Resources Inc. $138.0 Convertible Debentures
26 Feb 2008 Geologix Explorations Inc. $18.0 Units
15 Feb 2008 Magellan Minerals Ltd. $11.0 Units

21 Dec 2007 Bonaventure Enterprises Inc. $4.3 Flow Through Units and Units
10 Dec 2007 Grey Wolf Exploration Inc. $20.0 Flow Through Common Shares
15 Nov 2007 Norsemont Mining Inc. $18.0 Special Warrants
15 Nov 2007 Liberty Mines Inc. $16.8 Units
09 Nov 2007 Blue Note Mining Inc. $40.0 Units
27 Sep 2007 Liberty Mines Inc. $10.0 Flow Through Common Shares
26 Sep 2007 Northern Peru Copper Corp. $11.0 Common Shares
23 Aug 2007 CIC Energy Corp. $73.2 Common Shares
10 Aug 2007 Miramar Mining Corp. $20.0 Flow Through Common Shares
09 Aug 2007 Grande Cache Coal Corporation $26.7 Units
16 Jul 2007 Genco Resources Ltd. $25.0 Units
10 Jul 2007 Centrasia Mining Corp. $12.6 Subscription Receipts
05 Jun 2007 Nord Resources Corporation $24.4 Special Warrants
04 Jun 2007 ECU Silver Mining Inc. $28.8 Units
29 May 2007 Forum Uranium Corp. $6.4 Units & Flow Through Common Shares
28 May 2007 Hard Creek Nickel Corp. $15.1 Units & Flow Through Common Shares
28 May 2007 Grey Wolf Exploration Inc. $11.6 Common Shares
17 May 2007 Liberty Mines Inc. $18.6 Units
15 May 2007 Northern Peru Copper Corp. $16.8 Common Shares
20 Apr 2007 Hathor Exploration Limited $22.1 Units & Flow Through Common Shares
20 Apr 2007 Mines Management Inc. $33.9 Units
04 Apr 2007 Silverstone Resources Corp. $23.3 Units
21 Mar 2007 Centillion Industries Inc. $39.4 Subscription Receipts
15 Mar 2007 Niblack Mining Corp. $12.8 Units
27 Feb 2007 Forsys Metals Corp. $47.5 Common Shares
20 Feb 2007 Nautilus Minerals Inc. $88.5 Units
14 Feb 2007 MAG Silver Corp. $18.5 Units
14 Feb 2007 Liberty Mines Inc. $9.5 Units & Flow Through Common Shares
06 Feb 2007 Ontario Hose Specialties Inc. $39.9 Units
11 Jan 2007 Fortuna Silver Mines Inc. $34.2 Units
Saracen Growth Fund Ltd is an Open Ended Investment Company (OEIC). (see also
Scottish Widows). It is the second biggest shareholder (6.07%) in Ormonde Mining PLC
(see JP Morgan) [Ormonde annual report, 12/5/08; Hemscott 13/2/08]

Schroder Investment Management Ltd has 3.55% of Lonmin plc [Hemscott 22/1/08]

Scion Capital Ltd opposed the 2005 bid by Gold Fields Ltd to take over Bolivar Gold Corp
(at a stage when Gold Fields owned 15.5% of the junior company’s share capital, with Scion
possessing 19%) [MJ 22/12/05]. Scion claimed the offer by the South African company was too
low. [CBC News, 12/1/06], but this claim was rejected by a Yukon Court in early 2006
[PRNewsire, 28/2/06]

Scion’s founder, Michael J Burry, is one of the more colourful captains of the hedge fund
industry. In May 2005, his long-short fund bet that the sub prime market would collapse well
ahead of the time that it actually did, with the result that his firm almost got buried. However, he
had packaged his bets into a so-called “side pocket”, ringed by a metaphorical steel fence:
investors couldn’t withdraw their money until Burry said they could. When the market did drop to
the floor in 2006, he and his clients began raking in profits which, by March 2007, were reputedly
up by 19-20% [New York Times, 9/3/07]

Scotia Capital/Scotia Bank (Canada) arranged US$ 60 million credit for Gammon Lake
Resources debt financing of its Ocampo mine project in Mexico in 2005. [MJ 28/10/05]. In April
2008, it led a bank syndicate (also including Societe Generale, National Bank of Canada, NM
Rothschild and Toronto Dominion Bank) to provide a five-year revolving credit facility to
Canada’s Iamgold, for the bankrolling of its mine ventures in Ecuador, Tanzania, Peru and
Canada [Mining Weekly, 28/4/08].

In February 2009, a syndicate, led by Macquarie Capital Markets Canada Ltd. and
including RBC Dominion Securities Inc., Scotia Capital Inc. and National Bank
Financial Inc., made a C$61,500,000 private placement to First Uranium, to fund
continued development of the company’s Ezulwini uranium mine in South Africa [CNW,
11/2/09].

Scottish Widows Investment Partnership Ltd is the 6th biggest shareholder in Lonmin plc
(5.53%) [Hemscott, 22/1/08]; also an OEIC company (see Saracen Growth Fund)
Seamans Capital Management Ltd – Massachusetts based investment advisory firm which has
3.15% of Polo Resources (qv)]

SEASAF – see Standard Bank

Sentient Fund is one of Canada’s two leading mining-related private equity firms [MJ 29/6/07]

Sentry Select was a finalist in the fund management category at the Mines and Money awards for
2006 [MJ 8/12/06]

Shackleton Capital Pty Ltd is a capital investment consulting group with, as of September 2008, a
small (1.04%) investment in Atomic Resources Ltd, a Perth, Australia-based coal and uranium
company operating in Australia and Tanzania.

Shining Prospect Pte Ltd - is an investment vehicle, put together by Chinalco (China’s largest
aluminium conglomerate) in early 2008, along with Alcoa, which bought a 12% equity
stake in Rio Tinto [Interfax China Metals and Mining, January-February 2008 passim.)

Shires Income PLC, as of September 30 2007, held £5,284 million of shares in Rio Tinto
(reduced to £692,000 in 2008), and £2,384 million of ATH Resources

Sis Sergainterstelle AG is a Swiss specialist in CSD and ICSD (see glossary) and holds 7.2% of
Horizonte Minerals Plc (see Minmet)
Societe Generale/SG is a major French investment bank, riven by scandal in early 2008 when
one of its derivatives dealers (aka “rogue trader”) was discovered to have committed a massive
fraud. Among SG’s mining-related stakes is one in the Toka Tindung gold mine project in
northern Sulawesi (Indonesia), operated by UK-AIM listed Archipelago Resources, from
which German bank, West LLB, appeared to withdraw support in January 2008 [see
MAC website, 21 January 2008].

In April 2008 SG joined a bank syndicate (led by Scotia Capital (qv), and including National
Bank of Canada, NM Rothschild and Toronto Dominion Bank), to provide a five-year revolving
credit facility to Canada’s Iamgold, for the bankrolling of its mine ventures in Ecuador,
Tanzania, Peru and Canada [Mining Weekly, 28/4/08].

In December 2008, along with the Commonwealth Bank of Australia, Societe Generale
Australia Branch, arranged a debt facility for Avoca Resources Ltd’s US$47.2 million
Higginsville gold project in Western Australia [MJ 12/12/08].

A month later, in January 2009, SG was granted security by the world’s second-largest
zinc miner, Oz Minerals of Australia, over its Century, Rosebery and Avebury mines in
Australia, following a dispute between the bank and company. Societe Generale was
also expected to gain security over Oz’s Canadian exploration assets by the end of
January, as the company tried to refinance a total of $560 million in debt. Trading in Oz
Mineral's shares was suspended in November 2008: they had lost around 85 percent of
their value since January that year, due to plunging commodity prices [Reuters, 22/1/09].

SG Asset Management (Societe Generale Asset Management) – which has more than £238
billion in assets under management – was a finalist in the Mines and Money awards for 2006 [MJ
9/06].

Shelfco 725 – see Solomon Capital

Shires Income Plc, managed by Aberdeen Asset Management held, as of March 31 2008, £1,325,
000 worth of shares in Rio Tinto

Solomon Capital is a Guernsey (Channel Islands’) - based private equity firm. Through “sister”-
company Shelfco 725, - in January 2009 it provided a £8 million debt facility to Metals
Exploration (Metals Ex), directed primarily towards performing a bankable feasibility
study for the company’s controversial Runruno project in the Philippines. Solomon also
acquired it own shareholding in Metals Ex, amounting to 29.9% of its issued share capital
[Dow Jones, London 20/1/09].

Soros Fund Management the ubiquitous George Soros has numerous holdings, through his hedge
fund, in some of the world’s biggest – and most dubious – mining companies [MJ special
supplement on London 9/06]. The eponymous fund overseas some US$21 billion in investment
[Bloomberg News, 18/2/09].

In a 13F filing with the US SEC for the second quarter of 2007, this New York-based fund
disclosed that, among its larger holdings are the Aluminum Corp of China (Chinalco) with 15
million shares valued at $25.29 million; and Brazils’ CVRD (now called Vale) with 8.7 million
shares of a sponsored ADR , valued at $388 million. (ADRs – American Depositary Receipts
enable US companies to buy into foreign registered companies, without facing rules related to
“cross-border” transactions.)

The Soros Fund portfolio also contains a “suite” of gold mining companies, albeit at much lower
levels of shareholding, in copper.

The Fund’s gold shareholdings included (as of August 2007):

* Freeport-McMoRan Copper& Gold (407,474 shares, valued at $33.7 million)

* AngloGold Ashanti (36,292 shares valued at $1.37 million)

* Barrick Gold (148,058 shares at US$4.3 million

* Newmont Mining (60, 900 shares valued at $2.38 million).

Other gold holdings included: Gammon Gold, Goldcorp, Iamgold, Kinross, Northern
Orion Resources and NovaGold.

Soros has minor holdings in aluminium manufacturers, Alcan and Alcoa, base metals miner
Lundin Mining, silver miners Apex Silver and Silver Wheaton; copper miner Southern Copper,
and PGM (platinum group metals) producer Stillwater.[See: “Soros Fund holdings favor
Aluminum Corp of China, CVRD, gold stocks”, by Dorothy Kosich, Mineweb, 15 August 2007 ]

In February 2009, Soros almost doubled his holdings in Potash Corp of Saskatchewan (to
2%) – making it one of his fund’s two most important investments (along with Petrobas,
the Brazilian state oil company) [Bloomberg, op cit, 18/2/09].

Southpoint Capital Advisors LP holds a 3.14% stake in GCM Resources (see Polo Resources Ltd)
[Hemscott 10/6/08]
Sprott Asset Management - see Cormark Securities Inc

Standard Bank Plc in London is the international investment arm of South Africa’s Standard
Bank. It is a major loan provider for mining companies around the world, having assisted (as of
early 2006) Oxus Gold, Gold Fields South Africa (GFSA), AngloGold Ashanti, Inmet, Cambior
and others. [MJ 17/4/06] and, since then, Gryphon Minerals Ltd, with a major nickel project in
Burkina Faso [MJ Burkina Faso special publication, 2008].

In March 2008, Standard Bank Stockholders (Client Account) held a small stake (3.5%) in
Horizonte Minerals plc [Horizonte Minerals Plc, Annual report, 28/3/08] (see Minmet)

The bank’s “core industry speciality” is in metals (ferrous, non ferrous and precious), plus oil and
gas. Its Structured Commodity Finance team advises structures and executes a variety of
innovative short and medium term financing transactions for producers and traders,
predominantly in emerging markets. Standard is also skilled in LBOs (leveraged buy-outs) and
MBOs (management buyouts).

Trade Finance magazine [March 2003] named two of Standard Bank Plc' transactions as "Deals
of the Year" – namely a Syndicated Trade Finance Facility with Norilsk Nickel, and Steel Pre-
export Finance with MMK.

Standard Bank Plc is a member of the London Bullion Market Association, a Full
and Founder Member of the London Platinum and Palladium Market and Chairman of
the London Platinum and Palladium Fixing (sic). It also issues, prices, trades and sells, listed and
over the counter equity derivative products for both retail and institutional clients, primarily in
South Africa and Asia. [Information from Standard Bank plc website, 20/1/08]

In 2007 Standard Bank, in its joint venture with the Malaysian government, the Southeast Asian
Strategic Asset Fund (SEASAF), arranged a $ 15 million investment in convertible notes for the
parlous Lafayette Mining Co in the Philippines; SEASAF’s search for a co-investor looked
decidedly dim by the end of the year. [Philippines Update, Mines and Communities website,
7/12/07]

Among Standard Bank’s other roles (2004-2006) were:

* Senior Facilities Co-Coordinator and mandated lead arranger to Equinox Minerals for
project finance facilities for development and construction of the Lumwana Copper Project in
Zambia.

* Exclusive financial adviser and Project finance lead arranger for financing of the Caldag
nickel project in western Turkey.

* Advisor to Jinchuan Group Ltd on off take and debt agreements with Allegiance Mining
* Advisor to Jinchuan Group Ltd on equity investment, off take and debt agreements with
Tiomin Resources Inc.

* Arranger of financing for construction and development of the El Chanate gold project in
Mexico

* Financing of Sino Gold’s Jinfeng project in China.

• Joint lead arranger of a US$ 50 million revolving credit facility for Golden Star
Resources Ltd. in Ghana

In 2009, Standard Chartered Private Equity Ltd received A$80 million of convertible notes from
Straits Resources Ltd, a copper, gold and coal producer in Australia [MJ 6/2/09]

Through its subsidiary, Liberty Asset Management, Standard Bank recently initiated a Shar’ia
Equity Fund whose vehicle, StanLib Ltd, based in South Africa, is the second largest shareholder
(9.50%) in African Eagle Resources Ltd (see RAB Capital PLC) [Hemscott 12/2/09].

Standard Chartered/StanChart (not to be confused with Standard Bank or Standard Life)

was a joint underwriter, with West LLB (qv) and Caterpillar Finance (qv) of Tiomin’s Kwale
mineral sands project in Kenya; the biggest proposed new mine in the country, beset by local
farmers’ legal actions and failure to raise project finance which has so far stalled the venture.

StanChart was also subject (along with ABN Amro (qv), KFSX (qv) and ANZ (qv)) of a
campaign in the Philippines during 2007 that it disinvest from the Rapu Rapu mine,
operated by Lafayette. [Philippines update, Mines and Communities website, 24/4/07]

18% of StanChart is held by Temasek, the Sovereign Wealth Fund of Singapore [FT
5/2/08]

Standard Life/Standard Life Investment Management/Standard Life Investments Ltd, a

major Scottish life insurer, holds 4.90% of Vedanta Resources PLC [Hemscott 12/5/08];
and a minor (3.243%) stake in Highland Gold Mining Ltd, one of the biggest companies
exploring for gold within the Russian Federation [Hemscott 11/2/08]; also 3.05% of the
huge Kazakhstan copper mining company, Kazakhmys (see AXA SA) [Hemscott
1/2/08]; and 2.2% of Talivivaara Mining (see Varma Mutual)

Standard Life Equity Income Trust PLC (in which Barclays holds 7.3%), as of September
2007, held £5.427 million of shares in Rio Tinto, slightly less (£5. 020 million) in
BHP Billiton, with a £3.708 million stake in Xstrata, £ 2.05 million in Kazakhmys, and
£1.450 million in Lonmin.
£815,000 in Anglo American and its stake in Xstrata had dropped to £1,388,000

Standard Life UK Smaller Companies Trust plc, as of 31 December2007 also had an

£896 million investment in First Quantum Minerals, and one of £835 million in
Aquarius Platinum

Stanlib Ltd – see Standard Bank

Stargas Nominees – wholly owned by the British Gas Pension Fund, and a minority shareholder
in Metals Exploration plc, active in the Philippines [Piplinks Research, 2007]

Starvest PLC (not to be confused with Sunvest Corp Ltd) specialises in mining investment. As of
March 2008 it held 23.09% in Ariana Resources PLC [Hemscott 3/308], and 29.7% in Equity
Resources Plc [Hemscott 21/2/08]. The previous year it held 17% of KEFI Minerals PLC, active
in Turkey. In early 2009 it had 12.76% of Alba Mineral Reserves PLC, which is exploring for
uranium in Mauretania [Hemscott 12/2/09].

State Street Corporation/State Street Global Advisors (ssga) –is one of the world’s largest
institutional asset managers, with a 3.19% shareholding in BHP Billiton PLC [Hemscott
11/2/08].

Its Nominees fund has 8.57% of Kenmare Resources, whose largest project is a mineral sands
mine in Mozambique [Hemscott 12/2/08], and 5.51% in Aquarius Platinum [Hemscott 13/2/09].
The nominee account also holds 3.98% of Shanta Gold Ltd (see SBC Global Custody Nominees)
[Hemscott 20/5/08] and 4.06% of Mwana Africa PLC (see HSBC Global Custody Nominees
(UK) Ltd) [Hemscott 14/2/09].

Stephen R Dattels owns 13.97% of issued share capital in Polo Resources Ltd (qv). Through his
merchant bank, Regent Mercantile Bancorp Inc., Dattels is a significant player for small and mid-
cap mining companies. He was chair and founder of Caledon Resources PLC, an AIM-listed
Australian coal producer and Chinese exploration company (see JP Morgan Asset Management
(UK); and co-founder and Managing Director of AIM-listed Oriel Resources PLC, centred on
nickel and chrome assets in Kazakhstan.
In October 2007, Stephen Dattels, his Chirompo Company SA and Angstrom joined with
Lithic Metals and Energy (an African uranium exploration and “development” company
listed on London’s AIM) to acquire RRCC (part of Regent Resources Capital
Corporation) which has multi -mineral base metal and uranium deposits under
exploration in Togo. [Lithic Metals and Energy statement, 26/10/07].

More recently, Dattels founded CCEC Ltd. which is acquiring thermal coal projects in China;
CCEC recently merged with Regent Pacific Group Limited, listed on the Hong Kong Stock
Exchange. )

StoneShield Capital Corp is a Canadian “capital pool” outfit which, in 2008, signed a letter of
intent with aggressive, but undercapitalised Canadian mining company, Mexivada Mining Corp,
to earn a share in a Nevada-based gold project. Mexivada also has interests in projects in DR
Congo, the Kono diamond fields of Sierra Leone and – as it s name suggests – in Mexico.

Sunvest Corporation Ltd – a California-based private seller of real-estate based mortgages holds
6.87% of Uranium Resources Ltd, operating in southern Tanzania (see BNY) [Hemscott 14/2/08];
and is the biggest shareholder (12.36%) in Beowulf Mining PLC, a copper-gold-uranium
exploration outfit in Sweden [Hemscott 13/2/09]. It also hols a 3.08 % stake in Red Rock
Resources PLC [Hemscott 18/5/08]

SVM Global Fund plc is part of private equity firm, SVM Asset Management, based in
Edinburgh, UK. Its chair is Senator Shane Ross (member of the Irish parliament) who is also
business editor of Ireland’s Sunday Independent newspaper. SVM has money in a number of
investment trusts, hedge funds and specialist funds and, as of early 2007, held nearly £10 million
in Merrill Lynch World Mining (qv). It is the biggest single shareholder (5.09%) in Mercator
Gold PLC, a gold exploration company concentrating on Australia [Hemscott 12/2/08]; and holds
6.26% of City Natural Resources High Yield Trust PLC (qv) [Hemscott 14/2/08]

Tarl Investments Ltd holds 3.02% of the issued share capital of Anglo American plc
[Hemscottt 4/3/08]
TD Waterhouse is a UK online derivatives trader and brokerage. Its Nominees offshoot
holds 6.23% in Angus & Ross PLC, whose prime asset is a lead-zinc mine (currently
closed) in western Greenland [Hemscott 12/2/09].

Temasek – see Standard Chartered/StanChart

Templar Minerals – see Angstrom Capital

The Thai Capital Fund Inc is a “closed end” investment management group, managed by
SCB Asset Management Co Ltd. As of June 30 2008, it held 680,000 shares in Padaeng
Industry Public Co Ltd, worth US$418, 957. Padaeng in mid-2006 was accused of
discharging heavy metals into streams in rural Thailand, and of causing cadmium
poisoning [See:
http://www.minesandcommunities.org/article.php?a=1423 ]

Thomas Weisel Partners Canada is a California-based “growth sectors” investment firm

which specialises, inter alia in mining. In February 2009, along with BMO Capital
Markets it underwrote an offering for the Osiko Mining Corporation of C$350,350,000
Inc. for its major Malarctic gold prospect in Quebec [MJ 6/2/09].

Threadneedle Asset Management Ltd was acquired by American Express (qv) in October
2003 (see also: Ameriprise Financial Inc); two and half years later, it outsourced all its
fund management operations to JP Morgan (q.v.) It was in early 2008 the third biggest
shareholder (at 7.36%) in Lonmin Plc [Hemscott, 23 /1/208]

The Throgmorton Trust PLC - part of AXA Framlington - concentrates investment in

smaller companies. It holds 4.80% of Toledo Mining Corporation PLC, active in the
Philippines [Hemscott 14/2/08] and a small share of Albidon. As of 20 November 2007,
Throgmorton had nearly £3 million invested in Avocet Mining; £2.4 million in
Hambledon Mining; £1.6 million in Cambrian Mining; £1.5 million in Frontier Mining;
£1.479 million in African Copper, and £1.45 million in European Nickel [Throgmorton
annual report 2007]

Tianjin Institute of Geology and Mineral Resources (TIGMR), China, in June 2008 made
a US$5.9 million investment (representing around 30% of the equity) in Douglas Lake
Minerals Inc, which has gold tenements in Tanzania [MJ 6/6/08]

Tiger Capital Management’s Tiger Resource Financing was among the candidates for “fund of
the year” at the 2006 Mines and Money conference in London [MJ special supplement 9/06]. Set
up in the late 1990s two of its key “alumni” are hedge funds Ospraie (qv) and Touradji Capital
(qv) [FT 25/5/06] (see also: North Sound Capital and Capital Group Companies)

Tilney Investment Management – part of Deutsche Bank (qv) - holds a 3.28% stake in City

Natural Resources High Yield Trust PLC (qv) Hemscott 14/2/08]

Top Meadow Capital, a brokerage firm, in February 2009 merged with Research Capital
Holding Corporation and J.F. Mackie & Company Ltd (qv).

Toronto Dominion Bank (Canada) in April 2008 was part of a bank syndicate, led by Scotia
Capital (qv), and including Societe Generale, National Bank of Canada and NM Rothschild to
provide a five-year revolving credit facility of C$140 million to Canada’s Iamgold, for the
bankrolling of its mine ventures in Ecuador, Tanzania, Peru and Canada [Mining Weekly,
28/4/08].
Touradji Capital took a bullish position on copper in early 2005 [FT 25/5/06]

TPG-Axon Capital Management LP – is a hedge fund and global investment spin off from the
private equity Texas Pacific Group. As of March 17 2008, with the combined shareholding of
TPG-Axon Partners (Offshore) Ltd, it was the largest shareholder (at 9.3%) in Polo Resources
Ltd (qv).

As of early 2008, TPG-Axon also held

• US$290 million worth of shares in Sterlite Industries (subsidiary of Vedanta Resources

plc);
• US269 million in Reliance Steel and Aluminum;
• US$30.6 million of Freeport McMoran Copper and Gold;
• US$30.5 million of Alcoa; and
* 6.48% of Toledo Mining Corporation PLC [Hemscott 14/2/08]

Tradewinds Global Investors LLC owned 3.79% of Lonmin Plc in early 2008 [Hemscott 22/1/08]

Trafigura – see Galena

Tudor Capital (UK) is part of the large US Tudor Capital Group of investment companies.
It is the second biggest shareholder in LonZim Plc, which operates “equity investment
instruments” mainly on behalf of Lonrho PLC (qv) [Hemscott 12/2/08]. Tudor holds 3. 71% of
UK miner, Lonrho Plc [Lonrho annual report, 28/3/08]

TWP Finance is a subsidiary of the engineering consultancy, TWP Holding, which has 4.48% of
AIM-listed African Eagle Resources [Mining Weekly, 26/3/08, Hemscott 12/2/09].]

U
UBS AG (Union Bank of Switzerland) is the third largest shareholder (at 10.19%) in GCM
Resources PLC (see RAB Capital) [Hemscott 18/5/08]; holds 10.02% of Lonrho Plc [Lonrho
Annual Report 28/3/08], and 4.47% of Central African Mining & Exploration PLC (Camec) (see
Capital Group Companies.) [Hemscott 24/2/08].

In May 2008, along with Goldman Sachs and Morgan Stanley, it made a rights issue
worth 9 billon Rand (approximately US$ 1.2 billion) on behalf of AngloGold Ashanti
[Mining Weekly, 7/5/08].

In 2007 it held 3.03% of European Nickel plc, while its London branch was invested in the
Masara Gold project in the southern Philippines that year [Piplinks Research, 2007].

UBS Wealth Management is a minor (3.88%) shareholder in City Natural Resources High Yield
Investment Trust PLC (qv.) [Hemscott 14/2/08]. As of January 2008 it held 10.72% of Lonrho
plc [Hemscott, 23/1/2008]

In September 2008, UBS Securities Canada Inc. joined a syndicate of underwriters, led by RBC
Capital Markets (qv) which included and CIBC and Raymond James Ltd, to promote Banro
Corporation’s gold projects in DR Congo.

In early 2009, UBS Securities led a clutch of 14 dealers that sold 20.9 million Kinross shares on
the New York Stock Exchange. Underwriters could boost the deal to $414.6-million. Opined the
Toronto Globe & Mail: “This offering marks a big win for UBS Securities, which has one of the
world's largest precious metals franchises and a substantial domestic investment banking
operation ”, adding that “Canada's bank-owned investment dealers dominated the flurry of
corporate finance activity seen in November and December, effectively shutting out global banks
such as UBS Securities.” [Toronto Globe & Mail 22/1/09].

In early February 2009, UBS AG joined Merrill Lynch & Co. as joint lead manager, bookrunner
and underwriter for an Aus$ 750 million share sale, on behalf of Newcrest, Australia’s largest
gold miner. Goldman Sachs and JBWere Pty are also assisting with the sale [Bloomberg, 2/2/09].

Goldman Sachs Canada Inc, along with CIBC World Markets Inc.as co-lead managers
and joint book runners; and including National Bank Financial -, along with UBS
Securities Canada, Merrill Lynch Canada Inc., RBC Dominion Securities Inc., Raymond
James, Salman Partners Inc. and Canaccord Capital Corporation as co-managers,
launched a share offering for Pan American Silver in February 2009 [MarketWire
5/2/09].

UFG Asset Management is an investor exclusively devoted to the Russian Federation and
became the biggest single shareholder (32.96%) in Trans-Siberian Gold PLC by early 2008
[Hemscott 13/2/08]Through the placement of 26.5 million new shares worth US$ 12.4 million in
August that year, UFG became the 52% holder of Trans-Siberian’s stock [MJ 29/8/09].
Union Securities (Int) Ltd scours Canadian and US markets for small to mid-cap mining
companies in which to invest on behalf of its clients

US Global Investors won the Mines and Money award for mining fund management in
2006 [MJ 8/12/06]

Vanguard Precious Metals and Mining Fund is a US mutual fund, leading brokerage and ETF
trader. Among its clients are many US college savings plans.

As of 31 March 2008, Vanguard listed its key mining and minerals investments (in priority order)
as those in:

Eramet

Lonmin

IMPALA PLATINUM

Johnson Matthey (see Lloyds TSB)

Barrick Gold

Imerys

Anglo Platinum

Venterra Gold

Harry Winston Diamond Corp

Peabody Energy

Peter Hambro Mining

FMC Corporation

BlueScope Steel

Sherritt International Corp

Buka Resources

Schnitzer Steel Industries

Norsk Hydro

Buenvenura Mining

AMCOL

Franco Nevada

Northam Platinum

Varma Mutual Pension Insurance Company is the largest private pension insurer in Finland and
(as of 31 December 2007) held 8.5% of Talivivaara Mining Company, which is constructing a
nickel mine at Sotkamo

Viktor Vekselberg – see Oleg Deripaska

Volcan Investments Ltd – the UK holding company for Anil Agarwal and family, who own the
controlling stake (53.29%) in Vedanta Resources PLC [Hemscott 5/3/08]

Ward Ferry Management, a Hong Kong-based investment fund, hold 5.87* of Allied
Gold Ltd (see HSBC Global Custody Nominees) [Hemscott 12/2/09].

Watami Trading is a Hong Kong based trader, which is the largest single shareholder
(7.36%) [Hemscott 20/2/08] in coal miner, Caledon Resources Ltd; and a joint venture
partner in a coal producer operating in Queensland, Australia.
WB Nominees, based in London, holds 4.09% of shares, on behalf of clients, in African
Diamonds PLC [Hemscott 12/2/09].

WEGA Mining ASA – a Norwegian mining fund manager [MJ 25/3/07]

Wellington Management Company LLP is a private partnership, “serv[ing] as an investment

advisor to approximately 1,400 institutions located in 43 countries.” It claims that: “We are not
brokers, lenders or underwriters. Our expertise is investments — from global equities and fixed
income to currencies and commodities… a collection of boutiques.” As of mid-2008, it . held
8.64% of Vedanta Resources PLC [Hemscott 12/5/08] and 5.06% of Nufcor Uranium Ltd (see
Deutsche Bank) [Hemscott 14/2/08]

is a private equities firm, based in Canada which, in

Wellington West Capital Markets Inc.
February 2008, led a syndicate of underwriters - including Genuity Capital Markets and
Salman Partners Inc. - in a C$16 million offering to advance Inter-Citic at its Dachang
gold project in China, and for general corporate purposes

Wermuth Asset Management: Frankfurt-based, former owner of shares in Monterrico Metals,

which were sold to Xiamen-Zijin (qv) in mid-2007 [Economist, 7/6/07]

West LLB is a German investment bank which, in January 2008, reportedly withdrew from
bankrolling the Toka Tindung gold mine project in northern Sulawesi (Indonesia) operated
by UK-AIM listed Archipelago Resources and which had been accused by the local
governor of operating illegally. [see MAC website, 21 January 2008; Mineweb 4/3/08].

In 2006, West joined Standard Chartered (qv) and Caterpillar Financial SARL (qv) in
underwriting Tiomin’s Kwale mineral sands project in Kenya; the biggest proposed new mine in
the country, beset by local farmers’ legal actions and its failure to raise project finance, which has
so far stalled the venture.
Late the same year, along with the Eurasian Development Bank and HVB, it provided
US$120 million debt financing for Oriel Resources plc’s Voskhod chrome project in
Kazakhstan.

Westwind Partners in 2007 headed a syndicate of financiers which bought Osisko Exploration
[MJ 26/1/2007]

Witan Investment Trust PLC, as of 30 June 2008, held shares worth nearly £10.57 million in Rio
Tinto plc, £5.26 million worth of Anglo American and £10.40 million in BHP Billiton Ltd

Witan Pacific Investment Trust PLC (formerly F&C Pacific Investment Trust plc), as of July 31
2008 held £3.01 million in Rio Tinto and £1.86 million in BHP Billiton

Wogen plc is a non-ETF metals trader, with £20 million being placed for institutional investors in
2005 [MJ 28/10/05]

World Mining Trust PLC – see Merrill Lynch

XYZ

Xiamen Zijin Tonguan Investment Development is a fund operated by the Zijin Tonguan
mining group, which owns the majority (79, 90%) of Monterrico Metals PLC
(Rio Blanco Copper) operating in Peru. [Hemscott 14/2/09; Interfax China Metals and
Mining, 15/2/08]
Yellowcake PLC is a small company (pre-tax profits for FY 2007 were less than
£200,000) with investments in a substantial number of uranium mining companies;
Uramin Inc being the largest in its portfolio as of end-June 2007

Yorkton Securities is a major Canadian venture capital provider, specialising in mining

stocks. A former president and CEO of Yorkton is broker Frank Giustra, who was
recently mired in controversy over his relationship with ex-president Clinton and the
securing by his company, UrAsia, of a huge uranium concession in Kazakhstan. (see
Endeavour Financial)

Zeromax Gmbh is a German registered company with extensive interests in Uzbekistan,

including a 17% stake in Oxus Gold PLC (see RAB Capital) [Hemscott 13/2/08]

Notes

1) In early 2009, representatives of the mineral exploration and mining sector in Canada’s
wealthiest mining province, British Colombia, met with the Federal Minister of Natural
Resources to “discuss the impact of the global economic and financial crisis on the industry and
measures that both industry and governments can take to address the impacts.”

Among their recommendations were the following:

- Permanent implementation of the super flow through share tax credit, which allows a tax
deduction for investment in Canadian mineral exploration projects

- Government guarantees on business term loans to encourage capital investment

- Improved regulatory efficiency between federal and provincial governments

- Investment in a federal/provincial partnership with Geoscience BC, an industry-led, not-for-

profit, applied geoscience organization, which works in partnership with industry, academia,
government, First Nations, and communities to fund projects to discover new areas of interest for
mineral exploration

- Investment in rail, ports, and hydroelectric infrastructure

Mining companies spent $367 million on exploration in British Columbia in 2008, down from a
peak of $416 million in 2007, but up by over 1500%, from $25 million in 1999 [Marketwire,
19/1/09].

2) Among key regular sources of information on the mining/minerals sector are the
Mining Journal (UK), the Metals Bulletin (UK) and Northern Miner (Canada).

Other data is obtainable from the annual reports and websites of both companies and
investors. Material gained from these sources is not generally referenced in this report.

Hemscott is a key data base for information about UK-listed companies and their
equity holders (also the single most important source of that information for this paper). Its
service is available at a modest monthly fee.

Free information on UK companies (but not shareholder data) can also be accessed on other
websites, among which is Digital Look:

http://www.digitallook.com/investing/company_search/company_a_to_z

For a list of Australian companies arranged alphabetically, along with url’s for their annual
reports and other stock information, see:

http://www.asx.com.au/asx/research/CompanyListed.jsp

MiningWatch Canada provides a select list of Canadian mining companies, with regularly
updated news (though not necessarily shareholder data). Go to:

http://www.miningwatch.ca/index.php?/company

You can register with the Securities Exchange Commission, to access all documents related to
ownership of US registered companies, by going to:

http://www.secinfo.com/$/SignIn.asp?Sign=Out

Canada Newswire provides links to global major stock exchanges, with daily stock
announcements from a large number of companies:

http://www.newswire.ca/en/resources/exchanges.cgi

“Real time” data, shareholdings, and a large amount of other information on companies can be
obtained from Reuters Knowledge and its companion Xtra 3000 services, obtainable on
subscription.

It should also be noted that many companies have some of their stock secured in the name of
individuals – whether members of the company’s board or investors associated with the
company’s business. While these are not identified on this database, they can be obtained through
the websites mentioned above.

3) Nominees are brokers, or banks acting as such, which hold a named person’s shares in
a non-paper form (i.e. not as a share certificate).

Virtually all major investment banks hold nominee (or custody or unit trust) accounts
in major mining companies on behalf of these unnamed investors.

For example, 55.89% of BHP Billiton Ltd - the Australian arm of the world’s biggest
mining company – was, as of August 28 2008, held in the form of nominee accounts, this
representing all but 1% of the published registered shareholding in the company. The
largest single holding in UK-registered BHP Billiton PLC was also in the hands of a
nominee company.

The UK Shareholders Association (UKSA), which represents the concerns of some

minority shareholder groups, doesn’t favour the system. It points out that nominee
operators, while themselves possessing the right to vote in a company’s shareholder
meetings, have “no obligation to pass that on to [the shareholder] or vote in [their]
interests or [to] their wishes”. Moreover, says the Association: “Most nominee operators
use a ‘pooled’ nominee structure where [the] holdings are not separately identified to the
issuer.”

Clients using the services of nominees may do so for varying reasons, usually to gain
privacy, but also in the belief that the nominee operator will look out for their interests,
saving the time and trouble of registering with a company as a named shareholder.

There are numerous nominee companies with investments in mining; except where these
companies are related directly to a larger Fund manager, they are not usually included in
the data base of this document.

4) Index Tracker funds and Exchange Traded Funds effectively attempt to follow the
performance of a stock exchange share index itself, rather than out-perform it (as do
traditional investment funds.) Some trackers buy shares in all the companies that make up
the specific index (e.g. FT 100/500, Dow Jones, S&P 500) – this is sometimes known as
“passive management”. Others use complex financial instruments to track what the index
does by buying shares in a cross-section of registered companies – e.g. those in mining.

When markets rise, trackers are among the best “performers”. But, during a bear
("sellers") market, trackers begin to slip - though tending to do better than many of the
large popular funds favoured by small investors.

Trackers are typically run by very large fund management groups such as Fidelity,
Scottish Widows, Legal and General and HSBC. There should be no discrepancy
between the underlying value of the units and the price quoted, while any dividends that
come from holding the shares in the portfolio are paid at regular intervals to the unit
holders.

An Index tracking closed-end fund (aka Investment Trust) issues a fixed number of
shares, and may also issue subsequent tranches of shares to raise additional capital.

Exchange Traded Funds (ETFs) are the most popular form of index tracking -
a hybrid of an open-ended unit trust (where the fund is divided into units which vary
in price in direct proportion to the variation in value of the fund's net asset value),
and an investment trust. Exchange Traded Notes are a new form of such investment.

There are now thousands of ETFs which enable trading on virtually any stock market
“index” in the world, from the NASDAQ and the Malaysian stock market, to Chinese
stocks. Of late they have included supposed “clean energy” and “clean water” portfolios,
although some are distinctly dubious – such as the Power Resources Water Portfolio
which includes the giant GE group that invests in nuclear “power” and defence contracts.
Unlike mutual funds, trading at prices fixed at the end-of-day, ETFs can be bought and
sold instantaneously on major stock exchanges throughout a working day.

They can also be sold “short” to profit from falling share values. Unlike individual
stocks, US-based ETFs are exempt from the “uptick rule” – one introduced by the SEC to
prevent selling of shares at a lower price than that at which they were previously sold.

5) Share movements in companies listed on the London Stock Exchange (LSE) can be
monitored through Hemscott Investment Services (UK) at: http://www.hemscott.com.
However, Hemscott does not specify holdings which fall below the notifiable 3% in any
given company. The service is by monthly subscription – and works out far cheaper than
using other data-bases, such as those at Companies House, London.

6) Interfax China Metals and Mining, via its weekly electronic service, publishes
profiles of the country’s major mining and metals companies, along with shareholder
data. The service is expensive, but Mines and Communities may be able to provide
profiles for specific companies on request: info@minesandcommunities.org

7) In its 2008 report “Bank Secrets”, Belgium’s Netwerk Vlaanderen, and BankTrack, e
performed a valuable service in providing details of bank loans to; underwriting of IPs,
issuing of bonds, and other financing for; eight mining companies with censorious
ventures in Argentina/Chile, DR Congo, Guatemala, India, Papua New Guinea, Peru and
Zambia.
The companies examined are: Vedanta Resources plc, AngloGold Ashanti, Anvil,
Newmont, DRD Gold, Freeport McMoRan, Barrick Gold, and GoldCorp.

Among the banks and funds referenced are: ABN Amro, Barclays, BNP Paribas,
Citigroup/Citibank, Societe Generale, StanChart, Sumitomo Mitsui Banking, Merrill
Lynch, Morgan Stanley, Deutsche Bank, JP Morgan Chase, HSBC, Macquarie Bank,
Bank of Montreal, BNY, CIBC, KBC, ING, Royal Bank of Canada, RBS, West LB,
ANZ, Bear Stearns, Banco Santander, Deans Knight Capital Management, FirstRand
Bank (South Africa), Paradigm Capital, Bank of Montreal, Canaccord Capital, Haywood
Securities, Credit Suisse, Dresdner Bank, Goldman Sachs, Lehman Brothers, Bank of
America, ICICI (India), Scotiabank, UBS, Fortis Bank, TD Bank, Unicredit (Italy), NM
Rothschild, Calyon, Daiwa Securities, Westpac, Dexia.

Pages 27-29 of the report list all the banks surveyed, against the companies they have
supported.

See: “Bank Secrets; Banks and their Alarming Investment Practices”, Netwerk
Vlaanderen in association with BankTrack, December 2007:

>http://www.netwerkvlaanderen.be/en/files/documenten/publications/reports/bank_secret
s_11_12_07.pdf<

8) Some equity in mining companies is also held by community groups or

Indigenous/First Nations (in Canada) on whose territory the company operates.
In South Africa, so-called “Black Empowerment” (Section 21) mining companies have
also gained significant stakes in projects or outfits formerly “white” controlled. A
discussion of the benefits or pitfalls of this – whether economic, political or in terms of
actual shareholder empowerment – is regrettably outside the scope of the current paper.

Copyright in this paper is held by Nostromo Research, London; first rights to publication are
with the Heinrich Boell Stiftung, Germany. The content may be freely reproduced, with full
acknowledgment to Nostromo Research, the Heinrich Boell Stiftung, and to sources quoted.