Flujo Estimacion de Cash Flow

El Pachon Conceptual Study August 2005
17.0 Financial Model
17.1 Base Case
A financial model (100% Equity) for the stand-alone El Pachon project was developed.
The base case is based on a processing rate of 90,000 tpd and copper recoveries
based on fixed tailings of 0.08% Cu. The following assumptions were used in the
model:
Structure: Pachon SA Minera, Argentina producing Copper

Concentrates which are sold by Pachon Transportes y
Servicios Ltda, Chile
Inflation: Not reflected, constant dollars
Copper Price: $ 1.00/lb
Molybdenum Price: $ 4.00/lb
Silver Price: $ 5.00/oz
TC / RC $85/dmt and $0.085/payable lb
Transference price $40/dmt, only for Pachon Transportes y Servicios Ltd
Construction period: 3 years
Project Investment $1,150 million
Operating Costs: As presented in Study (1)
Capital Costs: As presented in Study (2)
Sunk Costs: Purchase price of $ 30 million and project to date expenses
of +/- $ 5 million not reflected in the model
On-going Capital: As presented in Study
Working Capital: Variable equivalent at one month of metal sales plus one
month of account payables and $ 25 M of warehouse
inventory
Costs of Sales: As presented in Study
Taxes and Royalties: As presented in Study
Closure Cost: $75 million
Discount rate: 12%
Footnotes
1)
2)
falconbridge 17-1
The Base Case project presents the following results:
Base Case - Processing 90,000 tpd – Cu Recovery Fixed Tailing (0.08%)

Before Taxes and After Taxes and
Royalty Royalty
Cash Flow (000 US$) 1,789,654 1,165,215
Discounted Cash Flow 12% (000 US$) 91,013 (45,416)
IRR 13.92% 10.91%
C1 Cost (US$/lb) 0.63
Capital Cost before financing, 1,149,550
escalation, growth (000 US$)
The Figure 17.1-1 presents the variation of the C1 cost during the mine life and the
Figures 17.1-2 and 17.1-3 present the sensitivity of the project, specifically the NPV
variance (at 12% discount rate) and the IRR variance, for the following elements:
Copper Price, Site Operating Costs, Capital Investment and TC / RC
F ig u re 17.1-1
U n it C ash C ost - C 1 ($/p o un d )
B ase C ase - 90 kt/d - R e co v e ry F ix T ails (0,08% )
1.10
1.00
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22
Ye ar
Unit c as h c os t (C1)
Figure 17.1-1 Unit Cash Cost
falconbridge 17-2
NPV and IRR sensitivity analysis before taxes and royalty

Figure 17.1-2a) Sensitivity Analysis
NPV before Taxes & Royalty (@:12%) - US$ 000
Base Case - 90 kt/d - Recovery Fix Tails (0,08%)
800,000
600,000
400,000
NPV - (US$ 000)
200,000
0 91,013
-200,000
-400,000
-600,000
-800,000
65% 75% 85% 95% 105% 115% 125% 135%
Variation of Paramenter
Capital Cost Operating Cost Copper Price TC - RC
falconbridge 17-3
Figure 17.1- 2b Sensitivity Analysis

TIR before Taxes & Royalty - (%)
25.00%
20.00%
15.00%
13.92%
10.00%
5.00%
0.00%
70% 80% 90% 100% 110% 120% 130% 140%
NPV and IRR sensitivity analysis after local taxes and royalty

NPV after Local taxes & Royalty (@12%) - US$ 000
600,000
400,000
200,000
NPV - (US$ 000)
-45,416
-200,000
-400,000
-600,000
-800,000
60% 70% 80% 90% 100% 110% 120% 130%
Variation of Paramente r
falconbridge 17-4
Figure 17.1-3b) Sensitivity Analysis

IRR after Local taxes & Royalty - (%)
20.00%
15.00%
10.91%
10.00%
IRR (%)
5.00%
0.00%
70% 80% 90% 100% 110% 120% 130%
-5.00%
falconbridge 17-5
It can be seen that the C1 costs, following the first four-year of operations will require a
strong copper market environment to support the project on a cash flow basis. The
impact of the absence of secondary material in the concentrator feed shows a negative
effect on the C1 costs.
The project shows a high sensitivity to the copper price and a similar sensitivity to the
operating costs and capital costs.
A provision of 5% over the mine operating costs was included to cover the maintenance
costs not covered by the MARC Contract.
Capital Costs do not include Escalation and Growth Provisions.
Taxes were calculated before repatriation of benefits.
17.2 Crystal Ball Sensitivity Process
A crystal ball process was run on Base case, for measuring the probability of success
for NPV and the IRR, both variables sensitized after taxes and royalty. The sensitivity
analysis was done considering the following assumptions:
a) Copper price, separately years 1 to 4 and long term

b) Molybdenum price, separately years 1 to 4 and long term
c) Capital investment achievement
d) Operating cash costs performance
e) TC and RC, separately years 1 to 4 and long term
Copper and Molybdenum prices and TC/RC were sensitized considering a normal
probabilistic distribution. In case of Capital investment achievement and Operating cash
cost performance, were sensitized using a triangular probabilistic distribution. According
the results, the main assumptions that explain the NPV and IRR variances is the long
term copper price. The important second assumption is the Operating Cash Cost.
falconbridge 17-6
Sensitivity Chart
Target Forecast: NPV AFTER LOCAL TAX & ROYALTY (@12%)
Copper price - Long term ($/lb) .77
Operating Costs - (%) performance -.47
Copper price - year4 ($/lb) .19
Capex - (%) achievement -.15
TC year 1 to 4 ($/dmt) -.13
Moly price - long term ($/lb) .11
Moly price - year 3 ($/lb) .08
Moly price - year4 ($/lb) -.04
Moly price - year2 ($/lb) -.04
TC long term ($/dmt) -.04
Moly price - year1 ($/lb) .03
-1 -0.5 0 0.5 1
Measured by Rank Correlation
falconbridge 17-7
The crystal ball process shows, in this graph, that the Base Case would have a
probability almost 58% that its IRR after taxes and royalty would be higher than 10%.
Forecast: IRR AFTER LOCAL TAXES & ROYALTY
2,484 Trials Frequency Chart 45 Outliers

.027 67
.020 50.25
.013 33.5
.007 16.75
.000 0
2.86% 6.51% 10.17% 13.83% 17.49%

Certainty is 57.97% from 10.02% to +Infinity (%)
In case of the NPV sensitivity, the following graph, shows that the Base Case would
have a probability almost 27% that its NPV after taxes and royalty would be higher than
zero, with a discount rate as of 12%.
Forecast: NPV AFTER LOCAL TAX & ROYALTY (@12%)
2,500 Trials Frequency Chart 35 Outliers

.026 64
.019 48
.013 32
.006 16
.000 0
-297,915 -171,922 -45,929 80,065 206,058

Certainty is 26.72% from 1,109 to +Infinity (US$ 000)
falconbridge 17-8
The following graphs of crystal ball process show the main sensitized assumptions and
their probabilistic distribution.
Assumption: Copper price - Long term ($/lb)

Copper price - Long term ($/lb)
Normal distribution with parameters:

Mean 1.00
Standard Dev. 0.10
Selected range is from -Infinity to +Infinity

Mean = 1.00
0.70 0.85 1.00 1.15 1.30
Assumption: Moly price - long term ($/lb)

Moly price - long term ($/lb)

Mean 4.00
Standard Dev. 0.25
Selected range is from -Infinity to +Infinity Mean = 4.00
3.25 3.63 4.00 4.38 4.75
Assumption: TC long term ($/dmt) TC long term ($/dmt)

Mean 85.0
Standard Dev. 5.0
Selected range is from -Infinity to +Infinity

Mean = 85.0
70.0 77.5 85.0 92.5 100.0
falconbridge 17-9
Assumption: Capex - (%) achievement

Capex - (%) achievement
Triangular distribution with parameters:

Minimum 90%
Likeliest 100%
Maximum 105%
Mean = 98%
Selected range is from 90% to 105%
90% 94% 98% 101% 105%
Assumption: Operating Costs - (%) performance

Operating Costs - (%) performance
Triangular distribution with parameters:

Minimum 95%
Likeliest 100%
Maximum 110%
Mean = 102%
Selected range is from 95% to 110%
95% 99% 103% 106% 110%
falconbridge 17-10
17.3 Base Case Variations
The following variations of the Base Case were studied:
Variation 1: Base Case with Cu Recoveries projected from the locked cycle testing
done by Cambior.
Variation 2: Case assuming that the concentrator as presented in the Conceptual
Study can process 100,000 tpd and the extra feed at the mill will be coming from the
material directed to the low-grade and marginal grade stockpiles. Cu Recoveries for
this case were fixed at 0.08%.
Variation 3: Same as Variation 2 A but with Cu Recoveries based on locked cycle
testing done by Cambior.
The results are presented at the Table below:
Base Case Variations

After Taxes and Royalty
Variation 1 Variation 2 Variation 3
Life (years) 23 20 20
Cash Flow ($ 000) 1,388,043 1,193,683 1,419,884
Discounted Cash Flow (10,622) (9,209) 33,061
at 12% ($ 000)
IRR 11.76% 11.78% 12,75%
Average C1 Cost ($/lb) 0.61 0.62 0.61
falconbridge 17-11
The sensitivity analysis, after taxes and royalty are presented at the Figure 17.3-1a
and 17.3-1b corresponding to Variation 1
NPV After Taxes & Royalty (@:12%) - US$ 000
Base Case - 90 kt/d - Block Model Recoveries
400,000
200,000
NPV (@12%) - KUS$
-10,622
-200,000
-400,000
-600,000
-800,000
60% 70% 80% 90% 100% 110% 120% 130% 140%
Variation of Parame nte r

Figure 17.3- 1b) Sensitivity Analysis

TIR After Taxes & Royalty - (%)
Base Case - 90 kt/d - Block Model recoveries
25.00%
20.00%
15.00%
11.76%
IRR (%)
10.00%
5.00%
0.00%
70% 80% 90% 100% 110% 120% 130%
-5.00%
falconbridge 17-12
Figure 17.3- 2a Sensitivity Analysis

NPV After Local Taxes & Royalty (@12%)
Alternative Case - 100 kt/d - Recovery Fix Tails (0.08%)
400,000
200,000
NPV (@12%) - KUS$
-9,209
-200,000
-400,000
-600,000
-800,000
60% 70% 80% 90% 100% 110% 120% 130%
Figure 17.3 - 2b Sensitivity Analysis

IRR After Local Taxes & Rotalty
Alternative Case - 100 kt/d - Recovery Fix Tails (0,08%)
25.00%
20.00%
15.00%
11.78%
IRR (%)
10.00%
5.00%
0.00%
70% 80% 90% 100% 110% 120% 130%
-5.00%
falconbridge 17-13
Figure 17.3 - 3a) Sensitivity Analysis

NPV after Local taxes & Royalty (@12%) - US$ 000
Alternative Case - 100 kt/d - Recovery Locked Cycles
600,000
400,000
200,000
NPV (@12%) - K US$
33,061
0
-200,000
-400,000
-600,000
-800,000
60% 70% 80% 90% 100% 110% 120% 130% 140%
Variation of Parame nte r
Figure 17.3 - 3b) Sensitivity Analysis

IRR after Local taxes & Royalty - (%)
Alternative Case - 100 kt/d - Recovery Locked Cycles
25.00%
20.00%
15.00%
12.75%
IRR (%)
10.00%
5.00%
0.00%
70% 80% 90% 100% 110% 120% 130%
falconbridge 17-14
PACHON PROJECT (Argentina & Chile)
INDEX
Page
Assumptions ……………………………… 1
Economic Model Summary ……………………………… 2
Pachon Minera SA (Argentina) ……………………………… 3
Transportes y Servicios Pachon (Chile) ……………………………… 4
Mine Plan Module ……………………………… 5
Concentrate Production Module ……………………………… 6
Mining Cost Module ……………………………… 7
Concentrator Cost Module ……………………………… 8
Indirect Costs Module (G&A, Maintanance Costs) ……………………………… 9
Manpower Module ……………………………… 10
Capital Expenditures of Project ……………………………… 11
Ongoing Capital Expenditures ……………………………… 12
Financial Depreciation Module ……………………………… 13
Acelerated Depreciation Module ……………………………… 14
Sales Module ……………………………… 15

Income Statement Module ……………………………… 16
Cash Flow Statement - Module ……………………………… 17
Exibit a) Mine Plan from Mining Department ……………………………… 18

Exibit b) Capital expenditures details ……………………………… 19
Exibit c) Mine costs from Mining Department ……………………………… 20
Exibit d) Plant costs by Bechtel Report ……………………………… 21
PACHON PROJECT (Argentina & Chile) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
ASSUMPTIONS Año -5 Año -4 Año -3 Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24
US$ Escalation % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cummulative US$ Escalation % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Copper Price Escalation % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Production Cost Escalation % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Capex Escalation % 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
VAT in Chile % 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00% 19.00%
Stamp Tax % 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61% 1.61%
Rotalty % 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
Argentina Tax Profit % 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0% 33.0%
Argentina- Tax over Dividends above Profit % 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0% 35.0%
Chile-Category I - Tax Provision % 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%
Chile-Category II Tax Provision % 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0% 18.0%
Libor Rate % 2.25% 3.00% 4.00% 5.00% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
Spread Rate of Related debts % 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%
Ex-rate
Chile $ /US$ 617.21 620.00 630.00 640.00 650.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00 660.00
Argentina $ /US$
Comercial Assumptions
Copper Price (US$ /lb) 1.27 1.25 1.15 0.95 0.90 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Zinc (US$ /lb) 0.46 0.45 0.55 0.55 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50
Moly Price (US$ /lb) 5.00 5.00 4.50 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
Silver Price (US$/oz) 6.46 5.88 5.50 5.35 5.25 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00
Gold Price (US$/oz) 403.0 405.0 375.0 350.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0 300.0
TC, RC, Freigh charge & Insurance charge

Smelting charge US$ /dmt 42.00 75.00 80.00 80.00 85.00 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0 85.0
Freigh capture for Argentina US$ /dmt 0.00 0.00 0.00 0.00 0.00 0.00 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Freigh capture for T&S (Chile) US$ /dmt 30.00 30.00 30.00 30.00 30.00 40.00 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0 40.0
Copper Refining charge US$ /lb 0.042 0.075 0.080 0.080 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085
Cu Overseas freight US$ /dmt 53.50 53.50 53.50 53.50 53.50 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5
Cu Inland freight US$ /dmt 10.00 10.00 10.00 10.00 10.00 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7 7.7
Copper Delivery expenses US$ /dmt 7.50 7.50 7.50 7.50 7.50 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2
Copper insurance charge US$ /dmt 1.00 1.00 1.00 1.00 1.00 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Mo Treatment & Refining charge US$/lb 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50
Moly Overseas freight US$ /dmt 141.50 141.50 141.50 141.50 141.50 54.9 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95 54.95
Moly Inland frieght US$ /dmt
Moly Delivery expenses US$ /dmt 7.50 7.50 7.50 7.50 7.50 5.2 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16 5.16
Moly Insurance charge US$ /dmt 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Ag RC US$ /oz 0.35 0.35 0.35 0.35 0.35 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50
Au RC US$ /oz 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50 4.50
Metalurgical deduction in concentrates 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Copper deduction in concentrates % 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0% 4.0%
Silver deduction % 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0% 10.0%
Silver deduction gr/mt 0.00 0.00 0.00 0.00 0.00 7.89 7.52 6.56 6.31 7.45 9.18 9.26 9.47 8.38 8.08 9.33 9.42 10.02 10.13 11.23 11.11 10.72 9.75 10.52 10.76 11.52 15.89 15.89 0.00
Au deduction gr/mt 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50
Moly deduction % 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Financing assumptions
Discount rate 12%
Financing by Debt - percentage 0%
Financing by Equity - percentage 100%
2005 2006 2007 2008 2009 2010

Capex distribution 11% 38% 51%
Clousore cost 75,000
Pachon Model - 90ktd - Rec Fix Tails 0.08% - (Caso Base) 12%sin tablas 28-07-2005 15:24 2
SUMMARY
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Año -3 Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25
PRODUCTION
Total Moved kton 22,000 47,830 68,881 68,937 72,200 70,388 78,500 75,485 73,300 74,000 48,300 47,300 43,400 40,800 40,000 37,916 39,846 40,200 38,100 38,000 35,422 32,853 32,850 32,850 11,866 0 0
Total Mine Production kton 21,891 46,947 57,481 66,320 66,963 65,459 62,499 65,164 63,041 71,100 47,028 46,171 43,400 40,800 40,000 37,916 39,846 40,200 38,100 38,000 35,422 1,166 0 0 0 0 0
Ore Mined kton 1,372 7,759 23,588 32,752 32,930 32,955 32,926 32,828 32,874 32,886 32,972 32,804 32,810 32,838 32,868 32,868 32,850 32,822 32,936 32,988 32,980 1,163 0 0 0 0 0
Ore Process kton 0 0 32,719 32,752 32,930 32,955 32,926 32,828 32,874 32,886 32,972 32,804 32,810 32,838 32,868 32,868 32,850 32,822 32,936 32,988 32,980 32,850 32,850 32,850 11,866 0 0
Copper Grade Process % 0.00% 0.00% 0.99% 1.03% 0.92% 0.86% 0.72% 0.61% 0.62% 0.62% 0.66% 0.66% 0.62% 0.57% 0.56% 0.59% 0.50% 0.49% 0.50% 0.51% 0.59% 0.49% 0.45% 0.34% 0.34% 0.00% 0.00%
Copper Recovery (Total) % 0.00% 0.00% 91.97% 92.43% 91.14% 90.77% 89.13% 87.11% 87.31% 87.06% 87.80% 88.06% 87.31% 86.25% 85.89% 86.60% 84.17% 84.06% 84.22% 84.46% 86.77% 83.55% 82.27% 76.64% 76.64% 0.00% 0.00%
Concentrate Grade % 0.0% 0.0% 31.4% 32.3% 33.0% 31.7% 30.7% 30.0% 30.0% 30.4% 30.7% 30.1% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 0.0% 0.0%
Copper by Concentrate Kton 0.0 0.0 297.7 311.5 276.9 258.4 212.4 174.4 177.7 176.3 190.0 190.7 177.3 162.2 157.6 167.0 137.8 136.5 138.6 141.4 170.0 133.2 120.5 85.5 30.9 0.0 0.0
Silver by Concentrate K Oz 0 0 2,407 2,334 1,771 1,652 1,655 1,716 1,764 1,767 1,669 1,643 1,773 1,637 1,691 1,814 1,659 1,626 1,593 1,478 1,917 1,537 1,487 1,455 526 0 0
Moly by Concentrate Kton 0.0 0.0 4.7 4.3 2.3 2.5 2.7 2.8 2.9 2.6 2.2 2.4 2.2 2.3 2.7 3.3 2.8 2.5 2.6 2.7 3.5 2.5 2.3 1.7 0.6 0.0 0.0
TOTAL REVENUES (US$ 000)

by Copper Concentrates US$ 000 630,117 659,260 586,042 546,860 449,608 369,121 376,137 373,208 402,219 403,566 375,346 343,182 333,557 353,497 291,644 288,947 293,397 299,255 359,817 281,901 254,975 180,858 65,330 0 0
by Moly Concentrates US$ 000 40,403 37,462 19,937 21,784 23,176 24,038 25,064 22,665 18,865 20,985 18,670 19,628 23,589 28,448 24,420 21,816 22,171 23,565 30,429 21,590 19,467 14,873 5,373 0 0
by Silver US$ 000 10,832 10,504 7,968 7,434 7,449 7,722 7,937 7,951 7,510 7,392 7,979 7,369 7,612 8,162 7,465 7,316 7,166 6,650 8,627 6,914 6,694 6,549 2,366 0 0
TOTAL GROSS REVENUE US$ 000 681,351 707,227 613,948 576,078 480,234 400,881 409,139 403,825 428,594 431,944 401,995 370,179 364,758 390,107 323,529 318,079 322,734 329,470 398,873 310,405 281,136 202,281 73,069 0 0
UNIT COST
Unit Mine cost US$/ton mined 0.63 0.67 0.59 0.69 0.74 0.73 0.64 0.70 0.60 0.52 0.60 0.60 0.64 0.66 0.67 0.66 0.68 0.68 0.69 16.04 0.00 0.00 0.00 0.00 0.00
Unit Concentrate cost US$/ton milled 3.14 3.14 3.14 3.14 3.14 3.14 3.14 3.14 3.14 3.14 3.14 3.14 3.14 3.14 3.14 3.14 3.14 3.17 3.17 3.17 3.17 3.17 3.06 0.00 0.00
G&A US$/ton milled 0.59 0.59 0.58 0.58 0.58 0.58 0.58 0.58 0.58 0.59 0.59 0.58 0.58 0.58 0.58 0.58 0.58 0.58 0.58 0.28 0.28 0.28 0.20 0.00 0.00
Realisation costs US$/lb 0.290 0.284 0.276 0.285 0.293 0.300 0.300 0.297 0.293 0.297 0.298 0.299 0.301 0.302 0.303 0.302 0.302 0.302 0.303 0.302 0.302 0.304 0.304 0.000 0.000
Mine Cash Costs US$/lb 0.055 0.064 0.065 0.079 0.098 0.124 0.103 0.128 0.068 0.057 0.067 0.068 0.073 0.068 0.088 0.088 0.084 0.083 0.065 0.064 0.069 0.105 0.142 0.000 0.000
Concentrate Cash Costs US$/lb 0.156 0.150 0.169 0.181 0.220 0.268 0.263 0.265 0.247 0.245 0.263 0.288 0.297 0.280 0.339 0.342 0.338 0.335 0.279 0.354 0.392 0.552 0.533 0.000 0.000
Maintenance Costs US$/lb 0.006 0.006 0.006 0.007 0.008 0.010 0.010 0.010 0.009 0.009 0.010 0.011 0.011 0.010 0.013 0.013 0.013 0.012 0.010 0.005 0.005 0.007 1.107 0.000 0.000
G&A Costs US$/lb 0.029 0.028 0.031 0.034 0.041 0.050 0.049 0.049 0.046 0.046 0.049 0.054 0.055 0.052 0.063 0.064 0.063 0.062 0.051 0.032 0.035 0.049 0.034 0.000 0.000
Unit Cash Cost (C1) US$/lb 0.537 0.531 0.548 0.586 0.661 0.751 0.725 0.749 0.662 0.654 0.687 0.720 0.737 0.713 0.806 0.808 0.799 0.794 0.707 0.756 0.802 1.018 2.120 0.000 0.000
Deferred Stripping US$/lb 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Change in Inventories US$/lb 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Depreciation & Amortization US$/lb 0.164 0.159 0.180 0.193 0.236 0.288 0.285 0.288 0.269 0.271 0.037 0.039 0.039 0.038 0.045 0.045 0.042 0.043 0.036 0.042 0.014 0.021 0.054 0.000 0.000
UNIT COST OF PRODUCTION (C2) US$/lb 0.701 0.690 0.728 0.779 0.897 1.040 1.010 1.037 0.931 0.925 0.724 0.759 0.776 0.750 0.851 0.853 0.841 0.837 0.743 0.799 0.817 1.039 2.173 0.000 0.000
Unit Cash Cost (with revenues by Moly and Silver) (C1) US$/lb 0.456 0.458 0.501 0.532 0.592 0.665 0.637 0.667 0.596 0.584 0.616 0.641 0.643 0.609 0.697 0.707 0.699 0.693 0.599 0.655 0.700 0.899 2.001 0.000 0.000
UNIT COST OF PRODUCTION (C2) (with rev. by Moly and Silver) US$/lb 0.620 0.617 0.681 0.725 0.829 0.954 0.922 0.955 0.866 0.854 0.653 0.680 0.682 0.647 0.742 0.752 0.741 0.736 0.635 0.697 0.714 0.920 2.055 0.000 0.000
TOTAL CASH COST

Raw Material purchases US$ 000
Realisation costs US$ 000 -190,621 -194,798 -168,705 -162,133 -137,135 -115,295 -117,588 -115,316 -122,603 -124,804 -116,467 -106,836 -104,498 -111,256 -91,995 -90,807 -92,182 -94,089 -113,483 -88,613 -80,185 -57,204 -20,663 0 0
Mine Cash Costs US$ 000 -36,078 -44,110 -39,818 -45,195 -45,965 -47,662 -40,326 -49,791 -28,358 -24,147 -26,186 -24,428 -25,400 -25,055 -26,859 -26,477 -25,822 -26,007 -24,278 -18,698 -18,241 -19,809 -9,642 0 0
Concentrate Cash Costs US$ 000 -102,660 -102,754 -103,254 -103,323 -103,242 -102,968 -103,095 -103,129 -103,372 -102,899 -102,916 -102,995 -103,079 -103,079 -103,030 -102,950 -103,269 -104,415 -104,394 -104,028 -104,029 -104,029 -36,273 0 0
Maintenance Costs US$ 000 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -1,411 -1,411 -1,411 -75,353 0 0
Factor Op,
G&A Costs US$ 000 Costs -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -9,271 -9,271 -9,271 -2,318 0 0
TOTAL CASH COST US$ 000 100% -352,377 -364,680 -334,795 -333,670 -309,361 -288,944 -284,028 -291,254 -277,352 -274,869 -268,588 -257,277 -255,996 -262,408 -244,902 -243,252 -244,292 -247,529 -265,174 -222,021 -213,136 -191,724 -144,249 0 0
Deferred stripping US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Change in Inventory US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EBITDA US$ 000 328,974 342,547 279,152 242,409 170,873 111,937 125,111 112,571 151,242 157,075 133,407 112,902 108,761 127,699 78,626 74,827 78,442 81,941 133,699 88,384 68,000 10,557 -71,180 0 0
LINEAR DEPRECIATION & AMORTIZATION US$ 000 0 0 0 -107,901 -109,051 -109,751 -109,951 -110,651 -110,918 -111,752 -111,852 -112,855 -113,816 -14,527 -13,951 -13,547 -13,847 -13,721 -13,507 -12,760 -13,470 -13,424 -12,463 -3,850 -3,943 -3,647 -3,147 0
OPERATING PROFIT US$ 000 221,073 233,496 169,402 132,458 60,222 1,019 13,359 719 38,387 43,259 118,880 98,951 95,214 113,852 64,905 61,320 65,682 68,471 120,275 75,921 64,149 6,614 -74,828 -3,147 0
NON OPERATING PROFIT US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

EARNINGS BEFORE TAXES US$ 000 0 0 0 221,073 233,496 169,402 132,458 60,222 1,019 13,359 719 38,387 43,259 118,880 98,951 95,214 113,852 64,905 61,320 65,682 68,471 120,275 75,921 64,149 6,614 -74,828 -3,147 0
ROYALTY US$ 000 0 0 0 -10,016 -10,645 -8,765 -7,854 -5,879 -4,294 -4,456 -4,379 -4,849 -4,881 -4,282 -3,675 -3,598 -4,118 -2,817 -2,697 -2,777 -2,877 -4,263 -2,854 -2,279 -743 1,926 0 0
TAX PROVISION US$ 000 0 0 0 -69,413 -73,413 -53,063 -41,032 -17,983 848 -3,153 940 -11,239 -12,763 -37,662 -31,411 -30,275 -36,224 -20,695 -19,539 -20,933 -21,795 -38,279 -24,269 -19,527 -1,288 25,120 1,039 0
NET INCOME US$ 000 0 0 0 141,644 149,438 107,574 83,572 36,360 -2,427 5,751 -2,720 22,299 25,614 76,935 63,865 61,340 73,510 41,393 39,085 41,971 43,800 77,732 48,798 42,343 4,583 -47,782 -2,109 0
CUMULATIVE NET INCOME US$ 000 0 0 0 141,644 291,082 398,655 482,227 518,587 516,160 521,911 519,191 541,490 567,104 644,039 707,904 769,245 842,755 884,148 923,232 965,204 1,009,003 1,086,736 1,135,534 1,177,877 1,182,460 1,134,678 1,132,569 1,132,569
FORECASTED EARNINGS USING ACELERATED DEPRECIATION

EBITDA US$ 000 0 0 0 328,974 342,547 279,152 242,409 170,873 111,937 125,111 112,571 151,242 157,075 133,407 112,902 108,761 127,699 78,626 74,827 78,442 81,941 133,699 88,384 68,000 10,557 -71,180 0 0
Royalty provision (It is part of base taxable) US$ 000 0 0 0 -10,016 -10,645 -8,765 -7,854 -5,879 -4,294 -4,456 -4,379 -4,849 -4,881 -4,282 -3,675 -3,598 -4,118 -2,817 -2,697 -2,777 -2,877 -4,263 -2,854 -2,279 -743 1,926 0 0
Profit before depreciation US$ 000 0 0 0 318,958 331,901 270,387 234,555 164,994 107,643 120,655 108,192 146,393 152,193 129,125 109,227 105,163 123,581 75,809 72,130 75,665 79,064 129,436 85,530 65,720 9,814 -69,254 0 0
Cumulative Profit before depreciation US$ 000 0 0 318,958 650,859 921,247 1,155,801 1,320,795 1,428,438 1,549,093 1,657,285 1,803,678 1,955,871 2,084,996 2,194,223 2,299,386 2,422,967 2,498,776 2,570,905 2,646,570 2,725,635 2,855,070 2,940,600 3,006,321 3,016,135 2,946,880 2,946,880 2,946,880
ACELERATED DEPRECIATION US$ 000 0 0 0 -317,954 -330,274 -273,766 -197,360 -28,848 -27,405 -6,003 -4,003 -6,457 -6,880 -11,740 -10,310 -8,093 -4,567 -4,567 -3,737 -2,303 -2,280 -4,037 -3,803 -1,913 -667 -667 -667 0
EARNINGS BEFORE TAXES US$ 000 0 0 0 1,004 1,627 -3,379 37,195 136,146 80,238 114,652 104,189 139,936 145,313 117,385 98,917 97,070 119,014 71,242 68,393 73,361 76,784 125,399 81,727 63,807 9,147 -69,921 -667 0
Royalty provision (IF not include in base taxable) US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Tax provision US$ 000 0 0 0 -3,762 -3,868 -3,017 -14,367 -47,810 -30,066 -33,591 -30,217 -41,763 -43,453 -34,841 -29,072 -28,560 -35,599 -20,458 -19,545 -21,140 -22,210 -37,642 -23,857 -19,414 -2,124 23,500 220 0
EARNINGS AFTER TAXES US$ 000 0 0 0 -2,758 -2,241 -6,396 22,828 88,336 50,172 81,060 73,971 98,174 101,860 82,544 69,845 68,510 83,415 50,784 48,848 52,222 54,574 87,757 57,869 44,393 7,024 -46,421 -447 0
CUMULATIVE EARNINGS AFTER TAX 0 0 0 -2,758 -4,999 -11,396 11,432 99,769 149,941 231,001 304,972 403,146 505,006 587,550 657,395 725,905 809,320 860,104 908,952 961,174 1,015,749 1,103,505 1,161,375 1,205,767 1,212,791 1,166,370 1,165,924 1,165,924
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
CASH FLOW SUMMARY 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
CAPITAL EXPENDITURES
Pre-production Stripping US$ 000 0 -13,455 -27,158 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Mine Equipment US$ 000 -10,502 -36,278 -48,689 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Process Equipment US$ 000 -51,378 -168,931 -225,576 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Building & Facilities US$ 000 -38,690 -127,972 -171,752 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Equipments & Facilities US$ 000 -25,209 -87,084 -116,876 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Ongoing Capex Argentina US$ 000 0 0 0 -11,500 -7,000 -2,000 -7,000 -2,670 -8,340 -1,000 -10,030 -9,610 -15,580 -5,740 -2,960 -5,000 -5,740 -470 -700 -5,670 -5,740 0 0 -2,000 0 0 0 0
Ongoing Capex Chile (It is not include) US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL CAPEX US$ 000 -125,779 -433,720 -590,051 -11,500 -7,000 -2,000 -7,000 -2,670 -8,340 -1,000 -10,030 -9,610 -15,580 -5,740 -2,960 -5,000 -5,740 -470 -700 -5,670 -5,740 0 0 -2,000 0 0 0 0
Net changes in Operating Working Capital US$ 000 0 0 -25,000 -74,732 -383 9,128 6,391 11,203 9,920 -790 1,450 -5,160 -1,712 3,310 3,470 948 -2,692 6,833 1,446 -460 -593 -7,615 5,871 3,628 8,767 13,116 36,104 -2,451
EBITDA US$ 000 0 0 0 328,974 342,547 279,152 242,409 170,873 111,937 125,111 112,571 151,242 157,075 133,407 112,902 108,761 127,699 78,626 74,827 78,442 81,941 133,699 88,384 68,000 10,557 -71,180 0 0
CASH FLOW BEFORE INTEREST & TAXES US$ 000 -125,779 -433,720 -615,051 242,742 335,164 286,281 241,800 179,406 113,517 123,321 103,990 136,472 139,783 130,977 113,412 104,710 119,268 84,989 75,573 72,312 75,608 126,084 94,254 69,628 19,324 -58,065 36,104 -2,451
CUMULATIVE CASH FLOW BEFORE TAXES & ROYALTY -125,779 -559,499 -1,174,550 -931,808 -596,644 -310,363 -68,563 110,843 224,360 347,681 451,672 588,143 727,926 858,903 972,316 1,077,025 1,196,293 1,281,282 1,356,855 1,429,167 1,504,775 1,630,859 1,725,113 1,794,741 1,814,065 1,756,000 1,792,105 1,789,654
NPV BEFORE TAXES & ROYALTY - US$ 000 91,013

Discount Rate 12.00%
IRR BEFORE TAXES & ROYALTY 13.92%
Long term debt / (payments) US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Interest payments US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Royalty payments (Argentina & Chile) US$ 000 0 0 0 -10,016 -10,645 -8,765 -7,854 -5,879 -4,294 -4,456 -4,379 -4,849 -4,881 -4,282 -3,675 -3,598 -4,118 -2,817 -2,697 -2,777 -2,877 -4,263 -2,854 -2,279 -743 1,926 0 0
Tax payments (Argentina & Chile) US$ 000 0 0 0 -171 -277 0 -261 -11,521 -45,801 -30,293 -35,047 -32,024 -43,391 -44,711 -35,695 -30,167 -29,973 -36,136 -21,628 -20,792 -22,402 -24,058 -38,176 -24,768 -18,621 -1,626 23,954 220
CASH FLOW AFTER TAX PROVISION US$ 000 -125,779 -433,720 -615,051 232,556 324,242 277,516 233,684 162,006 63,422 88,572 64,565 99,599 91,510 81,984 74,042 70,944 85,176 46,036 51,248 48,743 50,330 97,763 53,225 42,581 -40 -57,765 60,058 -2,231
CUMULATIVE CASH FLOW AFTER TAX -125,779 -559,499 -1,174,550 -941,994 -617,752 -340,237 -106,553 55,454 118,876 207,448 272,013 371,613 463,123 545,107 619,148 690,092 775,268 821,304 872,552 921,294 971,625 1,069,387 1,122,612 1,165,193 1,165,153 1,107,388 1,167,446 1,165,215
NPV AFTER LOCAL TAX & ROYALTY - US$ 000 -45,416

IRR AFTER LOCAL TAXES & ROYALTY (%) 10.91%
PACHON MINERA S.A. (Argentina)
SUMMARY
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Año -3 Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25
PRODUCTION
Total Moved kton 22,000 47,830 68,881 68,937 72,200 70,388 78,500 75,485 73,300 74,000 48,300 47,300 43,400 40,800 40,000 37,916 39,846 40,200 38,100 38,000 35,422 32,853 32,850 32,850 11,866 0 0
Total Mine Production kton 21,891 46,947 57,481 66,320 66,963 65,459 62,499 65,164 63,041 71,100 47,028 46,171 43,400 40,800 40,000 37,916 39,846 40,200 38,100 38,000 35,422 1,166 0 0 0 0 0
Ore Mined kton 1,372 7,759 23,588 32,752 32,930 32,955 32,926 32,828 32,874 32,886 32,972 32,804 32,810 32,838 32,868 32,868 32,850 32,822 32,936 32,988 32,980 1,163 0 0 0 0 0
Ore Process kton 0 0 32,719 32,752 32,930 32,955 32,926 32,828 32,874 32,886 32,972 32,804 32,810 32,838 32,868 32,868 32,850 32,822 32,936 32,988 32,980 32,850 32,850 32,850 11,866 0 0
Copper Grade Process % 0.00% 0.00% 0.99% 1.03% 0.92% 0.86% 0.72% 0.61% 0.62% 0.62% 0.66% 0.66% 0.62% 0.57% 0.56% 0.59% 0.50% 0.49% 0.50% 0.51% 0.59% 0.49% 0.45% 0.34% 0.34% 0.00% 0.00%
Copper Recovery (Total) % 0.00% 0.00% 91.97% 92.43% 91.14% 90.77% 89.13% 87.11% 87.31% 87.06% 87.80% 88.06% 87.31% 86.25% 85.89% 86.60% 84.17% 84.06% 84.22% 84.46% 86.77% 83.55% 82.27% 76.64% 76.64% 0.00% 0.00%
Concentrate Grade % 0.0% 0.0% 31.4% 32.3% 33.0% 31.7% 30.7% 30.0% 30.0% 30.4% 30.7% 30.1% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 0.0% 0.0%
Copper by Concentrate Kton 0.0 0.0 297.7 311.5 276.9 258.4 212.4 174.4 177.7 176.3 190.0 190.7 177.3 162.2 157.6 167.0 137.8 136.5 138.6 141.4 170.0 133.2 120.5 85.5 30.9 0.0 0.0
Silver by Concentrate K Oz 0 0 2,407 2,334 1,771 1,652 1,655 1,716 1,764 1,767 1,669 1,643 1,773 1,637 1,691 1,814 1,659 1,626 1,593 1,478 1,917 1,537 1,487 1,455 526 0 0
Moly by Concentrate Kton 0.0 0.0 4.7 4.3 2.3 2.5 2.7 2.8 2.9 2.6 2.2 2.4 2.2 2.3 2.7 3.3 2.8 2.5 2.6 2.7 3.5 2.5 2.3 1.7 0.6 0.0 0.0

by Copper Concentrates US$ 000 630,117 659,260 586,042 546,860 449,608 369,121 376,137 373,208 402,219 403,566 375,346 343,182 333,557 353,497 291,644 288,947 293,397 299,255 359,817 281,901 254,975 180,858 65,330 0 0
by Moly Concentrates US$ 000 40,403 37,462 19,937 21,784 23,176 24,038 25,064 22,665 18,865 20,985 18,670 19,628 23,589 28,448 24,420 21,816 22,171 23,565 30,429 21,590 19,467 14,873 5,373 0 0
by Silver US$ 000 10,832 10,504 7,968 7,434 7,449 7,722 7,937 7,951 7,510 7,392 7,979 7,369 7,612 8,162 7,465 7,316 7,166 6,650 8,627 6,914 6,694 6,549 2,366 0 0
TOTAL GROSS REVENUE US$ 000 681,351 707,227 613,948 576,078 480,234 400,881 409,139 403,825 428,594 431,944 401,995 370,179 364,758 390,107 323,529 318,079 322,734 329,470 398,873 310,405 281,136 202,281 73,069 0 0
UNIT COST
Unit Mine cost US$/ton mined 0.63 0.67 0.59 0.69 0.74 0.73 0.64 0.70 0.60 0.52 0.60 0.60 0.64 0.66 0.67 0.66 0.68 0.68 0.69 16.04 0.00 0.00 0.00 0.00 0.00
Unit Concentrate cost US$/ton milled 2.99 2.99 2.99 2.99 2.99 2.99 2.99 2.99 2.99 2.99 2.99 2.99 2.99 2.99 2.99 2.99 2.99 3.02 3.02 3.02 3.02 3.02 2.95 0.00 0.00
G&A US$/ton milled 0.53 0.53 0.52 0.52 0.52 0.53 0.53 0.53 0.52 0.53 0.53 0.53 0.53 0.53 0.53 0.53 0.52 0.52 0.52 0.25 0.25 0.25 0.18 0.00 0.00
Realisation costs US$/lb 0.348 0.340 0.331 0.342 0.352 0.360 0.361 0.356 0.352 0.357 0.358 0.359 0.361 0.363 0.363 0.362 0.362 0.362 0.363 0.362 0.362 0.364 0.364 0.000 0.000
Mine Cash Costs US$/lb 0.055 0.064 0.065 0.079 0.098 0.124 0.103 0.128 0.068 0.057 0.067 0.068 0.073 0.068 0.088 0.088 0.084 0.083 0.065 0.064 0.069 0.105 0.142 0.000 0.000
Concentrate Cash Costs US$/lb 0.149 0.143 0.161 0.173 0.210 0.255 0.251 0.253 0.235 0.233 0.251 0.274 0.283 0.267 0.323 0.326 0.322 0.319 0.266 0.338 0.373 0.526 0.515 0.000 0.000
Maintenance Costs US$/lb 0.006 0.006 0.006 0.007 0.008 0.010 0.010 0.010 0.009 0.009 0.010 0.011 0.011 0.010 0.013 0.013 0.013 0.012 0.010 0.005 0.005 0.007 1.107 0.000 0.000
G&A Costs US$/lb 0.026 0.025 0.028 0.030 0.037 0.045 0.044 0.044 0.041 0.041 0.044 0.048 0.050 0.047 0.057 0.057 0.057 0.055 0.046 0.028 0.031 0.044 0.031 0.000 0.000
Unit Cash Cost (C1) US$/lb 0.584 0.577 0.592 0.631 0.705 0.794 0.768 0.791 0.705 0.698 0.730 0.761 0.778 0.755 0.844 0.846 0.838 0.833 0.750 0.797 0.841 1.047 2.159 0.000 0.000
Deferred Stripping US$/lb 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Change in Inventories US$/lb 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Depreciation & Amortization US$/lb 0.151 0.146 0.165 0.177 0.217 0.265 0.262 0.264 0.248 0.249 0.019 0.019 0.019 0.018 0.022 0.021 0.019 0.021 0.017 0.018 0.014 0.021 0.054 0.000 0.000
UNIT COST OF PRODUCTION (C2) US$/lb 0.735 0.723 0.757 0.808 0.922 1.059 1.030 1.056 0.953 0.947 0.749 0.780 0.796 0.773 0.866 0.868 0.856 0.853 0.767 0.815 0.856 1.068 2.212 0.000 0.000
TOTAL CASH COST

Raw Material Purchases (Only for Chile) US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Realisation costs US$ 000 -228,599 -233,399 -202,300 -194,725 -164,797 -138,545 -141,284 -138,519 -147,377 -150,104 -140,113 -128,452 -125,505 -133,525 -110,368 -109,011 -110,666 -112,941 -136,152 -106,372 -96,248 -68,598 -24,779 0 0
Mine Cash Costs US$ 000 -36,078 -44,110 -39,818 -45,195 -45,965 -47,662 -40,326 -49,791 -28,358 -24,147 -26,186 -24,428 -25,400 -25,055 -26,859 -26,477 -25,822 -26,007 -24,278 -18,698 -18,241 -19,809 -9,642 0 0
Concentrate Cash Costs (without pipeline cost) US$ 000 -97,786 -97,880 -98,380 -98,449 -98,369 -98,094 -98,222 -98,255 -98,498 -98,026 -98,042 -98,121 -98,206 -98,205 -98,156 -98,076 -98,396 -99,542 -99,521 -99,155 -99,155 -99,155 -35,054 0 0
Maintenance Costs US$ 000 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -1,411 -1,411 -1,411 -75,353 0 0
G&A Costs - 90% US$ 000 -17,276 -17,276 -17,276 -17,276 -17,276 -17,276 -17,276 -17,276 -17,276 -17,276 -17,276 -17,276 -17,276 -17,276 -17,276 -17,276 -17,276 -17,276 -17,276 -8,344 -8,344 -8,344 -2,086 0 0
TOTAL CASH COST US$ 000 0 0 0 -383,562 -396,488 -361,597 -359,468 -330,229 -305,401 -300,931 -307,664 -295,333 -293,376 -285,441 -272,100 -270,210 -277,884 -256,482 -254,662 -255,982 -259,589 -281,049 -233,980 -223,399 -197,317 -146,915 0 0
Deferred stripping US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Change in Inventory US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EBITDA US$ 000 297,789 310,738 252,350 216,610 150,004 95,480 108,208 96,160 133,261 138,568 116,554 98,079 94,548 112,223 67,046 63,416 66,751 69,881 117,824 76,425 57,737 4,964 -73,846 0 0
LINEAR DEPRECIATION US$ 000 0 0 0 -98,846 -99,996 -100,696 -100,896 -101,596 -101,863 -102,697 -102,797 -103,800 -104,761 -7,473 -6,897 -6,493 -6,793 -6,667 -6,452 -5,706 -6,416 -6,369 -5,408 -3,850 -3,943 -3,647 -3,147 0
OPERATING PROFIT US$ 000 0 0 0 198,943 210,742 151,654 115,714 48,408 -6,383 5,511 -6,637 29,460 33,807 109,081 91,182 88,055 105,430 60,379 56,964 61,046 63,466 111,454 71,017 53,887 1,021 -77,493 -3,147 0

EARNINGS BEFORE TAXES US$ 000 0 0 0 198,943 210,742 151,654 115,714 48,408 -6,383 5,511 -6,637 29,460 33,807 109,081 91,182 88,055 105,430 60,379 56,964 61,046 63,466 111,454 71,017 53,887 1,021 -77,493 -3,147 0
ROYALTY -10,016 -10,645 -8,765 -7,854 -5,879 -4,294 -4,456 -4,379 -4,849 -4,881 -4,282 -3,675 -3,598 -4,118 -2,817 -2,697 -2,777 -2,877 -4,263 -2,854 -2,279 -743 1,926 0 0
TAX PROVISION (33%) US$ 000 0 0 -65,651 -69,545 -50,046 -38,186 -15,975 2,106 -1,819 2,190 -9,722 -11,156 -35,997 -30,090 -29,058 -34,792 -19,925 -18,798 -20,145 -20,944 -36,780 -23,435 -17,783 -337 25,573 1,039 0
NET INCOME US$ 000 0 0 0 123,276 130,552 92,843 69,674 26,554 -8,571 -764 -8,825 14,890 17,769 68,802 57,417 55,398 66,520 37,637 35,469 38,123 39,645 70,411 44,727 33,825 -59 -49,994 -2,109 0
CUMULATIVE NET INCOME US$ 000 0 0 0 123,276 253,827 346,670 416,345 442,899 434,328 433,564 424,739 439,629 457,398 526,200 583,617 639,015 705,535 743,172 778,641 816,764 856,410 926,821 971,549 1,005,374 1,005,314 955,320 953,212 953,212

EBITDA US$ 000 0 0 0 297,789 310,738 252,350 216,610 150,004 95,480 108,208 96,160 133,261 138,568 116,554 98,079 94,548 112,223 67,046 63,416 66,751 69,881 117,824 76,425 57,737 4,964 -73,846 0 0
Royalty provision - Argentina (reduce base imponible) US$ 000 -10,016 -10,645 -8,765 -7,854 -5,879 -4,294 -4,456 -4,379 -4,849 -4,881 -4,282 -3,675 -3,598 -4,118 -2,817 -2,697 -2,777 -2,877 -4,263 -2,854 -2,279 -743 1,926 0 0
Profit before depreciation US$ 000 0 0 0 287,773 300,093 243,585 208,756 144,125 91,186 103,752 91,782 128,412 133,687 112,272 94,404 90,949 108,105 64,229 60,720 63,974 67,005 113,561 73,571 55,458 4,221 -71,920 0 0
Cumulative Profit before depreciation US$ 000 0 0 0 287,773 587,866 831,451 1,040,207 1,184,332 1,275,519 1,379,271 1,471,052 1,599,464 1,733,151 1,845,423 1,939,826 2,030,776 2,138,881 2,203,110 2,263,829 2,327,804 2,394,809 2,508,369 2,581,940 2,637,398 2,641,619 2,569,699 2,569,699 2,569,699
ACELERATED DEPRECIATION US$ 000 -287,773 -300,093 -243,585 -173,845 -5,333 -3,890 -6,003 -4,003 -6,457 -6,880 -11,740 -10,310 -8,093 -4,567 -4,567 -3,737 -2,303 -2,280 -4,037 -3,803 -1,913 -667 -667 -667 0
EARNINGS BEFORE TAXES US$ 000 0 0 0 0 0 0 34,911 138,792 87,296 97,749 87,778 121,955 126,807 100,532 84,094 82,856 103,538 59,662 56,983 61,671 64,725 109,524 69,768 53,545 3,554 -72,587 -667 0
Royalty provision - Argentina (No reduce base imponible) US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Tax provision in Argentina - 33% US$ 000 0 0 0 0 0 0 -11,521 -45,801 -28,808 -32,257 -28,967 -40,245 -41,846 -33,175 -27,751 -27,342 -34,168 -19,689 -18,804 -20,351 -21,359 -36,143 -23,023 -17,670 -1,173 23,954 220 0
EARNINGS AFTER TAXES US$ 000 0 0 0 0 0 0 23,390 92,991 58,488 65,492 58,812 81,710 84,960 67,356 56,343 55,514 69,371 39,974 38,179 41,320 43,366 73,381 46,744 35,875 2,381 -48,633 -447 0
CUMULATIVE EARNINGS BEFORE TAX 0 0 0 0 0 0 34,911 173,703 260,999 358,748 446,526 568,481 695,288 795,820 879,914 962,770 1,066,308 1,125,970 1,182,953 1,244,624 1,309,349 1,418,873 1,488,641 1,542,186 1,545,740 1,473,153 1,472,486 1,472,486
CASH FLOW SUMMARY 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Pre-production Stripping US$ 000 0 -13,455 -27,158 0 0
Mine Equipment US$ 000 -10,502 -36,278 -48,689 0 0
Process Equipment US$ 000 -31,328 -108,223 -145,247 0 0
Building & Facilities US$ 000 -38,690 -127,972 -171,752 0 0
Other Equipments & Facilities US$ 000 -25,209 -87,084 -116,876 0 0
Ongoing Capex Argentina US$ 000 -11,500 -7,000 -2,000 -7,000 -2,670 -8,340 -1,000 -10,030 -9,610 -15,580 -5,740 -2,960 -5,000 -5,740 -470 -700 -5,670 -5,740 0 0 -2,000 0 0 0 0
Ongoing Capex Chile (It is not include) US$ 000
TOTAL CAPEX US$ 000 -105,728 -373,012 -509,722 -11,500 -7,000 -2,000 -7,000 -2,670 -8,340 -1,000 -10,030 -9,610 -15,580 -5,740 -2,960 -5,000 -5,740 -470 -700 -5,670 -5,740 0 0 -2,000 0 0 0 0
Net changes in Operating Working Capital US$ 000 0 0 -25,000 -74,732 -383 9,128 6,391 11,203 9,920 -790 1,450 -5,160 -1,712 3,310 3,470 948 -2,692 6,833 1,446 -460 -593 -7,615 5,871 3,628 8,767 13,116 36,104 -2,451
EBITDA US$ 000 0 0 0 297,789 310,738 252,350 216,610 150,004 95,480 108,208 96,160 133,261 138,568 116,554 98,079 94,548 112,223 67,046 63,416 66,751 69,881 117,824 76,425 57,737 4,964 -73,846 0 0
CASH FLOW BEFORE INTEREST & TAXES US$ 000 -105,728 -373,012 -534,722 211,557 303,356 259,479 216,001 158,538 97,061 106,418 87,580 118,491 121,276 114,124 98,589 90,496 103,792 73,409 64,163 60,621 63,549 110,209 82,296 59,366 13,731 -60,730 36,104 -2,451
CUMULATIVE CASH FLOW BEFORE TAXES & ROYALTY -105,728 -478,741 -1,013,463 -801,906 -498,550 -239,071 -23,070 135,467 232,528 338,946 426,526 545,017 666,293 780,417 879,006 969,502 1,073,294 1,146,704 1,210,866 1,271,487 1,335,036 1,445,245 1,527,541 1,586,906 1,600,637 1,539,907 1,576,011 1,573,560
NPV BEFORE TAXES -US$ 000 98,765

IRR BEFORE TAXES 14.4%
Long term debt / (payments) US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Interest payments US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Royalty payments in Argentina US$ 000 0 0 0 -10,016 -10,645 -8,765 -7,854 -5,879 -4,294 -4,456 -4,379 -4,849 -4,881 -4,282 -3,675 -3,598 -4,118 -2,817 -2,697 -2,777 -2,877 -4,263 -2,854 -2,279 -743 1,926 0 0
Tax payments in Argentina - 33% US$ 000 0 0 0 0 0 0 0 -11,521 -45,801 -28,808 -32,257 -28,967 -40,245 -41,846 -33,175 -27,751 -27,342 -34,168 -19,689 -18,804 -20,351 -21,359 -36,143 -23,023 -17,670 -1,173 23,954 220
CASH FLOW AFTER TAX PROVISION US$ 000 -105,728 -373,012 -534,722 201,541 292,710 250,714 208,147 141,138 46,965 73,154 50,945 84,675 76,150 67,996 61,738 59,147 72,331 36,425 41,777 39,040 40,321 84,586 43,299 34,063 -4,682 -59,977 60,058 -2,231
CUMULATIVE CASH FLOW AFTER TAX -105,728 -478,741 -1,013,463 -811,922 -519,211 -268,498 -60,351 80,787 127,752 200,906 251,851 336,526 412,676 480,671 542,410 601,557 673,887 710,312 752,089 791,129 831,450 916,036 959,335 993,398 988,716 928,739 988,797 986,566
NPV AFTER TAX -US$ 000 -31,226

IRR AFTER TAXES (Category 1) 11.11%
TRANSPORTES Y SERVICIOS PACHON (CHILE)
SUMMARY
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Año -3 Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25 Año 26
SALES
Copper by Concentrate Kton 0.0 0.0 297.7 311.5 276.9 258.4 212.4 174.4 177.7 176.3 190.0 190.7 177.3 162.2 157.6 167.0 137.8 136.5 138.6 141.4 170.0 133.2 120.5 85.5 30.9 0.0 0.0 0.0
Silver by Concentrate K Oz 0 0 2,407 2,334 1,771 1,652 1,655 1,716 1,764 1,767 1,669 1,643 1,773 1,637 1,691 1,814 1,659 1,626 1,593 1,478 1,917 1,537 1,487 1,455 526 0 0 0
Moly by Concentrate Kton 0.0 0.0 4.7 4.3 2.3 2.5 2.7 2.8 2.9 2.6 2.2 2.4 2.2 2.3 2.7 3.3 2.8 2.5 2.6 2.7 3.5 2.5 2.3 1.7 0.6 0.0 0.0 0.0

by Copper Concentrates US$ 000 630,117 659,260 586,042 546,860 449,608 369,121 376,137 373,208 402,219 403,566 375,346 343,182 333,557 353,497 291,644 288,947 293,397 299,255 359,817 281,901 254,975 180,858 65,330 0 0 0
by Moly Concentrates US$ 000 40,403 37,462 19,937 21,784 23,176 24,038 25,064 22,665 18,865 20,985 18,670 19,628 23,589 28,448 24,420 21,816 22,171 23,565 30,429 21,590 19,467 14,873 5,373 0 0 0
by Silver US$ 000 10,832 10,504 7,968 7,434 7,449 7,722 7,937 7,951 7,510 7,392 7,979 7,369 7,612 8,162 7,465 7,316 7,166 6,650 8,627 6,914 6,694 6,549 2,366 0 0 0
TOTAL GROSS REVENUE US$ 000 681,351 707,227 613,948 576,078 480,234 400,881 409,139 403,825 428,594 431,944 401,995 370,179 364,758 390,107 323,529 318,079 322,734 329,470 398,873 310,405 281,136 202,281 73,069 0 0 0
UNIT COST
Unit Mine cost US$/ton mined 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Unit Concentrate cost US$/ton milled 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.10 0.00 0.00 0.00
G&A US$/ton milled 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.06 0.03 0.03 0.03 0.02 0.00 0.00 0.00
Realisation costs US$/lb 0.290 0.284 0.276 0.285 0.293 0.300 0.300 0.297 0.293 0.297 0.298 0.299 0.301 0.302 0.303 0.302 0.302 0.302 0.303 0.302 0.302 0.304 0.304 0.000 0.000 0.000
Mine Cash Costs US$/lb 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Concentrate Cash Costs US$/lb 0.007 0.007 0.008 0.009 0.010 0.013 0.012 0.013 0.012 0.012 0.012 0.014 0.014 0.013 0.016 0.016 0.016 0.016 0.013 0.017 0.018 0.026 0.018 0.000 0.000 0.000
Maintenance Costs US$/lb 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
G&A Costs US$/lb 0.003 0.003 0.003 0.003 0.004 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.006 0.005 0.006 0.006 0.006 0.006 0.005 0.003 0.003 0.005 0.003 0.000 0.000 0.000
Unit Cash Cost (C1) US$/lb 0.991 0.984 0.962 0.966 0.981 1.000 1.001 0.997 0.980 0.983 0.985 0.994 1.009 1.017 1.027 1.019 1.018 1.018 1.022 1.016 1.020 1.044 1.035 0.000 0.000 0.000
Deferred Stripping US$/lb 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Change in Inventories US$/lb 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Depreciation & Amortization US$/lb 0.014 0.013 0.015 0.016 0.019 0.024 0.023 0.023 0.022 0.022 0.018 0.020 0.020 0.019 0.023 0.023 0.023 0.023 0.019 0.024 0.000 0.000 0.000 0.000 0.000 0.000
UNIT COST OF PRODUCTION (C2) US$/lb 1.004 0.997 0.977 0.982 1.000 1.023 1.024 1.020 1.002 1.005 1.003 1.014 1.029 1.037 1.050 1.042 1.041 1.041 1.041 1.040 1.020 1.044 1.035 0.000 0.000 0.000
TOTAL CASH COST

Raw Material Purchases (Only for Chile) US$ 000 -452,752 -473,827 -411,648 -381,354 -315,437 -262,336 -267,855 -265,305 -281,216 -281,840 -261,881 -241,727 -239,253 -256,582 -213,161 -209,068 -212,068 -216,529 -262,721 -204,032 -184,888 -133,683 -48,289 0 0 0
Realisation costs US$ 000 -190,621 -194,798 -168,705 -162,133 -137,135 -115,295 -117,588 -115,316 -122,603 -124,804 -116,467 -106,836 -104,498 -111,256 -91,995 -90,807 -92,182 -94,089 -113,483 -88,613 -80,185 -57,204 -20,663 0 0 0
Mine Cash Costs US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Concentrate Cash Costs (Only pipeline cost) US$ 000 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -4,874 -1,218 0 0 0
Maintenance Costs US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
G&A Costs - 10% US$ 000 -1,920 -1,920 -1,920 -1,920 -1,920 -1,920 -1,920 -1,920 -1,920 -1,920 -1,920 -1,920 -1,920 -1,920 -1,920 -1,920 -1,920 -1,920 -1,920 -927 -927 -927 -232 0 0 0
TOTAL CASH COST US$ 000 0 0 0 -650,166 -675,418 -587,146 -550,280 -459,365 -384,424 -392,236 -387,414 -410,613 -413,437 -385,142 -355,356 -350,544 -374,631 -311,949 -306,669 -311,043 -317,411 -382,998 -298,446 -270,874 -196,688 -70,403 0 0 0
Deferred stripping US$ 000

Change in Inventory US$ 000
EBITDA US$ 000 31,185 31,808 26,802 25,799 20,868 16,457 16,903 16,410 17,981 18,507 16,853 14,823 14,214 15,476 11,580 11,410 11,691 12,060 15,875 11,959 10,262 5,593 2,666 0 0 0
LINEAR DEPRECIATION US$ 000 0 0 0 -9,054 -9,054 -9,054 -9,054 -9,054 -9,054 -9,054 -9,054 -9,054 -9,054 -7,054 -7,054 -7,054 -7,054 -7,054 -7,054 -7,054 -7,054 -7,054 -7,054 0 0 0 0 0 0
OPERATING PROFIT US$ 000 0 0 0 22,131 22,754 17,748 16,744 11,814 7,402 7,849 7,356 8,927 9,452 9,799 7,769 7,159 8,422 4,526 4,356 4,636 5,005 8,821 4,904 10,262 5,593 2,666 0 0 0

EARNINGS BEFORE TAXES US$ 000 0 0 0 22,131 22,754 17,748 16,744 11,814 7,402 7,849 7,356 8,927 9,452 9,799 7,769 7,159 8,422 4,526 4,356 4,636 5,005 8,821 4,904 10,262 5,593 2,666 0 0 0
ROYALTY 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TAX PROVISION (17%) US$ 000 0 0 0 -3,762 -3,868 -3,017 -2,847 -2,008 -1,258 -1,334 -1,250 -1,518 -1,607 -1,666 -1,321 -1,217 -1,432 -769 -740 -788 -851 -1,499 -834 -1,745 -951 -453 0 0 0
NET INCOME US$ 000 0 0 0 18,368 18,886 14,731 13,898 9,806 6,144 6,514 6,105 7,409 7,845 8,133 6,448 5,942 6,990 3,756 3,615 3,848 4,154 7,321 4,071 8,518 4,642 2,212 0 0 0
CUMULATIVE NET INCOME US$ 000 0 0 0 18,368 37,254 51,985 65,883 75,688 81,832 88,347 94,452 101,861 109,707 117,840 124,288 130,230 137,220 140,976 144,591 148,439 152,594 159,915 163,985 172,503 177,145 179,358 179,358 179,358 179,358
CUMULATIVE EARNINGS BEFORE TAX 0 0 0 22,131 44,885 62,632 79,377 91,191 98,593 106,442 113,798 122,724 132,177 141,975 149,744 156,903 165,325 169,850 174,206 178,842 183,848 192,668 197,573 207,835 213,428 216,094 216,094 216,094 216,094

EBITDA US$ 000 0 0 0 31,185 31,808 26,802 25,799 20,868 16,457 16,903 16,410 17,981 18,507 16,853 14,823 14,214 15,476 11,580 11,410 11,691 12,060 15,875 11,959 10,262 5,593 2,666 0 0 0
NON OPERATING PROFIT US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before depreciation US$ 000 0 0 0 31,185 31,808 26,802 25,799 20,868 16,457 16,903 16,410 17,981 18,507 16,853 14,823 14,214 15,476 11,580 11,410 11,691 12,060 15,875 11,959 10,262 5,593 2,666 0 0 0
Cumulative Profit before depreciation US$ 000 0 0 31,185 62,993 89,795 115,594 136,463 152,919 169,822 186,233 204,214 222,720 239,573 254,396 268,610 284,086 295,666 307,076 318,767 330,826 346,701 358,660 368,922 374,515 377,181 377,181 377,181 377,181
ACELERATED DEPRECIATION US$ 000 0 0 -30,181 -30,181 -30,181 -23,515 -23,515 -23,515 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EARNINGS BEFORE TAXES US$ 000 0 0 0 1,004 1,627 -3,379 2,284 -2,646 -7,058 16,903 16,410 17,981 18,507 16,853 14,823 14,214 15,476 11,580 11,410 11,691 12,060 15,875 11,959 10,262 5,593 2,666 0 0 0
Royalty provision - Chile US$ 000

Tax in Chile - 17% US$ 000 0 0 0 -171 -277 0 -261 0 0 -1,485 -2,790 -3,057 -3,146 -2,865 -2,520 -2,416 -2,631 -1,969 -1,940 -1,987 -2,050 -2,699 -2,033 -1,745 -951 -453 0 0 0
EARNINGS AFTER TAXES US$ 000 0 0 0 833 1,351 -3,379 2,023 -2,646 -7,058 15,418 13,620 14,924 15,360 13,988 12,303 11,797 12,845 9,611 9,470 9,703 10,009 13,176 9,926 8,518 4,642 2,212 0 0 0
CUMULATIVE EARNINGS BEFORE TAX US$ 000 0 0 0 1,004 2,631 -748 1,536 -1,110 -8,168 8,735 25,145 43,126 61,633 78,486 93,309 107,523 122,999 134,579 145,989 157,679 169,739 185,614 197,573 207,835 213,428 216,094 216,094 216,094 216,094
CASH FLOW SUMMARY 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Pre-production Stripping US$ 000
Mine Equipment US$ 000
Process Equipment (Only Chilean Capex) US$ 000 -20,050 -60,708 -80,329 0 0
Building & Facilities US$ 000
Other Equipments & Facilities US$ 000
Ongoing Capex Argentina (It is not include) US$ 000

Ongoing Capex Chile (Only Chilean Capex) US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL CAPEX US$ 000 -20,050 -60,708 -80,329 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net changes in Operating Working Capital US$ 000
EBITDA US$ 000 0 0 0 31,185 31,808 26,802 25,799 20,868 16,457 16,903 16,410 17,981 18,507 16,853 14,823 14,214 15,476 11,580 11,410 11,691 12,060 15,875 11,959 10,262 5,593 2,666 0 0 0
CASH FLOW BEFORE TAXES US$ 000 -20,050 -60,708 -80,329 31,185 31,808 26,802 25,799 20,868 16,457 16,903 16,410 17,981 18,507 16,853 14,823 14,214 15,476 11,580 11,410 11,691 12,060 15,875 11,959 10,262 5,593 2,666 0 0 0
CUMULATIVE CASH FLOW BEFORE TAXES & ROYALTY -20,050 -80,758 -161,087 -129,902 -98,094 -71,292 -45,493 -24,625 -8,168 8,735 25,145 43,126 61,633 78,486 93,309 107,523 122,999 134,579 145,989 157,679 169,739 185,614 197,573 207,835 213,428 216,094 216,094 216,094 216,094
NPV BEFORE TAXES -US$ 000 -7,752

IRR BEFORE TAXES 10.9%
Long term debt / (payments) US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Interest payments US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Royalty payments in Argentina US$ 000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tax payments in Chile (17%) US$ 000 0 0 0 -171 -277 0 -261 0 0 -1,485 -2,790 -3,057 -3,146 -2,865 -2,520 -2,416 -2,631 -1,969 -1,940 -1,987 -2,050 -2,699 -2,033 -1,745 -951 -453 0 0 0
CASH FLOW AFTER TAX PROVISION US$ 000 -20,050 -60,708 -80,329 31,014 31,532 26,802 25,538 20,868 16,457 15,418 13,620 14,924 15,360 13,988 12,303 11,797 12,845 9,611 9,470 9,703 10,009 13,176 9,926 8,518 4,642 2,212 0 0 0
CUMULATIVE CASH FLOW AFTER TAX -20,050 -80,758 -161,087 -130,073 -98,541 -71,739 -46,201 -25,333 -8,876 6,542 20,162 35,087 50,447 64,435 76,738 88,535 101,381 110,992 120,462 130,165 140,175 153,351 163,277 171,795 176,437 178,649 178,649 178,649 178,649
NPV AFTER TAX -US$ 000 -14,190

IRR AFTER TAXES (Category 1) 9.9%
Shareholders Cash
Cumulative profit (with Linear Depreciation) US$ 000 0 0 0 18,368 37,254 51,985 65,883 75,688 81,832 88,347 94,452 101,861 109,707 117,840 124,288 130,230 137,220 140,976 144,591 148,439 152,594 159,915 163,985 172,503 177,145 179,358 179,358 179,358 179,358
Cumulative dividends US$ 000 0 0 0 31,014 62,546 89,348 114,886 135,754 152,211 167,629 181,250 196,174 211,534 225,522 237,825 249,623 262,468 272,079 281,549 291,253 301,262 314,438 324,364 332,882 337,524 339,737 339,737 339,737 339,737
Minimum US$ 000 0 0 0 18,368 37,254 51,985 65,883 75,688 81,832 88,347 94,452 101,861 109,707 117,840 124,288 130,230 137,220 140,976 144,591 148,439 152,594 159,915 163,985 172,503 177,145 179,358 179,358 179,358 179,358
Capital contribution US$ 000 -20,050 -60,708 -80,329 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Dividend payments US$ 000 0 0 0 31,014 31,532 26,802 25,538 20,868 16,457 15,418 13,620 14,924 15,360 13,988 12,303 11,797 12,845 9,611 9,470 9,703 10,009 13,176 9,926 8,518 4,642 2,212 0 0 0
Withholding on dividend US$ 000 0 0 0 -3,306 -3,399 -2,651 -2,502 -1,765 -1,106 -1,173 -1,099 -1,334 -1,412 -1,464 -1,161 -1,070 -1,258 -676 -651 -693 -748 -1,318 -733 -1,533 -836 -398 0 0 0
TOTAL SHAREHOLDERS CASH US$ 000 -20,050 -60,708 -80,329 27,708 28,132 24,151 23,036 19,103 15,351 14,245 12,522 13,591 13,948 12,524 11,142 10,728 11,587 8,935 8,820 9,010 9,262 11,858 9,193 6,985 3,807 1,814 0 0 0
MINE PLAN
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Stock Pile Año -3 Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24
Enriched Primary (ENR) to Stock Pile Kton 0 687
%CuT 0.00% 1.45%
%Mo 0.000% 0.015%
gr Ag 0.000 2.742
Cu recovery 0.00% 94.71%
Cu Kton 0.000 9.986 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Mo Kton 0.000 0.100 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Ag oz 0 61 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Hypogene to Stock Pile (Start up) Kton 1,372 7,072

%CuT 0.89% 0.90%
%Mo 0.025% 0.026%
gr Ag 3.572 3.739
Cu recovery 91.22% 91.37%
Cu Kton 12.160 63.738 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Mo Kton 0.343 1.804 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Ag oz 158 850 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Año -3 Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24
Hypogene to Stock Pile (to the end) Kton 109 884 2,269 2,617 5,237 4,929 16,001 10,320 10,259 2,900 1,272 1,129 0 0 0 0 0 0 0 0 0 0 0 0 0 0
%CuT 0.43% 0.43% 0.44% 0.48% 0.51% 0.51% 0.50% 0.44% 0.46% 0.43% 0.44% 0.44% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
%Mo 0.011% 0.011% 0.014% 0.011% 0.009% 0.010% 0.013% 0.015% 0.015% 0.015% 0.015% 0.014% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
gr Ag 2.089 2.279 2.251 2.140 2.264 2.307 2.187 2.296 2.214 2.300 2.448 2.502 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Cu recovery 81.71% 81.74% 81.93% 83.71% 84.44% 84.46% 84.17% 82.12% 82.68% 81.80% 81.98% 82.08% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cu Kton 0.472 3.826 9.923 12.682 26.545 25.013 79.709 45.627 46.786 12.594 5.579 4.977 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Mo Kton 0.012 0.100 0.313 0.299 0.482 0.502 2.097 1.555 1.511 0.430 0.188 0.162 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Ag oz 7 65 164 180 381 366 1125 762 730 214 100 91 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Waste Hypogene >0.3% & <0.4% Kton 81 330 727 2305 1139 498 2407 1223 2214 7842 2655 1677 2806 2784 3120 1827 4537 4450 3211 4099 1392 3 0 0 0 0
%CuT 0.33% 0.33% 0.33% 0.32% 0.34% 0.34% 0.34% 0.35% 0.34% 0.34% 0.34% 0.36% 0.35% 0.35% 0.34% 0.35% 0.34% 0.33% 0.33% 0.33% 0.35% 0.34% 0.00% 0.00% 0.00% 0.00%
%Mo 0.006% 0.007% 0.008% 0.005% 0.006% 0.008% 0.012% 0.014% 0.012% 0.006% 0.007% 0.005% 0.004% 0.007% 0.011% 0.010% 0.013% 0.016% 0.012% 0.010% 0.012% 0.010% 0.000% 0.000% 0.000% 0.000%
gr Ag 1.725 1.781 1.755 1.704 1.856 1.940 1.922 2.326 2.122 2.443 2.630 1.922 1.955 1.928 2.041 2.221 2.120 2.590 2.295 2.162 2.203 3.989 0.000 0.000 0.000 0.000
Cu recovery 76.01% 76.32% 75.91% 75.11% 76.97% 76.48% 76.58% 77.04% 76.77% 76.72% 76.51% 78.10% 77.61% 77.24% 76.85% 77.14% 76.75% 75.89% 76.11% 76.01% 77.17% 76.54% 0.00% 0.00% 0.00% 0.00%
Cu Kton 0.267 1.104 2.395 7.351 3.921 1.680 8.148 4.224 7.558 26.714 8.961 6.067 9.937 9.696 10.683 6.338 15.475 14.642 10.663 13.556 4.836 0.011 0.000 0.000 0.000 0.000
Mo Kton 0.005 0.022 0.061 0.121 0.064 0.042 0.292 0.169 0.265 0.472 0.182 0.078 0.109 0.207 0.353 0.189 0.599 0.692 0.386 0.417 0.164 0.000 0.000 0.000 0.000 0.000
Ag oz 4 19 41 126 68 31 149 91 151 616 224 104 176 173 205 130 309 371 237 285 99 0 0 0 0 0
Rehandling Kton -9,131 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -31,687 -32,850 -32,850 -11,866 0

%CuT 0.94% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.47% 0.45% 0.34% 0.34% 0.00%
%Mo 0.025% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.013% 0.012% 0.010% 0.010% 0.000%
gr Ag 3.639 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 2.248 2.236 2.187 2.187 0.000
Cu recovery 91.60% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 83.55% 82.27% 76.64% 76.64% 0.00%
Cu Kton -85.884 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 -149.739 -146.432 -111.506 -40.279 0.000
Mo Kton -2.246 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 -4.186 -4.096 -3.129 -1.130 0.000
Ag oz -1068 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 -2290 -2361 -2310 -834 0
Cu Balance Cu Kton 12.9 78.7 -73.6 20.0 30.5 26.7 87.9 49.9 54.3 39.3 14.5 11.0 9.9 9.7 10.7 6.3 15.5 14.6 10.7 13.6 4.8 -149.7 -146.4 -111.5 -40.3 0.0
Cummulative Cu 12.9 91.6 18.0 38.0 68.5 95.2 183.0 232.9 287.2 326.5 341.1 352.1 362.1 371.8 382.4 388.8 404.3 418.9 429.6 443.1 447.9 298.2 151.8 40.3 0.0 0.0
Mo Balance Mo Kton 0.4 2.0 -1.9 0.4 0.5 0.5 2.4 1.7 1.8 0.9 0.4 0.2 0.1 0.2 0.4 0.2 0.6 0.7 0.4 0.4 0.2 -4.2 -4.1 -3.1 -1.1 0.0
Mo Kton 0.4 2.4 0.5 0.9 1.5 2.0 4.4 6.1 7.9 8.8 9.2 9.4 9.5 9.7 10.1 10.3 10.9 11.6 12.0 12.4 12.5 8.4 4.3 1.1 0.0 0.0
Ag Balance Ag oz 169.4 994.3 -863.0 306.4 449.3 396.7 1,273.8 853.3 881.5 830.3 324.5 194.4 176.4 172.5 204.7 130.5 309.2 370.5 236.9 285.0 98.6 -2,289.4 -2,361.1 -2,310.1 -834.5 0.0
Ag oz 169.4 1,163.7 300.7 607.1 1,056.3 1,453.0 2,726.8 3,580.1 4,461.6 5,291.9 5,616.4 5,810.8 5,987.2 6,159.8 6,364.4 6,494.9 6,804.1 7,174.6 7,411.5 7,696.5 7,795.1 5,505.7 3,144.6 834.5 0.0 0.0
MINE PLAN
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Mine Production Año -3 Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24
Enriched Primary (ENR) to crusher Kton 0 687 6,744 15,243 16,952 9,911 4,484 25 0 1,744 3,248 675 0 26 46 6 2 0 0 0 0 0 0 0 0 0
%CuT 0.00% 1.45% 1.28% 1.09% 1.11% 1.06% 0.86% 1.00% 0.00% 1.01% 0.99% 1.05% 0.95% 0.85% 0.88% 0.76% 0.76% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
%Mo 0.000% 0.015% 0.014% 0.012% 0.013% 0.013% 0.016% 0.013% 0.000% 0.007% 0.010% 0.017% 0.004% 0.013% 0.014% 0.021% 0.021% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000% 0.000%
gr Ag 0.000 2.742 2.707 2.506 2.574 2.392 2.230 2.138 0.000 2.278 2.113 1.819 2.250 2.207 2.185 2.258 2.258 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Cu recovery 0.00% 0.00% 94.02% 92.86% 93.02% 92.70% 90.85% 92.21% 0.00% 92.27% 92.16% 92.57% 91.76% 90.82% 91.14% 89.61% 89.61% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Cu Kton 0.000 9.986 86.146 165.761 188.498 105.545 38.345 0.246 0.000 17.578 32.286 7.067 0.002 0.222 0.403 0.047 0.011 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Mo Kton 0.000 0.100 0.937 1.786 2.159 1.333 0.695 0.003 0.000 0.114 0.339 0.114 0.000 0.003 0.006 0.001 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Ag oz 0 61 587 1228 1403 762 321 2 0 128 221 39 0 2 3 0 0 0 0 0 0 0 0 0 0 0
Hypogene ( HYP) to crusher Kton 1,372 7,072 16,843 17,509 15,978 23,044 28,442 32,804 32,874 31,142 29,725 32,129 32,810 32,812 32,822 32,862 32,849 32,822 32,936 32,988 32,980 1,163 0 0 0 0
%CuT 0.89% 0.90% 0.90% 0.98% 0.72% 0.78% 0.70% 0.61% 0.62% 0.59% 0.62% 0.65% 0.62% 0.57% 0.56% 0.59% 0.50% 0.49% 0.50% 0.51% 0.59% 0.83% 0.00% 0.00% 0.00% 0.00%
%Mo 0.025% 0.026% 0.032% 0.035% 0.013% 0.014% 0.015% 0.015% 0.016% 0.015% 0.012% 0.013% 0.012% 0.013% 0.015% 0.018% 0.016% 0.014% 0.014% 0.015% 0.019% 0.031% 0.000% 0.000% 0.000% 0.000%
gr Ag 3.572 3.739 3.999 4.400 2.741 2.511 2.522 2.581 2.649 2.674 2.541 2.486 2.668 2.462 2.541 2.724 2.493 2.445 2.387 2.212 2.870 3.989 0.000 0.000 0.000 0.000
Cu recovery 0.00% 0.00% 91.35% 92.07% 89.15% 89.95% 88.86% 87.11% 87.31% 86.76% 87.32% 87.96% 87.31% 86.25% 85.89% 86.60% 84.17% 84.06% 84.22% 84.46% 86.77% 83.55% 82.27% 76.64% 76.64% 0.00%
Cu Kton 12.160 63.738 151.684 171.234 115.312 179.101 199.996 199.963 203.547 184.980 184.171 209.472 203.121 187.770 183.083 192.827 163.701 162.419 164.607 167.409 195.942 9.677 0.000 0.000 0.000 0.000
Mo Kton 0.343 1.804 5.317 6.096 2.036 3.250 4.181 5.054 5.273 4.655 3.630 4.301 3.928 4.126 4.957 5.984 5.137 4.590 4.664 4.958 6.402 0.357 0.000 0.000 0.000 0.000
Ag oz 158 850 2166 2477 1408 1860 2306 2722 2800 2677 2428 2568 2814 2597 2682 2878 2633 2581 2528 2346 3043 149 0 0 0 0
Total ore mined Kton 1,372 7,759 23,588 32,752 32,930 32,955 32,926 32,828 32,874 32,886 32,972 32,804 32,810 32,838 32,868 32,868 32,850 32,822 32,936 32,988 32,980 1,163 0 0 0 0
%CuT 0.89% 0.95% 1.01% 1.03% 0.92% 0.86% 0.72% 0.61% 0.62% 0.62% 0.66% 0.66% 0.62% 0.57% 0.56% 0.59% 0.50% 0.49% 0.50% 0.51% 0.59% 0.83% 0.00% 0.00% 0.00% 0.00%
%Mo 0.025% 0.025% 0.027% 0.024% 0.013% 0.014% 0.015% 0.015% 0.016% 0.015% 0.012% 0.013% 0.012% 0.013% 0.015% 0.018% 0.016% 0.014% 0.014% 0.015% 0.019% 0.031% 0.000% 0.000% 0.000% 0.000%
gr Ag 3.572 3.651 3.630 3.519 2.655 2.475 2.482 2.581 2.649 2.653 2.499 2.472 2.668 2.462 2.541 2.724 2.493 2.445 2.387 2.212 2.870 3.989 0.000 0.000 0.000 0.000
Cu recovery 0.00% 0.00% 92.12% 92.43% 91.14% 90.77% 89.13% 87.11% 87.31% 87.06% 87.80% 88.06% 87.31% 86.25% 85.89% 86.60% 84.17% 84.06% 84.22% 84.46% 86.77% 83.55% 0.00% 0.00% 0.00% 0.00%
Cu Kton 12.160 73.724 237.830 336.995 303.810 284.646 238.341 200.209 203.547 202.558 216.457 216.539 203.123 187.992 183.485 192.874 163.713 162.419 164.607 167.409 195.942 9.677 0.000 0.000 0.000 0.000
Mo Kton 0.343 1.904 6.254 7.882 4.195 4.583 4.876 5.057 5.273 4.768 3.969 4.415 3.928 4.130 4.963 5.985 5.138 4.590 4.664 4.958 6.402 0.357 0.000 0.000 0.000 0.000
Ag oz 158 911 2753 3705 2811 2622 2628 2724 2800 2805 2649 2608 2814 2599 2685 2879 2633 2581 2528 2346 3043 149 0 0 0 0
Waste
Waste Hypogene >0.3% & <0.4% Kton 81 330 727 2,305 1,139 498 2,407 1,223 2,214 7,842 2,655 1,677 2,806 2,784 3,120 1,827 4,537 4,450 3,211 4,099 1,392 3 0 0 0 0
Rock Kton 17,587 34,748 26,390 21,685 24,904 27,865 25,640 29,771 24,352 26,151 8,341 6,626 3,944 3,995 3,745 3,204 2,374 2,911 1,953 913 1,050 0 0 0 0 0
Leah Material Kton 2,851 4,110 6,776 9,577 7,990 4,141 1,527 1,342 3,601 4,222 3,060 5,064 3,840 1,183 267 17 85 16 0 0 0 0 0 0 0 0
Total Waste Kton 20,519 39,188 33,893 33,568 34,032 32,504 29,573 32,336 30,167 38,214 14,056 13,367 10,590 7,962 7,132 5,048 6,996 7,378 5,164 5,012 2,442 3 0 0 0 0
Total Mine Production Kton 21,891 46,947 57,481 66,320 66,963 65,459 62,499 65,164 63,041 71,100 47,028 46,171 43,400 40,800 40,000 37,916 39,846 40,200 38,100 38,000 35,422 1,166 0 0 0 0
Total Rehandling Kton 0 0 9,131 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 31,687 32,850 32,850 11,866 0
Total Moved Kton 22,000 47,830 59,750 68,937 72,200 70,388 78,500 75,485 73,300 74,000 48,300 47,300 43,400 40,800 40,000 37,916 39,846 40,200 38,100 38,000 35,422 1,166 0 0 0 0
Tonnes per day Kton 122 131 189 189 198 193 215 207 201 203 132 130 119 112 110 104 109 110 104 104 97 90 90 90 90 0
Stripping ratio W/O 0.93 0.82 0.57 0.49 0.47 0.46 0.38 0.43 0.41 0.52 0.29 0.28 0.24 0.20 0.18 0.13 0.18 0.18 0.14 0.13 0.07 0.00 0.00 0.00 0.00 0.00
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Total Ore mined to crusher Kton 32,719 32,752 32,930 32,955 32,926 32,828 32,874 32,886 32,972 32,804 32,810 32,838 32,868 32,868 32,850 32,822 32,936 32,988 32,980 32,850 32,850 32,850 11,866 0
%CuT 0.99% 1.03% 0.92% 0.86% 0.72% 0.61% 0.62% 0.62% 0.66% 0.66% 0.62% 0.57% 0.56% 0.59% 0.50% 0.49% 0.50% 0.51% 0.59% 0.49% 0.45% 0.34% 0.34% 0.00%
%Mo 0.026% 0.024% 0.013% 0.014% 0.015% 0.015% 0.016% 0.015% 0.012% 0.013% 0.012% 0.013% 0.015% 0.018% 0.016% 0.014% 0.014% 0.015% 0.019% 0.014% 0.012% 0.010% 0.010% 0.000%
gr Ag 3.632 3.519 2.655 2.475 2.482 2.581 2.649 2.653 2.499 2.472 2.668 2.462 2.541 2.724 2.493 2.445 2.387 2.212 2.870 2.309 2.236 2.187 2.187 0.000
Cu recovery (%) 91.97% 92.43% 91.14% 90.77% 89.13% 87.11% 87.31% 87.06% 87.80% 88.06% 87.31% 86.25% 85.89% 86.60% 84.17% 84.06% 84.22% 84.46% 86.77% 83.55% 82.27% 76.64% 76.64% 0.00%
Mo recovery (%) 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00%
Ag recovery (%) 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0% 63.0%
Cu Contained (Kmt) 323.713 336.995 303.810 284.646 238.341 200.209 203.547 202.558 216.457 216.539 203.123 187.992 183.485 192.874 163.713 162.419 164.607 167.409 195.942 159.416 146.432 111.506 40.279 0.000
Mo Contained (Kmt) 8.500 7.882 4.195 4.583 4.876 5.057 5.273 4.768 3.969 4.415 3.928 4.130 4.963 5.985 5.138 4.590 4.664 4.958 6.402 4.542 4.096 3.129 1.130 0.000
Ag contained (oz) 3821 3705 2811 2622 2628 2724 2800 2805 2649 2608 2814 2599 2685 2879 2633 2581 2528 2346 3043 2439 2361 2310 834 0
Cu recovered (Kmt) 297.725 311.495 276.900 258.387 212.436 174.407 177.722 176.338 190.045 190.682 177.348 162.151 157.603 167.025 137.800 136.525 138.628 141.396 170.011 133.196 120.474 85.454 30.868 0.000
Mo recovered (Kmt) 4.675 4.335 2.307 2.521 2.682 2.782 2.900 2.623 2.183 2.428 2.160 2.271 2.730 3.292 2.826 2.524 2.565 2.727 3.521 2.498 2.253 1.721 0.622 0.000
Ag recovered (oz) 2407 2334 1771 1652 1655 1716 1764 1767 1669 1643 1773 1637 1691 1814 1659 1626 1593 1478 1917 1537 1487 1455 526 0
Cu Conc. Grade (%) 31.36% 32.28% 32.97% 31.71% 30.72% 30.01% 30.00% 30.40% 30.68% 30.15% 30.00% 30.01% 30.01% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 0.00%
Mo Conc. Grade (%) 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 0.0%
CONCENTRTE PRODUCTION
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
CONCENTRATE PRODUCTION Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25 Año 26 Año 27 Año 28 Año 29 Año 30 Año 31 Año 32
GRINDING
Ore to Flotation (ore from Crusher) Kton 32,719 32,752 32,930 32,955 32,926 32,828 32,874 32,886 32,972 32,804 32,810 32,838 32,868 32,868 32,850 32,822 32,936 32,988 32,980 32,850 32,850 32,850 11,866 0 0 0 0 0 0 0 0 0
%CuT 0.99% 1.03% 0.92% 0.86% 0.72% 0.61% 0.62% 0.62% 0.66% 0.66% 0.62% 0.57% 0.56% 0.59% 0.50% 0.49% 0.50% 0.51% 0.59% 0.49% 0.45% 0.34% 0.34% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
%Mo 0.03% 0.02% 0.01% 0.01% 0.01% 0.02% 0.02% 0.01% 0.01% 0.01% 0.01% 0.01% 0.02% 0.02% 0.02% 0.01% 0.01% 0.02% 0.02% 0.01% 0.01% 0.01% 0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
gr Ag 3.632 3.519 2.655 2.475 2.482 2.581 2.649 2.653 2.499 2.472 2.668 2.462 2.541 2.724 2.493 2.445 2.387 2.212 2.870 2.309 2.236 2.187 2.187 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Cu Kton 323.7 337.0 303.8 284.6 238.3 200.2 203.5 202.6 216.5 216.5 203.1 188.0 183.5 192.9 163.7 162.4 164.6 167.4 195.9 159.4 146.4 111.5 40.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Mo Kton 8.50 7.88 4.19 4.58 4.88 5.06 5.27 4.77 3.97 4.42 3.93 4.13 4.96 5.99 5.14 4.59 4.66 4.96 6.40 4.54 4.10 3.13 1.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Ag K Oz 3,821 3,705 2,811 2,622 2,628 2,724 2,800 2,805 2,649 2,608 2,814 2,599 2,685 2,879 2,633 2,581 2,528 2,346 3,043 2,439 2,361 2,310 834 0 0 0 0 0 0 0 0 0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041
CONCENTRATE IN PROCESS Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25 Año 26 Año 27 Año 28 Año 29 Año 30 Año 31 Año 32
Ore Milled Ktonnes 32,719 32,752 32,930 32,955 32,926 32,828 32,874 32,886 32,972 32,804 32,810 32,838 32,868 32,868 32,850 32,822 32,936 32,988 32,980 32,850 32,850 32,850 11,866 0 0 0 0 0 0 0 0 0
Copper contained in Ore Milled Cu Kton 323.7 337.0 303.8 284.6 238.3 200.2 203.5 202.6 216.5 216.5 203.1 188.0 183.5 192.9 163.7 162.4 164.6 167.4 195.9 159.4 146.4 111.5 40.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Mo contained in Ore Milled Mo Kton 8.50 7.88 4.19 4.58 4.88 5.06 5.27 4.77 3.97 4.42 3.93 4.13 4.96 5.99 5.14 4.59 4.66 4.96 6.40 4.54 4.10 3.13 1.13 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Silver contained in Ore Milled Ag K Oz 3,821 3,705 2,811 2,622 2,628 2,724 2,800 2,805 2,649 2,608 2,814 2,599 2,685 2,879 2,633 2,581 2,528 2,346 3,043 2,439 2,361 2,310 834 0 0 0 0 0 0 0 0 0
Plant Recoveries
Cu Recovery % 91.97% 92.43% 91.14% 90.77% 89.13% 87.11% 87.31% 87.06% 87.80% 88.06% 87.31% 86.25% 85.89% 86.60% 84.17% 84.06% 84.22% 84.46% 86.77% 83.55% 82.27% 76.64% 76.64% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Mo Recovery % 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 55.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Silver recovery % 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 63.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Copper Concentrate Produced Cu Kton 297.7 311.5 276.9 258.4 212.4 174.4 177.7 176.3 190.0 190.7 177.3 162.2 157.6 167.0 137.8 136.5 138.6 141.4 170.0 133.2 120.5 85.5 30.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
% Cu Conc 31.4% 32.3% 33.0% 31.7% 30.7% 30.0% 30.0% 30.4% 30.7% 30.1% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 30.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Kdmt 949.5 965.0 839.9 814.8 691.5 581.2 592.4 580.1 619.4 632.5 591.2 540.4 525.2 556.7 459.3 455.1 462.1 471.3 566.7 444.0 401.6 284.8 102.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ag K Oz 2,407 2,334 1,771 1,652 1,655 1,716 1,764 1,767 1,669 1,643 1,773 1,637 1,691 1,814 1,659 1,626 1,593 1,478 1,917 1,537 1,487 1,455 526 0 0 0 0 0 0 0 0 0
gr/dmt 78.9 75.2 65.6 63.1 74.5 91.8 92.6 94.7 83.8 80.8 93.3 94.2 100.2 101.3 112.3 111.1 107.2 97.5 105.2 107.6 115.2 158.9 158.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Moly Concentrate Produced Mo Kton 4.68 4.33 2.31 2.52 2.68 2.78 2.90 2.62 2.18 2.43 2.16 2.27 2.73 3.29 2.83 2.52 2.57 2.73 3.52 2.50 2.25 1.72 0.62 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
% Mo Conc 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 52.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Kdmt 8.99 8.34 4.44 4.85 5.16 5.35 5.58 5.04 4.20 4.67 4.15 4.37 5.25 6.33 5.43 4.85 4.93 5.24 6.77 4.80 4.33 3.31 1.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Data from : Mine plan
MINE COSTS - US$ Real
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Año -3 Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Total Plan
Total Ore mined Kton 1,372 7,759 23,588 32,752 32,930 32,955 32,926 32,828 32,874 32,886 32,972 32,804 32,810 32,838 32,868 32,868 32,850 32,822 32,936 32,988 32,980 1,163 0 0 0 625,768
Total Waste Kton 20,519 39,188 33,893 33,568 34,032 32,504 29,573 32,336 30,167 38,214 14,056 13,367 10,590 7,962 7,132 5,048 6,996 7,378 5,164 5,012 2,442 3 0 0 0 409,146
Total Mined production Kton 21,891 46,947 57,481 66,320 66,963 65,459 62,499 65,164 63,041 71,100 47,028 46,171 43,400 40,800 40,000 37,916 39,846 40,200 38,100 38,000 35,422 1,166 0 0 0 1,034,915
Ore to stockpile Kton 109 884 2,269 2,617 5,237 4,929 16,001 10,320 10,259 2,900 1,272 1,129 0 0 0 0 0 0 0 0 0 0 0 0 0 57,926
Rehandling Kton 0 0 9,131 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 31,687 32,850 32,850 11,866 118,384
Total Moved Kton 22,000 47,830 68,881 68,937 72,200 70,388 78,500 75,485 73,300 74,000 48,300 47,300 43,400 40,800 40,000 37,916 39,846 40,200 38,100 38,000 35,422 32,853 32,850 32,850 11,866 1,211,225
0
Mine cash costs
Mine Administration KUS$ 1,268 2,039 2,233 2,233 2,233 2,233 2,233 2,233 2,233 2,233 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 47,945
Drilling KUS$ 651 1,554 2,243 2,733 3,002 3,090 3,402 3,374 3,201 3,155 2,187 2,142 1,853 1,562 1,671 1,677 1,785 1,861 1,577 1,621 1,610 118 0 0 0 46,068
Blasting KUS$ 2,372 5,129 6,300 7,181 7,501 7,349 8,169 7,871 7,659 7,694 5,267 5,170 4,803 4,564 4,491 4,295 4,477 4,510 4,313 4,304 4,061 139 0 0 0 117,619
Loading - Front-end loader KUS$ 215 712 975 776 803 1,125 1,044 1,203 1,085 780 615 338 355 380 0 0 0 0 0 0 0 0 0 0 0 10,408
Loading - Shovels KUS$ 1,469 2,827 3,404 3,765 5,190 5,684 5,805 5,208 5,102 5,791 3,803 3,684 3,379 3,160 3,503 3,244 3,508 3,431 3,062 3,079 2,877 2,880 2,814 2,814 987 90,471
Hauling KUS$ 5,591 10,160 13,226 21,861 14,919 19,679 18,371 21,318 14,500 23,836 9,849 6,697 9,603 8,893 9,867 10,056 11,162 10,697 11,096 11,004 10,015 4,997 4,901 6,431 3,170 291,898
Dewatering KUS$ 93 164 167 134 138 419 449 478 508 537 566 596 625 654 684 713 743 772 801 831 860 0 0 0 0 10,932
Mine Services (Aux.Equipment) KUS$ 1,141 2,602 3,456 3,386 3,984 3,553 4,403 3,889 3,951 3,677 2,421 1,994 2,125 1,773 1,827 1,692 1,807 1,828 1,595 1,791 1,478 1,245 1,066 1,103 851 58,639
Infill drilling KUS$ 0
Truck Shop KUS$ 0
Other Mine process / expenses KUS$ 654 902 2,020 2,041 2,051 2,062 2,088 2,088 2,088 2,088 1,865 1,741 1,658 1,658 1,572 1,592 1,592 1,592 1,592 1,592 1,592 405 285 285 179 37,281
Rehandling KUS$ 0 0 2,054 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7,130 7,391 7,391 2,670 26,637
Grand Total KUS$ 0 13,455 26,089 36,078 44,110 39,818 45,195 45,965 47,662 40,326 49,791 28,358 24,147 26,186 24,428 25,400 25,055 26,859 26,477 25,822 26,007 24,278 18,698 18,241 19,809 9,642 737,896
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Unit Mine Cash Cost (US$ /ton mined) Año -3 Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23
Mine Administration US$/ton mined 0.058 0.043 0.039 0.034 0.033 0.034 0.036 0.034 0.035 0.031 0.038 0.039 0.041 0.044 0.045 0.047 0.045 0.044 0.047 0.047 0.050 1.531 0.054 0.054 0.150 0.046
Drilling US$/ton mined 0.030 0.033 0.039 0.041 0.045 0.047 0.054 0.052 0.051 0.044 0.047 0.046 0.043 0.038 0.042 0.044 0.045 0.046 0.041 0.043 0.045 0.101 0.000 0.000 0.000 0.045
Blasting US$/ton mined 0.108 0.109 0.110 0.108 0.112 0.112 0.131 0.121 0.121 0.108 0.112 0.112 0.111 0.112 0.112 0.113 0.112 0.112 0.113 0.113 0.115 0.119 0.000 0.000 0.000 0.114
Loading - Front-end loader US$/ton mined 0.010 0.015 0.017 0.012 0.012 0.017 0.017 0.018 0.017 0.011 0.013 0.007 0.008 0.009 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.010
Loading - Shovels US$/ton mined 0.067 0.060 0.059 0.057 0.078 0.087 0.093 0.080 0.081 0.081 0.081 0.080 0.078 0.077 0.088 0.086 0.088 0.085 0.080 0.081 0.081 2.470 0.086 0.086 0.083 0.087
Hauling US$/ton mined 0.255 0.216 0.230 0.330 0.223 0.301 0.294 0.327 0.230 0.335 0.209 0.145 0.221 0.218 0.247 0.265 0.280 0.266 0.291 0.290 0.283 4.285 0.149 0.196 0.267 0.282
Dewatering US$/ton mined 0.004 0.003 0.003 0.002 0.002 0.006 0.007 0.007 0.008 0.008 0.012 0.013 0.014 0.016 0.017 0.019 0.019 0.019 0.021 0.022 0.024 0.000 0.000 0.000 0.000 0.011
Auxiliary Services(Aux.Equipment) US$/ton mined 0.052 0.055 0.060 0.051 0.059 0.054 0.070 0.060 0.063 0.052 0.051 0.043 0.049 0.043 0.046 0.045 0.045 0.045 0.042 0.047 0.042 1.067 0.032 0.034 0.072 0.057
Infill drilling US$/ton mined 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Truck Shop US$/ton mined 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Other Mine process / expenses US$/ton mined 0.030 0.019 0.035 0.031 0.031 0.032 0.033 0.032 0.033 0.029 0.040 0.038 0.038 0.041 0.039 0.042 0.040 0.040 0.042 0.042 0.045 0.347 0.009 0.009 0.015 0.036
Rehandling US$/ton mined 0.000 0.000 0.036 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 6.114 0.225 0.225 0.225 0.026
Total Mine (No including Crushing) US$/ton mined 0 0.615 0.556 0.628 0.665 0.595 0.690 0.735 0.731 0.640 0.700 0.603 0.523 0.603 0.599 0.635 0.661 0.674 0.659 0.678 0.684 0.685 16.035 0.555 0.603 0.813 0.713
CONCENTRATOR COSTS - US$ Real
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Total
COST Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23
Plan
Total Milled ore Kton 0 32,719 32,752 32,930 32,955 32,926 32,828 32,874 32,886 32,972 32,804 32,810 32,838 32,868 32,868 32,850 32,822 32,936 32,988 32,980 32,850 32,850 32,850 11,866 735,022
Crushing KUS$ 2,869 2,872 2,888 2,890 2,888 2,879 2,883 2,884 2,892 2,877 2,877 2,880 2,883 2,883 2,881 2,878 2,888 2,893 2,892 2,881 2,881 2,881 1,041 64,461
Grinding KUS$ 48,476 48,526 48,789 48,826 48,783 48,639 48,706 48,723 48,852 48,602 48,611 48,653 48,697 48,697 48,671 48,629 48,798 48,875 48,863 48,671 48,671 48,671 17,581 1,089,009
Pebbles Plant KUS$ 23 23 23 23 23 23 23 23 24 23 23 23 23 23 23 23 23 24 24 23 23 23 8 524
Flotacion KUS$ 16,680 16,697 16,788 16,800 16,786 16,736 16,759 16,765 16,809 16,723 16,726 16,741 16,756 16,756 16,747 16,733 16,791 16,817 16,813 16,747 16,747 16,747 6,049 374,714
Thickeners KUS$ 3,641 3,645 3,665 3,668 3,664 3,653 3,659 3,660 3,670 3,651 3,651 3,655 3,658 3,658 3,656 3,653 3,665 3,671 3,670 3,656 3,656 3,656 1,321 81,801
Tailing KUS$ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Reagents KUS$ 512 513 515 516 515 514 514 515 516 513 513 514 514 514 514 514 515 516 516 514 514 514 186 11,503
Pipeline KUS$ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Shiploading KUS$ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Water KUS$ 8,235 8,244 8,289 8,295 8,288 8,263 8,274 8,277 8,299 8,257 8,258 8,265 8,273 8,273 8,269 8,261 8,290 8,303 8,301 8,268 8,268 8,268 2,987 185,006
Laboratories KUS$ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other expenses (Moly Plant) KUS$ 8,307 8,316 8,361 8,367 8,360 8,335 8,347 8,350 8,372 8,329 8,330 8,338 8,345 8,345 8,341 8,334 8,362 8,376 8,374 8,341 8,341 8,341 3,013 186,622
Milling Maintenance Support KUS$ 844 845 850 851 850 847 848 849 851 847 847 848 848 848 848 847 850 851 851 848 848 848 306 18,971
Milling Management KUS$ 1,685 1,686 1,696 1,697 1,695 1,690 1,693 1,693 1,698 1,689 1,689 1,691 1,692 1,692 1,691 1,690 1,696 1,699 1,698 1,691 1,691 1,691 611 37,846
Concentrate Plant Administration KUS$ 654 655 659 659 659 657 657 658 659 656 656 657 657 657 657 656 659 660 660 657 657 657 237 14,700
Subtotal KUS$ 0 91,928 92,023 92,522 92,591 92,511 92,236 92,364 92,397 92,641 92,168 92,185 92,263 92,348 92,348 92,299 92,218 92,538 92,684 92,663 92,297 92,297 92,297 33,340 2,065,158
Tailing KUS$ 5,858 5,858 5,858 5,858 5,858 5,858 5,858 5,858 5,858 5,858 5,858 5,858 5,858 5,858 5,858 5,858 5,858 6,858 6,858 6,858 6,858 6,858 1,714 135,585
Pipeline Transport KUS$ 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 1,643 411 36,557
Filter Plant KUS$ 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 3,231 808 71,881
Grand Total KUS$ 0 102,660 102,754 103,254 103,323 103,242 102,968 103,095 103,129 103,372 102,899 102,916 102,995 103,079 103,079 103,030 102,950 103,269 104,415 104,394 104,028 104,029 104,029 36,273 2,309,181
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Unit Plant Cash Cost (US$ /ton milled) Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23
Chushing US$/ton milled 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.088 0.0877
Grinding US$/ton milled 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.482 1.4816
Pebbels Plant US$/ton milled 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.001 0.0007
Flotacion US$/ton milled 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.510 0.5098
Thickeners US$/ton milled 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.111 0.1113
Tailing US$/ton milled 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.0000
Reagents US$/ton milled 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.016 0.0157
Pipeline US$/ton milled 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.0000
Shiploading US$/ton milled 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.0000
Water US$/ton milled 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.252 0.2517
Laboratories US$/ton milled 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.0000
Other expenses (Moly Plant) US$/ton milled 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.254 0.2539
Milling Maintenance Support US$/ton milled 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.026 0.0258
Metallurgy Department cost US$/ton milled 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.051 0.0515
Concentrate Plant Administration US$/ton milled 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.020 0.0200
Grand Total US$/ton milled 0.00 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810 2.810
Tailing US$/ton milled 0.179 0.179 0.178 0.178 0.178 0.178 0.178 0.178 0.178 0.179 0.179 0.178 0.178 0.178 0.178 0.178 0.178 0.208 0.208 0.209 0.209 0.209 0.144 0.184
Pipeline Transport US$/ton milled 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.050 0.035 0.050
Filter Plant US$/ton milled 0.099 0.099 0.098 0.098 0.098 0.098 0.098 0.098 0.098 0.098 0.098 0.098 0.098 0.098 0.098 0.098 0.098 0.098 0.098 0.098 0.098 0.098 0.068 0.098
Grand Total US$/ton milled 3.138 3.137 3.136 3.135 3.136 3.137 3.136 3.136 3.135 3.137 3.137 3.136 3.136 3.136 3.136 3.137 3.135 3.165 3.165 3.167 3.167 3.167 3.057 3.142
INDIRECT COSTS - US$ Real
Indirect Costs Module

(US$ 000)
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
General & Administrative Expenses Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23
Manpower Costs General Management 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 104
Human Resources 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 89
Finance & Administration 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 122
EH&S 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 73
Sub Total G&A Salaries 0 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 1,550 388
General Expenses Consultants 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 550 275 275 275 69
External Legal Consultants 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 50 50 50 13
Corporate Affairs 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 75 75 75 19
Mining Claims 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 50 50 50 13
Management MIT 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 150 150 150 38
Office rental SJ 96 96 96 96 96 96 96 96 96 96 96 96 96 96 96 96 96 96 96 48 48 48 12
House rental SJ 144 144 144 144 144 144 144 144 144 144 144 144 144 144 144 144 144 144 144 72 72 72 18
Pick-up trucks 874 874 874 874 874 874 874 874 874 874 874 874 874 874 874 874 874 874 874 437 437 437 109
Insurance 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 2,000 1,000 1,000 1,000 250
Security Services 439 439 439 439 439 439 439 439 439 439 439 439 439 439 439 439 439 439 439 219 219 219 55
Marketing Services from CBU 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 200 200 200 50
Permits 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 125 125 125 31
Camp Costs 4,407 4,407 4,407 4,407 4,407 4,407 4,407 4,407 4,407 4,407 4,407 4,407 4,407 4,407 4,407 4,407 4,407 4,407 4,407 1,102 1,102 1,102 275
Airplane Service 5,338 5,338 5,338 5,338 5,338 5,338 5,338 5,338 5,338 5,338 5,338 5,338 5,338 5,338 5,338 5,338 5,338 5,338 5,338 2,669 2,669 2,669 667
On-site Transport 271 271 271 271 271 271 271 271 271 271 271 271 271 271 271 271 271 271 271 135 135 135 34
Warehouse Management 336 336 336 336 336 336 336 336 336 336 336 336 336 336 336 336 336 336 336 168 168 168 42
Help Desk 205 205 205 205 205 205 205 205 205 205 205 205 205 205 205 205 205 205 205 102 102 102 26
Maintenance Software 262 262 262 262 262 262 262 262 262 262 262 262 262 262 262 262 262 262 262 131 131 131 33
Maintenance Photocopier 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 25 25 25 6
Water rights 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 75 75 75 19
Medical Services 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 500 250 250 250 63
Community Relations 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 25 25 25 6
Training 375 375 375 375 375 375 375 375 375 375 375 375 375 375 375 375 375 375 375 188 188 188 47
Travel expenses 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 50 50 50 13
Combustible 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 50 50 50 13
General 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 50 50 50 13
Sub Total G&A Expenses 0 17,646 17,646 17,646 17,646 17,646 17,646 17,646 17,646 17,646 17,646 17,646 17,646 17,646 17,646 17,646 17,646 17,646 17,646 17,646 7,721 7,721 7,721 1,930
Grand Total of G&A Costs - (USD$ 000) 0 19,196 19,196 19,196 19,196 19,196 19,196 19,196 19,196 19,196 19,196 19,196 19,196 19,196 19,196 19,196 19,196 19,196 19,196 19,196 9,271 9,271 9,271 2,318
Maintenance Overhead Costs - ( US$ 000) Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23
Labour 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 152
Consultants 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 13 13 13 3
Access Road Miantenance 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 400 400 400 100
Maintenance Radio 116 116 116 116 116 116 116 116 116 116 116 116 116 116 116 116 116 116 116 29 29 29 7
Communication 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 300 75 75 75 19
Potable Water 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 150 38 38 38 9
Building Maintenance 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 200 50 50 50 13
Equipment Rental 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 400 100 100 100 25
Electrical Power Site 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 250 63 63 63 16
Travel expenses 25 25 25 25 25 25 25 25 25 25 25 25 25 25 25 25 25 25 25 6 6 6 2
Combustible 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 25 25 25 6
Clousore cost of Mine 75,000
General 25 25 25 25 25 25 25 25 25 25 25 25 25 25 25 25 25 25 25 6 6 6 2
Total Maintenance cost 3,823 3,823 3,823 3,823 3,823 3,823 3,823 3,823 3,823 3,823 3,823 3,823 3,823 3,823 3,823 3,823 3,823 3,823 3,823 1,411 1,411 1,411 75,353
TOTAL INDIRECT COST - (US$ 000) 0 23,019 23,019 23,019 23,019 23,019 23,019 23,019 23,019 23,019 23,019 23,019 23,019 23,019 23,019 23,019 23,019 23,019 23,019 23,019 10,682 10,682 10,682 77,670
23019 23019 23019 23019 23019 23019 23019 23019 23019 23019 23019 23019 23019 23019 23019 23019 23019 23019 23019 10000 10000 10000 2500
G & A Costs
Non Include salaries Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23
General Management
Labour Salary Table
Consultants Provision 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 150,000 150,000 150,000 150,000
External Legal Consultants Provision 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 50,000 50,000 50,000 50,000
Corporate Affairs Provision 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 75,000 75,000 75,000 75,000
Mining Claims Provision 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 100,000 50,000 50,000 50,000 50,000
Management MIT Provision 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 150,000 150,000 150,000 150,000
Office rental SJ Detailed in Annex 96,000 96,000 96,000 96,000 96,000 96,000 96,000 96,000 96,000 96,000 96,000 96,000 96,000 96,000 96,000 96,000 96,000 96,000 96,000 48,000 48,000 48,000 48,000
House rental SJ Detailed in Annex 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 144,000 72,000 72,000 72,000 72,000
Pick-up trucks Detailed in Annex 873,600 873,600 873,600 873,600 873,600 873,600 873,600 873,600 873,600 873,600 873,600 873,600 873,600 873,600 873,600 873,600 873,600 873,600 873,600 436,800 436,800 436,800 436,800
Insurance Detailed in Annex 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 2,000,000 1,000,000 1,000,000 1,000,000 1,000,000
Security Services Detailed in Annex 438,696 438,696 438,696 438,696 438,696 438,696 438,696 438,696 438,696 438,696 438,696 438,696 438,696 438,696 438,696 438,696 438,696 438,696 438,696 219,348 219,348 219,348 219,348
Marketing Services from CBU Provision 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 200,000 200,000 200,000 200,000
Permits 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 125,000 125,000 125,000 125,000
Training Provision 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 12,500 12,500 12,500 12,500
Travel expenses Provision 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 12,500 12,500 12,500 12,500
Combustible Provision 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 12,500 12,500 12,500 12,500
General Provision 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 12,500 12,500 12,500 12,500
Total - 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 5,252,296 2,626,148 2,626,148 2,626,148 2,626,148
Human Resources
Labour Salary Table
Camp Costs Detailed in Annex 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 4,407,325 1,101,831 1,101,831 1,101,831 1,101,831
Airplane Service Detailed in Annex 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 5,338,000 2,669,000 2,669,000 2,669,000 2,669,000
On-site Transport Detailed in Annex 270,576 270,576 270,576 270,576 270,576 270,576 270,576 270,576 270,576 270,576 270,576 270,576 270,576 270,576 270,576 270,576 270,576 270,576 270,576 135,288 135,288 135,288 135,288
Total - 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 10,440,901 4,118,619 4,118,619 4,118,619 4,118,619
Finance & Administration

Labour Salary Table
Warehouse Management Detailed in Annex 336,040 336,040 336,040 336,040 336,040 336,040 336,040 336,040 336,040 336,040 336,040 336,040 336,040 336,040 336,040 336,040 336,040 336,040 336,040 168,020 168,020 168,020 168,020
Help Desk Detailed in Annex 204,912 204,912 204,912 204,912 204,912 204,912 204,912 204,912 204,912 204,912 204,912 204,912 204,912 204,912 204,912 204,912 204,912 204,912 204,912 102,456 102,456 102,456 102,456
Maintenance Software Detailed in Annex 261,500 261,500 261,500 261,500 261,500 261,500 261,500 261,500 261,500 261,500 261,500 261,500 261,500 261,500 261,500 261,500 261,500 261,500 261,500 130,750 130,750 130,750 130,750
Maintenance Photocopier Provision 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 25,000 25,000 25,000 25,000
Total - 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 1,027,452 513,726 513,726 513,726 513,726
EHS
Labour Salary Table
Water rights Provision 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 25,000 25,000 25,000 25,000
Medical Services Provision 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 75,000 75,000 75,000 75,000
Community Relations Provision 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 500,000 250,000 250,000 250,000 250,000
Total - 925,000 925,000 925,000 925,000 925,000 925,000 925,000 925,000 925,000 925,000 925,000 925,000 925,000 925,000 925,000 925,000 925,000 925,000 925,000 462,500 462,500 462,500 462,500
Total G&A 0 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 17,645,649 7,720,993 7,720,993 7,720,993 7,720,993
t processed/year 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000 32,850,000
US$/t 0.537 0.537 0.537 0.537 0.537 0.537 0.537 0.537 0.537 0.537 0.537 0.537 0.537 0.537 0.537 0.537 0.537 0.537 0.537 0.235 0.235 0.235 0.235
Maintanance Overhead Costs (US$ INPUT) Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23
Labour Salary Table
Access Road Miantenance Provision 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 1,600,000 400,000 400,000 400,000 400,000
Maintenance Radio Detailed in Annex 116,124 116,124 116,124 116,124 116,124 116,124 116,124 116,124 116,124 116,124 116,124 116,124 116,124 116,124 116,124 116,124 116,124 116,124 116,124 29,031 29,031 29,031 29,031
Communication 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 300,000 75,000 75,000 75,000 75,000
Potable Water Provision 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 37,500 37,500 37,500 37,500
Building Maintenance Provision 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 200,000 50,000 50,000 50,000 50,000
Equipment Rental Provision 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 400,000 100,000 100,000 100,000 100,000
Electrical Power Site Provision 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 250,000 62,500 62,500 62,500 62,500
Total Maintenance 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 3,216,124 804,031 804,031 804,031 804,031
MANPOWER MODULE
CONCENTRATE PRODUCTION - Ktonnes 0.0 0.0 297.7 311.5 276.9 258.4 212.4 174.4 177.7 176.3 190.0 190.7 177.3 162.2 157.6 167.0 137.8 136.5 138.6 141.4 170.0 133.2 120.5 85.5 30.9
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23
MANPOWER - COSTS (US$ 000)
GENERAL MANAGEMENT 380 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416 416
TOTAL MINE 1,268 2,039 2,233 2,233 2,233 2,233 2,233 2,233 2,233 2,233 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785
TOTAL PLANT 0 628 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759 1,759
TOTAL MAINTENANCE 0 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607 607
TOTAL HUMAN RESOURCES 300 300 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355 355
TOTAL ADMINISTRATION 349 349 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487 487
TOTAL EH& S 242 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292 292
TOTAL DEVELOPEMENT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL PORT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
MOLY PLANT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
GRAND TOTAL - (USD$ 000) 2,540 4,630 6,149 6,149 6,149 6,149 6,149 6,149 6,149 6,149 5,701 5,701 5,701 5,701 5,701 5,701 5,701 5,701 5,701 5,701 5,701 5,701 5,701 5,701 5,701
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23
MANPOWER - PEOPLE
GENERAL MANAGEMENT 4 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7
TOTAL MINE 82 147 164 164 164 164 164 164 164 164 122 122 122 122 122 122 122 122 122 122 122 122 122 122 122
TOTAL PLANT 0 32 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123 123
TOTAL MAINTENANCE 0 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30 30
TOTAL HUMAN RESOURCES 9 9 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14
TOTAL ADMINISTRATION 12 12 21 21 21 21 21 21 21 21 21 21 21 21 21 21 21 21 21 21 21 21 21 21 21
TOTAL EH& S 10 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14 14
TOTAL DEVELOPEMENT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL PORT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
MOLY PLANT
GRAND TOTAL - PEOPLE 117 251 373 373 373 373 373 373 373 373 331 331 331 331 331 331 331 331 331 331 331 331 331 331 331
CAPITAL EXPENDITURES (US$ 000)
2005 2006 2007 2008 2009 2010 2011
1a) Capital Expenditures in Argentina FACTOR Año -5 Año -4 Año -3 Año -2 Año -1 Año 1 Año 2
100 Administration & Services (US$ 000) 100% 0 0 0 0 0 0 0
101 Housing in San Juan
110 Mobile Equipment
190 Other Adm & Services
300 Mining (US$ 000) 100% 0 0 10,502 49,733 75,847 0

311 Mine Equipment 9,294 32,106 43,090
330 Pre-production Stripping 13,455 27,158
340 Explosives Handling Facilities
350 Pit Electrification 329 1,137 1,526
360 Open Pit Water Mangement 220 762 1,022
390 Other Mining investment 658 2,274 3,052
400 Electrical & Communications (US$ 000) 100% 0 0 3,214 11,101 14,899 0 0
420 Main Sub Station 2,807 9,695 13,012
430 Secondary Sub-Station
440 Distribution Line 23 Kv 352 1,216 1,632
450 Generators
460 Communications 55 190 255
490 Other Electrical & Communicacions Item
500 Infrastructure (US$ 000) 100% 0 0 7,782 26,885 36,082 0 0

505 Road improvement Chile
510 Access Road from Chile 1,606 5,548 7,446
512 Road Up-grade Argentina
515 On-Site Roads
520 Tunnel
525 Airstrip
530 Camp Site
535 Water Distribution 145 499 670
540 Sewage Disposal System
545 Waste Disposal System
550 Administration Complex
555 Warehouse Complex 2,452 8,470 11,368
560 Truck Shop
565 Fuel Handling
575 Customs & Immigration Building
590 Other Infrastructures 3,580 12,367 16,598
Año -5 Año -4 Año -3 Año -2 Año -1 Año 1 Año 2

600 Ore Handling & Processing (US$ 000) 100% 0 0 31,328 108,223 145,247 0 0
601 General Equipment
605 Pyrite Flotation Plant
610 Crushers 6,787 23,445 31,466
611 Ore Handling
620 Grinding 12,518 43,244 58,038
630 Flotation 5,643 19,494 26,163
640 Reagents 1,254 4,332 5,814
650 Thickening & Storage 3,278 11,324 15,198
660 Secondary Moly Circuits 1,848 6,384 8,568
670 Mill Services
675 Mill Facilities
680 Laboratory
690 Electrical / Control Room
699 Other Ore Handling item
700 Concentrate Handling (US$ 000) 100% 0 0 0 0 0 0 0

710 Concentrate Pumps & Storage Tank
720 Pipeline & Valves
730 Concentrate Filter
740 Storage & Conveyor Loading
760 Water Disposal System
790 Other Concentrate Handling item
800 Tailing & Water Management (US$ 000) 100% 0 0 8,076 27,900 37,445 0 0
805 Tailings Tunnel 3,427 11,837 15,887
810 Tailings Disposal Pipeline 1,629 5,626 7,550
815 Hydrcyclone
820 Tailings Dam
825 Spillway
830 Water reclaim 436 1,506 2,021
835 Fresh Water Reservoir
840 Fresh Water 2,023 6,987 9,377
850 Process Water 563 1,945 2,610
860 Closure
890 Other Tailings & W.M. investment
Año -5 Año -4 Año -3 Año -2 Año -1 Año 1 Año 2

900 Indirects (US$ 000) 100% 0 0 30,957 101,258 135,899 0 0
910 Construction Building Facilities 16,739 57,825 77,608
920 Aggregate Plant
930 Concrete Plant
940 Equipment & Tolls 1,402 4,842 6,499
945 Service personnel / Equipment /Maintenance
950 Freight
955 Engineering 369 1,273 1,709
960 PCM
970 Construction Personnel R&B, Transportation 6,222 21,493 28,846
975 Temporary Power Generation
980 First Fill 1,646
990 Right of Ways
992 Permits
997 Owner's Costs 3,166 10,938 14,680
998 Vendor Representatives 885 3,057 4,103
999 Other Indirect items 530 1,830 2,456
Contigency (US$ 000) 100% 0 0 13,869 47,912 64,302 0
Total Capex in Argentina (US$ 000) 0 0 105,728 373,012 509,722 0 0

Ongoing Capex (US$ 000)
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
2a) Ongoing Capex in Argentina Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23
100 Administration & Services (US$ 000) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

101 Housing in San Juan
110 Mobile Equipment
190 Other Adm & Services
300 Mining (US$ 000) 0 0 8,700 0 0 0 670 1,340 0 1,230 8,610 9,580 5,740 2,960 0 5,740 470 700 670 5,740 0 0 0 0 0
311 Equipment 8,700 670 1,340 1,230 8,610 9,580 5,740 2,960 5,740 470 700 670 5,740 0 0 0 0 0
330 Pre-production Stripping
340 Explosives Handling Facilities
350 Pit Electrification
360 Open Pit Water Mangement
390 Other Mining investment
600 Ore Handling & Processing (US$ 000) 0 0 0 7,000 2,000 7,000 2,000 7,000 1,000 6,000 1,000 6,000 0 0 5,000 0 0 0 5,000 0 0 0 0 0 0
601 General Equipment 5,000 5,000 5,000 5,000 5,000 5,000 5,000
605 Pyrite Flotation Plant
610 Crushers & Ore Handling
620 Grinding
630 Flotation
640 Reagents
650 Thickening & Storage
660 Secondary Moly Circuits
670 Mill Services
675 Mill Facilities
680 Laboratory
690 Electrical / Control Room
699 Other Ore Handling item 2,000 2,000 2,000 2,000 2,000 1,000 1,000 1,000 1,000 0
800 Tailing & Water Management (US$ 000) 0 0 2,800 0 0 0 0 0 0 2,800 0 0 0 0 0 0 0 0 0 0 0 0 2,000 0 0
805 Tailings Tunnel
810 Tailings Disposal Pipeline
815 Hydrcyclone
820 Tailings Dam 2,800 2,800 2,000
825 Spillway
830 Water reclaim
835 Fresh Water Reservoir
840 Fresh Water
850 Process Water
860 Closure
890 Other Tailings & W.M. investment
Ongoing Capex in Argentina (US$ 000) 0 0 11,500 7,000 2,000 7,000 2,670 8,340 1,000 10,030 9,610 15,580 5,740 2,960 5,000 5,740 470 700 5,670 5,740 0 0 2,000 0 0
PACHON T&S - CHILE

Ongoing Capex (US$ 000) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
2b) Ongoing Capex in Chile Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23
Ongoing Capex in Chile (US$ 000) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
TOTAL ONGOING CAPEX (US$ 000) 0 0 11,500 7,000 2,000 7,000 2,670 8,340 1,000 10,030 9,610 15,580 5,740 2,960 5,000 5,740 470 700 5,670 5,740 0 0 2,000 0 0
Financial Depreciation
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25
Total Ore Process 735,022 32,719 32,752 32,930 32,955 32,926 32,828 32,874 32,886 32,972 32,804 32,810 32,838 32,868 32,868 32,850 32,822 32,936 32,988 32,980 32,850 32,850 32,850 11,866 0 0
US$ 000
Depreciation of Capital Expenditures in Argentina Years for linear Depreciation Capex
100 Administration & Services (US$ 000) 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
300 Mining (US$ 000) 10 136,082 -13,608 -13,608 -13,608 -13,608 -13,608 -13,608 -13,608 -13,608 -13,608 -13,608 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
400 Electrical & Communications (US$ 000) 10 29,214 -2,921 -2,921 -2,921 -2,921 -2,921 -2,921 -2,921 -2,921 -2,921 -2,921 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
500 Infrastructure (US$ 000) 10 70,750 -7,075 -7,075 -7,075 -7,075 -7,075 -7,075 -7,075 -7,075 -7,075 -7,075 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
600 Ore Handling & Processing (US$ 000) 10 284,798 -28,480 -28,480 -28,480 -28,480 -28,480 -28,480 -28,480 -28,480 -28,480 -28,480 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
700 Concentrate Handling (US$ 000) 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
800 Tailing & Water Management (US$ 000) 10 73,422 -7,342 -7,342 -7,342 -7,342 -7,342 -7,342 -7,342 -7,342 -7,342 -7,342 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
900 Indirects (US$ 000) 10 268,114 -26,811 -26,811 -26,811 -26,811 -26,811 -26,811 -26,811 -26,811 -26,811 -26,811 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Contigency (US$ 000) 10 126,083 -12,608 -12,608 -12,608 -12,608 -12,608 -12,608 -12,608 -12,608 -12,608 -12,608 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Totals from Argentina Total 988,463 -98,846 -98,846 -98,846 -98,846 -98,846 -98,846 -98,846 -98,846 -98,846 -98,846 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
US$ 000
Depreciation of Capital Expenditures in Chile Years for linear Depreciation Capex
500 Infrastructure (US$ 000) 20 54,590 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 -2,730 0 0 0 0 0
Filtering Plant 10 20,000 -2,000 -2,000 -2,000 -2,000 -2,000 -2,000 -2,000 -2,000 -2,000 -2,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
700 Concentrate Handling (US$ 000) 20 47,230 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 -2,361 0 0 0 0 0
900 Indirects (US$ 000) 20 36,145 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 -1,807 0 0 0 0 0
Contigency (US$ 000) 20 3,122 -156 -156 -156 -156 -156 -156 -156 -156 -156 -156 -156 -156 -156 -156 -156 -156 -156 -156 -156 -156 0 0 0 0 0
Totals from Chile Total 161,087 -9,054 -9,054 -9,054 -9,054 -9,054 -9,054 -9,054 -9,054 -9,054 -9,054 -7,054 -7,054 -7,054 -7,054 -7,054 -7,054 -7,054 -7,054 -7,054 -7,054 0 0 0 0 0
US$ 000
Depreciation of Ongoing Capital Expenditures Years for linear Depreciation Capex
Depreciation of Argentina's Ongoing Capex 10 108,750 0 -1,150 -1,850 -2,050 -2,750 -3,017 -3,851 -3,951 -4,954 -5,915 -7,473 -6,897 -6,493 -6,793 -6,667 -6,452 -5,706 -6,416 -6,369 -5,408 -3,850 -3,943 -3,647 -3,147 0
Depreciation of Chile's Ongoing Capex 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation of Ongoing Capex Total 108,750 0 0 -1,150 -1,850 -2,050 -2,750 -3,017 -3,851 -3,951 -4,954 -5,915 -7,473 -6,897 -6,493 -6,793 -6,667 -6,452 -5,706 -6,416 -6,369 -5,408 -3,850 -3,943 -3,647 -3,147 0
Total Financial Depreciation (Linear) Total 1,258,300 0 -107,901 -109,051 -109,751 -109,951 -110,651 -110,918 -111,752 -111,852 -112,855 -113,816 -14,527 -13,951 -13,547 -13,847 -13,721 -13,507 -12,760 -13,470 -13,424 -12,463 -3,850 -3,943 -3,647 -3,147 0
Financial 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Linear Depreciation of ARGENTINA's Ongoing Capex Years for linear Depreciation US$ Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25
Year 1 10 11,500 -1,150 -1,150 -1,150 -1,150 -1,150 -1,150 -1,150 -1,150 -1,150 -1,150 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 2 10 7,000 -700 -700 -700 -700 -700 -700 -700 -700 -700 -700 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 3 10 2,000 -200 -200 -200 -200 -200 -200 -200 -200 -200 -200 0 0 0 0 0 0 0 0 0 0 0 0
Year 4 10 7,000 -700 -700 -700 -700 -700 -700 -700 -700 -700 -700 0 0 0 0 0 0 0 0 0 0 0
Year 5 10 2,670 -267 -267 -267 -267 -267 -267 -267 -267 -267 -267 0 0 0 0 0 0 0 0 0 0
Year 6 10 8,340 -834 -834 -834 -834 -834 -834 -834 -834 -834 -834 0 0 0 0 0 0 0 0 0
Year 7 10 1,000 -100 -100 -100 -100 -100 -100 -100 -100 -100 -100 0 0 0 0 0 0 0 0
Year 8 10 10,030 -1,003 -1,003 -1,003 -1,003 -1,003 -1,003 -1,003 -1,003 -1,003 -1,003 0 0 0 0 0 0 0
Year 9 10 9,610 -961 -961 -961 -961 -961 -961 -961 -961 -961 -961 0 0 0 0 0 0
Year 10 10 15,580 -1,558 -1,558 -1,558 -1,558 -1,558 -1,558 -1,558 -1,558 -1,558 -1,558 0 0 0 0 0
Year 11 10 5,740 -574 -574 -574 -574 -574 -574 -574 -574 -574 -574 0 0 0 0
Year 12 10 2,960 -296 -296 -296 -296 -296 -296 -296 -296 -296 -296 0 0 0
Year 13 10 5,000 -500 -500 -500 -500 -500 -500 -500 -500 -500 -500 0 0
Year 14 10 5,740 -574 -574 -574 -574 -574 -574 -574 -574 -574 -574 0
Year 15 9 470 -52 -52 -52 -52 -52 -52 -52 -52 -52 0
Year 16 8 700 -88 -88 -88 -88 -88 -88 -88 -88 0
Year 17 7 5,670 -810 -810 -810 -810 -810 -810 -810 0
Year 18 6 5,740 -957 -957 -957 -957 -957 -957 0
Year 19 5 0 0 0 0 0 0 0
Year 20 4 0 0 0 0 0 0
Year 21 3 2,000 -667 -667 -667 0
Year 22 2 0 0 0 0
Year 23 1 0 0 0
Year 24 0 0 0
Year 25 0 0
Year 26 0 0
Year 27 0 0
Year 28 0 0
Year 29 0 0
Year 30 0 0
Year 31 0 0
Year 32 0 0
Linear Depreciation of ARGENTINA's Ongoing Capex Total 108,750 0 0 -1,150 -1,850 -2,050 -2,750 -3,017 -3,851 -3,951 -4,954 -5,915 -7,473 -6,897 -6,493 -6,793 -6,667 -6,452 -5,706 -6,416 -6,369 -5,408 -3,850 -3,943 -3,647 -3,147 0
Financial 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Linear Depreciation of CHILE's Ongoing Capex Years for linear Depreciation US$ Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25
Year 1 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 2 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 3 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 4 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 5 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 6 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 7 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 8 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 9 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 10 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 11 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 12 10 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 13 10 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 14 10 0 0 0 0 0 0 0 0 0 0 0 0
Year 15 9 0 0 0 0 0 0 0 0 0 0 0
Year 16 8 0 0 0 0 0 0 0 0 0 0
Year 17 7 0 0 0 0 0 0 0 0 0
Year 18 6 0 0 0 0 0 0 0 0
Year 19 5 0 0 0 0 0 0 0
Year 20 4 0 0 0 0 0 0
Year 21 3 0 0 0 0 0
Year 22 2 0 0 0 0
Year 23 1 0 0 0
Year 24 0 0 0
Year 25 0 0
Year 26 0 0
Year 27 0 0
Year 28 0 0
Year 29 0 0
Year 30 0 0
Year 31 0 0
Year 32 0 0
Linear Depreciation of CHILE's Ongoing Capex Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Acelerated Depreciation (It is useful for tax payment estim.)
US$ 000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Acelerated Depreciation from Argentina's Investment Capex Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25
Total from Argentina 988,463 0 -329,488 -329,488 -329,488 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
US$ 000
Acelerated depreciation from Chile's Investment Capex Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25
Total from Chile 161,087 0 -30,181 -30,181 -30,181 -23,515 -23,515 -23,515 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
US$ 000
Acelerated Depreciation of Ongoing Capital Expenditures Years for linear Depreciation Capex Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25
Acelerated Depreciation of Argentina's Ongoing Capex 3 108,750 0 0 -3,833 -6,167 -6,833 -5,333 -3,890 -6,003 -4,003 -6,457 -6,880 -11,740 -10,310 -8,093 -4,567 -4,567 -3,737 -2,303 -2,280 -4,037 -3,803 -1,913 -667 -667 -667 0
Acelerated Depreciation of Chile's Ongoing Capex 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Acelerated Depreciation of Ongoing Capex 108,750 0 0 -3,833 -6,167 -6,833 -5,333 -3,890 -6,003 -4,003 -6,457 -6,880 -11,740 -10,310 -8,093 -4,567 -4,567 -3,737 -2,303 -2,280 -4,037 -3,803 -1,913 -667 -667 -667 0
Total Acelerated Depreciation TOTAL KUS$ 1,258,300 0 -359,669 -363,502 -365,835 -30,348 -28,848 -27,405 -6,003 -4,003 -6,457 -6,880 -11,740 -10,310 -8,093 -4,567 -4,567 -3,737 -2,303 -2,280 -4,037 -3,803 -1,913 -667 -667 -667 0
Acelerated Deprecition in Argentina KUS$ 1,097,213 0 -329,488 -333,321 -335,654 -6,833 -5,333 -3,890 -6,003 -4,003 -6,457 -6,880 -11,740 -10,310 -8,093 -4,567 -4,567 -3,737 -2,303 -2,280 -4,037 -3,803 -1,913 -667 -667 -667 0
Acelerated Depreciation in Chile KUS$ 161,087 0 -30,181 -30,181 -30,181 -23,515 -23,515 -23,515 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Taxable Depreciation
US$ 000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Depreciation of Capital Expenditures in Argentina Years for linear Depreciation Capex Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25
100 Administration & Services (US$ 000) 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
300 Mining (US$ 000) 3 136,082 -45,361 -45,361 -45,361 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
400 Electrical & Communications (US$ 000) 3 29,214 -9,738 -9,738 -9,738 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
500 Infrastructure (US$ 000) 3 70,750 -23,583 -23,583 -23,583 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
600 Ore Handling & Processing (US$ 000) 3 284,798 -94,933 -94,933 -94,933 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
700 Concentrate Handling (US$ 000) 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
800 Tailing & Water Management (US$ 000) 3 73,422 -24,474 -24,474 -24,474 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
900 Indirects (US$ 000) 3 268,114 -89,371 -89,371 -89,371 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Contigency (US$ 000) 3 126,083 -42,028 -42,028 -42,028 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Totals from Argentina Total KUS$ 988,463 -329,488 -329,488 -329,488 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
US$ 000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Depreciation of Capital Expenditures in Chile Years for linear Depreciation Capex Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25
500 Infrastructure (US$ 000) 6 54,590 -9,098 -9,098 -9,098 -9,098 -9,098 -9,098 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Filtering Plant 3 20,000 -6,667 -6,667 -6,667 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
700 Concentrate Handling (US$ 000) 6 47,230 -7,872 -7,872 -7,872 -7,872 -7,872 -7,872 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
900 Indirects (US$ 000) 6 36,145 -6,024 -6,024 -6,024 -6,024 -6,024 -6,024 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Contigency (US$ 000) 6 3,122 -520 -520 -520 -520 -520 -520 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Totals from Chile Total KUS$ 161,087 -30,181 -30,181 -30,181 -23,515 -23,515 -23,515 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Taxable Depreciation 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Acelerated Depreciation of ARGENTINA's Ongoing Capex Years for Acelarated Deprec. US$ Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25
Year 1 3 11,500 -3,833 -3,833 -3,833 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 2 3 7,000 -2,333 -2,333 -2,333 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 3 3 2,000 -667 -667 -667 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 4 3 7,000 -2,333 -2,333 -2,333 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 5 3 2,670 -890 -890 -890 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 6 3 8,340 -2,780 -2,780 -2,780 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 7 3 1,000 -333 -333 -333 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 8 3 10,030 -3,343 -3,343 -3,343 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 9 3 9,610 -3,203 -3,203 -3,203 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 10 3 15,580 -5,193 -5,193 -5,193 0 0 0 0 0 0 0 0 0 0 0 0
Year 11 3 5,740 -1,913 -1,913 -1,913 0 0 0 0 0 0 0 0 0 0 0
Year 12 3 2,960 -987 -987 -987 0 0 0 0 0 0 0 0 0 0
Year 13 3 5,000 -1,667 -1,667 -1,667 0 0 0 0 0 0 0 0 0
Year 14 3 5,740 -1,913 -1,913 -1,913 0 0 0 0 0 0 0 0
Year 15 3 470 -157 -157 -157 0 0 0 0 0 0 0
Year 16 3 700 -233 -233 -233 0 0 0 0 0 0
Year 17 3 5,670 -1,890 -1,890 -1,890 0 0 0 0 0
Year 18 3 5,740 -1,913 -1,913 -1,913 0 0 0 0
Year 19 3 0 0 0 0 0 0 0
Year 20 3 0 0 0 0 0 0
Year 21 3 2,000 -667 -667 -667 0
Year 22 2 0 0 0 0
Year 23 1 0 0 0
Year 24 0 0 0
Year 25 0 0
Year 26 0 0
Year 27 0 0
Year 28 0 0
Year 29 0 0
Year 30 0 0
Year 31 0 0
Year 32 0 0
Acelerated Depreciation of ARGENTINA's Ongoing Capex Total KUS$ 108,750 0 0 -3,833 -6,167 -6,833 -5,333 -3,890 -6,003 -4,003 -6,457 -6,880 -11,740 -10,310 -8,093 -4,567 -4,567 -3,737 -2,303 -2,280 -4,037 -3,803 -1,913 -667 -667 -667 0
Taxable Depreciation 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
Acelerated Depreciation of CHILE's Ongoing Capex Years for Acelarated Deprec. US$ Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24 Año 25
Year 1 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 2 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 3 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 4 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 5 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 6 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 7 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 8 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 9 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 10 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 11 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 12 3 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 13 3 0 0 0 0 0 0 0 0 0 0 0 0 0
Year 14 3 0 0 0 0 0 0 0 0 0 0 0 0
Year 15 3 0 0 0 0 0 0 0 0 0 0 0
Year 16 3 0 0 0 0 0 0 0 0 0 0
Year 17 3 0 0 0 0 0 0 0 0 0
Year 18 3 0 0 0 0 0 0 0 0
Year 19 3 0 0 0 0 0 0 0
Year 20 3 0 0 0 0 0 0
Year 21 3 0 0 0 0 0
Year 22 2 0 0 0 0
Year 23 1 0 0 0
Year 24 0 0 0
Year 25 0 0
Year 26 0 0
Year 27 0 0
Year 28 0 0
Year 29 0 0
Year 30 0 0
Year 31 0 0
Year 32 0 0
Acelerated Depreciation of CHILE's Ongoing Capex Total KUS$ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
PACHON PROJECT (Argentina & Chile) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
CONCENTRATE SALES Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23
Cu Concentrate Shipments [dmt] 949,455 965,040 839,879 814,798 691,541 581,247 592,406 580,085 619,354 632,493 591,159 540,406 525,169 556,729 459,327 455,083 462,092 471,319 566,703 443,986 401,579 284,847 102,894
Concentrate Grade [% Cu] 31.36% 32.28% 32.97% 31.71% 30.72% 30.01% 30.00% 30.40% 30.68% 30.15% 30.00% 30.01% 30.01% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00% 30.00%
Copper Contained [ton Cu] 297,725 311,495 276,900 258,387 212,436 174,407 177,722 176,338 190,045 190,682 177,348 162,151 157,603 167,025 137,800 136,525 138,628 141,396 170,011 133,196 120,474 85,454 30,868
Contained Copper [k Lb] 656,371 686,730 610,461 569,646 468,342 384,501 391,809 388,758 418,978 420,381 390,985 357,481 347,456 368,226 303,796 300,986 305,622 311,724 374,810 293,647 265,599 188,394 68,052
Metalurgical deduction (%) 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Payable Copper [k Lb] 630,117 659,260 586,042 546,860 449,608 369,121 376,137 373,208 402,219 403,566 375,346 343,182 333,557 353,497 291,644 288,947 293,397 299,255 359,817 281,901 254,975 180,858 65,330
Mo Concentrate Shipments [dmt] 8,991 8,336 4,437 4,848 5,157 5,349 5,577 5,044 4,198 4,670 4,155 4,368 5,249 6,330 5,434 4,855 4,934 5,244 6,771 4,804 4,332 3,310 1,196
Concentrate Grade [% Mo] 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00% 52.00%
Contained Moly [ton Mo] 4,675 4,335 2,307 2,521 2,682 2,782 2,900 2,623 2,183 2,428 2,160 2,271 2,730 3,292 2,826 2,524 2,565 2,727 3,521 2,498 2,253 1,721 622
Contained Moly [k Lb] 10,307 9,557 5,086 5,557 5,912 6,132 6,394 5,782 4,812 5,353 4,763 5,007 6,018 7,257 6,230 5,565 5,656 6,011 7,763 5,508 4,966 3,794 1,371
Metalurgical deduction (%) 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
Payable Moly (K lb) 10,101 9,366 4,984 5,446 5,794 6,010 6,266 5,666 4,716 5,246 4,668 4,907 5,897 7,112 6,105 5,454 5,543 5,891 7,607 5,397 4,867 3,718 1,343
Contained Silver (KOz) 2,407 2,334 1,771 1,652 1,655 1,716 1,764 1,767 1,669 1,643 1,773 1,637 1,691 1,814 1,659 1,626 1,593 1,478 1,917 1,537 1,487 1,455 526
Silver assay in Cuconc (gr /dmt) 78.9 75.2 65.6 63.1 74.5 91.8 92.6 94.7 83.8 80.8 93.3 94.2 100.2 101.3 112.3 111.1 107.2 97.5 105.2 107.6 115.2 158.9 158.9
Metalurgical deduction (gr/mt) 7.89 7.52 6.56 6.31 7.45 9.18 9.26 9.47 8.38 8.08 9.33 9.42 10.02 10.13 11.23 11.11 10.72 9.75 10.52 10.76 11.52 15.89 15.89
Payable Silver (KOz) 2,166 2,101 1,594 1,487 1,490 1,544 1,587 1,590 1,502 1,478 1,596 1,474 1,522 1,632 1,493 1,463 1,433 1,330 1,725 1,383 1,339 1,310 473
Copper Price LME Average [US$/ Lb] 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Mo Price LME Average [US$/ Lb] 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
Silver Price LME Average [US$/ oz] 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00 5.00
Treatment charge 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00 85.00
Freight capture for Pachon SA Minera (Argentina) 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Refining charge 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085 0.085
Cu concentrate freight 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5 38.5
Cu concentrate delivery expenses 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9 12.9
Cu concentrate insurance 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Moly RC 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5 0.5
Moly concentrate freight 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9 54.9
Moly concentrate delivery expenses 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.2
Mo concentrate insurance 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0
Ag RC 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50
[US$ Thousand]
Copper Revenues 656,371 686,730 610,461 569,646 468,342 384,501 391,809 388,758 418,978 420,381 390,985 357,481 347,456 368,226 303,796 300,986 305,622 311,724 374,810 293,647 265,599 188,394 68,052
Moly Revenues 41,227 38,227 20,344 22,229 23,649 24,529 25,576 23,128 19,250 21,414 19,051 20,029 24,070 29,028 24,918 22,261 22,623 24,046 31,050 22,030 19,865 15,177 5,482
Silver Revenues 12,035 11,671 8,853 8,261 8,277 8,580 8,819 8,835 8,345 8,214 8,865 8,187 8,457 9,069 8,294 8,129 7,963 7,389 9,585 7,683 7,437 7,277 2,629
Metallurgical Deductions - Copper -26,255 -27,469 -24,418 -22,786 -18,734 -15,380 -15,672 -15,550 -16,759 -16,815 -15,639 -14,299 -13,898 -14,729 -12,152 -12,039 -12,225 -12,469 -14,992 -11,746 -10,624 -7,536 -2,722
Metallurgical Deductions - Moly -825 -765 -407 -445 -473 -491 -512 -463 -385 -428 -381 -401 -481 -581 -498 -445 -452 -481 -621 -441 -397 -304 -110
Metallurgical Deductions - Silver -1,204 -1,167 -885 -826 -828 -858 -882 -883 -834 -821 -887 -819 -846 -907 -829 -813 -796 -739 -959 -768 -744 -728 -263
Mark to Market
Liquidation Results
Hedge Results
Gross Revenue 681,351 707,227 613,948 576,078 480,234 400,881 409,139 403,825 428,594 431,944 401,995 370,179 364,758 390,107 323,529 318,079 322,734 329,470 398,873 310,405 281,136 202,281 73,069
Treatment Charges - Cu Concentrate -80,704 -82,028 -71,390 -69,258 -58,781 -49,406 -50,354 -49,307 -52,645 -53,762 -50,249 -45,935 -44,639 -47,322 -39,043 -38,682 -39,278 -40,062 -48,170 -37,739 -34,134 -24,212 -8,746
Freigh Capture - Cu Concentrate 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Refining Charges - Payable Copper -53,560 -56,037 -49,814 -46,483 -38,217 -31,375 -31,972 -31,723 -34,189 -34,303 -31,904 -29,170 -28,352 -30,047 -24,790 -24,560 -24,939 -25,437 -30,584 -23,962 -21,673 -15,373 -5,553
Cu Concentrate Freight -36,518 -37,117 -32,303 -31,338 -26,598 -22,356 -22,785 -22,311 -23,821 -24,327 -22,737 -20,785 -20,199 -21,413 -17,666 -17,503 -17,773 -18,128 -21,796 -17,076 -15,445 -10,956 -3,957
Cu Concentrate Delivery expenses -12,207 -12,408 -10,798 -10,476 -8,891 -7,473 -7,617 -7,458 -7,963 -8,132 -7,601 -6,948 -6,752 -7,158 -5,906 -5,851 -5,941 -6,060 -7,286 -5,708 -5,163 -3,662 -1,323
Cu Concentrate Insurance -949 -965 -840 -815 -692 -581 -592 -580 -619 -632 -591 -540 -525 -557 -459 -455 -462 -471 -567 -444 -402 -285 -103
Moly RC -5,050 -4,683 -2,492 -2,723 -2,897 -3,005 -3,133 -2,833 -2,358 -2,623 -2,334 -2,454 -2,949 -3,556 -3,052 -2,727 -2,771 -2,946 -3,804 -2,699 -2,433 -1,859 -672
Moly Concentrate Freight -494 -458 -244 -266 -283 -294 -306 -277 -231 -257 -228 -240 -288 -348 -299 -267 -271 -288 -372 -264 -238 -182 -66
Moly Concentrate Delevery expenses -46 -43 -23 -25 -27 -28 -29 -26 -22 -24 -21 -23 -27 -33 -28 -25 -25 -27 -35 -25 -22 -17 -6
Moly Concentrate Insurance -9 -8 -4 -5 -5 -5 -6 -5 -4 -5 -4 -4 -5 -6 -5 -5 -5 -5 -7 -5 -4 -3 -1
Refining Charges - Payable Silver -1,083 -1,050 -797 -743 -745 -772 -794 -795 -751 -739 -798 -737 -761 -816 -746 -732 -717 -665 -863 -691 -669 -655 -237
Others
Subtotal Realisation Charges -190,621 -194,798 -168,705 -162,133 -137,135 -115,295 -117,588 -115,316 -122,603 -124,804 -116,467 -106,836 -104,498 -111,256 -91,995 -90,807 -92,182 -94,089 -113,483 -88,613 -80,185 -57,204 -20,663
Sales Margin 490,730 512,429 445,243 413,946 343,098 285,586 291,551 288,509 305,990 307,140 285,528 263,343 260,259 278,851 231,534 227,272 230,552 235,382 285,389 221,792 200,951 145,077 52,405
INCOME STATEMENT MODULE
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
Income Statement Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 Año 24
COPPER PRICE [US$/lb] 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
MOLY PRICE [US$/lb] 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
COPPER SALES VOLUME [000 payable lb] 630,117 659,260 586,042 546,860 449,608 369,121 376,137 373,208 402,219 403,566 375,346 343,182 333,557 353,497 291,644 288,947 293,397 299,255 359,817 281,901 254,975 180,858 65,330 0
MOLY SALES VOLUME [000 payable lb] 10,101 9,366 4,984 5,446 5,794 6,010 6,266 5,666 4,716 5,246 4,668 4,907 5,897 7,112 6,105 5,454 5,543 5,891 7,607 5,397 4,867 3,718 1,343 0
Copper Revenue 630,117 659,260 586,042 546,860 449,608 369,121 376,137 373,208 402,219 403,566 375,346 343,182 333,557 353,497 291,644 288,947 293,397 299,255 359,817 281,901 254,975 180,858 65,330 0
Moly Revenue 40,403 37,462 19,937 21,784 23,176 24,038 25,064 22,665 18,865 20,985 18,670 19,628 23,589 28,448 24,420 21,816 22,171 23,565 30,429 21,590 19,467 14,873 5,373 0
Silver revenue 10,832 10,504 7,968 7,434 7,449 7,722 7,937 7,951 7,510 7,392 7,979 7,369 7,612 8,162 7,465 7,316 7,166 6,650 8,627 6,914 6,694 6,549 2,366 0
Mark to Market 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Liquidation / Hedge Results 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
GROSS REVENUE 681,351 707,227 613,948 576,078 480,234 400,881 409,139 403,825 428,594 431,944 401,995 370,179 364,758 390,107 323,529 318,079 322,734 329,470 398,873 310,405 281,136 202,281 73,069 0
Mining Cash Cost -36,078 -44,110 -39,818 -45,195 -45,965 -47,662 -40,326 -49,791 -28,358 -24,147 -26,186 -24,428 -25,400 -25,055 -26,859 -26,477 -25,822 -26,007 -24,278 -18,698 -18,241 -19,809 -9,642 0
Concentrate Cash Cost -102,660 -102,754 -103,254 -103,323 -103,242 -102,968 -103,095 -103,129 -103,372 -102,899 -102,916 -102,995 -103,079 -103,079 -103,030 -102,950 -103,269 -104,415 -104,394 -104,028 -104,029 -104,029 -36,273 0
Maintenance Overhead Expenses -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -3,823 -1,411 -1,411 -1,411 -75,353 0
G&A expenses -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -19,196 -9,271 -9,271 -9,271 -2,318 0
Realisation costs
Copper Realisation costs -183,938 -188,555 -165,145 -158,370 -133,178 -111,191 -113,320 -111,379 -119,237 -121,156 -113,082 -103,378 -100,468 -106,497 -87,864 -87,052 -88,393 -90,158 -108,403 -84,929 -76,817 -54,488 -19,682 0
Moly Realisation Costs -5,600 -5,192 -2,763 -3,019 -3,212 -3,332 -3,474 -3,141 -2,615 -2,909 -2,588 -2,720 -3,269 -3,943 -3,385 -3,024 -3,073 -3,266 -4,217 -2,992 -2,698 -2,061 -745 0
Silver realisation cost & Other realisation costs -1,083 -1,050 -797 -743 -745 -772 -794 -795 -751 -739 -798 -737 -761 -816 -746 -732 -717 -665 -863 -691 -669 -655 -237 0
TOTAL CASH COST -352,377 -364,680 -334,795 -333,670 -309,361 -288,944 -284,028 -291,254 -277,352 -274,869 -268,588 -257,277 -255,996 -262,408 -244,902 -243,252 -244,292 -247,529 -265,174 -222,021 -213,136 -191,724 -144,249 0
Financial Depreciation -107,901 -109,051 -109,751 -109,951 -110,651 -110,918 -111,752 -111,852 -112,855 -113,816 -14,527 -13,951 -13,547 -13,847 -13,721 -13,507 -12,760 -13,470 -13,424 -12,463 -3,850 -3,943 -3,647 -3,147
Amortization
Deferred stripping
Change in Inventory
COST OF SALES -460,278 -473,730 -444,546 -443,620 -420,012 -399,862 -395,779 -403,106 -390,207 -388,685 -283,115 -271,228 -269,544 -276,255 -258,624 -256,759 -257,052 -260,999 -278,598 -234,484 -216,987 -195,667 -147,896 -3,147
OPERATING EARNINGS 0 221,073 233,496 169,402 132,458 60,222 1,019 13,359 719 38,387 43,259 118,880 98,951 95,214 113,852 64,905 61,320 65,682 68,471 120,275 75,921 64,149 6,614 -74,828 -3,147
Financial Expenses of Senior Debts

Financial Expenses of Subordinated Debts 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Non Operating incomes
Other non Operating (Expenses)
NON OPERATING PROFIT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
NET INCOME BEFORE TAXES 0 221,073 233,496 169,402 132,458 60,222 1,019 13,359 719 38,387 43,259 118,880 98,951 95,214 113,852 64,905 61,320 65,682 68,471 120,275 75,921 64,149 6,614 -74,828 -3,147
Royalty Provision (Argentina) 0 -10,016 -10,645 -8,765 -7,854 -5,879 -4,294 -4,456 -4,379 -4,849 -4,881 -4,282 -3,675 -3,598 -4,118 -2,817 -2,697 -2,777 -2,877 -4,263 -2,854 -2,279 -743 1,926 0
Tax Provision (Argentina & Chile) 0 -69,413 -73,413 -53,063 -41,032 -17,983 848 -3,153 940 -11,239 -12,763 -37,662 -31,411 -30,275 -36,224 -20,695 -19,539 -20,933 -21,795 -38,279 -24,269 -19,527 -1,288 25,120 1,039
NET INCOME AFTER TAX 0 141,644 149,438 107,574 83,572 36,360 -2,427 5,751 -2,720 22,299 25,614 76,935 63,865 61,340 73,510 41,393 39,085 41,971 43,800 77,732 48,798 42,343 4,583 -47,782 -2,109
CUMULATIVE NET INCOME AFTER TAX 0 141,644 291,082 398,655 482,227 518,587 516,160 521,911 519,191 541,490 567,104 644,039 707,904 769,245 842,755 884,148 923,232 965,204 1,009,003 1,086,736 1,135,534 1,177,877 1,182,460 1,134,678 1,132,569
RESULTS USING ACELERATED DEPRECIATION 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033
EBITDA 0 328,974 342,547 279,152 242,409 170,873 111,937 125,111 112,571 151,242 157,075 133,407 112,902 108,761 127,699 78,626 74,827 78,442 81,941 133,699 88,384 68,000 10,557 -71,180 0
ACELERATED DEPRECIATION 0 -317,954 -330,274 -273,766 -197,360 -28,848 -27,405 -6,003 -4,003 -6,457 -6,880 -11,740 -10,310 -8,093 -4,567 -4,567 -3,737 -2,303 -2,280 -4,037 -3,803 -1,913 -667 -667 -667
NON OPERATING RESULTS 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
EARNING BEFORE TAXES 0 11,020 12,273 5,386 45,049 142,025 84,533 119,108 108,567 144,785 150,195 121,667 102,592 100,668 123,133 74,060 71,090 76,139 79,661 129,662 84,580 66,086 9,890 -71,847 -667
Royalty Provision 0 -10,016 -10,645 -8,765 -7,854 -5,879 -4,294 -4,456 -4,379 -4,849 -4,881 -4,282 -3,675 -3,598 -4,118 -2,817 -2,697 -2,777 -2,877 -4,263 -2,854 -2,279 -743 1,926 0
Tax Provision 0 -171 -277 0 -11,782 -45,801 -28,808 -33,742 -31,757 -43,302 -44,992 -36,040 -30,271 -29,759 -36,799 -21,657 -20,744 -22,339 -23,409 -38,842 -25,056 -19,414 -2,124 23,500 220
EARNING AFTER TAXES 0 833 1,351 -3,379 25,413 90,345 51,431 80,910 72,432 96,634 100,321 81,344 68,646 67,311 82,216 49,585 47,649 51,023 53,375 86,557 56,670 44,393 7,024 -46,421 -447
CUMULATIVE EARNINGS AFTER TAX 0 833 2,184 -1,195 24,218 114,563 165,993 246,903 319,335 415,969 516,290 597,634 666,280 733,591 815,807 865,392 913,041 964,064 1,017,439 1,103,996 1,160,666 1,205,059 1,212,083 1,165,662 1,165,215
Mine Plan From NCL (September 2004) 7 Phases
Crushing : 90,000 t/d - 32.85Mt/y
Información proporcionada por Cristian Pacheco y Revisada por Patricio Picero
Year Total 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26
Period -3 -2 -1 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
ORE Units
Enriched Primary (ENR)

Pit to stockpile InSilveruded in Costs
Tonnes (Kt) -
Tcu (%) -
Mo (%) -
Silver (g/t) -
Recovery (%) -
Pit to Crusher
Tonnes (Kt) 59,105 - 687 6,744 15,243 16,952 9,911 4,484 25 - 1,744 3,248 675 0 26 46 6 2 - - - - - - - -
Tcu (%) 1.09 - 1.45 1.28 1.09 1.11 1.06 0.86 1.00 - 1.01 0.99 1.05 0.95 0.85 0.88 0.76 0.76 - - - - - - - -
Mo (%) 0.013 - 0.015 0.014 0.012 0.013 0.013 0.016 0.013 - 0.007 0.010 0.017 0.004 0.013 0.014 0.021 0.021 - - - - - - - -
Silver (g/t) 2.47 - 2.74 2.71 2.51 2.57 2.39 2.23 2.14 - 2.28 2.11 1.82 2.25 2.21 2.19 2.26 2.26 - - - - - - - -
Recovery (%) 0.93 - 0.95 0.94 0.93 0.93 0.93 0.91 0.92 - 0.92 0.92 0.93 0.92 0.91 0.91 0.90 0.90 - - - - - - - -
cutoff Tcu (%)
ENR - stockpile to crusher

Tonnes (Kt) 687 687
Tcu (%) 1.45 1.45
Mo (%) 0.015 0.015
Silver (g/t) 2.74 2.74
Recovery (%) 0.95 0.95
Hypogene ( HYP)
Pit to stockpile Included in Costs

Tonnes (Kt) 57,926 109 884 2,269 2,617 5,237 4,929 16,001 10,320 10,259 2,900 1,272 1,129 - - - - - - - - - - - - -
Tcu (%) 0.47 0.43 0.43 0.44 0.48 0.51 0.51 0.50 0.44 0.46 0.43 0.44 0.44 - - - - - - - - - - - - -
Mo (%) 0.013 0.011 0.011 0.014 0.011 0.009 0.010 0.013 0.015 0.015 0.015 0.015 0.014 - - - - - - - - - - - - -
Silver (g/t) 2.25 2.09 2.28 2.25 2.14 2.26 2.31 2.19 2.30 2.21 2.30 2.45 2.50 - - - - - - - - - - - - -
Recovery (%) 0.83 0.82 0.82 0.82 0.84 0.84 0.84 0.84 0.82 0.83 0.82 0.82 0.82 - - - - - - - - - - - - -
Pit to crusher
Tonnes (Kt) 557,532 1,372 7,072 16,843 17,509 15,978 23,044 28,442 32,804 32,874 31,142 29,725 32,129 32,810 32,812 32,822 32,862 32,849 32,822 32,936 32,988 32,980 1,163 - - -
Tcu (%) 0.62 0.89 0.90 0.90 0.98 0.72 0.78 0.70 0.61 0.62 0.59 0.62 0.65 0.62 0.57 0.56 0.59 0.50 0.49 0.50 0.51 0.59 0.83 - - -
Mo (%) 0.016 0.025 0.026 0.032 0.035 0.013 0.014 0.015 0.015 0.016 0.015 0.012 0.013 0.012 0.013 0.015 0.018 0.016 0.014 0.014 0.015 0.019 0.031 - - -
Silver (%) 2.66 3.572 3.739 3.999 4.400 2.741 2.511 2.522 2.581 2.649 2.674 2.541 2.486 2.668 2.462 2.541 2.724 2.493 2.445 2.387 2.212 2.870 3.989 - - -
Recovery (g/t) 0.87 0.912 0.914 0.914 0.921 0.892 0.899 0.889 0.871 0.873 0.868 0.873 0.880 0.873 0.863 0.859 0.866 0.842 0.841 0.842 0.845 0.868 0.906 - - -
cutoff Tcu (%)
HYP - stockpile to crusher

Tonnes (Kt) 117,697 8,444 - - - - - - - - - - - - - - - - - - 31,687 32,850 32,850 11,866
Tcu (%) 0.45 0.899 - - - - - - - - - - - - - - - - - - 0.473 0.446 0.339 0.339
Mo (%) 0.012 0.025 - - - - - - - - - - - - - - - - - - 0.013 0.012 0.010 0.010
Silver (g/t) 2.33 3.712 - - - - - - - - - - - - - - - - - - 2.248 2.236 2.187 2.187
Recovery (%) 0.81 0.913 - - - - - - - - - - - - - - - - - - 0.833 0.823 0.766 0.766
Enriched TO MILL (Kt) 59,792 7,431 15,243 16,952 9,911 4,484 25 - 1,744 3,248 675 0 26 46 6 2 - - -
Tcu (%) 1.09 1.29 1.09 1.11 1.06 0.86 1.00 - 1.01 0.99 1.05 0.95 0.85 0.88 0.76 0.76 - - -
Mo (%) 0.013 0.014 0.01 0.01 0.01 0.02 0.01 - 0.01 0.01 0.02 0.00 0.01 0.01 0.02 0.02 - - -
Silver (g/t) 2.47 2.71 2.51 2.57 2.39 2.23 2.14 - 2.28 2.11 1.82 2.25 2.21 2.19 2.26 2.26 - - -
Recovery (%) 92.8% 0.94 0.93 0.93 0.93 0.91 0.92 - 0.92 0.92 0.93 0.92 0.91 0.91 0.90 0.90 - - -
Recovery (Oscar Alruiz_Sept 2004) (%) 92.8% 0.94 0.93 0.93 0.93 0.91 0.92 - 0.92 0.92 0.93 0.92 0.91 0.91 0.90 0.90 - - -
HYP TO MILL (Kt) 675,230 25,287 17,509 15,978 23,044 28,442 32,804 32,874 31,142 29,725 32,129 32,810 32,812 32,822 32,862 32,849 32,822 32,936 32,988 32,980 32,850 32,850 32,850 11,866
Tcu (%) 0.59 0.90 0.98 0.72 0.78 0.70 0.61 0.62 0.59 0.62 0.65 0.62 0.57 0.56 0.59 0.50 0.49 0.50 0.51 0.59 0.49 0.45 0.34 0.34
Mo (%) 0.02 0.030 0.03 0.01 0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.01 0.01 0.02 0.02 0.01 0.01 0.01 0.01
Silver (g/t) 2.60 3.90 4.40 2.74 2.51 2.52 2.58 2.65 2.67 2.54 2.49 2.67 2.46 2.54 2.72 2.49 2.45 2.39 2.21 2.87 2.31 2.24 2.19 2.19
Recovery (%) 85.9% 0.91 0.92 0.89 0.90 0.89 0.87 0.87 0.87 0.87 0.88 0.87 0.86 0.86 0.87 0.84 0.84 0.84 0.84 0.87 0.84 0.82 0.77 0.77
Recovery (Oscar Alruiz_Sept 2004) (%) 85.9% 0.91 0.92 0.89 0.90 0.89 0.87 0.87 0.87 0.87 0.88 0.87 0.86 0.86 0.87 0.84 0.84 0.84 0.84 0.87 0.84 0.82 0.77 0.77
Total ore to crusher
Tonnes (Kt) 735,022 32,719 32,752 32,930 32,955 32,926 32,828 32,874 32,886 32,972 32,804 32,810 32,838 32,868 32,868 32,850 32,822 32,936 32,988 32,980 32,850 32,850 32,850 11,866
Tonnes (tpd) 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90 90
Days per Year (days) 865 654 655 659 659 659 657 657 658 659 656 656 657 657 657 657 656 659 660 660 657 657 657 237
Tcu (%) 0.63 0.99 1.03 0.92 0.86 0.72 0.61 0.62 0.62 0.66 0.66 0.62 0.57 0.56 0.59 0.50 0.49 0.50 0.51 0.59 0.49 0.45 0.34 0.34
Mo (%) 0.015 0.026 0.024 0.013 0.014 0.015 0.015 0.016 0.015 0.012 0.013 0.012 0.013 0.015 0.018 0.016 0.014 0.014 0.015 0.019 0.014 0.012 0.010 0.010
Silver (g/t) 2.59 3.63 3.52 2.65 2.48 2.48 2.58 2.65 2.65 2.50 2.47 2.67 2.46 2.54 2.72 2.49 2.45 2.39 2.21 2.87 2.31 2.24 2.19 2.19
Recovery (%) 86.4% 0.92 0.92 0.91 0.91 0.89 0.87 0.87 0.87 0.88 0.88 0.87 0.86 0.86 0.87 0.84 0.84 0.84 0.84 0.87 0.84 0.82 0.77 0.77
Recovery (Oscar Alruiz_Sept 2004) (%) 86.4% 0.92 0.92 0.91 0.91 0.89 0.87 0.87 0.87 0.88 0.88 0.87 0.86 0.86 0.87 0.84 0.84 0.84 0.84 0.87 0.84 0.82 0.77 0.77
HYP/ENR : Ratio 11.29 3.40 1.15 0.94 2.33 6.34 1331.31 0.00 17.86 9.15 47.60 160768.82 1259.21 719.20 5254.77 21811.35 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Stripping W:O 0.61 1.31 0.95 0.89 0.86 0.60 0.75 0.70 1.07 0.41 0.39 0.32 0.24 0.22 0.15 0.21 0.22 0.16 0.15 0.07 0.00 0.00 0.00 0.00
MARGINAL ORE
HYPOGENE
Tonnes >0.3% & <0.4% (Kt) 51,328 81 330 727 2,305 1,139 498 2,407 1,223 2,214 7,842 2,655 1,677 2,806 2,784 3,120 1,827 4,537 4,450 3,211 4,099 1,392 3 - - -
Tcu (%) 0.34 0.33 0.33 0.33 0.32 0.34 0.34 0.34 0.35 0.34 0.34 0.34 0.36 0.35 0.35 0.34 0.35 0.34 0.33 0.33 0.33 0.35 0.34 - - -
Mo (%) 0.010 0.006 0.007 0.008 0.005 0.006 0.008 0.012 0.014 0.012 0.006 0.007 0.005 0.004 0.007 0.011 0.010 0.013 0.016 0.012 0.010 0.012 0.010 - - -
Silver (g/t) 2.19 1.72 1.78 1.76 1.70 1.86 1.94 1.92 2.33 2.12 2.44 2.63 1.92 1.96 1.93 2.04 2.22 2.12 2.59 2.29 2.16 2.20 3.99 - - -
Recovery (%) 0.77 0.76 0.76 0.76 0.75 0.77 0.76 0.77 0.77 0.77 0.77 0.77 0.78 0.78 0.77 0.77 0.77 0.77 0.76 0.76 0.76 0.77 0.77 - - -
Other Waste
Rock (Kt) 298,150 17,587 34,748 26,390 21,685 24,904 27,865 25,640 29,771 24,352 26,151 8,341 6,626 3,944 3,995 3,745 3,204 2,374 2,911 1,953 913 1,050 - - - -
Lech Material (Kt) 59,668 2,851 4,110 6,776 9,577 7,990 4,141 1,527 1,342 3,601 4,222 3,060 5,064 3,840 1,183 267 17 85 16 - - - - - - -
Tcu% (%) 0.46 0.36 0.51 0.41 0.48 0.51 0.56 0.58 0.30 0.29 0.42 0.41 0.45 0.52 0.51 0.40 0.41 0.42 0.72 - - - - - - -
Tonnes (Kt) 357,818 20,438 38,858 33,166 31,262 32,893 32,005 27,167 31,113 27,953 30,372 11,401 11,690 7,784 5,178 4,012 3,221 2,459 2,928 1,953 913 1,050 - - - -
Total Waste (Kt) 409,146 20,519 39,188 33,893 33,568 34,032 32,504 29,573 32,336 30,167 38,214 14,056 13,367 10,590 7,962 7,132 5,048 6,996 7,378 5,164 5,012 2,442 3 - - -
Tonnes (tpd) 47 121 107 93 92 93 89 81 89 83 105 39 37 29 22 20 14 19 20 14 14 7 0 - - -
TOTAL TONNES
Tonnes ( Ex-Pit ) (Kt) 1,092,841 22,000 47,830 59,750 68,937 72,200 70,388 78,500 75,485 73,300 74,000 48,300 47,300 43,400 40,800 40,000 37,916 39,846 40,200 38,100 38,000 35,422 1,166 - - -
Rehandeling (Kt) 118,384 - - 9,131 - - - - - - - - - - - - - - - - - - 31,687 32,850 32,850 11,866

Total (Kt) 1,211,225 22,000 47,830 68,881 68,937 72,200 70,388 78,500 75,485 73,300 74,000 48,300 47,300 43,400 40,800 40,000 37,916 39,846 40,200 38,100 38,000 35,422 32,853 32,850 32,850 11,866
Total Tonnes Moved (Ktpd) 137.51 122 131 189 189 198 193 215 207 201 203 132 130 119 112 110 104 109 110 104 104 97 90 90 90 90
El Pachon Conceptual Study
Base Case - 90,000 tpd Plant
Capital Cost Estimate Summary
( US $ )
Description Bechtel Noranda Others Total Investment Country
Study Estimate Argentina Chile
MINE
Definition Drilling Program 2,000,000 2,000,000 2,000,000 -
Prestripping 40,613,000 40,613,000 40,613,000 -
Mine equipment 83,040,000 83,040,000 83,040,000 -
Open Pit Dewatering Pumps 1,265,000 1,265,000 1,265,000 -
Pit Perimeter Well Pumps 738,952 738,952 738,952 -
23 kV Mine loop 2,991,184 2,991,184 2,991,184 -
Fuel Storage and Dispensing 363,368 363,368 363,368 -
Spare Shovel Bucket 600,000 600,000 600,000 -
Spare Loader Bucket 350,000 350,000 350,000 -
Spare Truck Beds 500,000 500,000 500,000 -
Mine Dispatch System 2,400,000 2,400,000 2,400,000 -
Mine Computer System & Software 500,000 500,000 500,000 -
Mine Mobile Light 200,000 200,000 200,000 -
Surveying Equipment 520,000 520,000 520,000 -
Sub-total Mine 0 136,081,504 0 136,081,504 136,081,504 -
PROCESSING
Primary Crushing 18,500,000 18,500,000 18,500,000 -
Coarse Ore Conveying & Stockpile 14,600,000 14,600,000 14,600,000 -
Coarse Ore Reclaim 10,800,000 10,800,000 10,800,000 -
Grinding 113,800,000 113,800,000 113,800,000 -
Flotation incl. Regrind 51,300,000 51,300,000 51,300,000 -
Pebble Crushing 5,900,000 5,900,000 5,900,000 -
Concentrate Thickening 14,900,000 14,900,000 14,900,000 -
Molybdenum Plant 16,800,000 16,800,000 16,800,000 -
Tailings Thickener 14,900,000 14,900,000 14,900,000 -
Concentrate Pumping 5,509,000 5,509,000 5,509,000 -
Concentrate Pipeline 49,119,000 49,119,000 4,139,242 44,979,758
Concentrate Pipeline Telecom 4,500,000 4,500,000 2,250,000 2,250,000
Reagents 11,400,000 11,400,000 11,400,000 -
Filter Plant & Conc. Stge. 20,000,000 20,000,000 - 20,000,000
Sub-total Processing 272,900,000 20,000,000 59,128,000 352,028,000 284,798,242 67,229,758
TAILINGS
Tailings Launder 4,614,749 4,614,749 4,614,749 -
Tailings Containment Dam 10,190,117 10,190,117 10,190,117 -
Reclaim Water System 3,962,043 3,962,043 3,962,043 -
Water Diversion 5,118,190 5,118,190 5,118,190 -
Carniceria Tunnel 31,150,000 31,150,000 31,150,000 -
Sub-total Tailing 0 0 55,035,099 55,035,099 55,035,099 -
SITE, UTILITIES & SERVICE BUILDINGS

Concentrator Site Development & Roads 10,800,000 10,800,000 10,800,000 -
In-Plant Roads 834,379 834,379 834,379 -
Concentrator Yard Utilities 13,900,000 13,900,000 13,900,000 -
220kV Substation 18,000,000 18,000,000 18,000,000 -
Concentrator Electrical Distribution 4,400,000 4,400,000 4,400,000 -
Site Electrical Distribution 3,113,812 3,113,812 3,113,812 -
Potable and Firewater Distribution 1,314,466 1,314,466 1,314,466 -
Plant Reclaim Water System 1,620,400 1,620,400 1,620,400 -
Plant Fresh Water System 2,135,200 2,135,200 2,135,200 -
Rio Mondaca Fresh Water Supply 7,542,000 7,542,000 7,542,000 -
Arroyo Sur Dam Nº4 Water Supply 1,330,600 1,330,600 1,330,600 -
Arroyo Bueno Pipeline 1,708,900 1,708,900 1,708,900 -
Reclaim Water Pond 608,700 608,700 608,700 -
Fresh Water Reservoir 2,984,000 2,984,000 2,984,000 -
Camp Water Supply 456,975 456,975 456,975 -
Admin / Truckshop / Warehouse Complex 22,290,522 22,290,522 22,290,522 -
Landing Strip & Terminal Building 889,280 889,280 889,280 -
Explosives Handling Facilities 108,540 108,540 108,540 -
Truck Scale 146,110 146,110 146,110 -
Gatehouse / Immigration 635,590 635,590 635,590 -
Camp 0 0 - -
Camp Sewage Treatment Plant 519,196 519,196 519,196 -
Camp Substation & Emerg. Generator 450,762 450,762 450,762 -
Waste Disposal Facilities 31,000 31,000 31,000 -
Emergency generator ( 3 - 1000kVA ) 990,000 990,000 990,000 -
Information Services 2,000,000 2,000,000 2,000,000 -
Chemical Lab. ( Allowance ) 1,000,000 1,000,000 1,000,000 -
First Aid Building 240,000 240,000 240,000 -
Sub - total site, utilities & service buildings 47,100,000 52,950,432 0 100,050,432 100,050,432 0
INFRASTRUCTURE
Access Road km 0 to km 68 16,750,000 16,750,000 - 16,750,000
Border Tunnel 18,080,000 18,080,000 9,040,000 9,040,000
Access Road km 69 to km 91 5,560,000 5,560,000 5,560,000 -
220 kV Power Line 32,000,000 32,000,000 3,200,000 28,800,000

Plant Communications 500,000 500,000 500,000 -
Sub - total Infraestructure 0 500,000 72,390,000 72,890,000 18,300,000 54,590,000
OTHER DIRECT COSTS

Operator Training 3,000,000 3,000,000 3,000,000 -
Spare parts 9,600,000 1,581,000 430,000 11,611,000 9,869,350 1,741,650
Plant Mobile equipment 2,873,325 2,873,325 2,873,325 -
First Fill 1,828,600 1,828,600 1,645,740 182,860
Commissioning & Startup 3,500,000 500,000 4,000,000 3,200,000 800,000
Vendor Representatives 5,200,000 500,000 5,700,000 4,845,000 855,000
Soils Study 350,000 350,000 350,000 -
Sub-total Other Direct Costs 18,300,000 10,632,925 430,000 29,362,925 25,783,415 3,579,510
Sub - total Direct Costs 338,300,000 220,164,861 186,983,099 745,447,960 620,048,692 125,399,268
INDIRECTS COST
Field Indirects 24,400,000 13,286,812 37,686,812 33,918,131 3,768,681
Tailing Indirects 23,763,707 23,763,707 23,763,707 -
Construction Camp and Catering 16,800,000 8,857,874 25,657,874 23,092,087 2,565,787
Freight & Material Handling 23,400,000 13,286,812 36,686,812 33,018,131 3,668,681
Freight Forwarder 500,000 500,000 450,000 50,000
Concentrator EPCM Services 61,100,000 61,100,000 61,100,000 -
Pipeline EPCM Services 6,065,522 6,065,522 5,155,694 909,828
Infraestructure EPCM Services 37,645,966 37,645,966 28,234,475 9,411,492
Tailing Dam EPCM Services - - - - - -
Filter Plant EPCM Services 3,400,000 3,400,000 - 3,400,000
Fields Testing Lab 800,000 800,000 720,000 80,000
Contruction Power and Water 600,000 600,000 600,000 -
Office Furniture and Supplies 450,000 450,000 405,000 45,000
Telephones, Fax & Communications 350,000 350,000 315,000 35,000
Computers & Printers 500,000 500,000 450,000 50,000
Software - -
Security Services 900,000 900,000 675,000 225,000
Camp Refurb. After Construction 250,000 250,000 250,000 -
Access Road Maintenance ( 2 Years ) 2,000,000 2,000,000 400,000 1,600,000
First Aid & Ambulance Services 200,000 200,000 200,000 -
Shop inspection 350,000 350,000 350,000 -
Site Survey 500,000 500,000 450,000 50,000
Sub - total Indirects Costs 125,700,000 83,877,464 29,829,229 239,406,693 213,547,223 25,859,470
OTHERS COST BY OWNER

Import Duties 4,500,000 4,500,000 4,050,000 450,000
Permits (Allowance) 3,000,000 3,000,000 2,700,000 300,000
Taxes (Allowance) 2,400,000 2,400,000 2,160,000 240,000
Feasibility Study 4,000,000 4,000,000 3,600,000 400,000
EIA Update 100,000 100,000 90,000 10,000
Misc. Studies 100,000 100,000 90,000 10,000
Projects Insurance 7,000,000 7,000,000 6,300,000 700,000
Legal Cost 200,000 200,000 180,000 20,000
Audits 100,000 100,000 90,000 10,000
Operating and Maintenance Manuals 500,000 500,000 450,000 50,000
Owner's Cost 4,393,400 4,393,400 3,954,060 439,340
Third Pary Eng' g and consultants 1,500,000 1,500,000 1,350,000 150,000
DIE ( Difference in Exchange) 0 0 - -
Pipeline Owner Costs 1,696,346 1,696,346 169,635 1,526,711
Pipeline Land Acquisition 2,000,000 2,000,000 - 2,000,000
Metalurgical Testing 4,000,000 4,000,000 3,600,000 400,000
Sub - total Owner's Cost 0 33,793,400 1,696,346 35,489,746 28,783,695 6,706,051
CONTINGENCY
Concentrator 103,636,000 103,636,000 103,636,000

Pipeline 556,654 556,654 556,654
Tailings 6,750,000 6,750,000 6,750,000
Mine 8,000,000 8,000,000 8,000,000
Infrastructure & others 10,263,000 10,263,000 7,697,250 2,565,750
Sub - totals Contingency 103,636,000 0 25,569,654 129,205,654 126,083,250 3,122,404
TOTAL SCOPE PROJECT COST 567,636,000 337,835,725 244,078,328 1,149,550,053 988,462,860 161,087,193
Mine Plan -Year 2 -Year 1 Year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 TOTAL
Total mine Tonnes ( Ex-Pit ) (Kt) 22,000 47,830 59,750 68,937 72,200 70,388 78,500 75,485 73,300 74,000 48,300 47,300 43,400 40,800 40,000 37,916 39,846 40,200 38,100 38,000 35,422 1,166 - - - -
Rehandling (Kt) - - 9,131 - - - - - - - - - - - - - - - - - - 31,687 32,850 32,850 11,866 1,092,841
Total Moved tonnes (Kt) 22,000 47,830 68,881 68,937 72,200 70,388 78,500 75,485 73,300 74,000 48,300 47,300 43,400 40,800 40,000 37,916 39,846 40,200 38,100 38,000 35,422 32,853 32,850 32,850 11,866 1,092,841
Pachon Project
Mine Cost ( x 1,000 )
Mine Cost For FINAL COST MODEL ( Mine Administration Cost & Operators Cost will be reported by Alberto Quiñones)
Mining Operations Unit Cost ($/t) Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23
Mine Administration 0
Drilling 651 1,554 2,243 2,733 3,002 3,090 3,402 3,374 3,201 3,155 2,187 2,142 1,853 1,562 1,671 1,677 1,785 1,861 1,577 1,621 1,610 118 0 0 0 46,068
Blasting 2,372 5,129 6,300 7,181 7,501 7,349 8,169 7,871 7,659 7,694 5,267 5,170 4,803 4,564 4,491 4,295 4,477 4,510 4,313 4,304 4,061 139 0 0 0 117,619
Loading - Front End Loader 215 712 975 776 803 1,125 1,044 1,203 1,085 780 615 338 355 380 0 0 0 0 0 0 0 0 0 0 0 10,408
Loading - Shovels 1,469 2,827 3,404 3,765 5,190 5,684 5,805 5,208 5,102 5,791 3,803 3,684 3,379 3,160 3,503 3,244 3,508 3,431 3,062 3,079 2,877 2,880 2,814 2,814 987 90,471
Hauling 5,591 10,160 13,226 21,861 14,919 19,679 18,371 21,318 14,500 23,836 9,849 6,697 9,603 8,893 9,867 10,056 11,162 10,697 11,096 11,004 10,015 4,997 4,901 6,431 3,170 291,898
Pit Dewatering 93 164 167 134 138 419 449 478 508 537 566 596 625 654 684 713 743 772 801 831 860 0 0 0 0 10,932
Mine Services 1,141 2,602 3,456 3,386 3,984 3,553 4,403 3,889 3,951 3,677 2,421 1,994 2,125 1,773 1,827 1,692 1,807 1,828 1,595 1,791 1,478 1,245 1,066 1,103 851 58,639
In Mine Transport & Fixed MARC Cost 654 902 1,020 1,041 1,051 1,062 1,088 1,088 1,088 1,088 865 741 658 658 572 592 592 592 592 592 592 405 285 285 179 18,281
Analysis Samples Laboratory 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 19,000
Total Mine Op. 12,187 24,051 31,791 41,877 37,585 42,963 43,732 45,429 38,093 47,558 26,573 22,362 24,401 22,643 23,615 23,270 25,074 24,692 24,037 24,222 22,493 9,783 9,065 10,633 5,187 663,315
Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 TOTAL
Pre-operation Period
Mining Operations
Mine Administration (Salaries) 1,268 2,039 2,233 2,233 2,233 2,233 2,233 2,233 2,233 2,233 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 1,785 47,945
Drilling 651 1,554 2,243 2,733 3,002 3,090 3,402 3,374 3,201 3,155 2,187 2,142 1,853 1,562 1,671 1,677 1,785 1,861 1,577 1,621 1,610 118 0 0 0 46,068
Blasting 2,372 5,129 6,300 7,181 7,501 7,349 8,169 7,871 7,659 7,694 5,267 5,170 4,803 4,564 4,491 4,295 4,477 4,510 4,313 4,304 4,061 139 0 0 0 117,619
Loading - Front End Loader 215 712 975 776 803 1,125 1,044 1,203 1,085 780 615 338 355 380 0 0 0 0 0 0 0 0 0 0 0 10,408
Loading - Shovels 1,469 2,827 3,404 3,765 5,190 5,684 5,805 5,208 5,102 5,791 3,803 3,684 3,379 3,160 3,503 3,244 3,508 3,431 3,062 3,079 2,877 2,880 2,814 2,814 987 90,471
Hauling 5,591 10,160 13,226 21,861 14,919 19,679 18,371 21,318 14,500 23,836 9,849 6,697 9,603 8,893 9,867 10,056 11,162 10,697 11,096 11,004 10,015 4,997 4,901 6,431 3,170 291,898
Pit Dewatering 93 164 167 134 138 419 449 478 508 537 566 596 625 654 684 713 743 772 801 831 860 0 0 0 0 10,932
Mine Services 1,141 2,602 3,456 3,386 3,984 3,553 4,403 3,889 3,951 3,677 2,421 1,994 2,125 1,773 1,827 1,692 1,807 1,828 1,595 1,791 1,478 1,245 1,066 1,103 851 58,639
In Mine Transport & Fixed MARC Cost 654 902 1,020 1,041 1,051 1,062 1,088 1,088 1,088 1,088 865 741 658 658 572 592 592 592 592 592 592 405 285 285 179 18,281
Analysis Samples Laboratory 0 0 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 0 0 0 0 19,000
Total Mine Op. 13,455 26,089 34,024 44,110 39,818 45,195 45,965 47,662 40,326 49,791 28,358 24,147 26,186 24,428 25,400 25,055 26,859 26,477 25,822 26,007 24,278 11,568 10,850 12,418 6,972 711,260
U.S.$/t_Mined 0.612 0.545 0.569 0.640 0.551 0.642 0.586 0.631 0.550 0.673 0.587 0.511 0.603 0.599 0.635 0.661 0.674 0.659 0.678 0.684 0.685 9.921 0.000 0.000 0.000 0.000
U.S.$/t_Moved 0.612 0.545 0.494 0.640 0.551 0.642 0.586 0.631 0.550 0.673 0.587 0.511 0.603 0.599 0.635 0.661 0.674 0.659 0.678 0.684 0.685 0.352 0.330 0.378 0.588 0.651
mcaf 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Unit Cost ($/t) Año -2 Año -1 Año 1 Año 2 Año 3 Año 4 Año 5 Año 6 Año 7 Año 8 Año 9 Año 10 Año 11 Año 12 Año 13 Año 14 Año 15 Año 16 Año 17 Año 18 Año 19 Año 20 Año 21 Año 22 Año 23 TOTAL
Mine Administration 0.044 0.058 0.043 0.032 0.032 0.031 0.032 0.028 0.030 0.030 0.030 0.037 0.038 0.041 0.044 0.045 0.047 0.045 0.044 0.047 0.047 0.050 0.054 0.054 0.054 0.150 0.0439
Drilling 0.042 0.030 0.032 0.033 0.040 0.042 0.044 0.043 0.045 0.044 0.043 0.045 0.045 0.043 0.038 0.042 0.044 0.045 0.046 0.041 0.043 0.045 0.004 0.000 0.000 0.000 0.0422
Blasting 0.108 0.108 0.107 0.091 0.104 0.104 0.104 0.104 0.104 0.104 0.104 0.109 0.109 0.111 0.112 0.112 0.113 0.112 0.112 0.113 0.113 0.115 0.004 0.000 0.000 0.000 0.1076
Loading - FEL 0.010 0.010 0.015 0.014 0.011 0.011 0.016 0.013 0.016 0.015 0.011 0.013 0.007 0.008 0.009 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.0095
Loading - Shovels 0.083 0.067 0.059 0.049 0.055 0.072 0.081 0.074 0.069 0.070 0.078 0.079 0.078 0.078 0.077 0.088 0.086 0.088 0.085 0.080 0.081 0.081 0.088 0.086 0.086 0.083 0.0828
Hauling 0.267 0.254 0.212 0.192 0.317 0.207 0.280 0.234 0.282 0.198 0.322 0.204 0.142 0.221 0.218 0.247 0.265 0.280 0.266 0.291 0.290 0.283 0.152 0.149 0.196 0.267 0.2671
Pit Dewatering 0.010 0.004 0.003 0.002 0.002 0.002 0.006 0.006 0.006 0.007 0.007 0.012 0.013 0.014 0.016 0.017 0.019 0.019 0.019 0.021 0.022 0.024 0.000 0.000 0.000 0.000 0.0100
Mine Services 0.054 0.052 0.054 0.050 0.049 0.055 0.050 0.056 0.052 0.054 0.050 0.050 0.042 0.049 0.043 0.046 0.045 0.045 0.045 0.042 0.047 0.042 0.038 0.032 0.034 0.072 0.0537
In Mine Transport & Fixed MARC Cost 0.017 0.030 0.019 0.015 0.015 0.015 0.015 0.014 0.014 0.015 0.015 0.018 0.016 0.015 0.016 0.014 0.016 0.015 0.015 0.016 0.016 0.017 0.012 0.009 0.009 0.015 0.0167
Analysis Samples Laboratory 0.017 0.000 0.000 0.015 0.015 0.014 0.014 0.013 0.013 0.014 0.014 0.021 0.021 0.023 0.025 0.025 0.026 0.025 0.025 0.026 0.026 0.028 0.000 0.000 0.000 0.000 0.0174
Unit Mine cost ( US$ / t_mined) 0.651 0.612 0.545 0.494 0.640 0.551 0.642 0.586 0.631 0.550 0.673 0.587 0.511 0.603 0.599 0.635 0.661 0.674 0.659 0.678 0.684 0.685 0.352 0.330 0.378 0.588 0.651
MINERA EL PACHON PROJECT
Process Costs
SUMMARY PRODUCTION
Item Units\Year
Ore Milled t 32,850,000
Copper Grade % 0.85%
Molybdenum Sulfide Grade % 0.05%
Cu Conc. Copper Grade % 28%
Tailings Copper Grade % 0.08%
Copper Recovery to Conc % 90.85%
Cu Concentrate Shipped dry t 905,963
Contained Copper t 253,670
lb 559,245,450
Mo Conc MoS2 Grade % 87.33%
MoS2 Recovery to Conc % 55%
Mo Concentrate Shipped dry t 10,344
Tailings Produced t 31,933,692
SUMMARY WATER AND POWER CONSUMPTION
Cu Grade [%] 0.85%
Recovery Total [%] 90.85%
Power consumption [Kwh/ton Feed] 16.76
Ball consumption [g/ton Feed] 0.80
Water consumption [m3/ton Feed] 0.46
Grinding and Pebble Crushing
Total Power consumption [Kwh/ton ] 12.22
Power consumption - Pebble Crushing [Kwh/ton] 0.23
Ball Consumption 5" [g/ton] 400
Ball Consumption 3" [g/ton] 400
Flotation
Collector [g/ton] 50
Frother [g/ton] 40
Lime [g/ton] 1,500
Sodium Silicate [g/ton] 50
Sodium hydrosulphide [g/ton] 350
Sodium Cyanide [g/ton] 20
Kerosene [g/ton] 25
Power consumption [Kwh/ton] 2.54
Ball consumption -Regrind [g/ton] 100
Thickeners & Tailing
Flocculant Consumption [g/ton] 20.00
Descaler Consumption [g/ton] 0.00
Power Consumption Thickeners [Kwh/ton] 0.06
Power Consumption Tailings [Kwh/ton] -
Filter Plant
Power consumption [Kwh/ton] -
Unit Plant Cash Cost (US$ /ton milled)
Crushing US$/ton milled 0.0877
Grinding US$/ton milled 1.4816
Pebbles Plant US$/ton milled 0.0007
Flotacion US$/ton milled 0.5098
Thickeners US$/ton milled 0.1113
Tailing US$/ton milled
Reagents US$/ton milled 0.016
Pipeline US$/ton milled
Shiploading US$/ton milled
Water US$/ton milled 0.2517
Laboratories US$/ton milled
Other expenses (Moly Plant) US$/ton milled 0.2539
Milling Maintenance Support US$/ton milled 0.0258
Milling Management Support US$/ton milled 0.0515
Concentrate Plant Administration US$/ton milled 0.0200
Grand Total US$/ton milled 2.8097
Tailing KUS$ /year 5,858

Pipeline Transport KUS$ /year 1,643
Filter Plant KUS$ /year 3,231

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El Pachon Conceptual Study August 2005

17.0 Financial Model

17.1 Base Case

Structure: Pachon SA Minera, Argentina producing Copper

The Base Case project presents the following results:

Base Case - Processing 90,000 tpd – Cu Recovery Fixed Tailing (0.08%)

Figure 17.1-1 Unit Cash Cost

NPV and IRR sensitivity analysis before taxes and royalty

Figure 17.1- 2b Sensitivity Analysis

Capital Cost Operating Cost Copper Price TC - RC

Figure 17.1-3a) Sensitivity Analysis

Figure 17.1-3b) Sensitivity Analysis

Capital Costs do not include Escalation and Growth Provisions.

Taxes were calculated before repatriation of benefits.

17.2 Crystal Ball Sensitivity Process

a) Copper price, separately years 1 to 4 and long term

Target Forecast: NPV AFTER LOCAL TAX & ROYALTY (@12%)

Copper price - Long term ($/lb) .77

Operating Costs - (%) performance -.47

Copper price - year4 ($/lb) .19

Copper price - year3 ($/lb) .16

Capex - (%) achievement -.15

TC year 1 to 4 ($/dmt) -.13

Moly price - long term ($/lb) .11

Moly price - year 3 ($/lb) .08

Copper price - year1 ($/lb) .08

Copper price - year2 ($/lb) .07

Moly price - year4 ($/lb) -.04

Moly price - year2 ($/lb) -.04

TC long term ($/dmt) -.04

Moly price - year1 ($/lb) .03

Forecast: IRR AFTER LOCAL TAXES & ROYALTY

2,484 Trials Frequency Chart 45 Outliers

2.86% 6.51% 10.17% 13.83% 17.49%

Forecast: NPV AFTER LOCAL TAX & ROYALTY (@12%)

2,500 Trials Frequency Chart 35 Outliers

-297,915 -171,922 -45,929 80,065 206,058

Assumption: Copper price - Long term ($/lb)

Normal distribution with parameters:

Selected range is from -Infinity to +Infinity

0.70 0.85 1.00 1.15 1.30

Assumption: Moly price - long term ($/lb)

Normal distribution with parameters:

Selected range is from -Infinity to +Infinity Mean = 4.00

3.25 3.63 4.00 4.38 4.75

Assumption: TC long term ($/dmt) TC long term ($/dmt)

Normal distribution with parameters:

Selected range is from -Infinity to +Infinity

70.0 77.5 85.0 92.5 100.0

Assumption: Capex - (%) achievement

Triangular distribution with parameters:

Assumption: Operating Costs - (%) performance

Triangular distribution with parameters:

17.3 Base Case Variations

The following variations of the Base Case were studied:

The results are presented at the Table below:

Base Case Variations

Variation of Parame nte r

Figure 17.3- 1b) Sensitivity Analysis

Figure 17.3- 2a Sensitivity Analysis

Capital Cost Operating Cost Copper Price TC - RC

Figure 17.3 - 2b Sensitivity Analysis

Capital Cost Operating Cost Copper Price TC - RC

Figure 17.3 - 3a) Sensitivity Analysis