12 GUARANTEED INCOME PLAN

12.1 All employees of Minera Alumbrera Limited will be paid on the basis of
annualized salaries incorporating the following elements:

- Classification rate

- Shift Roster allowance (where applicable)

- All Disability/Special Allowances incidental to working at Alumbrera

- Pre-payment for working additional overtime hours where the work roster
prescribes such additional hours.

- Pre-payment for “Aguinaldo” 13th month bonus

- Pre-payment for National/Public Holiday work (where applicable in work roster)

12.2. Except as provided in this clause the Guaranteed Income Plan (GIP) salary
represents the total pay to cover all conditions and all time worked required by the
work roster.

12.3. A schedule of salaries will be maintained setting out the rates for the various
pay levels and classification for each work roster.

12.4. The applicable GIP salary will be paid for all approved absences including all
paid leave specified by legislation and this Agreement but for no other purpose.

12.5. The salary for termination purposes will be the applicable classification level
salary for a day worker.

12.6. Salaries shall be reviewed annually in accordance with Company Policy.

12.7. As part of remuneration it is the intention of the Company to introduce team

and individual performance elements.

13 HOURS OF WORK

13.1. The Parties recognize the need to schedule work to achieve maximum
efficiency of operations.

Additionally the Parties recognize that in establishing appropriate working patterns

for Alumbrera three essential issues will be considered:

- The needs of the mine

 - The needs of the employees
- Occupational Health and Safety considerations

13.2. Furthermore, the Parties recognize that the operational needs of the mine
will dictate different labour requirements for different functions.