Interfax China Metals & Mining Weekly 13,330 words 8 June 2012 11:57 Interfax: China Mining & Metals Weekly CHNMET

English (c) 2012 Interfax Information Services, B.V. The consolidation of the rare earths industry in south China has taken a step forward after Guangdong became the first province in the region to release a detailed plan for industry restructuring last week. Guangdong Rare Earth Industry Group (GRIEG), a unit of state-owned Guangdong Rising Assets Management Co. Ltd. (GRAM), was singled out to lead the consolidation, and is also likely to be chosen as one of three firms that will oversee the restructuring of the industry in the wider south China region. But the ultimate beneficiary of the plan could in fact be another GRAM subsidiary, its listed rare earths unit Guangdong Rising Nonferrous Metals Group Co. Ltd. GRAM may choose to inject the assets accumulated by GRIEG in the consolidation process into the listed subsidiary, said analysts. Deal activity is heating up in China’s gold space meanwhile as miners vie for domestic and overseas resources to meet the nation’s burgeoning demand for the yellow metal. Attractive valuations of target companies due to low gold prices are also adding to the action. Two major deals were announced June 1, with state-owned Shandong Gold Group agreeing to acquire majority stakes in two Shandong-based miners for a combined price of RMB 3.8 billion ($597 million), and Zijin Mining Group offering AUD 180.3 million ($174.78 million) for all outstanding shares in Norton Gold Fields Ltd. Zijin currently owns a 16.98 percent stake in the Australian miner. Zijin furthermore increased its presence in Tajikistan after reaching an agreement on copper production with the government during President Emomali Rahmon’s state visit to China. The miner currently owns a 75 percent stake in Zeravshan Gold Co., a joint venture (JV) with the Tajik government which in 2011 accounted for 59.3 percent of the country’s gold output. In other news, China’s three leading ferromolybdenum producers reduced their prices this week, potentially ushering in an industry consolidation as smaller players are forced out of the business amid low profit margins. Please direct any questions, comments or suggestions regarding China Metals & Mining Weekly to the editor, Orlando Bowie (). Rare earths consolidation has taken a step forward in south China after Guangdong became the first province in the region to release a detailed plan for industry restructuring last week. The document gives a leading role to Guangdong Rare Earth Industry Group (GREIG), a unit of state-owned Guangdong Rising Assets Management Co. Ltd. (GRAM) that was established in February to act as a regional consolidation platform. GRIEG moreover has a strong chance of being chosen as one of the three leading players that will control 80 percent of the heavy rare earths industry in south China between them as part of a restructuring plan issued by the State Council in May last year. Guangdong aims to finish consolidating its miners and smelters by 2013 and to have a full industry chain in place by 2015. The document targets improvements in new materials technology and lays out plans for a strategic provincial reserve of key rare earth oxides. The province furthermore intends to build two or three rare earths industry parks in a bid to attract overseas investment, and will also encourage GREIG to acquire overseas rare earths resources and deep-processing firms to increase its international influence under China’s “Go Out” policy. Page 1 of 28 © 2012 Factiva, Inc. All rights reserved.

But the ultimate beneficiary of the plan could in fact be another GRAM subsidiary, namely the group’s only listed rare earths unit, Guangdong Rising Nonferrous Metals Group Co. Ltd. (GRNW). Once the consolidation is finished, GRAM may choose to inject GRIEG’s assets into the listed unit. “It’s possible that the company will list the new assets separately, but injecting them into GRNW would be much easier,” Ye Xin, an analyst with Anxin Securities, told Interfax. GRNW’s growing importance in the local industry is reflected in its share price on the Shanghai Stock Exchange, which has surged by about 100 percent this year to date. The consolidation process meanwhile is likely to play out as a competition for influence between centrally-controlled state-owned enterprises (SOE) and those controlled by local governments, Ye noted. Resources and mining rights are largely in the hands of local SOEs, which will be unwilling to cede them to their centrally-controlled peers. On the regional stage, locally-controlled GRIEG could be competing with national giants like Minmetals, Chinalco and China Nonferrous Metal Mining Corp. (CNMC), which have all established a presence in south China through acquisitions or by setting up smelters. While the rare earths industry in Guangdong is more fragmented than in Inner Mongolia, where consolidation efforts have already made significant ground, a high industry concentration relative to the rest of south China and GRAM’s prominence as a large locally-owned SOE make the province an obvious starting point for regional consolidation. Neighboring Jiangxi has more rare earths resources than Guangdong, but the presence of metals giants such as Minmetals and CNMC will increase the friction between locally- and centrally-controlled firms and could hamper the consolidation, Huatai Securities analyst Liu Minda told Interfax. In another major policy development to emerge from the industry last week, China is considering establishing national rare earths stockpiles, China Securities Journal reported last Friday citing official sources. In order to quell price fluctuations like those seen in 2011, the Ministry of Industry and Information Technology (MIIT) is considering a system to allow strategic buying and selling in which producers buy up surplus supply when prices fall and sell when prices rise. China is the world's largest producer of rare earth metals which are critical for the manufacture of high-tech products ranging from cell phones to missiles. China’s deposits of heavy rare earths, which are more valuable and scarce than light rare earths, are concentrated in south China in provinces such as Jiangxi, Fujian, Guangdong, Hunan and the Guangxi Zhuang Autonomous Region. Tangshan Iron & Steel Co. Ltd. (Tangsteel) has become the first Chinese steelmaker to enter a structured financing agreement with foreign partners after securing the backing of Swiss steel trader Duterco SA for a $270-million loan from six major banks, the state-owned firm announced Wednesday. Tangsteel’s deal with the world’s second largest steel trader could pave the way for similar arrangements involving other Chinese steelmakers, offering a further solution for the funding problems wracking the industry. Under the agreement, Duterco will provide collateral to the banks for a loan to fund Tangsteel’s operating costs for the production of cold-rolled products, and will also act as international distributor for the goods. The six banks are Deutsche Bank, ABN AMRO, DBS Group, United Overseas Bank (UOB), HSBC and Natixis. Tangsteel and Duterco have been working together since 2009 and Tangsteel exported 1.07 million tons of cold-rolled products through the Swiss trader in 2011, accounting for one-sixth of China’s cold-rolled exports. The Chinese steelmaker boosted profits by RMB 200 million ($31.65 million) last year by selling on the higher-priced international market rather than in China. As well as the price premium on the global market, the firm benefited from a 13-percent customs tax rebate in China for cold-rolled exports, said Umetals analyst Hu Yanping. Despite the first interest rate reduction in more than three years on Thursday and two cuts in bank reserve requirement ratios (RRR), China’s steel industry continues to face funding problems, though the difficulties may ease to some extent in the second half, Hu added. Dwindling profits amid weak downstream demand and low steel prices have taken their toll on the balance sheets of Chinese steelmakers and contributed to the funding difficulties. Net industry earnings were down 57 percent on Page 2 of 28 © 2012 Factiva, Inc. All rights reserved.

yearly basis in the first four months of 2012 compared to an average decline of only 1.6 percent across China’s light and heavy industries, according to the National Bureau of Statistics (NBS). Figures from the National Development and Reform Commission (NDRC) meanwhile show first quarter (Q1) profits down 67.8 percent from a year ago at RMB 18.33 billion ($2.9 billion). Tangsteel is part of state-owned Hebei Iron & Steel Group, one of China’s leading steel producers. Iron ore stockpiles at China's ports increased this week as higher steel billet prices and lower iron ore prices encouraged purchases by steel producers, while Thursday’s interest rate cut could encourage more buying coming weeks. Reserves at 30 major ports were up 0.99 percent at 96.66 million tons on Friday, including 10.24 million tons of Indian iron ore, down 0.29 percent, according to Shanghai-based Mysteel Information. In the futures market, Australian PB, Indian iron ore grading 63.5 percent, and Brazilian fine grading 63 percent stood at $133, $136 and $131 respectively, down $2, $1.5 and $4 from last week. The quoted price for Indian iron ore grading 63.5 percent at Tianjin port stood between RMB 1,005 ($159.02) and RMB 1,015 ($160.6) per ton on June 8, down RMB 5 ($0.79) from a week ago. Iron ore stockpiles at China's 30 major ports, June 8 Port Indian ore Bayuquan 0.08 Dandong Total (mln tons) Australian ore (mln tons) Brazilian ore (mln tons) (mln tons) Detainment 2.74 1.15 1.28 None 0.5 0.25 0.1 0 None Qinghuangdao 0.6 0.25 0.1 0.1 None Dalian 4.2 1.48 1.72 0 None Tianjin 5.7 3.7 0.9 0.8 None Jingtang 6.4 2.3 1.3 1.3 None Caofeidian 13.35 5.1 4.04 2.12 None Yantai 2.4 1.5 0.8 0 None Longkou 0.16 0.15 0 0 None Qingdao 14 5.3 4.2 1.6 None Rizhao 14.2 5.9 4.7 1.8 None Lanshan 4.6 1.8 0.25 1.12 None Lianyungang 5.9 3.1 0.85 0.35 None Nantong 1.35 0.7 0.4 0 None Nanjing 1 0.25 0.25 0.05 None Taicang 2.1 1.3 0.6 0 3-4 days Jiangyin 1.05 0.2 0.15 0.5 None Zhenjiang 3.1 0.6 0.65 0.15 None Changzhou 0.35 0.15 0.1 0 None Page 3 of 28 © 2012 Factiva, Inc. All rights reserved.

Zhangjiagang Beilun Luojing 0.1 Fuzhou Xiamen 0.03 Mawan Guangzhou Zhanjiang Quanzhou

0.4 None 2.65 None 1.85 None 0.62 None 0.5 None 0.21 None 0.26 None 2.4 None 0.44 None None

0.03 1.1 1.15 0.11 0.08 0.21 0.17 0.8 0.1 1.6 0 None 40.53 N/A

0.1 0.65 0.2 0.17 0.11 0 0 0.5 0 0.7 0 24.82

0 0

0

0 0 0 0

Fangchenggang 3.4 0.14 Qinzhou 0.23 Total 10.24 Source: Mysteel 96.66

0

Zinc output is on the rise in China as smelters resume production after completing upgrades to meet new environmental standards, though uncertainty remains over the sustainability of increased output in the second half (H2) in the face of low zinc prices and summer maintenance work, analysts told Interfax. Leading producer Shenzhen Zhongjin Lingnan Nonfemet Co. Ltd. (NONFEMET) finished upgrading its Danxia smelter in Guangdong’s Shaoguan City at the end of last month, while improvements to its nearby Fankou lead-zinc mine were completed at the end of March, the firm said over the weekend. The firm usually starts annual maintenance work in early May, but local environmental authorities ordered it to begin two months earlier than usual after high blood lead levels were found in children in the surrounding area. Lead is a by-product of the zinc smelting process. The firm now expects output of 6,000 tons from its Fankou mine in June, rising to 9.000 tons in July, according to a report from consultancy Fubao Information that cites a company source close to the matter. A number of smelters in the major production areas of Hunan and the Guangxi Zhuang Autonomous Region meanwhile resumed production mid- to late-April. Authorities in Guangxi had shut down all zinc smelters in Hechi City in January after chromium pollution was detected in the Longjiang River. And some small smelters in Hunan brought forward maintenance work to the end of January in the face of sliding prices, and resumed production at the end of April when prices strengthened. Prices climbed 1.12 percent through April to RMB 15,639 ($2,474.53), while China’s output was down 5.48 percent month-on-month and 11.78 percent on the year at 383,764 tons. Capacity utilization rates have since increased. Large producers with capacity above 200,000 tons saw utilization rates rise to around 70 percent in May, while for mid-sized players with capacity of 100,000 to 200,000 tons they climbed to 50 percent, and those with capacity less than 100,000 tons clocked about 40 percent, Myyouse analyst Lei Xiaofang told Interfax. With zinc prices under pressure and the summer maintenance period approaching however, it remains uncertain whether increased output will be sustainable in the second half. Prices are currently hovering between RMB 14,500 ($2,294.3) and RMB 15,500 ($2,452.53) per ton, down from a RMB 18,000 ($2,848.1) peak at the end of July last year, while demand remains soft among major downstream users such as the steel, real estate and home appliance industries. Page 4 of 28 © 2012 Factiva, Inc. All rights reserved.

CM000016.JPGWeak nickel prices prompted Indonesia to set lower-than-expected base prices for its recently-introduced nickel ore export tariff, giving Chinese smelters a temporary breather before the impact of the restrictions filters through to the market. China's main supplier of nickel ingredients on Monday set base prices for 14 different ores which are subject to a 20 percent export tax introduced on May 6. Both foreign and domestic firms without processing facilities in the southeast Asian country moreover are prohibited from exporting the ores altogether under the new rules, Interfax previously reported. The base prices will be adjusted every three months, and for nickel range from $15.80 to $41.52 for four different types of ore grading less than two percent, equating to levies of $3.16 to $8.30 per wet ton. The tariffs fall far below market expectations – based on the current FOB price – of $8 to $12 per ton, Wang Haoyang, an analyst with Shanghai Metals Market told Interfax. “Cost increases for Chinese smelters will be less drastic than previously thought,” Wang said, adding that Indonesia’s nickel shipments to China in June could nonetheless be affected if export quotas are introduced. MetalChina analyst Fan Runze on the other hand sees a marked decline in Indonesian nickel ore imports in June, while the price outlook for the metal remains cloudy amid soft demand in China. “Many large factories are stopping production making prices hard to predict,” said Fan. The tax is hoped to support prices in the mid-term, though large ore stockpiles in China will limit the short-term impact, China International Capital Corp. said in a research note May 10. Stockpiles at seven major ports stood at 13.31 million tons on June 1, up by 1.33 million tons since the beginning of the second quarter (Q2), show Umetal figures. China’s smelters stepped up purchases in response to Indonesia’s restrictions and nickel ore imports have increased for three consecutive months since February, show customs data. The rise in imports masks a reduced appetite for commodities as growth slows in the world’s second largest economy – China’s official Purchasing Mangers Index (PMI), a key gauge of manufacturing activity, dropped further-than-expected to 50.4 in May, down from 53.3 the previous month. Decreasing demand for nickel in China along with the global economic uncertainties have seen the metal notch up the worst performance of any base metals on the London Metals Exchange (LME) since February, and the price has lost about 30 percent in the past few months. LME benchmark nickel contracts fell to $15,980 per ton on June 6, the lowest since December 2009. Adding to the gloomy macroeconomic outlook, a supply surplus could put further pressure on nickel – the International Nickel Study Group in April predicted a 50,000 ton oversupply in 2012, while CITI Bank has reduced its price forecast by 0.4 percent to $19,430 per ton. Base prices for Indonesia nickel ore export tax, June – Aug 2012 Ore content (%) Base price (USD/wet ton) Tax (USD/wet ton) <1.5 15.8 3.16 1.5-1.8 25.14 5.03 1.8-2.0 32.69 6.54 2 41.52 8.30 Source: Indonesia Trade Ministry CM000026.JPGLeading Chinese gold miner Zijin Mining Group has reached an agreement with Tajikistan on joint copper production in the Sogdiisk region, the office of the Tajik president said in a press release. The accord comes during a state visit to China by President Emomali Rahmon, though detailed terms have yet to be announced, Interfax reported from Dushanbe Tuesday. The Sogdiisk region in north Tajikistan has deposits of sulfide ore, the copper content of which is currently unknown. The central Asian country has yet to exploit any of its copper resources. Zijin Mining currently owns a 75 percent stake in Zeravshan Gold Co., a joint venture (JV) with the Tajik government which in 2011 accounted for 59.3 percent of the country’s gold output. Page 5 of 28 © 2012 Factiva, Inc. All rights reserved.

Zijin Mining has so far invested $200 million in Zeravshan and introduced new technology that help boost gold production, according to the press release. A further investment of $100 million should enable the JV to increase annual production to five tons by 2016. Zeravshan paid $18 million in taxes in 2011. Gold production in Tajikistan increased 9.3 percent in 2011 to 2,240.1 kilograms. Thirty-one gold deposits have been identified in the country with overall reserves estimated at 675 tons. Hunan Corun New Energy Co. Ltd. is to acquire Hunan-based Yiyang Hongyuan Rare Earth Co. Ltd. in a bid to extend its industry chain and improve profitability, the manufacturer of advanced batteries announced Thursday. The acquisition is intended to ensure supplies of input materials, said a Corun securities representative. Rare earths are used in negative films for nickel-metal hydride (Ni-MH) batteries, Corun’s core product. The deal is worth a total consideration of RMB 1.22 billion ($191.72 million) and comes after the battery maker aborted a previous takeover attempt in January citing difficulties in appraising Hongyuan’s value due to volatile rare earths prices. Corun shares lost 40 percent in the five trading days that followed. Corun will purchase all Hongyuan shares from the owner Cao Youmin via cash and a stock swap. The battery producer will issue 48.12 million shares to Cao at RMB 20.28 ($3.20) per share for an 80 percent stake, and plans a RMB 325 million ($51.45 million) private placement to fund the purchase the remaining 20 percent interest for RMB 244 million ($38.63 million). Cao will become Corun’s second-largest shareholder with a 12.7 percent stake which he cannot sell for 36 months under the agreement. Corun shares were suspended from trading on the Shanghai Stock Exchange on March 27 to make way for the deal. Its share price hit the daily limit for two days running after trading resumed on Thursday, and stood at RMB 25.21 ($3.96) at the end of morning trading on Friday. Based in Yiyang city in central China’s Hunan Province, Hongyuan is involved in rare earths separation, smelting, deep processing and R&D. It was the only firm in Hunan to be granted a rare earth export quota in 2011 but has yet to obtain one this year. The takeover will not impact on Hongyuan’s export business, Xie Zhaohui, manager of the firm’s international trading department told Interfax. China’s three leading ferromolybdenum producers have reduced prices for the material used in high-strength low-alloy steel (HSLA), potentially ushering in an industry consolidation as smaller players are forced out of the business amid low profit margins. Jinduicheng Molybdenum Co. Ltd., China Molybdenum Co. Ltd. and Jinzhou New China Dragon Moly Co. Ltd. cut prices by 1.65 percent or RMB 2000 per ton to between RMB 119,000 ($18,719.77) and RMB 123,000 ($19,349.01) per ton, state-run newspaper China Nonferrous Metals News reported on its website Wednesday. Despite the price drop, there is limited downside for molybdenum concentrate, the main ingredient in ferromolybdenum, as prices are already depressed, and the industry is expected to undergo a consolidation as minor players struggle with shrinking profit margins, Antaike Information analyst Peng Ruqing told Interfax. “The market mechanism will help clean up those minor producers unable to survive on tighter margins, which is good for the industry,” Peng said. The price cut moreover is in line with declines in global ferromolybdenum prices due to weak demand amid a slowing Chinese economy and concerns over the European debt crisis, Peng added. China’s official Purchasing Managers Index (PMI) saw the sharpest drop in 28 months in May, falling to 50.4 from 53.3 in April, renewing fears over the extent of its slowdown. Peng nonetheless remains upbeat: “I think the prices are already close to bottoming out, and I don’t see a significant decline in the short-term.”

Page 6 of 28 © 2012 Factiva, Inc. All rights reserved.

China Molybdenum is China’s largest molybdenum producer according to Antaike Information. Listed on the Hong Kong Stock Exchange and based in Henan Province, the firm says it was the fourth largest producer globally in 2011 and accounted for about 6.7 percent of total output in 2010. Shaanxi Province-based Jinduicheng Molybdenum is the Shanghai Stock Exchange-listed unit of state-owned Jinduicheng Molybdenum Group and also claims to be the world’s fourth largest molybdenum producer on its website. Dragon Moly meanwhile is based in the northeastern province of Liaoning. Ferromolybdenum is the main source of molybdenum alloying for HSLA, an alloy steel which offers better mechanical properties and greater resistance to corrosion than carbon steel. China accounts for about 34 percent of global output of molybdenum, which is mixed with iron oxide and aluminum to produce ferromolybdenum. The country produced 85,000 tons of the transition metal last year while consuming about 31 percent of global supplies, according to Research and Markets. Preliminary exploration work conducted by subsidiaries of Fujian Metallurgy (Holding) Co. Ltd. (FMHC) has uncovered the world’s largest tungsten deposit in central China’s Jiangxi Province, the Ministry of Land and Resources (MOLR) said in a statement on its website Tuesday. The Datanghu deposit in Wuning County, Jiujiang City, contains proven tungsten reserves of 1.06 million tons, according to a survey conducted by Xiamen Sanhong Tungsten Molybdenum Co. Ltd. (Sanhong Tungsten), a mineral exploration firm, and Xiamen Tungsten Co. Ltd. (Xiamen Tungsten), the world’s largest tungsten smelter. State-owned FMHC controls the two companies with stakes of 34.51 percent and 33.6 percent, respectively. The mining rights for Datanghu however lie in the hands of Jiangxi Jutong Co. Ltd., in which private equity fund Beijing Judian Investment Co. Ltd. holds a 53 percent stake while Sanhong Tungsten holds a 30 percent share. The involvement of diverse stakeholders could pose difficulties when it comes to divvying out the reserves, while the ore grades at Datanghu also remain uncertain, said Mysteel analyst Chen Cheng. The mine will take at least five to six years to develop, and in the process the local government may seek to introduce local players into the project, the analyst added. The results of the survey come after Xiamen Tungsten and Sanhong Tungsten in May last year signed agreements with provincial authorities in Jiangxi to explore tungsten resources and develop the local deep processing industry. The deals included a combined RMB 2 billion ($315.96 million) investment in tungsten exploration in northern Jiangxi’s Jiujiang City. Datanghu will help Xiamen Tungsten increase self-sufficiency in tungsten concentrate – the firm produces 6,500 tons a year, enough for about 30 percent of its needs. The remainder is sourced through long-term supply contracts. China is the largest tungsten producer in the world, followed by Russia and Vietnam, with resources concentrated in Jiangxi, Hunan and Inner Mongolia. The country produced 121,900 tons of tungsten concentrate in 2011. The majority of Jiangxi’s tungsten mines are in the south of the province, and Datanghu is the first major deposit to be found in the north. Dajishan tungsten mine in southern Jiangxi was previously thought to be China's largest tungsten mine. FMHC is a diversified metals holdings company owned by the Fujian branch of the State-owned Assets Supervision and Administration Commission (SASAC). The firm controls 18 companies with interests including steel products, aluminum products, tungsten, manganese, gold and iron ore mining. State-owned Shandong Gold Group, a leading gold producer in China, has agreed to acquire majority stakes in two Shandong-based miners controlled by billionaire Zhang Ankang, winning out over Zhongjin Gold Co. Ltd. in the increasing competition for gold resources between Chinese miners amid burgeoning domestic demand for the precious metal. The company has signed a contract to acquire a 98.5 percent stake in each of Shandong Shengda Mining Co. Ltd. and Shandong Tiancheng Mining Co. Ltd. at a combined price of RMB 3.8 billion ($597 million), the group’s listed unit, Shandong Gold Mining Co. Ltd., said in a statement June 1.

Page 7 of 28 © 2012 Factiva, Inc. All rights reserved.

The deal took place behind closed doors after the target companies twice delayed an auction in which the principal rival would have been Zhongjin, the listed unit of China’s largest gold producer, state-owned China National Gold Group Co. Ltd. Initially postponed from April 14 to April 25 while Shengda and Tiancheng underwent preparations, the auction was then put on hold for a second time for unspecified reasons until Shandong Gold revealed it had already reached a deal last Friday. The acquisition could boost Shandong Gold’s total gold reserves by as much as 130 tons, according to the statement, and brings with it Shengda’s 55-percent stake in prospecting China’s largest monomer gold reserve. The Laizhou mine in Shandong contains gold reserves of 105 tons, worth some RMB 2.6 billion ($408.86 million) at current prices. China’s gold producers are vying for domestic and overseas resources as the nation remained the world’s largest market for gold jewelry for a third consecutive season in the first quarter (Q1), while gold demand from investment saw a double-digit year-on-year increase during the period, according to the World Gold Council’s quarterly report. Shares in Shandong Gold’s Shanghai Stock Exchange-listed unit closed up 5.74 percent at RMB 36.31 ($5.71) on Monday, while Zhongjin shares edged up 0.78 percent to RMB 23.26 ($3.66) against a 2.7-percent fall in the Shanghai Composite Index. Zhang Ankang holds a 51 percent stake in Shengda as well as a controlling stake in Tiancheng, state-run International Finance News reported. The businessman is a delegate for Shandong on China’s political advisory body, the Chinese People's Political Consultative Conference (CPPCC), and was worth RMB 3.59 billion ($564.53 million) in 2010, according to local media reports. Zijin Mining Group Co. Ltd. has offered AUD 180.3 million ($174.78 million) for all outstanding shares in Australia’s Norton Gold Fields Ltd. in a deal set to boost the Chinese miner’s gold output by 14 percent. Zijin’s wholly-owned subsidiary Jinyu (HK) International Mining Co. Ltd. tendered an offer of AUD 0.25 ($0.24) per share on June 1 – a 14 percent premium on Norton’s closing share price on May 30. Jinyu furthermore agreed pay a special dividend of AUD 0.02 ($0.019) per share to the shareholders. Zijin currently owns a 16.98 percent stake in Norton through another of its wholly-owned units, Luminous Gold Ltd. The takeover awaits the approval of Chinese regulators as well asAustralia’s Foreign Investment Review Board. Since Norton is a relatively small player, opposition on the Australian side is unlikely, said Antaike Information analyst Shi Heqing. The takeover will increase Zijin’s gold resources by about 13 percent and add to the group’s growing portfolio of overseas interests as it tries to secure gold supplies to satisfy burgeoning demand for the yellow metal in China, said Shi. The firm expects to put a gold mine in Kyrgyzstan into production in 2013, and also owns precious metals assets in Russia, Canada and Mongolia. With gold prices relatively low, listed miners are currently at attractive valuations for takeovers, the analyst added. Gold closed at $1,609.07 per ounce on June 1, down 15.33 percent from a peak of $1,900.3 per ounce in August last year. Shenyin & Wanguo Futures analyst Cao Bin said prices are likely to hover around $1,600 per ounce in the near-term amid uncertainty over the chances of a third round of quantitative easing in theU.S., which would boost the market. Norton is a mid-tier gold producer listed on the Australian Stock Exchange. The firm’s main shareholders are HSBC Custody Nominees (Australia) Ltd. with 17.43 percent, Citicorp Nominees Pty Ltd. with 16.04 percent, and Gold Max Asia Investments Ltd. with 10.90 percent. Norton’s annual production exceeds 150,000 ounces and its flagship Paddington mine nearKalgoorliesome 600 kilometers northeast ofPerthhas defined mineral resources of 5.96 million ounces, including more than one million ounces of proven and probable ore reserves. Zijin is dual-listed on the Shanghai and Hong Kong stock exchanges. The firm’s shares inShanghaisaw a muted reaction to the announcement, edging up 0.97 percent from close on May 30 to end at RMB 4.15 ($0.66) on Monday. While mainly focused on gold, the group has interests in various other commodities, including copper, zinc, lead, tungsten and iron ore. Page 8 of 28 © 2012 Factiva, Inc. All rights reserved.

Thermal coal stockpiles in central China’s Hunan Province have reached a record high of 6.6 million tons, sufficient for 45 days of thermal power production, according to statistics released by the Hunan arm of the State Electricity Regulatory Commission (SERC) on Thursday. The record breaking reserves are the result of thermal power plants taking advantage of low coal prices, coal industry expert Li Zhaolin told Interfax. Domestic coal prices fell to their lowest level of the year this week amid slowing economic growth and weakening demand for the commodity, industry portal cqcoal.com said Thursday.Hunan is hopeful that the buildup of coal stockpiles and weather reports indicating sufficient rainfall for hydropower production this summer will help the province avoid a second year of power shortages and rationing policies, said SERC. Up to one-third of power demand went unmet last summer as the province wrestled with insufficient operational capacity. Data from local grid operator Hunan Electric Power Corp. (HEPC) shows that daily power demand topped 280 gigawatt hours (GWh) in the summer of 2011 while supplies only reached 200 GWh. Hunan can be seen as a bellwether for China’s power supply situation this year, industry expert Sun Xiangming told Interfax June 7. Reduced strain on power grids due to slowing manufacturing activity should benefit power supplies in Hunan as well as other provinces, said Sun. HEPC forecast this week that summer power supplies should be sufficient to fuel the province without the need reintroduce rationing policies, Interfax reported yesterday. China’s power consumption growth slowed to a 16-month low of 3.7 percent year-on-year in April, the National Energy Administration (NEA) said May 14. The NEA is scheduled to release China’s May power consumption figures next week. Coal prices at Qinhuangdao Port, China’s largest coal transshipment port, fell for the seventh straight week, according to data released by the China Coal Transportation and Development Association (CCTDA) on June 7. The CCTDA data also shows that coal inventories rocketed 12 percent, or 960,000 tons, from May 30, reaching 8.69 million tons on June 6. Record setting coal inventories have led to sluggish demand, Li Ting, an expert with the Distribution Productivity Promotion Center of China Commerce (DPPC) told Interfax on Friday. Thermal power providers currently hold healthy stockpiles, which has led to weakened sales and falling prices, said Li. Furthermore, domestic producers are cutting prices to keep pace with falling international coal prices. Li added that domestic coal prices are expected to continue their slide for the next few months before stabilizing. Coal Prices at Qinhuangdao Port, May 31 – June 7, 2012 Coal type June 7 (RMB, ton) Datong premium blend ($126.31 - $127.88) Shanxi premium blend ($117.68 - $119.25) Shanxi blend ($101.99 – $103.56) General blend ($84.73 – $86.30) Source: CCTDA Spot prices for domestically produced iron ore, June 8 Place of production Grade (%) Offer price (RMB/ton) Offer price (USD/ton) Liaoning (Beipiao) 66 (wet) 725 114.72 Liaoning (Gongchangling) 65 (wet) 740 117.09 Liaoning (Fushun) 66 970 153.48 Jilin (Tonghua) 66 910 143.99 Hebei (Tangshan) 66 1085 171.68 Hebei (Hanxing) 66 1045 165.35 Shandong (Luzhong) 65 1120 177.22 Page 9 of 28 © 2012 Factiva, Inc. All rights reserved. Heat value (Kcal/KG) FOB price May 31 (RMB, ton) FOB price 5,800 5,500 5,000 4,500 810-820 ($127.15 – $128.72) 805-815 760-770($119.3 – $120.87) 660-670 ($103.6 - $105.17) 555-565 ($87.12- $88.69) 750-760 650-660 540-550

Shanxi (Daixian) Anhui (Fanchang) Jiangsu (Zhenjiang) Guangdong (Huaiji) Hubei (Daye) Source: Mysteel

64 64 65 65 (wet) 63

790 1120 1180 760 1000

125 177.22 186.71 120.25 158.23

Note: Pre-tax prices are shown for iron ore produced in Beipiao, Gongchangling, Daixian, Huaiji and Hanxing Iron ore prices at Jingtang Port, June 8 Type Grade (%) Delivery price ton) Australian PB fine 61.5 950-960 Indian fine 63.5 995-1005 Indian fine 63 975-985 Indian fine 62 940-950 Indian fine 61 890-900 Indian fine 60 860-870 Indian fine 59 830-840 Indian fine 58 800-810 Indian fine 56 740-750 Indian fine 54 680-690 Iron ore prices in Qingdao Port, Shandong Province, June 8 Type ton) Indian fine Indian fine Indian fine Indian fine Indian fine Indian fine Indian fine Australian PB fine Australian PB lump Brazilian fine Grade (%) Delivery price 63.5 63 62 61 60 59 58 61.5 62.5 63 980-990 960-970 930-940 890-900 860-870 820-830 780-790 950-960 1020-1030 930-940 (RMB/wet ton) Delivery price 155.06-156.65 151.9-153.48 147.15-148.73 140.82-142.41 136.08-137.66 129.75-131.33 123.42-125 150.32-151.9 161.39-162.97 147.15-148.73 (USD/wet (RMB/wet ton) Delivery price 150.32-151.9 157.44-159.02 154.27-155.85 148.73-150.32 140.82-142.41 136.08-137.66 131.33-132.91 126.58-128.16 117.09-118.67 107.59-109.18 (USD/wet

Iron ore prices in Caofeidian Port, Hebei Province, June 8 Type ton) Indian fine Indian fine Australian PB lump Australian PB fine Brazilian fine Grade (%) Delivery price 63.5 63 62.5 61.5 63 995-1005 975-985 1040-1050 950-960 935-945 (RMB/wet ton) Delivery price 157.44-159.02 154.27-155.85 164.56-166.14 150.32-151.9 147.94-149.53 (USD/wet

Iron ore prices in Tianjin Port, June 8 Type ton) Australian PB fine Australian PB lump Brazilian fine Indian fine Indian fine Indian fine Indian fine Indian fine Indian fine Grade (%) Delivery price 61.5 62.5 63 63.5 63 62 61 60 59 960-970 1040-1050 940-950 1005-1015 985-995 955-965 915-925 885-895 845-855 (RMB/wet ton) Delivery price 151.9-153.48 164.56-166.14 148.73-150.32 159.02-160.6 155.85-157.44 151.11-152.69 144.78-146.36 140.03-141.61 133.7-135.28 (USD/wet

Page 10 of 28 © 2012 Factiva, Inc. All rights reserved.

Indian Indian Indian Indian

fine fine fine fine

58 56 54 52

815-825 755-765 690-700 650-660

128.96-130.54 119.46-121.04 109.18-110.76 102.85-104.43

Iron ore prices in Beilun Port, Zhejiang Province, June 8 Type Grade (%) Delivery price (RMB/wet ton) Delivery price (USD/wet ton) Brazilian fine 63 930-940 147.15-148.73 Iron ore prices in Zhanjiang Port, Guangdong Province, June 8 Type ton) Indian fine Indian fine Indian fine Indian fine Indian fine Australian PB fine Australian PB lump Brazilian fine Grade (%) Delivery price 63.5 63 62 61 60 61.5 62.5 63 980-990 960-970 920-930 880-890 850-860 950-960 1020-1030 930-940 (RMB/wet ton) Delivery price 155.06-156.65 151.9-153.48 145.57-147.15 139.24-140.82 134.49-136.08 150.32-151.9 161.39-162.97 147.15-148.73 (USD/wet

Iron ore prices in Rizhao Port, Shandong Province, June 8 Type ton) Indian fine Indian fine Indian fine Indian fine Indian fine Indian fine Indian fine Indian fine Indian fine Australian PB fine Australian PB lump Brazilian fine Grade (%) Delivery price 63.5 63 62 61 60 59 58 54 52 61.5 62.5 63 980-990 960-970 930-940 890-900 860-870 820-830 780-790 680-690 620-630 950-960 1020-1030 930-940 (RMB/wet ton) Delivery price 155.06-156.65 151.9-153.48 147.15-148.73 140.82-142.41 136.08-137.66 129.75-131.33 123.42-125 107.59-109.18 98.1-99.68 150.32-151.9 161.39-162.97 147.15-148.73 (USD/wet

Iron ore prices in Lianyungang Port, Jiangsu Province, June 8 Type ton) Indian fine Indian fine Indian fine Indian fine Indian fine Indian fine Indian fine Indian fine Indian fine Australian PB fine Australian PB lump Brazilian fine Source: Mysteel Note: Delivery price includes CIF and average port charges Indian ore delivery price includes export taxes (30 percent per ton for lump and fine) CIOPI, May 25 – June 1 Page 11 of 28 © 2012 Factiva, Inc. All rights reserved. Grade (%) Delivery price 63.5 63 62 61 60 59 58 54 52 61.5 62.5 63 990-1000 970-980 935-945 895-905 865-875 825-835 795-805 695-705 630-640 950-960 1025-1035 930-940 (RMB/wet ton) Delivery price 156.65-158.23 153.48-155.06 147.94-149.53 141.61-143.2 136.87-138.45 130.54-132.12 125.79-127.37 109.97-111.55 99.68-101.27 150.32-151.9 162.18-163.77 147.15-148.73 (USD/wet

Index CIOPI Domestic index Import index

May 25 479.53 361.47 543.95

June 1 460.76 355.37 518.26

Change (%) -3.91 -1.69 -4.72

CIOPI price equivalent, May 25 – June 1 Products May 25 Domestic iron ore (RMB/ton) 930.13 Imported iron ore USD/ton RMB/ton Source: China Iron & Steel Association (CISA) Note: CIOPI was originally released every Monday and was first published on Oct. 10, 2011. The index is now usually released on Tuesdays and shows data from the week ending the previous Friday. The index uses a base price from April 1994 set at 100 points Import prices are delivery prices, and include CIF (cost, insurance and freight) but exclude taxes. RMB prices include China's 17 percent value-added tax) Import prices are for dry shipments of fines grading 62 percent, and domestic prices are for dry concentrate grading 62 percent Laterite ore prices at Tianjin Port, June 8, 2012 Type Grade (%) (USD/wet ton) Philippine laterite ore 0.9-1.1 Indonesian laterite ore 1.8-1.9 Philippine laterite ore 1.4-1.6 Delivery price 360-370 500-600 290-390 (RMB/wet ton) Delivery price 56.97-58.56 79.13-94.95 45.89-61.72 June 1 914.42 146.92 1087.43 Change (%) -1.69 139.98 -4.72 1036.85 -4.65

Laterite ore prices at Lianyungang Port, Jiangsu Province, June 8, 2012 Type (USD/wet ton) Philippine laterite Philippine laterite Indonesian laterite Indonesian laterite Grade (%) Delivery price ore ore ore ore 0.9-1.1 1.4-1.6 1.8-1.9 1.9-2.0 360-370 290-390 500-600 600-700 (RMB/wet ton) Delivery price 56.97-58.56 45.89-61.72 79.13-94.95 94.95-110.78

Laterite ore prices in Rizhao Port, Shandong Province, June 8, 2012 Type Grade (%) (USD/wet ton) Philippine laterite ore 1.4-1.6 Indonesian laterite ore 1.8-1.9 Philippine laterite ore 0.9-1.1 Delivery price 290-390 500-600 360-370 (RMB/wet ton) Delivery price 45.89-61.72 79.13-94.95 56.97-58.56

Laterite ore prices in Lanshan Port, Shandong Province, June 8, 2012 Type Grade (%) (USD/wet ton) Philippine laterite ore 1.9-2.0 Philippine laterite ore 1.8-1.9 Philippine laterite ore 1.0 Source: Umetal Note: Delivery price consists of CIF price, value-added tax and average charges at the port. Alumina spot market roundup, June 8 Page 12 of 28 © 2012 Factiva, Inc. All rights reserved. Delivery price 600-700 500-600 360-370 (RMB/wet ton) Delivery price 94.95-110.78 79.13-94.95 56.97-58.56

Product (RMB/ton) Change (RMB/ton) Price (USD/ton) Change (USD/ton) Change (%) Domestically-produced alumina Chalco 0.00 0.00 Zouping Gaoxin Aluminum & Power 0.00 0.00 Other producers (average) 0.00 0.00 Imported alumina Qingdao Port -2.37 -0.55 Lianyungang Port -2.37 -0.55 Source: Chinaccm

Price

2900 2700-2750 2680-2730 2700-2720 2700-2720

0.00 0.00 0.00 -15.00 -15.00

458.95 427.3-435.21 424.13-432.04 427.3-430.46 427.3-430.46

Note: Price ranges in the table show the highest and lowest prices for a given item recorded on June 8. Change is calculated on a weekly basis using average prices on June 1 and June 8 Imported alumina prices are delivery prices, and include the CIF (cost, insurance and freight) price, necessary taxes and port charges Aluminum Corp. of China Co. Ltd. (Chalco) is China's largest alumina producer and sells only a small proportion of its output on the spot market Zouping Gaoxin Aluminum & Power Co. Ltd., formerly Weiqiao Aluminum, is a major producer known for high production costs due to its heavy dependence on imported bauxite Base metals spot prices in Shanghai, June 8 Product Price (RMB/ton) Change (RMB/ton) Price (USD/ton) Change (USD/ton) Change (%) 1# Electrolytic copper 54300-54600 -162.21 -1.85 Imported copper 54250-54450 -168.54 -1.92 A00 Aluminum ingot Al ≥ 99.70 15890-15930 -6.33 -0.25 1# Lead ingot Pb ≥ 99.994 15000-15150 -3.96 -0.17 0# Zinc ingot Zn ≥ 99.995 14650-14750 -7.91 -0.34 1# Zinc ingot Zn ≥ 99.99 14600-14700 -7.91 -0.34 1# Tin ingot Sn ≥ 99.90 151500-152500 -356.08 -1.46 1# Nickel ingot Ni ≥ 99.90 118600-122100 -371.91 -1.92 Minor metal spot prices in Shanghai, June 8 Product (RMB/ton) Change (RMB/ton) Price Page 13 of 28 © 2012 Factiva, Inc. All rights reserved. Price

-1,025 -1,065 -40 -25 -50 -50 -2,250 -2,350

8593.4-8640.88 8585.49-8617.14 2514.72-2521.05 2373.87-2397.61 2318.48-2334.3 2310.57-2326.39 23976.07-24134.33 18769.39-19323.29

(USD/ton) Change (USD/ton) Change (%) 1# Magnesium ingot ≥ 99.95% 2793.25-2856.56 7.91 0# Antimony ingot ≥ 99.91% 12185.86-12423.24 -435.21 1# Electrolytic manganese ≥ 99.7% 2421.35-2437.17 0.00 0# Cadmium ingot, bar ≥ 99.995% (domestically-produced) 17000-18000 -2.78 Cobalt ≥ 99.8% 35608.03-37190.61 -791.29 1# Titanium sponge ≥ 97-98% (kg) 10.13-10.6 -0.63 Indium ≥ 99.99% (kg) 522.25-530.16 -7.91 Vanadium ≥ 99.5% (kg) 379.82-411.47 0.00 1# Molybdenum ≥ 99.95% 41.15-44.31 0.00

17650-18050 0.28 77000-78500 -3.42 15300-15400 0.00 -500 -2.13 64-67 -5.76 3300-3350 -1.48 2400-2600 0.00 260-280 0.00 2690.38-2848.64 225000-235000

50 -2,750 0 -79.13

-5,000 -4 -50 0 0

Source: Shanghai Yangtze River Nonferrous Metals Market Note: Price ranges in the tables represent the highest and lowest prices for a given item recorded on June 8 Change is calculated on a weekly basis, using the difference between average prices on June 1 and June 8 Spot prices for domestically produced metallurgical coke, June 8 Place of production (place of sale) Type (%) Shanghai (Shanghai) Anhui (Huaibei) Shandong (Weifang) -2.86 Hebei (Handan) Shanxi (Tangshan) Shanxi (Hejin) Heilongjiang (Qitaihe) Henan (Pingdingshan) Shanxi (Changye) -1.23 Shanxi (Taiyuan) Inner Mongolia (Wuhai) Guizhou (Liupanshui) Qinghai (Xining) Yunnan (Qujing) -2.33 Source: Mysteel Note: Prices given in the table are ex-works prices plus tax, excluding sales prices in Handan and Tangshan, which include tax and transportation fees Weekly change was calculated with figures released by Mysteel on June 8 Scrap metals spot prices in Shanghai, June 8, 2012 Product (RMB/ton) Price Page 14 of 28 © 2012 Factiva, Inc. All rights reserved. Price Price (RMB/ton) Price (USD/ton) Weekly change A13.5S0.8 A13.5S0.6 A13.5S0.8 A13S0.7 A13.5S0.7 A13S0.7 A13.5S0.4 A13.5S0.8 A13S0.7 A12.5S0.65 A13.5S0.8 A13.5S0.75 A12S0.75 A15S0.8 1850 1950 1700 1730 1805 1650 1630 1830 1600 1850 1730 2030 N/A 2100 292.72 308.54 268.99 273.73 285.6 261.08 257.91 289.56 253.16 292.72 273.73 321.2 N/A 332.28 0 0 0 0 0 0 0 0 0 0 N/A

(USD/ton) Change (RMB/ton) Change (USD/ton) Change (%) Bare bright (millberry) copper wire Cu>99% -158.26 -1.99 Brass scrap -79.13 -1.43 Mixed casting aluminum scrap (Fe<2%) 0.00 0.00 Shred zinc (Zn 84%-86%) -15.83 -0.88 Pure nickel scrap -55,950 -8,854.53 -45.49 Scrap steel -15.83 -3.99 Source: www.recyclechina.com

49100-49400 34200-34500 13100-13300 11200-11400 12100-122000 2380-2430

7770.46-7817.94 5412.42-5459.9 2073.18-2104.83 1772.49-1804.14 1914.92-19307.46 376.65-384.57

-1,000 -500 0 -100

-100

Note: Weekly change is calculated using prices from June 1 and June 8 Benchmark contracts for aluminum, copper, zinc, lead and wire on the Shanghai Futures Exchange saw declines in the week ending June 8, while gold, silver and rebar gained. SHFE aluminum contracts, week ending June 8 Contract Open (RMB) High (RMB) Low (RMB) Close (RMB) Change (RMB) Open interest Open interest change Weekend settling price Volume (lot) Turnover (mln RMB) al1206 15,880 15,965 15,860 15,905 -55 11,570 -4,810 15,900 7,140 568.25 al1207 15,930 16,010 15,840 15,870 -80 32,756 -4,552 15,870 10,010 795.77 al1208 15,825 15,955 15,825 15,875 -55 69,872 -7,944 15,870 20,592 1,636.02 al1209 15,850 15,960 15,800 15,865 -70 101,780 1,506 15,865 54,584 4,336.30 al1210 15,945 15,975 15,820 15,880 -70 46,074 8,360 15,865 28,594 2,272.85 al1211 15,900 16,010 15,865 15,885 -85 10,790 5,992 15,875 8,424 669.95 al1212 15,950 15,995 15,870 15,885 -85 2,666 678 15,880 1,588 126.36 al1301 16,170 16,170 15,890 15,895 -125 604 242 15,905 500 39.81 al1302 16,150 16,150 15,885 15,930 -70 238 8 15,930 68 5.43 al1303 15,970 16,010 15,940 15,970 -185 102 60 15,990 78 6.24 al1304 15,905 16,080 15,905 15,980 -145 16 6 15,980 10 0.80 al1305 16,130 16,130 15,910 15,995 -110 20 14 15,995 76 6.09 Al Total 16,170 15,800 276,488 -440 131,664 10,463.86 Note: Change is calculated using close prices from June 1 and June 8 Page 15 of 28 © 2012 Factiva, Inc. All rights reserved.

1 lot = 5 tons. The renminbi traded at 6.3276 against the U.S. dollar on June 4. SHFE copper contracts, week ending June 8 Contract Open (RMB) High (RMB) Low (RMB) Close (RMB) Change (RMB) Open interest Open interest change Weekend settling price Volume (lot) Turnover (mln RMB) cu1206 53,890 54,900 53,430 53,960 -1,140 16,910 -5,560 54,110 33,790 9,149.23 cu1207 54,040 54,710 53,050 53,680 -1,200 43,952 -2,600 53,810 45,780 12,339.10 cu1208 53,480 54,500 52,700 53,330 -1,280 81,542 -11,908 53,570 105,492 28,306.37 cu1209 53,120 54,260 52,330 53,030 -1,300 291,074 -21,528 53,270 2,725,440 727,616.45 cu1210 53,030 54,080 52,210 52,800 -1,430 135,182 52,098 53,070 620,768 165,278.92 cu1211 53,100 54,030 52,180 52,740 -1,430 24,688 8,696 53,010 49,930 13,269.08 cu1212 53,230 54,010 52,170 52,750 -1,460 8,828 2,556 53,030 12,992 3,450.72 cu1301 52,900 54,050 52,100 52,710 -1,560 4,316 1,356 53,020 4,032 1,069.39 cu1302 53,260 54,210 52,290 52,690 -1,610 1,588 340 53,070 1,012 268.66 cu1303 53,400 54,100 52,070 52,810 -1,510 998 210 53,120 932 247.36 cu1304 53,360 54,100 52,290 52,910 -1,400 868 314 53,130 728 193.68 cu1305 53,480 54,120 52,090 52,920 -1,490 556 174 53,100 588 156.50 Cu Total 54,900 52,070 610,502 24,148 3,601,484 961,345.47 Note: Change is calculated using close prices from June 1 and June 8 1 lot = 5 tons. The renminbi traded at 6.3276 against the U.S. dollar on June 4. SHFE zinc contracts, week ending June 8 Contract Open (RMB) High (RMB) Low (RMB) Close (RMB) Change (RMB) Open interest Open interest change Weekend settling price Volume (lot) Turnover (mln RMB) zn1206 14,535 14,760 14,450 14,650 -75 9,790 -3,150 14,665 7,570 553.70 zn1207 14,665 14,850 14,410 14,670 -65 36,316 -9,968 14,695 30,198 2,214.21 zn1208 14,650 14,860 14,465 14,685 -70 97,864 -15,084 14,715 69,060 5,063.23 zn1209 14,665 14,880 14,470 14,710 -60 170,578 -5,372 14,730 560,168 41,157.28 Page 16 of 28 © 2012 Factiva, Inc. All rights reserved.

zn1210 26,874 zn1211 1,870 zn1212 396 zn1301 48 zn1302 -2 zn1303 46 zn1304 -2 zn1305 8 Zn Total -4,336

14,715 14,760 14,775 14,785 14,810 14,780 14,855 14,900

14,910 14,765 14,940 14,790 14,970 14,835 15,015 14,885 15,040 14,915 15,100 14,970 15,170 15,020 15,195 15,080 15,195

14,520 14,560 14,600 14,665 14,700 14,665 14,745 14,830 14,410

14,745 109,326 14,780 4,722 14,815 1,508 14,810 302 14,865 148 14,950 250 15,060 90 15,080 36 783,378

-65 8,063.59 -95 348.65 -85 111.50 -115 22.41 -100 11.02 -50 18.68 -15 6.75 -20 2.71 57,573.73

59,738 6,170 3,854 446 222 328 148 56 385,510

Note: Change is calculated using close prices from June 1 and June 8 1 lot = 5 tons. The renminbi traded at 6.3276 against the U.S. dollar on June 4. Rebar contracts on SHFE, week ending June 8 Contract Open (RMB) High (RMB) Low (RMB) Close (RMB) Change (RMB) Open interest Open interest change Weekend settling price Volume (lot) Turnover (mln RMB) rb1206 4,050 4,050 4,050 4,050 4 180 0 4,050 60 2.43 rb1207 4,114 4,177 4,114 4,177 24 274 -10 4,151 64 2.64 rb1208 4,133 4,162 4,102 4,162 -5 430 -50 4,162 138 5.68 rb1209 4,121 4,176 4,075 4,140 19 1,648 -206 4,144 1,416 58.33 rb1210 4,068 4,130 4,020 4,108 13 739,728 -90,326 4,112 5,059,090 206,672.53 rb1211 4,097 4,138 4,040 4,111 14 802 2 4,114 332 13.60 rb1212 4,089 4,119 4,021 4,096 7 222 22 4,102 232 9.41 rb1301 4,062 4,096 4,004 4,079 -7 113,890 12,316 4,081 214,006 8,688.05 rb1302 4,039 4,100 4,031 4,097 0 50 -4 4,089 12 0.49 rb1303 4,047 4,068 4,047 4,092 -11 30 -2 4,092 4 0.16 rb1304 4,086 4,125 4,049 4,105 -21 24 4 4,094 24 0.98 rb1305 4,080 4,139 4,039 4,110 -9 848 352 4,102 936 38.23 Rb Total 4,177 4,004 858,126 -77,902 5,276,314 215,492.55 Note: Change is calculated using close prices from June 1 and June 8 Page 17 of 28 © 2012 Factiva, Inc. All rights reserved.

1 lot = 10 tons. The renminbi traded at 6.3276 against the U.S. dollar on June 4. Wire contracts on SHFE, week ending June 8 Contract Open (RMB) High (RMB) Low (RMB) Close (RMB) Change (RMB) Open interest Open interest change Weekend settling price Volume (lot) Turnover (mln RMB) wr1209 3,994 4,135 3,994 4,063 4 0 -4 4,063 14 0.57 wr1210 4,051 4,088 3,953 4,086 -4 6 -4 4,086 60 2.40 wr1211 4,086 0 4 0 4,086 0 0.00 wr1212 4,056 -9 2 0 4,056 0 0.00 wr1301 4,043 3 2 0 4,043 0 0.00 wr1303 4,067 0 4 0 4,067 0 0.00 Wr Total 4,135 3,953 18 -8 74 2.97 Note: Change is calculated using close prices from June 1 and June 8 1 lot = 10 tons. The renminbi traded at 6.3276 against the U.S. dollar on June 4. Gold contracts on SHFE, week ending June 8 Contract Open (RMB) High (RMB) Low (RMB) Close (RMB) Change (RMB) Open interest Open interest change Weekend settling price Volume (lot) Turnover (mln RMB) au1206 329.44 333.44 323.1 323.1 3.9 372 -192 323.67 240 79.30 au1207 331 334.85 321 323.3 1.5 42 -32 323.25 226 74.54 au1208 332.3 335.55 322.82 322.82 0.62 120 -12 323.7 110 36.47 au1209 333.02 336.53 322.6 324.73 2.89 142 -66 325.56 1054 349.84 au1210 333.54 336.11 323.19 323.61 0.71 70 4 324.77 146 48.16 au1211 334.4 335.85 322.97 324.96 1.86 56 16 326.31 60 19.85 au1212 333.5 337.3 322.51 324.93 2.3 113,362 -16,242 325.31 401,008 133,490.67 au1301 333.5 337.7 322.23 325.6 2.88 64 16 325.75 110 36.48 au1302 334 336.79 324.1 324.88 2.41 32 -2 324.49 8 2.64 au1303 335.37 336 322.72 322.72 1.13 16 -2 322.72 10 3.28 Page 18 of 28 © 2012 Factiva, Inc. All rights reserved.

au1304 334.68 0 au1305 334.51 8 Au Total -16,504

337.01 321.73 337.08 327.19 337.7

334.55 327.19 321

321.73 14 327.19 38 403,024

0.48 4.70 4.1 12.75 134,158.67

10 26 114,312

Note: Change is calculated using close prices from June 1 and June 8 1 lot = 1,000 grams. The renminbi traded at 6.3276 against the U.S. dollar on June 4. Lead contracts on SHFE, week ending June 8 Contract Open (RMB) High (RMB) Low (RMB) Close (RMB) Change (RMB) Open interest Open interest change Weekend settling price Volume (lot) Turnover (mln RMB) pb1206 15,000 15,100 15,000 15,050 -100 72 -28 15,050 74 27.88 pb1207 14,940 15,160 14,900 15,020 -80 724 -218 15,030 330 124.25 pb1208 15,000 15,125 14,880 14,995 -85 2,168 48 15,025 742 278.51 pb1209 15,020 15,120 14,850 14,965 -95 792 386 14,995 588 221.12 pb1210 15,075 15,140 14,990 14,990 -45 110 60 15,000 86 32.39 pb1301 15,100 -40 2 0 15,100 0 0.00 pb1303 15,340 -50 4 0 15,340 0 0.00 pb1304 15,315 -215 4 0 15,315 0 0.00 Pb Total 15,160 14,850 3,876 248 1,820 684.14 Note: Change is calculated using close prices from June 1 and June 8 1 lot = 25 tons The renminbi traded at 6.3276 against the U.S. dollar on June 4. Silver contracts on SHFE, week ending May 25 Contract Open (RMB) High (RMB) Low (RMB) Close (RMB) Change (RMB) Open interest Open interest change Weekend settling price Volume (lot) Turnover (mln RMB) ag1209 5,923 6,154 5,901 5,935 103 79,718 -6,810 5,959 1,650,134 148,579.27 ag1210 5,920 6,387 5,915 5,950 114 272 -40 5,999 580 52.26 ag1211 5,959 6,100 5,947 5,979 126 46 4 5,979 38 3.43 ag1212 5,952 6,195 5,936 5,982 114 23,686 Page 19 of 28 © 2012 Factiva, Inc. All rights reserved.

ag1301 24 ag1302 0 ag1303 -2 ag1304 0 ag1305 8 Ag Total -7,724

-908 5,872 5,980 6,060 6,016 6,018

6,236 6,010 6,210 5,984 6,224 6,020 6,220 6,085 6,233 6,086 6,387

6,004 5,872 5,980 6,008 6,016 6,018 5,872

5,984 1,144 5,987 36 6,032 16 6,040 32 6,106 56

263,586 23,887.40 112 250 103.44 101 42 3.31 121 96 1.46 129 170 2.93 168 24 5.11 104,304 1,915,622 172,638.61

Note: Change is calculated using close prices from June 1 and June 8 1 lot = 15 KG The renminbi traded at 6.3276 against the U.S. dollar on June 4. Stockpiles of copper, zinc and lead in warehouses monitored by the Shanghai Futures Exchange (SHFE) fell by 14,623 tons, 3,215 tons and 611 tons respectively in the week ending June 8, aluminum and gold rose by 915 tons and 159 kilograms, while rebar and wire remained unchanged. SHFE weekly copper warehouse stocks, June 8, 2012 Area Warehouse (tons) Deliverable On warrant Deliverable On warrant Shanghai Qisheng 10,002 -4,373 -3,152 Guochu Tianwei 1,984 0 0 Jinghong 0 0 0 Zhongchu Wusong 46,954 -4,149 -2,921 Shanggang Wuliu 5,111 -473 -451 Shanghai Yuqiang 0 0 0 Zhongchu Dachang 24,296 -11,357 0 Tongsheng Luchao 0 0 0 Tongsheng Yangshan 17,944 1,824 0 Zhongchu Lingang 13,532 3,905 0 Subtotal 147,044 -14,623 -6,524 TOTAL 33,010 -14,623 -6,524 Stocks, June 1 (tons) Stocks, June 8 (tons) Change Deliverable 37,223 0 0 21,390 1,446 0 2,200 0 1,269 75 39,534 147,044 On warrant 13,154 1,984 0 42,805 4,638 0 12,939 0 19,768 17,437 132,421 39,534 32,850 0 0 18,469 995 0 2,200 0 1,269 75 33,010 132,421

SHFE weekly aluminum warehouse stocks, June 8, 2012 Area Warehouse Stocks, June 1 (tons) Stocks, June 8 (tons) Change (tons) Deliverable On warrant Deliverable On warrant Deliverable On warrant Shanghai Qisheng 507 445 507 445 0 0 Page 20 of 28 © 2012 Factiva, Inc. All rights reserved.

Guochu Tianwei 399 299 0 0 Jinghong 0 0 0 Zhongchu Wusong 20,205 1,065 5,093 -50 Shangang Wuliu 81,120 25,997 -2,501 -1,296 Shanghai Yuqiang 1,161 0 0 Zhongchu Dachang 68,097 15,586 -2,758 -1,532 Tongsheng Luchao 0 0 0 Tongsheng Yangshan 0 0 0 Zhongchu Lingang 0 0 0 Subtotal 171,489 43,392 -166 -2,878 Guangdong 830chu 18,000 25 0 0 Shengshi 5,850 0 0 Shengshi xiaotang 4,020 0 0 Nanchu 17,277 301 1,084 0 Subtotal 45,147 326 1,084 0 Jiangsu Zhongchu Wuxi 60,000 4,919 0 -994 Wuxi Guolian 895 368 0 Subtotal 60,895 4,919 368 -994 Zhejiang Zhejiang Kangyun 35,000 7,405 0 -501 Kangyun Zhuji 6,678 4,470 -371 0 Guochu 837 0 0 0 Ningbo Jiulongcang 0 0 0 Subtotal 41,678 11,875 -371 -501 TOTAL 320,495 60,512 915 -4,373 SHFE weekly zinc warehouse stocks, June 8, 2012

299 0 1,115 27,293 0 17,118 0 0 0 46,270 18,000 0 0 301 326 60,000 0 5,913 35,000 7,049 0 0 42,049 319,580

399 0 25,298 78,619 1,161 65,339 0 0 0 171,323 25 5,850 4,020 18,361 46,231 5,913 1,263 61,263 7,906 4,470 0 0 12,376 64,885 0 0 0 0 0 0 0 0 0 0

Area Warehouse (tons) Change (tons) Deliverable On warrant Deliverable On warrant Shanghai Qisheng 110,000 89,805 0 -2,401 Guochu Tianwei 13,516 7,760 0 -423 Zhongchu Wusong 8,037 2,503 377 -250 Shanggang Wuliu 68,352 Page 21 of 28 © 2012 Factiva, Inc. All rights reserved.

Stocks, June 1 (tons) Stocks, June 8 Deliverable 110,000 8,183 2,753 52,107 On warrant 92,206 13,516 8,414 65,752

49,687 -2,600 -2,420 Shanghai Yuqiang 20,000 14,191 0 178 Zhongchu Dachang 45,317 16,425 0 -299 Tongsheng Luchao 0 0 0 0 Subtotal 265,222 180,371 -2,223 -5,615 Guangdong Shengshi xiaotang Nanchu 10,225 1,076 58,223 18,710 -992 -701 Subtotal 68,448 19,085 -992 -701 Jiangsu Wuxi Guolian 275 274 0 0 Zhejiang Zhejiang Kangyun 4,926 0 0 0 Kangyun Zhuji 0 0 0 0 Guochu 837 0 0 0 0 Ningbo Jiulongcang 0 0 0 0 Subtotal 4,926 0 0 0 TOTAL 335,656 199,730 -3,215 -6,316 SHFE weekly lead warehouse stocks, June 8, 2012

14,013 16,724 0 185,986 10,225 57,231 19,786 275 4,926 0 0 0 0 338,871

20,000 45,317 0 262,999 1,076 0 18,009 67,456 274 0 0 0 0 4,926 206,046 0

Area Warehouse Stocks, June 1 (tons) Stocks, June 8 (tons) Change (tons) Deliverable On warrant Deliverable On warrant Deliverable On warrant Shanghai Qisheng 4,383 1,883 4,288 1,883 -95 0 Guochu Tianwei 7,666 3,642 7,666 3,642 0 0 Zhongchu Wusong 1 0 1 0 0 0 Zhongchu Dachang 6,965 0 6,965 227 0 227 Guochu Lingang 101 101 101 101 0 0 Subtotal 19,116 5,626 19,021 5,853 -95 227 Guangdong Shengshi xiaotang 3,477 1,024 3,477 1,024 0 0 Nanchu 4,626 3,040 4,150 3,040 -476 0 Huangpu 830 0 0 0 0 0 0 Subtotal 8,103 4,064 7,627 4,064 -476 0 Jiangsu Zhongchu Wuxi 743 477 703 477 -40 0 Zhejiang Kangyun Zhuji 85 25 85 25 0 0 Guochu 837 0 0 0 0 0 0 Page 22 of 28 © 2012 Factiva, Inc. All rights reserved.

Subtotal 0 Tianjin 0

85

25 0 0 0 0 28,047

85 0 0 0 0 10,192

25 0 0 0 0

Zhongchu Nancang 0 0 0 Tianjin Bohai 0 0 0 Guochu 833 0 0 0 Subtotal 0 0 0 TOTAL 27,436 10,419 -611 227

SHFE weekly gold warehouse stocks, June 8, 2012 Stocks, June 1 (kilograms) Stocks, June 8 (kilograms) Change (kilograms) 699 858 159 SHFE weekly rebar warehouse stocks, June 8, 2012 Area Change (tons) Shanghai Zhongnong Wujing Tiemin Steel Subtotal Jiangsu Huilong Port Qisheng Wanlin Subtotal Zhejiang -2,363 Kangyun Chongxian Kangyun Ningbo Wuchan Logistics Subtotal Tianjin Taida Subtotal TOTAL Warehouse Wugang Logistics 0 0 0 Zhongchu Wuxi 4,732 12,105 0 Zhejiang Kangyun Stocks,June 1 (tons) Stocks, June 8 (tons) 0 0 0 0 0 590 9,742 0 0 0 0 0 N/A 0 0 0 N/A 0 0 0 0 N/A 0 -2,363 N/A 590 N/A

0

0 0 0 0 0 0 12,105 9,742 Zhongchu Nancang 0 0 0 12,105 9,742 4,732

0 0

SHFE weekly steel wire warehouse stocks, June 8, 2012 Area Change (tons) Shanghai Zhongnong Wujing Tiemin Steel Subtotal Jiangsu Huilong Port Qisheng Wanlin Subtotal Zhejiang Kangyun Chongxian Kangyun Ningbo Wuchan Logistics Subtotal Tianjin Taida Subtotal TOTAL Warehouse Wugang Logistics 0 0 0 Zhongchu Wuxi 0 0 0 Zhejiang Kangyun 0 0 0 0 Zhongchu Nancang 0 0 Stocks,June 1 (tons) Stocks, June 8 (tons) 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

Page 23 of 28 © 2012 Factiva, Inc. All rights reserved.

Source: Shanghai Futures Exchange Renminbi kilobar gold prices in Hong Kong, June 8 Contract Bid (RMB) Ask (RMB) Last (RMB) Open (RMB) Close (RMB) High Low Kilo Gold / RMB 322.55 322.85 322.4 0.0 0.0 324.1 321.8 Source: The Chinese Gold & Silver Exchange Society Index (%) Shanghai Shanghai Shanghai Shanghai Shenzhen Shenzhen Shenzhen Shenzhen Shenzhen Shenzhen Code Composite Index A Share Index B Share Index 180 Index Composite Index A Share Index B Share Index Sub Sub A Share Index Sub B Share Index 000001 000002 000003 000010 9989 9990 9991 9901 9902 9903 June 1 2373.44 2486.19 236.87 5636.46 966.79 1011.42 646.59 10145.8 11157.28 4672.44 June 8 2281.45 2389.79 228.57 5406.56 928.86 971.77 619.43 9707.18 10683.49 4395.37 Change -3.88 -3.88 -3.50 -4.08 -3.92 -3.92 -4.20 -4.32 -4.25 -5.93

Source: Shanghai Securities Exchange and Shenzhen Securities Exchange Security (%) Trade volume ('000 shares) Wuhan Iron & Steel 596,515 Baotou Steel Union 2,656,695 Baoshan Iron & Steel 881,500 Jinan Iron & Steel 499,616 Minmetals Development 601,407 Laiwu Steel Rare Earth Hi-Tech 3,084,402 Ningbo Tongmu 511,161 Xining Special Steel 137,386 Hangzhou Iron & Steel 118,122 Ningxia Hengli 50,967 Nanshan Aluminum 251,056 Lingyuan Iron & Steel 114,857 Xinke New Materials 212,319 Rising Nonferrous Metals 238,246 Nanjing Iron & Steel 113,269 Hong Xing Iron & Steel 405,199 Sichuan Hongda 324,593 Jiangxi Copper Code June 1 (RMB) June 8 (RMB) Change 2.8 6.15 4.8 2.61 25.12 7.13 44.9 10.75 6.11 3.68 6.48 7.07 5.18 6.73 73.23 2.7 3.78 8.33 24.48 -2.10 -4.50 -0.83 -4.40 -5.92 0.00 -1.69 -12.88 -5.27 -5.88 -5.40 -5.61 -5.99 -10.39 -6.18 -3.23 -9.35 -6.19 -4.75 0

600005 2.86 600010 6.44 600019 4.84 600022 2.73 600058 26.7 600102 7.13 600111 45.67 600114 12.34 600117 6.45 600126 3.91 600165 6.85 600219 7.49 600231 5.51 600255 7.51 600259 78.05 600282 2.79 600307 4.17 600331 8.88 600362 25.7

Page 24 of 28 © 2012 Factiva, Inc. All rights reserved.

446,654 Kingray New Materials 106,955 Fushun Special Steel 179,544 Ji'En Nickel 120,156 Baoji Titanium 188,285 Sino-Platinum Metals 58,754 Hangxiao Steel Structure 106,985 Lyrun New Material 5,787 Zhongjin Gold 1,270,272 Chihong Zinc & Germanium 204,455 Nanchuan Changli Steel 89,639 Yuguang Gold & Lead 220,845 Shandong Gold Mining 1,699,613 Xiamen Tungsten 692,665 Anyang Iron & Steel 198,994 Bayi Iron & Steel 284,867 Zhongfu Industrial 180,624 Dongyangguang Aluminum 314,576 Jinrui Mining 65,806 Xinyu Iron and Steel 75,734 Maanshan Iron & Steel 598,443 Xinjiang Joinworld 135,254 Guangzhou Iron & Steel 73,033 Zhuzhou Smelting Group 516,600 Liuzhou Steel 70,594 Chongqing Steel 488,285 Western Mining 415,339 Chalco 691,698 Yechiu Metal Recycling 428,978 Zijin Mining 3,853,928 Jinduicheng Molybdenum 308,507

600390 15.31 600399 5.37 600432 14.91 600456 21.35 600459 19.25 600477 5.46 600478 20.84 600489 23.08 600497 16.11 600507 4.43 600531 20.85 600547 34.34 600549 48.81 600569 2.61 600581 8.14 600595 6.61 600673 9.1 600714 14.8 600782 4.76 600808 2.44 600888 12.28 600894 6.92 600961 11.62 601003 3.55 601005 3.72 601168 9.88 601600 16.38 601388 6.9 601899 4.14 601958 14.1

14.85 4.95 14.05 20.3 18.2 5.17 25.21 23.13 15.13 4.23 19.66 36 46.5 2.53 7.49 6.08 8.79 14.07 4.6 2.3 11.38 6.76 10.55 3.37 3.06 9.36 15.09 6.57 4.07 13.4

-3.00 -7.82 -5.77 -4.92 -5.45 -5.31 20.97 0.22 -6.08 -4.51 -5.71 4.83 -4.73 -3.07 -7.99 -8.02 -3.41 -4.93 -3.36 -5.74 -7.33 -2.31 -9.21 -5.07 -17.74 -5.26 -7.88 -4.78 -1.69 -4.96

Page 25 of 28 © 2012 Factiva, Inc. All rights reserved.

Henan Mingtai Aluminum Industrial 601677 12.19 39,504 Source: Shanghai Securities Exchange Security Code (%) Trade volume ('000 shares) Zhongjin Lingnan 000060 Hongfeng Industry 000594 Wanfang Aluminum 000612 New Steel & Vanadium 000629 Tongdu Copper 000630 Jinling Mining 000655 China Tungsten 000657 Daye Special Steel 000708 Hebei Iron & Steel 000709 SGIS Songshan 000717 Huludao Zinc 000751 China Nonferrous 000758 Bengang Steel Plates 000761 Tibet Mining 000762 Xinxin Ductile Iron Pipes 000778 Taiyuan Twin Tower 000795 Yunnan Aluminum 000807 Taigang Stainless Steel 000825 Shanxi Guanlu 000831 Yunnan Copper 000878 Angang New Steel 000898 Valin Tube and Wire 000932 Shenhuo Coal 000933 Shougang 000959 Yunnan Tin 000960 Orient Tantalum 000962 Sinosteel Tianyuan 002057 Gaoxin Zhangtong 002075 Fujian Sangang Minguang 002110 Luopin Zinc & Electricity 002114 West Metal Material 002149 Chenzhou Mining 002155 Alcha 002160 Jincheng Copper 002171 Yunhai Metals 002182 Zhejiang Hailiang 002203 Humon Smelting 002237 Source: Shenzhen Securities Exchange

11.23

-7.88

June 1 (RMB) June 8 (RMB) Change 9.32 2.97 12.78 8.04 21.93 13.58 9.9 10.37 3.03 2.83 3.54 23.69 4.95 16 7.96 16.03 6.66 3.76 9.15 19.67 4.22 2.65 11.15 2.99 22.6 16.39 18.55 4.97 7.03 7.84 14.01 29.25 9.21 11.7 10.68 12.71 39.78 8.94 2.67 12.21 8.04 20.51 12.65 9.9 10.1 2.91 2.66 3.44 22.07 4.58 16.24 7.2 14.48 6.45 3.64 9.15 18.58 4.01 2.58 9.91 3 20.58 14.8 16.85 4.61 6.65 7.79 12.95 20.35 8.57 11.12 9.95 8.1 39.64 -4.08 -10.10 N/A 0.00 -6.48 -6.85 0.00 -2.60 -3.96 -6.01 -2.82 N/A -7.47 1.50 -9.55 -9.67 -3.15 -3.19 0.00 -5.54 -4.98 -2.64 -11.12 0.33 -8.94 -9.70 -9.16 -7.24 -5.41 N/A -7.57 -30.43 N/A -4.96 -6.84 -36.27 -0.35 397,255 3,717,838 118,309 0 578,571 90,052 0 70,512 848,055 524,725 487,123 407,467 112,920 278,226 684,863 346,270 523,358 312,232 0 580,237 406,309 265,081 817,528 375,132 308,521 252,328 75,410 96,066 39,501 283,328 65,174 879,317 139,268 95,394 247,386 153,191 135,743

Security Code June 1 (HKD) June 8 (HKD) Change (%) Trading volume ('000 shares) Bengang Steel Plates 200761 2.8 2.7 -3.57 Source: Shenzhen Securities Exchange Index Hang Seng Hang Seng Hang Seng Hong Kong Index Red Chip H Shares GEM June 1 (HKD) 18,558.34 3,704.71 9,620.87 396.86 June 8 (HKD) 18,502.34 3,693.88 9,352.79 386.78 Change (%) -0.30 -0.29 -2.79 -2.54

57,391

Source: Hong Kong Stock Exchange Security Code June 1 (HKD) June 8 (HKD) Change Page 26 of 28 © 2012 Factiva, Inc. All rights reserved.

(%) Trading volume ('000 shares) Xingfa aluminum 98 1.13 Real Gold Mining 246 8.81 CITIC Pacific 267 11.64 Maanshan Iron & Steel 323 1.85 Angang New Steel 347 4.43 Jiangxi Copper 358 16.1 Xingye Copper 505 0.99 China Oriental 581 1.95 Yueda Mining 629 0.51 Fosun International 656 4.22 Changying Holdings 689 0.182 Shougang International 697 0.34 China Rare Earth 769 1.82 China Metal Recycling 0773 6.7 G-resources 1051 0.42 Chongqing Iron & Steel 1053 1.15 APAC Resources 1104 0.29 Minmetals Resources 1208 3.27 Zhongwang 1333 2.99 Zhaojin Mining 1818 8.83 Chalco 2600 3.2 Hunan Nonferrous 2626 2.29 China Special Steel holding 2889 0.53 Zijin Mining 2899 2.53 Lingbao Gold 3330 3.59 Xinjiang Xinxin Mining 3833 1.82 Luoyang Molybdenum Industry 3993 2.83 China Metal Resources 8071 0.29 Tianyuan Aluminum 8253 0.04 China Nonferrous Metals 8306 0.083 China Hanking 3788 2.48 Source: Hong Kong Stock Exchange

1.12 8.81 11 1.78 4.34 16.22 1 1.95 0.49 4.13 0.175 0.35 1.81 6.19 0.42 0.99 0.29 3.2 2.93 10.02 3.12 2.31 0.53 2.66 3.5 1.7 2.84 0.29 0.04 0.072 2.49

-0.88 0.00 -5.50 -3.78 -2.03 0.75 1.01 0.00 -3.92 -2.13 -3.85 2.94 -0.55 -7.61 0.00 -13.91 0.00 -2.14 -2.01 13.48 -2.50 0.87 0.00 5.14 -2.51 -6.59 0.35 N/A 0.00 -13.25 0.40

50 0 18,854 65,973 24,760 62,788 646 310 1,017 6,798 112,162 81,802 10,920 10,533 105,093 15,982 3,391 11,933 8,141 56,639 85,743 10,857 2,363 394,937 5,376 4,188 34,807 5,143 0 8750 105

Keep up-to-date with breaking developments in your target industries in China with Interfax China's authoritative industry reports. China Energy Weekly China Metals & Mining Weekly Global Natural Gas Daily Strengthen your China strategy through in-depth analysis and intelligence through special reports, tailored custom research, and periodic industry monitoring. China Carbon Trading Market up to 2012 Clean & Renewable Energy in China up to 2010 Pharmaceutical Outsourcing in China – Looking Ahead China’s Online and Mobile Gaming 2008 to 2010 China’s Aluminum Fabrication Industry 2007-2010 China Commodities Report: Grain and Softs 2008 Sound China strategy is built upon sound insight.

Page 27 of 28 © 2012 Factiva, Inc. All rights reserved.

Fully understanding China's shifting terrain is an absolute prerequisite for success. Our team of business specialists focuses directly on your needs to conduct in-depth investigations to provide tailored intelligence and analysis. Utilize our China expertise to ensure a solid foundation for your strategy in a wide variety of applications, including mergers and acquisitions, China entry, strategic business planning, new product launches and development, investment and funding analysis, due diligence and market intelligence, among others. Contact us – Contact our research team for a full assessment of how we can use our accumulated China industry experience and unparalleled industry network to your full advantage. Email: Cynthia.wong@interfax-news.com Phone: (852) 2537 2263 Fax: (852) 2537 2264 For further information on the full range of Interfax news products please contact Interfax China Energy Report Weekly A weekly report on China's energy sector. Interfax China Metals Report Weekly A weekly report on China's metallurgical industries. Interfax Central Europe IT and Telecom Report A weekly report on Central European IT and Telecom markets. Interfax Communications & Electronics Report A weekly report on Russia’s computer, telecommunications, information technology and home electronics industries. *The information contained here is believed to be fully reliable, but is provided for information purposes only with no warranty expressed or implied. The user shall fully indemnify and hold harmless Interfax Information Services B.V. and any of its Affiliates against any judgment, liability, loss, cost or damage resulting from or arising out of the content the information and recommendations contained herein, as they are not to be used or considered as an offer to sell, or a solicitation of an offer to buy, or related to any omissions, delays, errors or inaccuracies. ### Document CHNMET0020120622e86800001

Page 28 of 28 © 2012 Factiva, Inc. All rights reserved.