A %

52 7 12 15

A 1.00 5 20.64% 2007 24.23 2007 5 18 36 12 1-1-2

1-1-3

1-1-4 1 2 2006 40.6 33.2 3 4 2006 32,050 2006 2006 12 31 32,050 10 12 38,460 10 3 9,615 10 35 112,175 192,300 2006 1.40 0.80 0.57 0.23 5 2007 4 8 2006

1-1-5... 8... 16...16...18...19...20...21... 22...22...23...26... 27...27...27...30...31...31...32... 33...33...33...35...42...52 5%...53...68...71...81...83...84...85... 87...87...87...106...109...113

1-1-6... 151...151...153... 168...168...176...177...183...183...185...185...185... 189...189...189...197...197..197... 200...200...201...208...216...220...222...227...232...234...235...236...238...239...240... 241...241...248...258...258...261...262

... 263...263...263...264...265... 266...266...267...267...270...300... 302...302...303...303... 304...304...304... 314... 315...327...327...327...327 1-1-7

2006 7 18 Brook Hunt Brook Hunt & Associates Ltd. LME ISO ISO 9000 ISO ISO 14000 ISO JORC Australasian Joint Ore Reserves Committee JORC 1999 9 2004 12 JORC 1-1-8

1-1-9

1-1-10

1-1-11

90 1 1 1 1-1-12

1-1-13

Sun Rivers Holdings Company Limited Concentrate Copper Investment Limited Western Mining Investment Company Limited 1-1-14

41.0% 2006 11 / / / / 1-1-15

2006 2006 76,635 60,397 25,967 3.6% 8.2% 3.4% 41.0% 2006 30,782 20,890 95,960 2006 2005 2004 76,635 77,335 66,351 60,397 64,750 57,765 25,967 18,405 11,799 66,683 66,307 61,419 186 264 250 1-1-16

2006 2005 2004 30,782 37,726 5,894 20,890 15,708 22,121 95,960 92,170 48,336 2006 8 4 1 2 3 4 5 6 7 8 2006 32,050 2006 2006 12 31 32,050 10 12 38,460 10 3 9,615 10 35 112,175 32,050 192,300 ( ) ( ) (%) 1 11,205.0 67,230 34.9610 2 4,487.0 26,922 14.0000 3 4,166.5 24,999 13.0000 4 Goldman Sachs Strategic Investments (Delaware) L.L.C. 3,205.0 19,230 10.0000 5 Newmargin Mining Co., Limited 2,243.5 13,461 7.0000 1-1-17

( ) ( ) (%) 6 1,602.5 9,615 5.0000 7 China Mining Partners Ltd. 1,602.5 9,615 5.0000 8 961.5 5,769 3.0000 9 765.0 4,590 2.3869 10 571.5 3,429 1.7831 11 450.0 2,700 1.4041 12 450.0 2,700 1.4041 13 180.0 1,080 0.5616 14 160.0 960 0.4992 32,050 192,300 100 2007 4 28 [2007]810 2007 4 30 192,300 34.96% 2000 5 8 2006 12 31 16 56 31.2% 30% 20% 16% 2.8% 2006 12 31 1,371,892 245,273 2006 58,950 31.2% 1-1-18

[2003]42 2006 12 31 2005 12 31 2004 12 31 923,247 674,638 421,032 591,154 479,286 282,842 332,093 195,352 138,190 63,045 40,191 25,462 2006 2005 2004 822,188 461,614 184,479 203,176 64,267 38,480 199,237 63,127 38,464 153,887 ( ) 52,433 30,733 2006 2005 2004 109,130 78,616 30,457 (112,963) (162,722) (189,644) 47,806 106,366 192,739 43,973 22,260 33,551 1-1-19

2006 2005 2004 0.92 0.65 1.20 0.67 0.47 1.16 ( ) 68.98% 73.54% 69.80% 31.80 36.04 26.96 5.88 9.83 15.42 235,662 93,685 53,494 9.61 4.70 6.20 3.07% 7.07% 6.13% 70.88% 39.89% 37.26% 32,050 / 8.39 4.84 3.52 / 4.80 1.64 1.15 / 3.41 2.45 0.95 / 1.37 0.69 1.05 192,300 / 1.40 0.81 0.59 / 0.80 0.27 0.19 / 0.57 0.41 0.16 / 0.23 0.12 0.17 1. A 2. 1.00 3. 5 20.64% 4. 5. 6. 1-1-20

QFII 7. 8. 2007 2007 2007 2007 2006 1 18,449 2 37,696 3 10 / 49,682 4 5.5 / 31,559 137,386 5 45,425 6 36,300 7 75,000 8 50,000 206,725 9 100,000 444,111 1-1-21

1. A 2. 1.00 3. 5 20.64% 4. 5. 2006 5 0.64 6. 7. 2006 12 31 1.40 8. 9. 10. 11. QFII 12. 13 2006 32,050 2007 192,300 1-1-22

14. 540 2,800 1,600 0.35% 100 15. 1 Western Mining Co., Ltd. 52 0971 6108 188 0971 6122 926 www.westmining.com wm@westmining.com 2 7 12 15 010 5832 8888 010 5832 8954 1-1-23

3 1 2 28 010 6505 1166 010 6505 8160 4 1012 010 6621 0975 010 6621 1976 5 6 7 8 20 1-1-24

010 8510 1300 010 8519 1350 8 12 6 010 6569 3399 010 6569 3838 9 1 ( )16 010 5815 3000 010 8518 8298 10 166 36 021 5870 8888 021 5889 9400 11 1-1-25

2007 2007 2007 2007 1-1-26

1-1-27

2004 2006 77.4% 70.9% 65.2% 1962 21 13 2007 3 31 99,821 2.1% 23,465 5.6% 2006 8 2007 6.8 1-1-28

20 40 11.2 1-1-29

2006 40.6 33.2 68.98% 0.92 2006 2005 2004 19.7% 17.4% 20.9% 2008 1 1 25% 1-1-30

2006 11.8 2005 6.3 2007 7 30 2028 3 2018 9 2010 10 41.0% 1. 2. 3. 1-1-31

1-1-32

1 Western Mining Co., Ltd. 2 3 1,923,000,000 4 2000 12 28 5 52 6 810001 7 0971 6108 188 8 0971 6122 926 9 http://www.westmining.com 10 wm@westmining.com 2000 12 18 [2000]10 2006 7 18 4 2000 12 28 6300001201552 13,050 2001 4 9 1-1-33

1-1-34 1 2000 5 8 20 2000 12 31 109,092.71 70,219.20 3,835.58 35,037.93 2 16.45% 95% 3 2001 2004

24 4 2000 12 7 13,050 1 13,050 1: 0.9 % 12,450 11,205 85.86 850 765 5.86 500 450 3.45 500 450 3.45 200 180 1.38 14,500 13,050 100 2000 11 20 [2000] 029 2000 8 31 12,450 2000 11 27 [2000]1341 1-1-35

1-1-36 2000 12 25 [2000]23 2000 12 25 2000 12 28 13,050 1 2003 9 19,000 3 2004 3 1 19,000 [2004]02 Newmargin Mining Co., Limited China Mining Partners Ltd. 9 19,000 3 2003 11 28 [2003]052 2006 9 29 [2006]194 2004 4 2 [2004]438 32,050 2004 4 16 A [2004]0036 2004 5 27 [2004]559 9 19,000 32,050

% 1 11,205 34.9610 2 4,487 14.0000 3 3,205 10.0000 4 3,205 10.0000 5 2,564 8.0000 6 Newmargin Mining Co., Limited 2,243.5 7.0000 7 China Mining Partners Ltd. 1,602.5 5.0000 8 961.5 3.0000 9 765 2.3869 10 571.5 1.7831 11 450 1.4041 12 450 1.4041 13 180 0.5616 14 160 0.4992 32,050 100 2 2004 (1) 2004 1 10 1.4041% 450 2004 6 3% 961.5 13% 4,166.5 2004 6 11 10% 3,205 2004 6 18 [2004]20 2004 7 4 [2004]985 1-1-37

(2) 2005 11 8 13% 4,166.5 2006 1 11 [2006]98 (3) 2006 5 18 0.4992% 160 2006 7 5 13% 4,166.5 2006 7 7 14% 4,487 2006 9 6 [2006]1801 (4) 2006 7 20 Goldman Sachs Strategic Investments (Delaware) L.L.C. 10% 3,205 Goldman Sachs Strategic Investments (Delaware) L.L.C. 2006 8 30 2.3869% 765 2006 8 27 [2006]137 2006 8 31 2006 7 24 [2006] 66 7 31 [2006]105 1-1-38

2006 9 1 10% 3,205 2006 10 11 [2006]1939 2006 11 22 [2006]211 % 1 11,205 34.9610 2 4,487 14.0000 3 4,166.5 13.0000 4 Goldman Sachs Strategic Investments (Delaware) L.L.C. 3,205 10.0000 5 Newmargin Mining Co., Limited 2,243.5 7.0000 6 1,602.5 5.0000 7 China Mining Partners Ltd. 1,602.5 5.0000 8 961.5 3.0000 9 765 2.3869 10 571.5 1.7831 11 450 1.4041 12 450 1.4041 13 180 0.5616 14 160 0.4992 32,050 100 3 3,303 1-1-39

1-1-40 9,615 2004 6 11 10% 3,205 3 9,615 2004 7 4 [2004]985 2004 6 18 [2004]20 3 [2003] 052 2003 6 30 36,496.15 2004 6 29 2003 6 30 2.8 3 2006 9 29 [2006]194 2006 9 1 10% 2006 9 1 2006 9 1 10% 3,205 2005 12 31 27,851.45 8.69 2006 10 11 [2006]1939 2006 12 25 2006 12 27 4 2007 4 8 2006 2006 12 31

32,050 10 12 38,460 10 3 9,615 10 35 112,175 192,300 2007 4 28 [2007]810 32,050 192,300 2007 4 30 192,300 % 1 67,230 34.9610 2 26,922 14.0000 3 24,999 13.0000 4 Goldman Sachs Strategic Investments (Delaware) L.L.C. 19,230 10.0000 5 Newmargin Mining Co., Limited 13,461 7.0000 6 9,615 5.0000 7 China Mining Partners Ltd. 9,615 5.0000 8 5,769 3.0000 9 4,590 2.3869 10 3,429 1.7831 11 2,700 1.4041 12 2,700 1.4041 13 1,080 0.5616 14 960 0.4992 192,300 100 5 2005 9 21 5% 1.4041% 1-1-41

1-1-42 2007 12 31 3,000 2001 12 100% 2000 12 28 2001 5 2001 3 [2000] 030 4,883.33 [2001] 29 2001 10 [2001]588 2001 11 4,883.33 2001 5 2001 12 [2001]582 4,883.33 2001 12 25 2001 9 5 97.67% 2.33%

1-1-43 2001 9 2001 6 30 4,230.52 [2001] 037 4,067.66 [2001]1176 4,067.66 2001 12 31 2006 8 14 2002 12 2002 12 2002 12 31 14,325.51 [2003] 24 14,419.32 [2006]194 15,119.01 2003 6 8 2004 3 2004 3 31 3 / 2004 1 31 10,676 [2004] 007, 10,762 11,720 3 / 2006 3 21 2006 8

1-1-44 2004 10 100% 3 0.6 82.56% 2004 10 11 100% 2004 9 30 3,670.52 2004 062 3,726.64 [2004]114 [2004]123 3,076.7 649.9 100% 2004 12 20 2004 10 2004 10 8 2004 10 31 8,357.51 [2004] 529 9,339.01 [2006]194 10,304.70 2005 3 25 2004 10 100% 2004 10 29 99% 1% 2004 9 30 2,480.3

1-1-45 [2004] 069 2,559.4 4,906 20 100% 2006 11 15 2004 12 1 / 2004 12 1 / 2003 12 31 2,878.45 [2004] 002 3,183.94 [2004]120 [2004] 127 3,183.94 1 / 2006 3 21 2006 8 2005 1 92.13% 11.2 92.13% 2005 1 92.13% 2004 6 30 7,553.31 [2004] 053 7,132.85 [2004]121 [2004]126 6,571.5 92.13% 2005 11.2 2006 3 7.87%

2006 3 22 7.87% 2005 12 31 6,108.84 [2006] D-039-1 7,903.11 [2006]194 561 100% 2006 3 6 54,021.6 2006 1. 66.85% 8,690.50 8,834.91 8,828.30 50.74% 4,618.20 4,740.24 4,740.24 51.00% 1,138.69 1,175.77 2,856.08 10.66% 3,012.00 3,012.00 3,012.00 40.00% 60.38 63.00 57.00 2005 12 31 2006 9 30 1 66.85% 1-1-46

1-1-47 2 40% 3 10.66% 4 51% 5 50.74% 2 1.2 2 2006 3 1 2006 3 21 1 3 4 51% 2005 10 31 4 12,884.01 15,720.48 2003 2005 4 ( [2006] 1-085 ) 16,476 35,128 43,188 99 1,358 2,849 2005 10 31 465.44 548.78 2005 4 12 ( [2006] 1-086 ) 880-579 4 1.32 4 2,821.13 1.32 2006 7 17

1-1-48 [2006]142 2 2005 1 3 6 6 1 5 4 6 6 48,720.60 12.17% 8.17 42,545.70 14.61% 7.35 2005 6 / 10 / 2005 1 3

51% 3 16 16 1 95.00% 5,485 3,367 6,835 51.00% 5,100 5,761 5,761 50.00% 5,124 4,826 4,980 80.00% 4,017 4,414 4,409 65.60% 2,587 2,776 2,776 54.00% 1,226 1,289 1,338 90.00% 2,250 2,252 2,252 51.00% 436 449 451 ( 2) 92.00% 555 2,567 2,398 60.00% 60 60 54 34.00% 676 676 667 ( 3) 28.26% 820 820 2,787 18.52% 942 837 837 4.37% 191 191 191 1-1-49

1-1-50 6.00% 218 218 218 16.67% 94 94 85 1 3,800 2 3 1,978 4 98.04% 85.22 85.18 77 83.33% 88 86 78 80% 73 73 73 5 20.56% 51% 2005 12 31 10,373.07 [2006] 25 29,336.4 [2006]182 14,961.564 20.56%

1-1-51 2006 12 15 [2006]413 7,552.65 6 58% 58% 2006 9 20 58% 2006 9 30 51% 2006 12 20 2006 6 30 59,491.52 [2006] D-073 60,907.88 [2006]227 35,326.57 2007 2 7 100% 7 [2006]232 [2006]194 [2006]232 10.66% 2006 32,276 2006

4% 588 2006 ( ) 65,769 183,016 63,836-104,475 41,522 ( ) 75,769-35,517 13,136 345,366 237,674 37,102 (1,799) 40,564 7,500 13,581 976 24,058 3,831 131,071 6,485 246,376 16,993 591,742 254,667 2006 2000 12 7 1-1-52

12,450 850 500 200 2000 12 25 [2000]23 2000 12 25 13,050 2004 9 9 19,000 3 2004 5 27 [2004]559 2004 5 20 9 19,000 32,050 2007 2007 4 8 2006 192,300 2007 4 9 [2007]654 2007 4 9 1,923,000,000 1,923,000,000 5% 5% 34.9610% 1.4041% 0.5616% 5% 14% 13%Goldman Sachs Strategic Investments (Delaware) L.L.C. 10%Newmargin Mining Co., Limited 7% 1-1-53

5%China Mining Partners Ltd. 5% 5% 1-1-54

31.2% 30% 20% 16% 2.8% Catequil Overseas Partners, Ltd. Catequil Partners LP Matwick Inc. Penfold Holdings Ltd. 58.42% 24.39% 8.6% 8.6% 40% 30% 30% Goldman Sachs Group Inc. 100% Level International (HK) Limited 40% 30% 30% 100% 88.64% 11.36% Goldman Sachs Strategic Investment (Delaware) L.L.C. Newmargin Mining Co., Limited China Mining Partners Ltd. 34.96% 14% 13% 10% 7% 5% 5% 1-1-55

1 (1) 2000 5 8 16 56 2000 5 15,802.4 % 13,503.6 85.45 2,298.8 14.55 15,802.4 100 [2000]17 2000 8 2001 85.45% % 13,503.6 85.45 2,298.8 14.55 15,802.4 100 2005 12 8 [2005]209 14.55% 2005 12 6 15,802.4 % 15,802.4 100 1-1-56

1-1-57 2005 10 18 [2005]168 2005 11 30 [2005]110 2005 12 7 [2005] 351 2005 9 30 50,175.20 2005 12 8 [2005] 068 2005 9 30 64,039.80 2005 12 23 [2005]215 2005 12 18 2005 12 26 [2005]218 16 64,039.80 54,400 34% 56,505.71 48,000 30% 37,670.47 32,000 20% 30,136.38 25,600 16% 2005 12 28 [2005] 107 2006 1 20 [2006] 005 2006 1 20 124,312.56 16

2006 1 27 (%) 54,400 34 48,000 30 32,000 20 25,600 16 160,000 100 2006 1 9 [2006]10 2.8% (%) 49,920 31.2 48,000 30 32,000 20 25,600 16 4,480 2.8 160,000 100 2006 12 31 1-1-58

1-1-59 1,371,892 245,273 2006 58,950 (2) 1992 7 6 87,288.8 63.314% 36.686% 2006 12 31 557,489 105,286 2006 23,354 (3) 1993 11 18 2,000 8 2 200A 87% 13% 2006 12 31 22,598 15,894 2006 11,469 2 5% (1) 2006 6 22 2,900 18 C178 40% 30% 30% 2006 12 31 43,542 8,496 2006 5,596 (2) 1993 3 27 5,000 628 3

40% 30% 30% 2006 12 31 52,987 9,570 2006 4,663 (3) Goldman Sachs Strategic Investments (Delaware) L.L.C. Goldman Sachs Strategic Investments (Delaware) L.L.C. 2006 7 24 Goldman Sachs Group Inc. Goldman Sachs Group Inc. (4) Newmargin Mining Co., Limited Newmargin Mining Co., Limited 2004 2 26 Level International (HK) Limited (5) 1996 5 23 1 11.36% 88.64% 2006 12 31 139,361 22,001 2006 2,533 (6) China Mining Partners Ltd. China Mining Partners Ltd. Catequil Overseas Partners, Ltd. 58.42% Catequil Partners LP 24.39% Matwick Inc. 8.6% Penfold Holdings Ltd. 8.6% 31.2% 1-1-60

1-1-61 [2003]42 34.961% 1 1 50% 2.71% 10.66% 1.63% 51% 55% 51% 100% 45% 46% 74.54% 43.86% 75% 100% 67.35% 40% 50.74% 51% 100% 100% 51% 40%

2006 8 24 25,000 80% 65.57% 15% 50% 51% 2006 12 31 34,839.20 25,561.16 2006 8,479.81 541.17 2006 10 8 5,000 1,500 77 55% 2 2006 6 27 2 24.961% 2007 4 27 51% 2006 12 31 65,883.26 22,235.09 2006 11,131.77-150.81 2006 4 6 5,000 1-1-62

2,000 11 2006 12 31 1,916.99 1,911.46 2006-88.54 2006 3 20 2,000 93-1-21 100% 45% 2006 12 31 2,007.38 2,000 2006 3 29 5,000 1,000 24 908 46% 2006 12 31 951.94 951.47 2006-48.53 3 1998 12 4 13,000 18 3,000 1-1-63

74.54% 2006 12 31 26,298.89 13,000 2000 4 11 9,124.68 100 43.86% 2006 12 31 44,352.06 20,227.47 2006 15,148.27 3,709.64 2006 2 8 2,600 1,000 1,500 75% 2006 12 31 1,232.89 1,000 2006 9 22 3,000 A 1004 1-1-64

2006 12 31 3,000.39 3,000 2001 8 24 2,450 10 67.35% 2006 12 31 7,799.25-114.35 2006 4,975.97-931.61 4 2006 9 13 4 1.5 51% 40% 2006 12 31 15,013.89 14,989.01-10.99 2004 11 8 9,874.91 2 1.2 50.74% 2006 12 31 12,885.41 8,605.0,8 1-1-65

2006 5,013.31-498.67 5 2006 3 20 16,000 4,800 51% 2006 12 31 11,586.82 11,075.82 2006-212.17 2006 9 19, 1 88 2 20 6 1986 12 29 645 11 40% 100% 2006 12 31 28,934.33 12,938.53 2006 66,593.92 2,622.30 1-1-66

2004 11 16 1,510 30 2006 10 51% 2006 12 31 3,605.09 2,373.67 2006 18,798.11 719.13 1999 8 25 150 180 40% 2006 12 31 243.03 154.04 2006 221.36 3.09 2 1 2004 3 9 12,000 100 50% 2 1997 12 26 28,139 96 10.66% 3 2006 4 6 1 8,189 2.71% 4 2000 12 13 42,745.79 B 2508 1-1-67

600961 1.63% 1 2 3 2006 16 34.961% 14% 13% 1-1-68

Goldman Sachs Strategic 10% Goldman Sachs Group Inc. Investments(Delaware)L.L.C. Newmargin Mining Co., Limited 7% 5% China Mining Partners Ltd. 5% Catequil Asset Management 3% 2.3869% 1.7831% 1.4041% 1.4041% 0.5616% 0.4992% 11.6% 6.4041% Newmargin Mining Co., Limited 10% Newmargin Mining Co., Limited 10% 36 (%) 31.2 30.0 20.0 1-1-69

1-1-70 (%) 16.0 2.8 30% 3 30% 1. [2003]42 2 24.908% 20.295% 19.926% 19.926% 14.945% 3 41.67% 25% 25% 8.33% 4 28.71% 15.02% 14.98% 14.98% 12.49% 7.51% 6.31%

5 36 1-1-71

1 2 3 4 5 1-1-72

6 7 8 9 10 11 12 13 14 15 1-1-73

(11 ) 1-1-74

(6 ) (4 ) (11 ) 1-1-75

1-1-76 10 1 2004 8 19 2 2004 12 20 3 2004 4 7 2006 8 30 4 2005 3 25 5 2004 9 2 6 2001 12 31 2006 8 14 7 2003 6 8 2006 6

1-1-77 8 2004 8 24 9 2007 2 1 10. 2007 4 25 2006 12 31 2005 12 31 2004 12 31 2006 2005 2004 2007 4 8 [2007] 60468111_A02 300 1 (1) 1998 5 21 3 28 2003 51% 51% 23% 14.4% 8.4% 2% 1.2%

1-1-78 2006 12 31 63,836 30,067 2006 486 (2) 2000 4 27 7,965.35 2 51% 28.44% 20.56% 2006 12 31 35,517 16,552 2006 7,753 (3) 2006 4 19 51,800 100% 2006 12 31 104,475 84,716 2006 32,148 (4) 2006 4 3 753,960 37.698 300 50% 37.698 300 50% 2006 12 31 620 600 2006 (5) 2005 5 28 62,500 22 41% 39% 10% 8% 2%

1-1-79 2006 12 31 75,769 58,361 2006-4,139 2 (1) 1997 1 8 6 2006 12 31 131,071 60,973 2006-3,994 (2) 2003 8 22 2,200 924 42% 660 30% 616 28% 2006 12 31 9,896 3,402 2006 1,008 (3) 2003 4 10 2004 11 11 15,000 9,654 64.36% 3,246 21.64% 500 3.33% 600 4% 1,000 6.67% 2006 12 31 24,058 12,985 2006 3,075 3 (1)

2006 8 8 2 2006 12 31 19,990 19,990 2006-10 (2) 2006 6 27 1 2006 12 31 4,999 4,941 2006-59 (3) 2002 8 7 1100 880 80% 220 20% 2006 12 31 1,081 1,077 2006-20 (4) 2007 1 23 5,000 1 100% (5) 2006 4 6 13,000 10,189.29 6,010.71 46.24% 3,836.01 29.51% 2,800 21.54% 353.29 2.71% 2006 12 31 42,051 8,658 2006 (6) China West Mining (Hong Kong) Company 1-1-80

Limited 2005 7 15 1 100 2006 12 31 56,415 1,073 2006-6 (7) Sun Rivers Holdings Company Limited 2006 6 15 Harbour Side Profits Limited 2007 2 12 Sun Rivers Holdings Company Limited 5 (8) Concentrate Copper Investment Limited 2006 7 25 2006 8 12 1 (9) Western Mining Investment Company Limited 2005 9 13 1 1 1 8,000 80% Prime Mine Development Limited 2,000 20% 32,050 192,300 5 20.64% 1-1-81

(1) (2) % 1 11,205 67,230 34.9610 2 4,487 26,922 14.0000 3 4,166.5 24,999 13.0000 4 Goldman Sachs Strategic Investments (Delaware) L.L.C. 3,205 19,230 10.0000 5 Newmargin Mining Co., Limited 2,243.5 13,461 7.0000 6 1,602.5 9,615 5.0000 7 China Mining Partners Ltd. 1,602.5 9,615 5.0000 8 961.5 5,769 3.0000 9 765 4,590 2.3869 10 571.5 3,429 1.7831 30,810 184,860 96.1310 (1) 2007 (2) 2007 2006 11 22 [2006]211 Goldman Sachs Strategic Investments (Delaware) L.L.C. (1) (2) 3,205 19,230 10% Newmargin Mining Co., Limited 2,243.5 13,461 7% China Mining Partners Ltd. 1,602.5 9,615 5% 7,051 42,306 22% (1) 2007 (2) 2007 1-1-82

11.36% 88.64% 36 12 / 1-1-83

/ 2004 2006 3,734 7,917 5,391 2006 2005 2006 4 2006 12 31 ( ) 35 3,264 60.54% 36-40 1,165 21.61% 41-45 635 11.78% 46-50 202 3.75% 1-1-84

( ) 51-54 88 1.63% 55 37 0.69% 24 0.45% 335 6.21% 1,566 29.05% 3,466 64.29% 1,261 23.39% 2,907 53.92% 558 10.35% 147 2.73% 158 2.93% 360 6.68% 50 0.93% 307 5.69% 215 3.99% 4,819 89.39% 5,391 100% 2007 4 9 1-1-85

2007 4 9 1. 2. 3. 20% 1-1-86

JORC 2006 2006 76,635 60,397 25,967 3.6% 8.2% 3.4% 41% 2006 30,782 20,890 95,960 1 1-1-87

LME 2 10-15 5 17% 50% 12,000 330KV 78,000 2 2008 1 1-1-88

Mineral Commodity Summary 2006 2006 (1) (2) 92 20.0% 33 15.0% 90 19.6% 30 13.6% 80 17.4% 33 15.0% 35 7.7% 30 13.7% 31 6.7% 11 5.0% 25 5.4% 8 3.6% 20 4.3% 16 7.3% 87 18.9% 59 26.8% 460 100.0% 220 100.0% (1) (2) 36 25.7% 11 16.4% 28 20.0% 15 22.4% 20 14.3% 8 12.1% 9 6.4% 2 3.0% 7 5.0% 5 7.5% 4 2.9% 4 5.2% 2 1.4% 2 2.2% 34 24.3% 21 31.2% 140 100.0% 68 100.0% 1-1-89

(1) (2) 360 38.3% 140 30.0% 70 7.4% 35 7.5% 63 6.7% 26 5.6% 60 6.4% 30 6.4% 48 5.1% 30 6.4% 40 4.3% 27 5.8% 38 4.0% 35 7.5% 258 27.8% 144 30.8% 937 100.0% 467 100.0% Mineral Commodity Summaries 2006 (1) (2) 2 59% 55% 65% 19.5% 22.1% 7.0% 58.8% 54.6% 21.7% 23.2% 65.1% 27.9% 1-1-90

1 (1) 2005 2010 2005 2010 2005 1,070 2010 1,320 26% 25% 6% 24% Brook Hunt 13% 6% 32% 5% 21% 25% 11% 6% Brook Hunt (2) 2001 2005 2006 2008 1-1-91

2001-2008 2001 2002 2003 2004 2005 2001-2005 2006 2007 2008 9,134 9,091 9,576 9,601 9,870 2.0% 10,571 11,879 13,074 Brook Hunt 2004 2005 10 2001 2005 2001-2005 2001 2002 2003 2004 2005 9,289 9,672 9,894 10,142 10,042 Brook Hunt 2 (1) 2001 2006 2001-2006 2001 2002 2003 2004 2005 2006 1,693 1,624 2,029 2,391 1,822 2,142 653 785 746 616 568 828 13 4 25 5 1-1-92

(2) 2001 2006 2001-2006 2001 2002 2003 2004 2005 2006 2,038 2,155 2,319 2,720 2,711 3,153 19 68 136 240 392 532 544 473 451 224 123 342 1,512 1,676 2,318 2,551 2,926 (3) 2001 1 2007 3 LME LME 2001 1-2007 3 SMM / 35,000 LME / 4,500 30,000 4,000 3,500 25,000 3,000 20,000 2,500 15,000 2,000 10,000 1,500 1,000 5,000 500 0 0 01-01 01-04 01-07 01-10 02-01 02-04 02-07 02-10 03-01 03-04 03-07 03-10 04-01 04-04 04-07 04-10 05-01 05-04 05-07 05-10 06-01 06-04 06-07 06-10 07-01 07-04 ( ) ( ) (1) (SMM) 1# (2) LME LME (3) LME 1-1-93

2003 2005 2006 5 2006 2007 4 (4) 2006 2006 5 2006 2006 186,993 8.73% 100,556 4.69% 79,097 3.69% 76,635 3.58% 71,668 3.35% 2006 2006 5 2006 2006 370,034 11.74% 276,001 8.75% 161,161 5.11% 137,862 4.37% 116,409 3.69% 1-1-94

1 (1) 2001 2005 2010 2005 2010 2005 760 2010 920 28% 21% 25% 18% 24% 20% 7% 20% 30% 7% Brook Hunt Brook Hunt 2005 2010 3.8% (2) 2001 2005 2001 306 2002 281 2005 304 2006 2008 7.3% 2001 2005 2006 2008 1-1-95

2001-2008 2001 2002 2003 2004 2005 2001-2005 2006E 2007E 2008E 3,057 2,807 2,859 2,843 3,037 (0.2%) 3,179 3,551 3,757 Brook Hunt 2001 656 2005 751 2 2005 233 2001 2005 2006 2008 2001-2008 2001 2002 2003 2004 2005 2001-2005 2006E 2007E 2008E 6,557 6,651 6,712 6,923 7,511 3.50% 7,895 8,310 8,667 Brook Hunt 2 2001 2006 (1) 2001 2006 2001-2006 2001 2002 2003 2004 2005 2006 676 641 955 997 627 740 397 389 679 831 1,030 1,189 1-1-96

(2) 2001 2006 2001-2006 2001 2002 2003 2004 2005 2006 1,195 1,325 1,564 1,935 2,379 2,736 13 56 58 85 59 33 448 412 453 463 455 537 760 957 1,286 1,400 1,972 (3) 2001 1 2007 3 LME LME 2001 1-2007 3 SMM / 16,000 LME / 2,000 14,000 12,000 1,600 10,000 1,200 8,000 6,000 800 4,000 400 2,000 0 0 01-01 01-04 01-07 01-10 02-01 02-04 02-07 02-10 03-01 03-04 03-07 03-10 04-01 04-04 04-07 04-10 05-01 05-04 05-07 05-10 06-01 06-04 06-07 06-10 07-01 07-04 ( ) ( ) (1) (SMM) 1# (2) LME LME (3) LME 1-1-97

2003 2007 4 (4) 2006 2006 5 2006 2006 80,000 10.81% 60,397 8.16% 45,684 6.17% 32,600 4.41% 29,788 4.03% 2006 2006 5 2006 2006 287,700 10.52% 91,618 3.35% 84,701 3.10% 84,273 3.08% 75,308 2.75% 1-1-98

1 (1) 2001 2005 19% 2006 2005 4.4% Brook Hunt 2005 2010 4.2% 2005 2010 2005 1,690 2010 2,080 5% 7% 6% 15% 21% Brook Hunt 22% 4% 20% 5% 7% 5% 13% 20% 25% 20% 5% (2) 2000 1997 2002 2005 2001 2005 2.2% 2005 1,500 36.0% 2001 2005 2006 2008 Brook Hunt 2001-2008 2001 2002 2003 2004 2005 2001-2005 2006E 2007E 2008E 13,735 13,543 13,641 14,681 14,964 2.2% 15,201 16,540 17,535 1-1-99

(1) (2) (3) 2005 1,660 1,280 270 110 2001 2005 1.4% 2005 24% Brook Hunt 2005 2010 7.5% 2010 2,170 2001 2005 2006 2008 2001-2008 2001 2002 2003 2004 2005 1-1-100 2001-2005 2006E 2007E 2008E 15,655 15,352 15,278 15,949 16,583 1.50% 17,559 19,316 20,639 Brook Hunt 2 2001 2005 12.07% (1) 2001 2006 2001-2006 2001 2002 2003 2004 2005 2006 587 568 604 742 651 755 2,255 2,065 2,670 2,881 4,059 3,612 20 36 62 14 1

(2) 2001 2006 2001 2006 2001-2006 2001 2002 2003 2004 2005 2006 1,523 1,633 1,836 2,199 2,583 2,999 835 1,181 1,357 1,200 1,222 827 51 77 64 124 140 243 2,307 2,737 3,084 3,200 3,639 (3) 2001 1 2007 3 LME LME 2001 1-2007 3 SMM / 80,000 LME / 9,000 70,000 8,000 60,000 7,000 50,000 6,000 5,000 40,000 4,000 30,000 3,000 20,000 2,000 10,000 1,000 0 0 01-01 01-04 01-07 01-10 02-01 02-04 02-07 02-10 03-01 03-04 03-07 03-10 04-01 04-04 04-07 04-10 05-01 05-04 05-07 05-10 06-01 06-04 06-07 06-10 07-01 07-04 ( ) ( ) (1) (SMM) 1# (2) LME LME A (3) LME 1-1-101

2003 2006 1-5 2006 2007 2 2007 4 (4) 2006 2006 10 2006 2006 152,314 20.16% 46,434 6.15% 34,909 4.62% 34,314 4.54% 30,018 3.97% 28,948 3.83% 25,967 3.44% 20,594 2.73% 20,567 2.72% 18,593 2.46% 2006 1-1-102

2006 10 2006 2006 443,443 14.79% 393,465 13.12% 360,100 12.01% 205,379 6.85% 204,558 6.82% 155,316 5.18% 140,392 4.68% 122,077 4.07% 75,781 2.53% 72,344 2.41% 1 2001 2005 19.49% 5% 2006 2 2001 2006 2001-2006 2001 2002 2003 2004 2005 2006 4,747 5,450 6,112 6,994 8,511 13,239 3,346 4,571 5,605 5,875 7,016 6,911 25 24 63 23 24 21 3 1-1-103

2001 2006 2001-2006 2001 2002 2003 2004 2005 2006 3,371 4,321 5,547 6,689 7,806 9,349 529 582 881 1,033 637 512 409 788 1,249 1,684 1,137 1,212 3,492 4,115 5,178 6,191 7,119 4 2001 1 2007 3 LME LME 2001 1-2007 3 SMM / 25,000 LME / 3,000 20,000 2,500 2,000 15,000 1,500 10,000 1,000 5,000 500 0 0 01-01 01-04 01-07 01-10 02-01 02-04 02-07 02-10 03-01 03-04 03-07 03-10 04-01 04-04 04-07 04-10 05-01 05-04 05-07 05-10 06-01 06-04 06-07 06-10 07-01 07-04 ( ) ( ) (1) (SMM) A00 (2) LME LME (3) LME 1-1-104

2000 2006 2007 5 2006 2006 5 2006 2006 409,134 4.38% 404,734 4.33% 385,817 4.13% 362,678 3.88% 301,850 3.23% 2001-2006 55% 59% 65% 1-1-105

1986 3 19 1996 8 29 1994 3 26 2006 12 25 1-1-106

1998 2 12 30 2 1998 2 12 30 20 10 30 1,000 100 1-1-107

500 2000 6 6 (1) 50% 25% (2) 50% 25% 1994 2 27 1997 7 3 7 31 1 31 = 50% 1993 12 25 0.4 30.0 1992 11 7 1996 10 30 1-1-108

1-1-109 2004 5 17 2004 1 13 1986 6 25 1988 12 29 1998 8 29 2004 8 28 1988 1989 1 1 2003 7 1

2004 2006 2004 2,391 997 742 66 58 12 2.8% 5.8% 1.6% 2005 1,822 627 651 77 65 18 4.2% 10.3% 2.8% 2006 2,142 740 755 77 60 26 3.6% 8.2% 3.4% 2004 2,720 1,935 6,689 6 5 48 0.2% 0.3% 0.7% 2005 2,711 2,379 7,806 38 16 92 1.4% 0.7% 1.2% 2006 3,153 2,736 9,349 31 21 96 1.0% 0.8% 1.0% 1 59% 55% 65% 1-1-110

1-1-111 2 3,000 1986 2005 15 3 2006 12 31 295.14 213.11 436.37 3,412 19.97 4 2006 8 2007 2007 30 / 2008 50 / 2007 150 2010 300 2007 50 2009 75 5

(1) 41.0% 300 (2) (3) 6 7 15% 8 1-1-112

1 2006 2006 76,635 60,397 25,967 3.6% 8.2% 3.4% 41.0% 2006 30,782 20,890 95,960 1-1-113

2 (1) 2006 12 31 2,299 137.64 99.77 1,549 19.97 (2) 2006 12 31 8,283 50.32 70.46 61.29 (3) 51.0% 2006 12 31 4,883 57.96 (4) 1-1-114

51.0% 2006 12 31 1,328 87.04 52.05 8.07 1,863 (5) 41.0% 2006 2006 12 31 42,165 320.02 3 2006 30,782 20,890 95,960 2004 2006 2006 2005 2004 76,635 77,335 66,351 60,397 64,750 57,765 25,967 18,405 11,799 66,683 66,307 61,419 186 264 250 ( ) 30,782 37,726 5,894 20,890 15,708 22,121 1-1-115

2006 2005 2004 95,960 92,170 48,336 2006 8 4 2006 2005 2004 95.30% 98.23% 94.51% 90.10% 91.67% 88.53% 91.53% 91.57% 91.53% 84.36% 84.00% 84.36% 1 100.00% 100.00% 51.00% 51.00% 41.00% 2002 12 2001 2 2003 4 2005 4 2006 12 31 JORC (1) JORC (%) (%) ( / ) ( / ) ( ) ( ) ( ) ( ) 10,370 5.60 6.55 68.9 0.74 581.2 679.4 715 7.64 12,480 3.26 5.52 66.0 0.98 406.4 688.2 823 12.27 22,850 4.32 5.99 67.3 0.87 987.6 1,367.6 1,538 19.91 140 7.41 6.46 81.3 0.41 10.1 8.8 11 0.06 22,990 4.34 5.99 67.4 0.87 997.7 1,376.4 1,549 19.97 1-1-116

(2) JORC (%) ( ) 4,240 1.61 68.3 6,180 1.05 64.8 10,420 1.28 133.1 27,040 1.37 370.1 37,460 1.34 503.2 JORC (%) (%) ( ) ( ) 7,220 1.20 1.74 86.6 125.9 25,880 1.29 1.49 334.6 384.9 33,100 1.27 1.54 421.2 510.8 12,270 1.56 1.58 191.7 193.8 45,370 1.35 1.55 612.9 704.6 (3) JORC (%) ( ) 6,040 1.12 67.9 5,650 1.23 69.2 11,690 1.17 137.1 18,570 1.13 210.1 30,260 1.15 347.2 JORC (%) ( ) 960 1.21 11.6 2,390 1.00 23.9 3,350 1.06 35.5 15,220 1.29 196.9 18,570 1.25 232.4 1-1-117

(4) JORC (%) (%) ( / ) (%) ( ) ( ) ( ) ( ) 516 5.91 9.59 260 1.07 30.5 49.4 134 5.5 3,484 5.78 9.62 290 1.27 201.5 335.1 1,009 44.1 4,000 5.8 9.61 286 1.24 232.0 384.5 1,143 49.6 3,758 4.59 7.2 192 0.83 172.5 270.5 720 31.1 7,758 5.21 8.44 240 1.04 404.5 655.0 1,863 80.7 JORC (%) (%) ( ) ( ) 1,472 2.11 4.32 31.1 63.6 4,052 2.10 3.75 84.9 151.8 5,524 2.10 3.90 116.0 215.4 (5) JORC (%) ( ) 3,030 2.74 82.9 8,360 2.94 246.0 11,390 2.89 328.9 29,590 2.46 729.3 40,980 2.58 1,058.2 1,000 2.94 29.4 60,650 0.68 409.5 61,650 0.71 438.9 319,020 0.53 1,703.1 380,670 0.56 2,142.0 4,030 2.79 112.3 69,000 0.95 655.5 73,030 1.05 767.8 348,620 0.70 2,432.4 421,650 0.76 3,200.2 1-1-118

2004 2006 2006 2005 2004 75,259 77,335 66,351 1,376 76,635 77,335 66,351 59,644 64,750 57,765 753 60,397 64,750 57,765 21,499 14,426 9,290 4,331 3,979 2,509 137 25,967 18,405 11,799 58,039 62,140 59,016 4,749 4,167 2,403 3,895 66,683 66,307 61,419 151 228 227 35 36 23 186 264 250 2004 2005 2006 2 1-1-119

/ (1) 1000000620140 9.3122 2,522-3,252 12/2006-07/2007 6300000530205 9.29 08/2005-07/2007 6300000720009 10.25 01/2007-07/2008 (2) 1000000620109 0.54 1,400-2,035 09/2006-03/2028 (3) 6300000530064 3.4371 3,200-3,540 10/2005-10/2010 6300000610106 3.40 07/2006-07/2008 6300000620097 47.56 07/2006-06/2007 6300000630166 10.24 10/2006-09/2007 6300000610076 10.82 06/2006-06/2008 (4) 1000009810010 0.3 3,700-4,340 09/1998-09/2018 (5) 0100000620011 6.60 01/2006-01/2008 30 3 1-1-120

1 145 2004 2006 129.2 143 145.9 2006 75,259 59,644 2004 2006 98% 2003 100 145 2,285 2007 16 1-1-121

73% 48.0% 2006 95.3% 90.1% 2 3,055 3,840 6 30% 70% 10% 11% 10% 13% 3 95% 1-1-122

4 300 145 2005 5 1.8 30 6 2004 2006 5,260 3,706 4,623 2003 2007 2009 2007 2008 2009 5,285 7,434 6,585 1,048 1,048 1,048 3,000 3,000 3,000 1,661 161 2,161 10,994 11,643 12,794 1-1-123

1-1-124 3,000 1 150 2004 2006 74.6 109.4 174.8 2006 21,499 2006 92.1% 2004 2006 78.7% 78.4% 82.8% 80 135 35 2007 1988 55,000 1992 1996 50 2003 2004 2005 130 2005 8 2006 8 130 2010 300 2006 1,042 2007 6.8 2,704 2007 9 18 2

1,410 1,450 2009 11 2 3 2005 4 1 2005 5 26 95% 4 120 80 2006 5 220kv 5 22 6 1-1-125

2004 2006 6,835 16,847 24,107 2003 2007 2009 2007 2008 2009 8,300 7,800 7,796 27,523 2,000 700 700 500 36,523 10,500 8,296 5.53 150 2010 300 2.39 2.95 1 51% 50 2004 2006 29.6 45.6 51.5 2006 4,331 84.4% 2004 2006 21.3% 21.6% 16.7% 85 337 76 222 50 2006 1,169 2007 1-1-126

19.5 1,857 2007 15 30 335 2 3,450 295 6 3,450 3,450 3,400 3,350 3,300 3,250 7 10 2 10 50 (1) 20.0% (2) 70.0% (3) 30 6 10.0% 3 95% 4 1-1-127

2003 5 2006 15 6 2004 2006 5,712 2,948 3,835 2007 2009 2007 2008 2009 1,950 50 50 4,100 100 100 1,500 1,500 1,500 100 100 100 7,650 1,750 1,750 2007 1 51.0% 50 2006 8 20 400 2007 8 375.8 2007 4 8 1-1-128

4.5 22 130 122 895 784 2 3,886 40 60 8 4,250 4 4 3,886 75 88 5.3 5 50.0% 5 50.0% 3,886 10 14 3 90% 4 2006 6 8 2007 30 2008 1,515 330 50 1-1-129

3 2 2002 2003 2005 150 5 1.05 9 110 0.75 6 2004 2006 9,745 23,556 14,643 2007 2009 2007 2008 2009 15 15 15 30 30 30 8 8 8 21 22 23 74 75 76 1-1-130

1 41.0% 4,500 5,100 1965 1966 1978 1996 II 2003 2006 300 6.6 0.7 2009 9 2 II 0-10 111 10,000 30,000 I V / 1-1-131

3 6 2005 140 4 14.88 2006 3.49 2007 2008 2009 2.50 7.50 2.82 1 2 50,000 (1) 50,000 60,000 (2) 112,000 14,000 (1) 64.36% (2) 100% 1-1-132

12 31 2006 2005 2004 20,890 15,708 22,121 30,782 37,726 5,894 95,960 92,170 48,336 2006 8 40,000 1 35 2006 5, 50,000 45,000 93% 98% 50,000 20,000 2008 GB/T469-2005 2 0.5% 1-1-133

3 4 5 2004 2006 11,622 7,424 3,365 2003 2006 55,000 3 3.2 2007 2009 2007 2008 2009 10,050 15,050 6,579 10,050 15,050 6,579 1 2006 9 4 1-1-134

6 2007 7 2008 2 850 900 3 4, 5 2004 2006 21,096 19,066 14,805 2004 10,000 30,000 2005 60,000 2006 2007 0.94 60,000 10 3 4.97 2007 2009 2007 2008 2009 36,360 15,779 7,050 36,360 15,779 7,050 1-1-135

1 2005 1 92.13% 2006 3 7.87% 100% 2 11.2 156 240kVA 64 75kVA 3 42.0% / 2007 2008 2009 130,000 130,000 70,000 60.0% 60.0% 32.0% 4 110kV 1-1-136

5 2005 2006 4,887 3,575 2005 2007 2009 2007 1.14 2007 2008 2009 11,396 2,948 2,312 20 40 50 11,416 2,988 2,362 103 2X135MW 2006 1 2004 2006 1,791 3,049 9,924 2 3 1-1-137

2004 2005 2006-61,737 200,283 7,733 16,597 9,452 - - 11,763-31,033 378,036-1,492 8,977 20,426 14,714 5,706 28,159 125,573 614,217 2004 2006 2.82 10.32 26.12 3 2006 5 5 1 2006 5 ( ) % 1 PROGRESS 1,495,619,405 18.19% 2 334,965,657 4.07% 3 GERALD METALS SA 232,069,925 2.82% 4 137,582,000 1.67% 5 MINMETALS ALUMINIUM CO., LTD. 122,352,679 1.49% 2,322,589,667 28.25% 2 2006 5 ( ) % 1 TRAFIGURA BEHEER B.V. 278,333,249 5.69% 2 217,449,677 4.44% 3 GERALD METALS SA 201,590,571 4.12% 1-1-138

( ) % 4 196,554,222 4.01% 5 MRI 131,157,468 2.68% 1,025,085,188 20.94% 4 1 [2005]177 2006 2 7 2006 2,093 6,640 2006 2 1 1-1-139

1 70% 60% 70% 1 1 (1) (2) (3) (4) 2 2006 61 17 44 1-1-140

3 2006 300 2004 10 9 ISO9001:2000 2007 12 27 ISO9001:2000 2005 12 20 ISO4001:2004 2008 12 19 2006 2 1-1-141

1 ( ) 2004 4,394 4,716 2005 15,075 6,225 2006 19,405 7,923 2007 19,405 9,632 2008 5,554 4,801 2009 6,398 3,615 1-1-142

2 6 1 6 ISO 9000 ISO OHSAS 18001 1-1-143

ISO OHSAS 18001 2006 10 30 2009 10 29 2006 10 30 2009 10 29 2006 6 29 2009 6 28 2006 6 29 2009 6 28 2006 6 29 2009 6 28 2007 2 6 2010 2 5 2005 3 16 2008 3 16 2006 6 29 2009 6 28 2006 6 29 2009 6 28 2006 6 29 2009 6 28 2005 8 17 2008 8 16 2005 8 31 2008 8 30 2004 2006 1-1-144

2004 2006 2004 2005 2006 / 2004 2005 2006 24.32% 3.47% 4.40% 45.09% 14.45% 17.58% 44.88% 9.60% 1.56% 59.01% 11.28% 2.96% 2004 2005 2006 / 2004 2005 2006 0.84% 10.02% 3.46% 3.00% 23.98% 12.85% 0.56% 7.96% 8.75% 2.32% 22.59% 20.52% 2004 2005 2006 / 2004 2005 2006 1.00% 2.19% 18.19% 1-1-145

2.35% 4.59% 28.25% / 2004 2005 2006 7.49% 17.01% 5.69% 14.01% 30.94% 20.94% 1 2007 3 31 39 1,178,379.88 38 1,178,225.78 1 154.1 2 2007 3 31 22 3,529,946.36 13 3,045,608.02 7 384,517 2 99,821.34 39,339 60,482.34 2007 1 2007 3 31 116 1-1-146

201,165.29 113 192,403.89 3 8,761.4 8,427.2 2 2007 3 31 35 230,987.4 31 216,283.55 4 14,703.85 11,529.85 2007 1,000 3 2007 3 31 6 118,807.13 4 21 2,937,523.05 7 25,700.05, 25,700.05 20,827.85 : ( / 1-1-147

1000000620140 150 1000000620109 270 1000009810010 30 6300000530064 50 2006 12 25 2007 7 5 2006 9 28 2028 3 30 1998 9 2018 9 2005 10 2010 10 3 1998 5 21 1998 9 1 3 1998 9 3 1000009810010 2006 10 25 [2006]694 694 3 3 2006 11 16 2005 8 1 6300000530205 2007 7 10 2007 1 30 6300000720009 2008 7 11 2006 5 12 0100000630074 2007 4 7 6300000630166 2006 10 31 2007 9 23 6300000610076 2006 6 30 2008 6 30 2006 7 10 6300000620097 2007 6 7 1-1-148

6300000610106 2006 7 18 2008 7 18 2006 1 10 0100000620011 2008 1 10 2006 12 15 1 1 200620032821.4 2006 1 14 2 200610104584.2 2006 9 12 3 200610104583.8 2006 9 12 4 5 6 200610105069.6 2006 8 23 200610105071.3 2006 8 23 200610105070.9 2006 8 23 2 6 1155221 1998 2 28 2008 2 27 1 1 45 1-1-149

36 12 103 43 8 35 11 18 11 1-1-150

2006 11 2007 4 9 1 1995 2 25, 1.4 2006 12 31 1-1-151

% 40,448,372.96 55.75 26,684,111.79 36.78 3,856,768.76 5.31 1,566,295.57 2.16 72,555,549.08 100 2 2006 11 3 2006 11 2006 12 29 2007 1 26 60% 2007 4 1-1-152

1 5% 1 34.961% 2 14% 3 13% 4 Goldman Sachs Strategic Investments (Delaware) L.L.C. 10% 5 Newmargin Mining Co., Limited 7% 6 5% 7 China Mining Partners Ltd 5% 2 1 51% 2 50% 3 51% 4 95% 5 80% 6 54% 7 65.6% 8 90% 9 51% 10 92% 11 60% 12 51% 13 80% 14 65.57% 15 50% 16 74.54% 17 75% 1-1-153

18 51% 19 51% 20 67.35% 21 50.74% 22 100% 23 100% 24 100% 25 40% 3 4 1 51% 2 64.36% 3 51% 4 100% 5 50% 6 100% 7 100% 8 42% 9 51% 10 100% 11 100% 12 83.33% 13 100% 14 80% 15 100% 16 100% 17 100% 18 80% 19 41% 20 46.24% 1-1-154

5 6 20% 5% 90% 1 1 2006 2005 2004 ( ) - - 4,562 129 510-11,208 16,004 13,437-2,811 9,160 830 799 - - 10,093-31,542 - - 3,232 - - 1,118 - - 499 - - 48,558 30,217 27,159 6% 7% 19% 1-1-155

2006 2005 2004 79 102 81 287 209 98 366 311 179 61% 52% 100% - 191 1,037-100% 100% - - 15 - - 3% ( ) - - 6,852 3,784 5,363 - - 7,799-12,740 9,482-19,753 47,555 194-9,710-540 - - 36,817 79,909 7,046 9% 39% 59% - - 44,469 - - 100% 1-1-156

2006 2005 2004 22 - - 90 - - - - 2,485 112-2,485 - - 94% 373 232-2% 1% - 339 290 290 100% 100% 100% - - 4,068 5,303 22,701 5,613 5,303 22,701 9,681 4% 20% 13% 2004 4,068 3,184 884 30 333 - - 62 - - 395 - - 7% - - 1-1-157

2006 2005 2004 7,024 - - 78% - - - - 613 - - 100% 4 42% 2 2004 12 31 104,100 33,300 2005 12 31 94,220 55,300 2006 12 31 3 5,600 2006 12 31 3 1-1-158

2005 12 31 2006 12 31 13,000 5,000 2006 8 1 2006 12 2006 4 3 2006 12 2006 2005 ( ) 1,000 3,000 2006 2006 12 31 2007 2 3 2006 11 22 12% 20% 35.64% 1 2006 12 20 58% 1,000 2004 2005 500 1-1-159

2004 9 50.10% 2,019 2004 10 82.56% 3,077 2004 10 1.00% 20 2005 1 92.13% 6,572 2006 7 80.00% 73 51% 2006 8 5.7 2006 2007 4 25% 4,520 25% 2006 4 1.29 5 2006 12 31 6,443 2006 2005 2004 911.2 867.5 515.4 2004 2005 2006 2006 2 1-1-160

1 2007 4 9 20 2,901,625.14 3,759,128.06 20 2007 1 1 2026 12 31 2007 4 9 1 35,897.91 43,436.47 20 2007 1 1 2026 12 31 2007 4 9 2 20,157.85 2007 1 1 2013 2 20 2007 4 9 912 4,440.2 23 56 3,726.08 28 2007 1 1 1-1-161

2007 1 1 2010 12 31 2007 1 1 2007 12 31 2007 1 1 2010 12 31 2007 4 9 3 0.48 2007 1 1 2010 12 31 2007 4 9 1-1-162

1 2007 1 1 2008 12 31 2007 4 9 10 2007 1 1 2010 12 31 2007 4 9 2007 1 1 2010 12 31 2 a) 23% b) 100% a) b) 1-1-163

3 2006 2005 2004 12 31 12 31 12 31 1-1,351 921 1 450 309-1 - 4,641 699 1 - - 669 1,8 10,829 - - 11,279 6,301 2,289 1 42 - - 1 51 7,203 407 1-3,000 1,300 93 10,203 1,707 1-1,185 5,968 1 146 - - 1 - - 106,871 1,3 2,000 - - 1 - - 3,622 1 602 - - 1-1,950 1,514 1 860 - - 1-5,000 5,000 2,8 195 195-3,803 8,330 122,975 4 - - 2,015 5 6,443 - - 1 105 2,077 2,237 1 1,768 85-1 - 22-1,873 2,184 2,237 1 - - 888 1 - - 189 1-1-164

2006 2005 2004 12 31 12 31 12 31 1 341 - - 1-20 - 341 20 1,077 1 914 5,425-1 93 - - 1-7,401-1 80 21-1 - 2,850 931 1 64 - - 1,151 15,697 931 6 - - 6,491 7-15,232 - - 15,232 6,491 2 49% 3 2007 1 4 3% 2005 3 5 4 1.29 5 6 2.6% 2005 7 4% 2006 8 2006 12 31 / 2006 1-1-165

3 1-1-166

1-1-167

15 5 3 2007 5 28 2004 5 2004 5 2004 5 2006 11 2006 11 2004 5 2004 5 2004 5 Joe Singer ( ) 2004 5 2007 4 2004 5 2004 5 2004 5 2004 5 2007 1 1965 2000 12 2004 5 1-1-168

1-1-169 2004 6 2006 11 1985 7 2000 5 20 1985 2007 1953 2000 12 2004 5 2006 11 2000 5 2005 12 2006 1 2007 1 2002 12 2006 11 1976 8 2000 5 30 1976 1963 2000 12 2004 5 2006 1 2004 6 2006 11 2000 8 2000 12 2000 12 20 1986 5 1993 6 1964 2006 11 2006 1 2007 1 2001 11 1999 12 2001 10 1984 6 1987 1944 2006 11 2006 8 1998 2004

1-1-170 1995 1998 1988 1995 1968 1964 2004 5 2006 8 1996 2006 1993 10 1996 9 1991 7 1993 9 1987 10 1991 6 1984 1967 2004 5 1999 7 1993 1995 1995 1998 1993 1957 2004 5 2003 7 1996 5 1998 5 1988 Joe Singer 2004 5 Penfold Limited 1995 4 Penfold Limited 1989 1996 Glencore AG 1986 1989 1983 1986 1970 2007 4 ( )

1-1-171 Yale School of Management 1940 2001 9 2004 5 2001 4 1998 4 2001 4 1998 2000 1996 12 1998 4 1992 8 1996 12 1991 1 1992 8 1989 12 1992 8 1962 9 1989 12 1962 1937 2001 9 2004 5 1991 7 1995 1960 1941 2001 9 2004 5 2002 11 2006 8 1998 12 2000 8 1988 1998 1970 1952

2001 9 2004 5 2001 1989 2000 1955 2007 1 5 2 1 2 3 2007 5 28 2004 5 2006 12 2006 12 2004 5 2006 12 1962 2004 5 1995 5 1987 3 1995 4 1985 5 1986 7 1-1-172

1984 8 1987 7 1984 1947 2006 12 2004 6 2006 2000 2004 1978 2000 1968 1968 2006 12 2001 1990 2001 2002 2003 1962 2004 5 2007 1 2004 2 2006 5 2000 9 2001 8 1998 1 2000 8 1989 1997 2002 1969 2006 12 2003 2002 2003 1998 2002 1991 1998 2004 5 2006 11 1-1-173

2006 11 2006 11 2004 5 2006 11 2006 11 2006 11 2006 11 2006 11 2006 11 2006 11 2006 11 1953 2006 11 1965 2006 11 2004 6 2006 2 2001 9 2004 6 1999 12 2001 8 1984 9 1999 12 1984 2003 1965 2006 11 2000 12 2006 11 1985 5 1999 7 2002 1-1-174

1949 2006 11 2000 12 11 1971 10 1999 4 1988 1972 2004 5 2006 11 2000 12 2004 5 1994 7 2000 12 1994 1963 2006 11 2003 6 2006 11 1996 7 2003 6 1996 1955 2006 11 2005 2 1999 2005 1983 1992 1982 1995 1999 1966 2006 11 2003 7 2006 4 2001 8 2003 7 2000 8 2001 8 1985 7 2000 8 2002 1961 2006 11 2006 4 1991 2005 1-1-175

1-1-176 1985 Hankuk University of Foreign Studies 1974 2006 11 2005 3 2006 11 2002 7 2005 2 2000 11 2002 7 1996 2001 1960 2004 8 2000 7 2004 8 1982 5 2000 3 2002 1964 2006 12 2006 4 2006 12 2004 8 2000 12 2004 7 1984 9 2000 3 1984 1965 2006 5 2004 10 2006 4 2000 11 2004 6 1984 12 2000 11 2002

1 Maxy Gold Corporation 1-1-177

New Margin Fund Management Co., Ltd C Tech Fund 1-1-178

Venturepharm Laboratories Limited Ecogreen Fine Chemicals Group Limited Joe Singer China Mining Partners Ltd 1-1-179

Kandy Services Limited Kandy Custodians Limited Kandy Nominees Limited Kandy Secretaries Limited 2 1-1-180

1-1-181 3

1-1-182

2006 911.2 1 2007 4 2006 2 20 5 4 80 10 9 272.1 352.1 2006 1 113 2 85.56 3 65.2 4 0 5 0.17 6 2 7 0.17 8 2 9 2 10 2 11 20 12 20 13 20 14 20 15 0 1-1-183

352.1 2006 11 2007 2 2 2007 4 2006 2 5 1 2 1 57.6 59.6 2006 1 2 2 0 3 57.6 4 0 5 0 59.6 3 2007 4 2006 12 499.5 2006 25.9 44.4 44.4 44.4 44.4 44.4 1-1-184

29.6 44.4 44.4 44.4 44.4 44.4 499.5 3 2006 2006 2006 1-1-185

3 Joe Singer Jason Maynard 2006 2006 2006 2006 1-1-186

2006 2006 2006 2006 2006 2006 2006 1-1-187

1-1-188

1 (1) (2) (3) (4) (5) 1-1-189

(6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) 2 2004 2006 12 2007 1 1 2 1-1-190

1 (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) 2 2004 2006 12 2007 1 1 3 1-1-191

3 8 (1) 5 (2) 5 1-1-192

(3) 3 (4) 5 (5) 1-1-193

4 (6) 4 (7) 5 1-1-194

(8) 4 5 1 1-1-195

2 5 1 5 2 1 1. 2. 3. 4. 5. 6. 1-1-196

7. 8. 9. 1 2000 2 1-1-197

3 4 [2007] 60468111_A01 ) 2006 12 31 1-1-198

1-1-199

2006 12 31 2005 12 31 2004 12 31 2006 2005 2004 [2007] 60468111_A02 2006 2 15 2007 1 1 38 2006 2005 2004 ( ) 1-1-200

: 2006 12 31 2005 12 31 2004 12 31 1,641,377,964 868,366,435 647,059,621 93,254,406 9,880,000 20,100,000 354,232,776 162,812,275 93,358,857 460,011,034 402,029,011 153,318,929 623,939,900 212,181,598 1,342,288,483 1,175,946,773 629,655,054 66,723,033 - - 20,150,000 4,348,762,853 2,284,924,373 2,342,998,923 : - 51,388,605 16,037,508 64,430,273 - - 296,570,020 447,413,290 133,465,690 2,683,614,712 1,938,365,775 828,532,439 1,364,019,452 1,462,461,542 581,116,433 428,799,547 538,815,988 303,828,369 10,069,269 12,285,806-11,018,554 5,701,738 2,401,013 25,184,819 5,022,000 1,939,852 4,883,706,646 4,461,454,744 1,867,321,304 9,232,469,499 6,746,379,117 4,210,320,227 1-1-201

: 2006 12 31 2005 12 31 2004 12 31 2,326,516,219 2,035,489,920 1,425,516,299 670,000,000 - - 66,401,524 - - 153,842,590 162,200,000 3,870,400 135,614,699 146,791,733 107,183,791 67,115,126 185,163,576 92,476,871 166,297,352 80,506,502 21,809,066 591,358,157 174,798,372 124,558,244 48,501,283 - - 211,338,853 403,943,762 179,003,870 313,000,000 300,000,000-4,749,985,803 3,488,893,865 1,954,418,541 : 1,146,000,000 1,282,000,000 874,000,000 15,556,430 12,000,000 - - 9,969,225-1,161,556,430 1,303,969,225 874,000,000 5,911,542,233 4,792,863,090 2,828,418,541 : 320,500,000 320,500,000 320,500,000 394,499,974 394,499,974 394,499,974 226,494,338 190,382,815 99,998,534 1,748,982,333 646,227,527 312,281,141 300,000,000 2,690,476,645 1,551,610,316 1,127,279,649 630,450,621 401,905,711 254,622,037 3,320,927,266 1,953,516,027 1,381,901,686 9,232,469,499 6,746,379,117 4,210,320,227 1-1-202

2006 2005 2004 8,221,883,320 4,616,137,823 1,844,785,286 : 5,304,070,149 3,422,087,371 1,207,914,510 32,672,025 17,249,557 7,598,584 131,645,541 90,683,190 43,564,297 434,703,119 321,461,045 151,589,702 175,999,276 138,492,520 66,516,532 73,163,872 3,265,551 10,812,426 : (66,401,524) - - 28,533,276 19,773,396 28,010,000 : (22,048,357) 19,438,257 3,097,281 ( ) 2,031,761,090 642,671,985 384,799,235 : 13,458,039 298,206 866,465 : 52,851,919 11,703,815 1,029,006 : 36,845,960 6,344,706 3,233 1,992,367,210 631,266,376 384,636,694 : 392,625,564 109,622,348 80,500,175 1,599,741,646 521,644,028 304,136,519 : 1,538,866,329 524,330,667 307,334,780 60,875,317 (2,686,639) (3,198,261) : 4.80 1.64 1.15 1-1-203

2006 320,500,000 394,499,974 190,382,815 646,227,527 1,551,610,316 401,905,711 1,953,516,027 - - - 1,538,866,329 1,538,866,329 60,875,317 1,599,741,646 - - - 1,538,866,329 1,538,866,329 60,875,317 1,599,741,646 1. - - - - - 2,000,000 2,000,000 2. - - - - - 33,753,088 33,753,088 3. - - - - - (4,436,000) (4,436,000) 4. - - - - - (230,239,807) (230,239,807) 5. - - - - - 373,956,083 373,956,083 1. - - 36,111,523 (36,111,523) - - - 2. - - - (400,000,000) (400,000,000) (7,363,771) (407,363,771) - - - - - - - 320,500,000 394,499,974 226,494,338 1,748,982,333 2,690,476,645 630,450,621 3,320,927,266 1-1-204

2005 320,500,000 394,499,974 99,998,534 312,281,141 1,127,279,649 254,622,037 1,381,901,686 - - - 524,330,667 524,330,667 (2,686,639) 521,644,028 - - - 524,330,667 524,330,667 (2,686,639) 521,644,028 1. - - - - - 99,221,313 99,221,313 2. - - - - - 52,000,000 52,000,000 3. - - - - - (1,251,000) (1,251,000) 1. - - 90,384,281 (90,384,281) - - - 2. - - - (100,000,000) (100,000,000) - (100,000,000) - - - - - - - 320,500,000 394,499,974 190,382,815 646,227,527 1,551,610,316 401,905,711 1,953,516,027 1-1-205

2004 130,500,000 14,499,974 46,929,965 188,486,894 380,416,833 168,346,921 548,763,754 - - - 307,334,780 307,334,780 (3,198,261) 304,136,519 - - - 307,334,780 307,334,780 (3,198,261) 304,136,519 190,000,000 380,000,000 - - 570,000,000 89,473,377 659,473,377 1. - - 53,068,569 (53,068,569) - - - 2. - - - (130,471,964) (130,471,964) - (130,471,964) - 320,500,000 394,499,974 99,998,534 312,281,141 1,127,279,649 254,622,037 1,381,901,686 1-1-206

: 2006 2005 2004 9,182,521,422 5,891,169,684 2,535,888,199 7,121,931 17,031,597 6,703,116 13,458,039 298,206 866,465 9,203,101,392 5,908,499,487 2,543,457,780 (7,146,070,965) (4,464,520,033) (1,936,246,929) (233,004,458) (234,024,343) (78,634,445) (478,978,663) (245,461,934) (139,969,869) (253,743,832) (178,332,984) (84,040,795) (8,111,797,918) (5,122,339,294) (2,238,892,038) 1,091,303,474 786,160,193 304,565,742 : - 20,150,000-85,680,401 8,487,486 29,402,799-1,289,593-419,759,666 - - 261,905,000 - - 67,945,811 6,314,178 179,304 289,037,000 12,000,000-1,124,327,878 48,241,257 29,582,103 (1,378,810,170) (1,299,531,146) (745,309,912) (208,848,527) (298,065,374) (166,672,256) (333,278,515) - (73,586,954) (47,540,095) (76,249,597) (84,383,299) (285,480,570) (1,619,527) (856,069,054) (2,253,957,877) (1,675,465,644) (1,926,021,475) (1,129,629,999) (1,627,224,387) (1,896,439,372) 1-1-207

2006 2005 2004 : 2,000,000 69,221,859 604,073,377 4,859,629,631 3,059,467,791 2,352,424,764 4,861,629,631 3,128,689,650 2,956,498,141 (3,799,604,092) (1,799,574,507) (825,308,465) (583,966,000) (264,203,542) (203,801,777) - (1,251,000) - (4,383,570,092) (2,065,029,049) (1,029,110,242) 478,059,539 1,063,660,601 1,927,387,899 - - - 439,733,014 222,596,407 335,514,269 1 1 12 31 2006 12 31 1-1-208

1 2 1 1-1-209

2 1-1-210

1-1-211

( ) (%) (%) 5-13 4 7.4-19.2 24-36 4 2.7-4.0 5-15 4 6.4-19.2 1 50 2 1-1-212

3 4 1. 2. 1-1-213

1. 2. 3. 1. 2. 1-1-214

1 2 1-1-215

(1) (2) 1 2 3 4 2006 5 1 1-1-216

2006 2,847,521,001 2,509,233,001 2,612,637,002 156,891,234 - - 8,126,282,238 378,868,000 - - - - (378,868,000) - 11,584,437 82,393,275-1,623,370 - - 95,601,082 3,237,973,438 2,591,626,276 2,612,637,002 158,514,604 - (378,868,000) 8,221,883,320 2,524,996,650 13,427,663 33,952,965 43,643,708 (201,953,993) (141,306,247) 2,272,760,746 (87,326,894) (171,018,285) - 1,537,909 - - - - - 1,537,909 -(16,969,558) (7,917,515) - 1,300,807 - - (23,586,266) 1,992,367,210 (392,625,564) 1,599,741,646 2006 12 31 2,633,747,548 2,810,434,481 542,921,323-4,398,278,201 (1,537,666,893) 8,847,714,660 - - - - 3,000,000-3,000,000 239,280,442 14,289,578 - - 40,000,000-293,570,020 88,184,819 9,232,469,499 348,756,280 1,110,242,307 124,118,162-683,553,226 (1,349,264,784) 917,405,191 4,994,137,042 5,911,542,233 1,626,963 2,878,465-2,583,258 3,622,827-10,711,513 - (1,547,641) 64,000,000 - - - 62,452,359 - - 5,512,199 - - - 5,512,199 109,162,999 79,522,861 236,185 3,149,369 1,159,079-193,230,493 473,532,331 217,456,573 933,445 78,005,205 689,168,331-1,459,095,885 1-1-217

2005 1,325,190,731 1,835,782,141 1,032,903,201 211,184,393 - - 4,405,060,466 134,362,663 - - - - (134,362,663) - 10,547,413 193,542,409 1,984,710 5,002,825 - - 211,077,357 1,470,100,807 2,029,324,550 1,034,887,911 216,187,218 - (134,362,663) 4,616,137,823 922,113,038 1,242,821 22,490,779(16,325,431)(143,545,970) (33,526,060) 752,449,177 (140,621,058) - 11,244,736 - - - - - 11,244,736 - - 7,818,820-374,701 - - 8,193,521 631,266,376 (109,622,348) 521,644,028 2005 12 31 1,555,650,792 2,639,757,797 337,273,906 840,465,790 2,977,241,997 (2,127,835,449) 6,222,554,833 51,244,736 - - - - - 51,244,736 256,250,000 124,093,357-31,820,102 - (15,994,905) 396,168,554 76,410,994 6,746,379,117 499,788,228 2,223,497,786 19,692,248 194,685,112 185,071,255 (2,096,735,456) 1,025,999,173 3,766,863,917 4,792,863,090 222,595 (7,746,118) 173,182 1,161,369 7,906,882-1,717,910-1,547,641 - - - - 1,547,641 - - 207,644 - - - 207,644 82,247,515 67,168,052 270,173 10,463,240 4,811,132-164,960,112 470,756,819 313,766,000 104,000 178,509,805 282,715,798-1,245,852,422 1-1-218

2004 946,451,241 103,974,275 282,042,338 20,772,451 - - 1,353,240,305 22,033,726 - - - -(22,033,726) - 457,196,569 32,488,273-1,860,139 - - 491,544,981 1,425,681,536 136,462,548 282,042,338 22,632,590 -(22,033,726) 1,844,785,286 517,342,642 (20,525,955) 14,664,778 (11,613,203)(59,206,792)(13,568,847) 427,092,623 24,533,890 (70,087,100) - - 3,097,281 - - - - 3,097,281 384,636,694 (80,500,175) 304,136,519 2004 12 31 1,220,543,171 539,933,697 195,339,512 271,724,571 2,467,479,665 (705,246,435)3,989,774,181 40,000,000 - - - - - 40,000,000-107,034,537 - - - (13,568,847) 93,465,690 87,080,356 4,210,320,227 502,108,959 300,622,818 42,620,282 45,849,659 260,153,259 (705,247,434) 446,107,543 2,382,310,998 2,828,418,541 3,512,178-954,523 1,125,079 2,569,887-8,161,667 512,795 2,137,964 - - - - 2,650,759 - - 498,939 - - - 498,939 59,093,778 14,165,919 193,200 3,024,530 3,738,149-80,215,576 284,356,890 327,478,000 2,929,488 66,257,865 141,446,671-822,468,914 1-1-219

2 2006 2005 2004 6,298,813,113 4,528,076,135 1,821,576,446 1,923,070,207 88,061,688 23,208,840 8,221,883,320 4,616,137,823 1,844,785,286 2006 12 31 2005 12 31 2004 12 31 9,134,259,620 6,746,379,117 4,210,320,227 98,209,879 - - 9,232,469,499 6,746,379,117 4,210,320,227 1 6% 13% 17% 3% - 5% 1% - 7% 3% 80% 3.5 / [1997]82 30% 2006 [2005]168 30% 1-1-220

1-1-221 1.6 / [1997]82 30 2006 [2005]168 30% 1.5 / 2.5 / 33% 17.5% 2006 2005 2004 (1) [2000]33 [2002]15 2001 2010 15% (2) [2006]99 2005 15% (3) ( [2002]47 ) [2005]222 15% 2001 2010 15% (4) [2007]98 2006 15% ( [2002]47 ) [2007]41 15%

2007 2010 15% 2 2008 25% 20% 2010 2006 12 31 2005 12 31 2004 12 31 87,254,406 7,880,000 12,100,000 6,000,000 2,000,000 8,000,000 93,254,406 9,880,000 20,100,000 5% 2006 12 31 2005 12 31 2004 12 31 367,587,728 177,238,024 107,623,153 (13,354,952) (14,425,749) (14,264,296) 354,232,776 162,812,275 93,358,857 1-1-222

2006 12 31 2005 12 31 2004 12 31 1 352,915,095 158,345,325 88,491,798 1-2 6,043,366 1,872,481 15,172,052 2-3 2,150,343 13,286,353 1,944,326 3 6,478,924 3,733,865 2,014,977 367,587,728 177,238,024 107,623,153 2006 12 31 2005 12 31 2004 12 31 (%) (%) (%) 1 457,320,365 99 378,706,583 94 151,279,183 99 1-2 2,538,492 1 21,684,290 5 632,876-2-3 75,010-334,111-1,212,822 1 3 77,167-1,304,027 1 194,048-460,011,034 100 402,029,011 100 153,318,929 100 5% 2006 12 31 2005 12 31 2004 12 31 646,421,863 227,600,809 1,347,237,169 (22,481,963) (15,419,211) ( 4,948,686) 623,939,900 212,181,598 1,342,288,483 1-1-223

2006 12 31 2005 12 31 2004 12 31 1 583,215,609 128,020,584 1,341,750,751 1-2 58,608,696 94,865,675 3,815,822 2-3 1,195,473 3,214,550 170,596 3 3,402,085 1,500,000 1,500,000 646,421,863 227,600,809 1,347,237,169 2006 12 31 2005 12 31 2004 12 31 270,898,433 195,940,443 36,495,214 110,373,867 102,343,575-843,083,003 320,988,476 31,161,025 - - 1,078,408 15,635,796 14,112,490 683,470 1,239,991,099 633,384,984 69,418,117 (64,044,326) (3,729,930) (2,695,084) 1,175,946,773 629,655,054 66,723,033 2006 12 31 2005 12 31 2004 12 31 (%) (%) (%) - - 8,996,605 18.52 8,996,605 18.52 - - 2,000,000 4.37 2,000,000 4.37 - - 30,000,000 10.66 - - - 10,392,000-5,040,903 - - 51,388,605 16,037,508 1-1-224

2006 2006 1 1 543,715,456 847,816,897 978,636,334 2,370,168,687 27,491,150 75,014,696 78,132,526 180,638,372 250,782,151 423,140,766 320,494,546 994,417,463-5,945,616 5,343,686 11,289,302 (46,893,532) (30,411,535) (45,568,237) (122,873,304) (5,013,494) (55,023,791) (139,574,667) (199,611,952) 2006 12 31 770,081,731 1,266,482,649 1,197,464,188 3,234,028,568 2006 1 1 162,289,674 138,633,053 130,880,185 431,802,912 55,273,736 32,418,992 86,278,084 173,970,812 (6,581,796) (3,441,168) (7,116,006) (17,138,970) (4,311,834) (5,389,435) (28,519,629) (38,220,898) 2006 12 31 206,669,780 162,221,442 181,522,634 550,413,856 2006 12 31 563,411,951 1,104,261,207 1,015,941,554 2,683,614,712 2005 12 31 381,425,782 709,183,844 847,756,149 1,938,365,775 2005 1 1 447,181,731 384,933,519 292,803,720 1,124,918,970 4,462,376 43,443,555 91,117,129 139,023,060 97,236,896 192,638,839 370,041,732 659,917,467 3,760,315 228,040,887 245,133,072 476,934,274 (8,925,862) (1,239,903) (20,459,319) (30,625,084) 2005 12 31 543,715,456 847,816,897 978,636,334 2,370,168,687 2005 1 1 116,456,211 107,718,035 72,212,285 296,386,531 51,744,467 31,028,013 70,646,217 153,418,697 1-1-225

(5,911,004) (112,995) (11,978,317) (18,002,316) 2005 12 31 162,289,674 138,633,053 130,880,185 431,802,912 2005 12 31 381,425,782 709,183,844 847,756,149 1,938,365,775 2004 12 31 330,725,520 277,215,484 220,591,435 828,532,439 2004 1 1 286,569,967 268,948,589 99,955,914 655,474,470 10,522,146 54,484,370 118,368,154 183,374,670 104,404,770 47,551,560 59,317,909 211,274,239 17,524,848-3,602,432 21,127,280 28,160,000 13,949,000 13,291,000 55,400,000 - - (1,731,689) (1,731,689) 2004 12 31 447,181,731 384,933,519 292,803,720 1,124,918,970 2004 1 1 83,944,134 94,795,538 47,223,909 225,963,581 32,512,077 12,922,497 26,537,528 71,972,102 - - (1,549,152) (1,549,152) 2004 12 31 116,456,211 107,718,035 72,212,285 296,386,531 2004 12 31 330,725,520 277,215,484 220,591,435 828,532,439 2004 1 1 202,625,833 174,153,051 52,732,005 429,510,889 2006 12 31 2.4 2006 1-1-226

61,681,980 196,049,154 203,215,993 77,799,479 69,382 538,815,988 89,478,800 36,312,013 45,464,574 17,871,975-189,127,362 (2,990,000) (79,742,301) (196,711,185) - (59,337) (279,502,823) - - (381,299) - - (381,299) (2,377,537) (16,872,099) - - (10,045) (19,259,681) 145,793,243 135,746,767 51,588,083 95,671,454-428,799,547 2005 45,887,698 122,150,347 60,241,778 74,990,183 558,363 303,828,369 13,819,958 5,793,074 103,949,255 2,809,296 58,101 126,429,684 - - 30,000,000 - - 30,000,000 3,078,279 77,996,111 9,024,960 - - 90,099,350 (1,103,955) (9,890,378) - - (547,082) ( 11,541,415) 61,681,980 196,049,154 203,215,993 77,799,479 69,382 538,815,988 2004 9,726,464 129,335,640 25,244,681 44,332,207 1,061,666 209,700,658 5,345,713 386,000 34,997,097 30,657,976 28,000 71,414,786 30,956,399 - - - - 30,956,399 (140,878) (7,571,293) - - (531,303) (8,243,474) 45,887,698 122,150,347 60,241,778 74,990,183 558,363 303,828,369 1-1-227

2006 12 31 2005 12 31 2004 12 31 1,597,732,371 1,078,289,920 324,516,299 428,783,848 15,000,000 60,000,000 300,000,000 942,200,000 1,041,000,000 2,326,516,219 2,035,489,920 1,425,516,299 2006 12 31 300, 2005 12 31 2004 12 31 1,500 6,405 2006 12 31 3 2005 12 31 2004 12 31 2006 2006 6 16 100 670 3.64% 2007 6 15 2006 12 31 1,307 2006 2006 12 31 2006 12 31 1-1-228 2005 12 31 2004 12 31 153,842,590 162,200,000 3,870,400 2005 12 31 2004 12 31 220 387 2006 12 31 2005 12 31 2004 12 31 1.4 5,860 1,909 5%

2006 12 31 2005 12 31 2004 12 31 1 130,991,658 114,193,895 106,084,902 1-2 2,737,798 31,443,852 644,285 2-3 935,135 511,010 64,175 3 950,108 642,976 390,429 135,614,699 146,791,733 107,183,791 5% 2006 12 31 2005 12 31 2004 12 31 1 66,363,282 184,573,661 92,113,870 1-2 716,557 552,212 363,001 2-3 289 - - 3 34,998 37,703-67,115,126 185,163,576 92,476,871 5% 2006 52,050,133-240,092,824 (163,656,793) (5,059,622) 123,426,542 19,018,912 63,914 42,337,493 (15,684,985) (4,342,883) 41,392,451 8,340,314-34,813,210 (35,419,362) (7,631,833) 102,329 1,097,143-14,209,239 (13,000,209) (930,143) 1,376,030 80,506,502 63,914 331,452,766 (227,761,349) (17,964,481) 166,297,352 1-1-229

2005 16,533,739-202,522,960 (167,006,566) - 52,050,133 2,523,225-28,433,031 (11,937,344) - 19,018,912 2,025,377-41,472,152 (35,157,215) - 8,340,314 726,725-13,356,446 (12,986,028) - 1,097,143 21,809,066-285,784,589 (227,087,153) - 80,506,502 2004 872,475-71,843,276 (56,182,012) - 16,533,739 1,057,330 245,360 3,312,114 (2,091,579) - 2,523,225 912,872-12,921,496 (11,808,991) - 2,025,377 107,848-6,123,292 (5,504,415) - 726,725 2,950,525 245,360 94,200,178 (75,586,997) - 21,809,066 2006 12 31 2005 12 31 2004 12 31 127,913,262 14,366,492 33,065,299 423,718,016 139,404,772 82,794,699 6,094,569 3,611,559 561,421 4,484,162 1,488,876 1,068,790 4,267,644 3,136,449 1,826,963 4,666,525 1,613,624 825,656 19,260,312 10,021,163 4,063,300 953,667 1,155,437 352,116 591,358,157 174,798,372 124,558,244 1-1-230

2006 12 31 2005 12 31 2004 12 31 4,501,283 - - Newmargin 14,000,000 - - China Mining 10,000,000 - - Goldman Sachs 20,000,000 - - 48,501,283 - - 2007 2 2006 12 31 2005 12 31 2004 12 31 531,000,000 257,000,000 41,000,000 872,000,000 772,000,000 500,000,000 56,000,000 553,000,000 333,000,000 1,459,000,000 1,582,000,000 874,000,000 (313,000,000) (300,000,000) - 1,146,000,000 1,282,000,000 874,000,000 2006 2005 2004 12 31 2006 12 31 2006 12 31 2,125 2006 12 31 5,600 2007 2 2005 12 31 2004 12 31 2006 2006 12 31 2005 12 31 2.8 2006 10 30 49% 2006 12 31 1-1-231

5.7 2006 12 31 2005 12 31 2004 12 31 12,000,000 - - 4,450,000 12,000,000-893,570 - - 15,556,430 12,000,000-2006 12 31 2005 12 31 2004 12 31 320,500,000 320,500,000 320,500,000 320,500,000 320,500,000 130,500,000 ( ) - - 190,000,000 320,500,000 320,500,000 320,500,000 2004 1.9 1.00 130,500,000 320,500,000 3.00 5.7 [2004]559 2006 394,499,974 - - 394,499,974 2005 1-1-232

394,499,974 - - 394,499,974 2004 14,499,974 380,000,000-394,499,974 2004 3.00 1.9 1 [2004]559 2006 126,680,702 99,635,905-226,316,607 63,524,382 - (63,524,382) - 177,731 - - 177,731 190,382,815 99,635,905 (63,524,382) 226,494,338 2005 66,560,734 60,119,968-126,680,702 33,437,800 30,086,582-63,524,382-177,731-177,731 99,998,534 90,384,281-190,382,815 2004 31,221,821 35,338,913-66,560,734 15,708,144 17,729,656-33,437,800 - - - - 46,929,965 53,068,569-99,998,534 1-1-233

1992 11 16 2000 12 29 10% 50% 25% 2006 1 1 5% 10% 2006 1 1 2005 12 31 2006 1 1 2006 2005 2004 646,227,527 312,281,141 188,486,894 1,538,866,329 524,330,667 307,334,780 (36,111,523) ( 60,119,968) (35,338,913) - ( 30,086,582) (17,729,656) - ( 177,731) - (400,000,000) (100,000,000) (130,471,964) 1,748,982,333 646,227,527 312,281,141 1-1-234

2006 2005 2004 71,507,003 335,139 378,829 (29,014,970) (6,308,590) (3,233) (7,680,392) - - (20,925,370) - 24,533,890 ( ) (66,401,524) - - - - 150,000 4,250,000-719,957 (6,948,518) (5,097,019) (879,266) (55,213,771) (11,070,470) 24,900,177 (22,138,598) (1,443,205) 4,318,162 (4,579,892) 386,321 1,127,147 (28,495,281) (10,013,586) 19,454,868 : 1,538,866,329 524,330,667 307,334,780 (28,495,281) (10,013,586) 19,454,868 1,567,361,610 534,344,253 287,879,912 [2007]9 1 2007 1-1-235

2006 2005 2004 12 31 12 31 12 31 40,000,000 - - 50,000,000 130,000,000-80,000,000 153,000,000 170,000,000 283,000,000 - - 2006 2005 2004 12 31 12 31 12 31 380,000,000 510,000,000-40,000,000 - - 10,000,000 130,000,000-80,000,000 153,000,000-510,000,000 793,000,000-2007 2 3 2006 12 31 4,000 5,000 2007 2 2007 2 3 2006 12 31 4,000 5,000 2007 2 6,000 2007 2 3.53 1-1-236

29% 2007 3 2007 3 16, 2008 1 1 25% 2007 4 8 2006 3 2006 12 31 32,050 10 12 38,460 10 3 9,615 10 35 112,175 192,300 (%) ( ) ( ) 1 11,205 67,230 34.9610 2 4,487 26,922 14.0000 3 4,166.5 24,999 13.0000 4 Goldman Sachs Strategic Investments (Delaware) L.L.C. 3,205 19,230 10.0000 5 Newmargin Mining Co., Limited 2,243.5 13,461 7.0000 6 1,602.5 9,615 5.0000 7 China Mining Partners Ltd. 1,602.5 9,615 5.0000 8 961.5 5,769 3.0000 9 765 4,590 2.3869 10 571.5 3,429 1.7831 11 450 2,700 1.4041 12 450 2,700 1.4041 13 180 1,080 0.5616 14 160 960 0.4992 32,050 192,300 100 1-1-237

2000 8 31 [2000] 029 2000 8 31 31,162.26 31,267.24 34,276.70 3,009.46 9.62% 21,572.26 21,667.24 21,826.71 149.46 9,590.00 9,590.00 12,450.00 2860.00 29.82% 2000 11 27 [2000]1341 29.82% % 17,388.2 14,597.0 14,659.3 62.3 0.43 849.7 849.6 863.4 13.8 1.62 12,924.4 15,820.6 18,754.0 2,933.4 18.54 31,162.3 31,267.2 34,276.7 3,009.5 9.62 7,505.2 7,610.2 7,610.2 - - 14,067.1 14,067.1 14,216.5 149.5 1.06 21,572.3 21,677.3 21,826.7 149.5 0.69 9,590.0 9,589.9 12,450.0 2,860.0 29.82 2003 19,000 1-1-238

[2003] 052 2003 6 30 96,782.7 96,894.2 101,043.9 4,149.7 4.28% 64,526.2 64,547.8 64,547.8 32,256.5 32,346.4 36,496.1 4,149.7 12.83% [2006]194 12.83% % 43,612.8 43,634.3 44,762.7 1,128.4 2.59 6,963.7 6,963.7 7,079.2 115.5 1.66 28,672.7 28,672.7 31,578.5 2,905.8 10.13 8,004.9 8,004.9 8,004.9 - - 9,618.6 9,618.6 9,618.6 - - 96,782.7 96,894.2 101,043.9 4,149.7 4.28 44,395.7 44,417.3 44,417.3 - - 20,130.5 20,130.5 20,130.5 - - 64,526.2 64,547.8 64,547.8 - - 32,256.5 32,346.4 36,496.1 4,149.7 12.83 2000 12 25 [2000]23 144,999,973.57 130,500,000 14,499,973.57 2004 5 27 [2004]559 5 20 9 19,000 32,050 2007 4 9 [2007]654 9 1,923,000,000 1-1-239

[2007]10 7 2007 2004 1 1 2006 2 15 2006 2005 2004 8,221,883,320 4,616,137,823 1,844,785,286 : 5,304,070,149 3,422,087,371 1,207,914,510 32,672,025 17,249,557 7,598,584 131,645,541 90,683,190 43,564,297 434,703,119 321,461,045 151,589,702 175,999,276 138,492,520 66,516,532 73,163,872 3,265,551 10,812,426 : (66,401,524) - - 28,533,276 19,773,396 28,010,000 : ( ) (22,048,357) 19,438,257 3,097,281 2,031,761,090 642,671,985 384,799,235 : 13,458,039 298,206 866,465 : 52,851,919 11,703,815 1,029,006 : 6,344,706 36,845,960 3,233 1,992,367,210 631,266,376 384,636,694 : 392,625,564 109,622,348 80,500,175 1,599,741,646 521,644,028 304,136,519 : 1,538,866,329 524,330,667 307,334,780 60,875,317 (2,686,639) (3,198,261) : 4.80 1.64 1.15 1-1-240

2006 2005 2004 12 31 92.3 67.5 42.1 3 2006 12 31 17.8% 4.8% 11.8% 12.7% 43.8% 2006 12 31 2005 12 31 2004 12 31 (%) (%) (%) 164,138 17.8 86,837 12.9 64,706 15.4 44,749 4.8 17,269 2.6 11,346 2.7 108,395 11.8 61,421 9.1 149,561 35.5 117,595 12.7 62,965 9.3 6,672 1.6 404,763 43.8 340,083 50.4 140,965 33.5 83,607 9.1 106,063 15.7 47,782 11.3 923,247 100.0 674,638 100.0 421,032 100.0 1 2006 2005 2004 12 31 16.4 8.7 6.5 17.8% 12.9% 15.4% 3 3 2 1-1-241

2006 12 31 2005 12 31 2004 12 31 36,759 17,724 10,762 (1,336) (1,443) (1,426) 2006 12 31 2005 12 31 2004 12 31 8,725 788 1,210 600 200 800 9,325 988 2,010 3 2006 2005 3 2006 12 31 2005 12 31 2004 12 31 46,001 40,203 15,332 62,394 21,218 134,229 108,395 61,421 149,561 2005 12 31 4.02 2006 12 31 4.60 2005 12 31 2.12 2006 12 31 6.24 58% 1.67 1 0.77 2006 9 30 0.53 2004 12 31 1.53 2005 12 31 4.02 1-1-242

2004 12 31 13.42 2005 12 31 2.12 2004 12 31 10.69 2005 1 1 4 2006 12 31 2005 12 31 2004 12 31 27,090 19,594 3,650 11,037 10,234-84,308 32,099 3,116 - - 108 1,564 1,411 68 (6,404) (373) (270) 117,595 62,965 6,672 61.3 36.6 23.4 360 2005 12 31 6.3 2006 12 31 11.8 5.5 1.95 2.7 2004 12 31 0.7 2005 12 31 6.3 2006 6,400 2006 2006 2005 2004 61.3 36.6 23.4 2005 2006 1-1-243

5 / 2006 12 31 2005 12 31 2004 12 31 56,341 38,143 33,073 110,426 70,918 27,722 101,594 84,776 22,059 268,361 193,837 82,854 2004 12 31 8.29 2005 12 31 19.38 11.09 4.72 6.60 10 2005 12 31 19.38 2006 12 31 26.84 7.46 9.94 1.06 1.29 5.5 2004 2004 2005 2006 2006 110 20 15 145 20 50 30 50 150 30 20 50 30 30 11.2 11.2 4 1.5 4 1.5 1.5 1.5 5 5 1-1-244

2005 2006 12 31 2005 12 31 2004 12 31 98,977 42,100 12,875-22,530 14,423 - - 3,620 28,035 14,363 6,114 2,795 39,450 15,362 6,595 27,804 5,718 136,402 146,247 58,112 6 1-1-245 2006 2005 2004 12 31 8.4 10.6 4.8 9.1% 15.7% 11.3% 2006 12 31 2005 12 31 2004 12 31 14,580 6,168 4,589 13,575 19,605 12,215 5,159 20,322 6,024 9,567 7,780 7,499-7 56 42,881 53,882 30,383 2006 12 31 2005 12 31 2004 12 31 421 1,229-586 - - 1,007 1,229 -

(1) (2) (3) (4) (5) 2006 2005 2004 12 31 59.1 47.9 28.3 2006 12 31 2005 12 31 2004 12 31 (%) (%) (%) 445,552 75.4 361,749 75.5 229,952 81.3 28,946 4.9 30,899 6.4 11,105 3.9 103,611 17.5 84,441 17.6 41,785 14.8 13,045 2.2 2,197 0.5-0 591,154 100 479,286 100 282,842 100 1 1-1-246

2006 12 31 2005 12 31 2004 12 31 279,874 133,529 36,552 130,078 78,700 56,000 35,600 149,520 137,400 445,552 361,749 229,952 2006 2005 2004 12 31 48.3% 53.6% 54.6% 2 2006 12 31 2005 12 31 2004 12 31 13,099 11,419 10,608 462 3,260 110 13,561 14,679 10,718 15,384 16,220 387 28,946 30,899 11,105 20.31 20.09 19.66 360 2004 2006 3 1-1-247

2006 12 31 2005 12 31 2004 12 31 6,711 18,516 9,248 16,630 8,051 2,181 59,136 17,480 12,456 21,134 40,394 17,900 103,611 84,441 41,785 2004 2006 2006 2005 2005 4 2006 2005 1.3 0.2 2006 6,640 4,850 2006 12 31 2006 1-9 2007 4 2006 2005 2004 2006 2005 2004 12 31 82.2 46.2 18.4 2006 2005 36.0 77.9% 2005 2004 27.8 151.1% (1) (2) (3) 2006 2005 2004 15.4 5.2 3.1 2006 2005 10.2 196.2% 2005 2004 1-1-248

2.1 67.7% 2006 2005 2004 822,188 461,614 184,479 323,797 147,010 142,568 259,163 202,933 13,646 261,264 103,489 28,204 15,852 21,619 2,263 - - - (37,887) (13,436) (2,203) 530,407 342,209 120,791 3,267 1,725 760 13,165 9,068 4,356 43,470 32,146 15,159 17,600 13,849 6,652 7,316 327 1,081 (6,640) 2,853 1,977 2,801 (3,939) (1,141) (16) 199,237 63,127 38,464 39,263 10,962 8,050 159,974 52,164 30,414 153,887 52,433 30,734 6,087 (269) (320) 2006 2006 2005 2004 1 1 1 1-1-249

2006 2005 2004 (%) (%) (%) 321,169 40.5 144,828 34.6 96,446 72.8 249,371 31.4 183,238 43.9 10,151 7.7 261,154 32.9 103,222 24.7 28,159 21.2 (37,887) (4.8) (13,436) (3.2) (2,203) (1.7) 793,807 100 417,852 100 132,553 100 (1) 2006 2005 2004 (%) (%) (%) 126,261 17,329 143,590 44.7% 39,976 12,811 52,787 36.4% 33,813 633 34,446 35.7% 33,562 18,176 51,738 16.1% 38,982 626 39,608 27.3% 29,539 1,570 31,109 32.3% (1) 11,739 2,274 14,013 4.4% 10,218 10,218 7.1% 9,101 9,101 9.4% 171,562 37,779 209,341 65.2% 89,176 13,437 102,613 70.8% 72,453 2,203 74,656 77.4% 90,560 90,560 28.2% 31,383 31,383 21.7% 16,580 16,580 17.2% (2) 1,351 1,351 0.4% 858 858 0.6% 213 213 0.2% 91,911 91,911 28.6% 32,241 32,241 22.3% 16,793 16,793 17.4% 18,319 18,319 5.7% 8,776 8,776 6.0% 4,462 4,462 4.6% (3) 1,323 1,323 0.4% 839 839 0.6% 470 470 0.5% 19,642 19,642 6.1% 9,615 9,615 6.6% 4,932 4,932 5.1% (4) 167 108 275 0.1% 360 360 0.3% 65 65 0.1% 283,282 37,887 321,169 100.0% 131,392 13,437 144,829 100.0% 94,243 2,203 96,446 100.0% (1) (2) (3) (4) 2006 2005 17.6 121.8% 2006 2005 2006 2005 50% 2005 2004 4.8 50.2% 1-1-250

2005 2004 (2) (1) (2) 2006 2005 2004 (%) (%) (%) 15,686 6.2 5,560 3.1 746 7.4 75,694 30.4 35,945 19.6 9,248 91.1 141,591 56.7 135,110 73.7 (3) 16,399 6.7 6,624 3.6 157 1.5 249,370 100 183,239 100 10,151 100 (1) (2) (3) 2006 2005 6.6 36.1% 2006 2005 2006 9 10 2005 2004 17.3 1705.1% 2005 2005 (3) 2006 2005 2004 (%) (%) (%) (1) 18,080 6.9 20,129 19.5 9,594 34.1 (2) 195,015 74.7 70,890 68.7 17,417 61.9 48,059 18.4 12,203 11.8 1,148 4.0 261,154 100 103,222 100 28,159 100 1-1-251

(1) (2) 2006 2005 15.8 153.1% 2005 2004 7.5 266.6% 2005 2 (1) 2006 2005 2004 (1) 24,393 16,746 12,505 (2) 13,470 10,707 7,216 7,736 6,780 5,003 6,861 3,982 3,409 (3) 5,160 2,327 6,265 57,620 40,542 34,398 (1) (2) (3) 2006 2005 2004 5.8 4.1 3.4 3-5 2004 2006 (2) 1-1-252

2006 2005 2004 (1) 169,857 118,544 3,293 39,485 41,391 753 5,575 5,039-3,127 3,310 128 (2) 13,659 8,415 6,092 231,703 176,699 10,266 (1) (2) 2006 2005 2004 23.2 17.7 10.3 2005 2005 2004 2006 2005 2005 (3) 2006 2005 2004 25.1 10.0 2.6 2005 2006 2005 3 2006 321,169 249,371 261,154 (37,887) 793,807 57,621 231,703 251,230 (23,756) 516,798 263,548 17,668 9,924 (14,131) 277,009 82.1% 7.1% 3.8% 37.3% 34.9% 1-1-253

2005 144,828 183,238 103,222 (13,436) 417,852 40,542 176,700 100,173 (10,084) 307,331 104,286 6,538 3,049 (3,352) 110,521 72.0% 3.6% 3.0% 25.0% 26.4% 2004 96,446 10,151 28,159 (2,203) 132,553 34,397 10,266 26,368 (846) 70,185 62,049 (115) 1,791 (1,357) 62,368 64.3% (1.1%) 6.4% 61.6% 47.1% 2006 2005 2004 27.7 11.1 6.2 34.9% 26.4% 47.1% 2004-1.1% 2005 2004 2005 11.2 2005 2006 2005 60% 2005 3.6% 2006 1-1-254

2004 2005 2006 1,956 1,682 274 9,463 9,174 289 2,262 2,147 115 6,369 5,882 487 5,252 4,787 465 13,758 13,469 289 - - - 96 95 1 23,413 19,662 3,751 1,592 1,445 147 57,671 57,219 452 148,688 144,466 4,222 534 546 (12) 4,111 4,084 27 1,684 1,707 (23) 5,827 5,912 (85) 12,830 12,368 462 18,752 18,510 242 1,452 1,435 17 197 103 94 1,852 1,858 (6) 454 587 (133) - - - 2,292 2,280 12 7,562 6,782 780 - - - 20 21 (1) - - - 10,093 8,886 1,207 46,433 45,112 1,321 2,413 2,096 317 3,509 3,457 52 2,000 1,998 2 28,159 26,367 1,792 103,222 100,173 3,049 261,154 251,230 9,924 2005-2006 2004 2005-2006 2006 2005 2006 2005 2005 2004 2005 4 2006 2005 2004 1.3 0.9 0.4 2006 2005 2005 2004 2005 1-1-255

1-1-256 2006 2005 2004 4.3 3.2 1.5 2006 2005 2% 2006 2005 2005 2004 5 2006 2005 2004 1.8 1.4 0.7 2006 2005 4.67% 2005 2004 44.27% 2006 2006 6.7 6 2006 2006 2006 2006 1,071 6,245 7,316 2006 2005-1,140.6 2006-3,939.4 2006 2,823

2006 2006 425 783 95 31 1 10 1,345 3,685 217 768 262 354 5,286 (3,941) 7 2001 2010 2006 2005 2004 19.7% 17.4% 20.9% 3.9 1.1 0.8 2005 2004 2005 2004 2005 2004 33% 15% 1-1-257

2006 2005 2004 109,130 78,616 30,457 (112,963) (162,722) (189,644) 47,806 106,366 192,739 43,973 22,260 33,552 2004 2006 2006 2004 2006 3 10 5 6 2004 2006 2006 2005 2004 3.41 2.45 0.95 1.37 0.69 1.05 1-1-258

9 - % 2006 57.20 70.88 4.80 58.26 72.19 4.89 2005 33.79 39.89 1.64 34.44 40.65 1.67 2004 27.26 37.26 1.15 25.54 34.91 1.08 (1) (2) (3) (4) (5) (6) (7) 2006 2005 2004 0.92 0.65 1.20 0.67 0.47 1.16 68.98% 73.54% 69.80% 31.80 36.04 26.96 5.88 9.83 15.42 235,662 93,685 53,494 9.61 4.70 6.20 (8) 3.07% 7.07% 6.13% (9) / 8.39 4.84 3.52 (10) / 1.40 0.81 0.59 (11) / 3.41 2.45 0.95 (12) / 0.57 0.41 0.16 (13) / (14) / 1.37 0.69 1.05 0.23 0.12 0.17 1-1-259

(1) = / (2) = - / (3) = / (4) = / ( ) (5) = / ( ) (6) = + + + + (7) = / (8) = / (9) = / (10) = /2007 ( 192,300 ) (11) = / (12) = /2007 ( 192,300 ) (13) = / (14) = /2007 ( 192,300 ) 1 2006 2005 2004 57.2% 33.8% 27.3% 2006 2005 2004 4.80 1.64 1.15 2 (1) 2006 2005 2004 12 31 68.98% 73.54% 69.80% 2006 2005 2004 9.61 4.70 6.20 (2) 1-1-260

2006 2005 2004 31.80 36.04 26.96 2006 2005 2004 5.88 9.83 15.42 3% - 5% 1% - 7% 3% 80% 3.5 / [1997]82 30% 2006 [2005]168 30% 1.6 / [1997]82 30 2006 [2005]168 30% 1.5 / 2.5 / 2006 2005 2004 1-1-261 292 60 37 447 410 254 739 470 291

2006 2 15 2007 1 1 38 2006 2005 2004 1-1-262

3 5 10 3 1. 2. 3. 4. 1-1-263

1. 6 2007 8 2. 10 2009 3. 5.5 2009 1. 2. 3. 1. 100 1,000 2. 1. 2. 3. 1-1-264

4. 5. 1. 2. 3. 4. 5. 1-1-265

2006 5 A 1 18,449 2 37,696 3 10 / 49,682 4 5.5 / 31,559 137,386 5 45,425 6 36,300 7 75,000 8 50,000 206,725 9 100,000 444,111 1 [2006]702 [2006]325 2 3 [2006]25 [2006]68 [2006]301 [2006]23 10 / [2006] [2006]23 [2006]193 96 4 5.5 / [2006]30 [2006]192 [2006]107 1-1-266

137,386 206,725 100,000 2007 4 8 2006 2006 2007 2008 2009 2010 1 18,449 5,000 7,149 6,300 3 2 37,696 700 8,300 7,800 7,796 13,100 5 10 3 49,682 26,953 15,729 7,000 2 4 5.5 /31,559 10,050 15,050 6,459 2.5 5 206,725 106,725 100,000 6 100,000 100,000 444,111 700 257,028 145,728 27,555 13,100-5 10 1-1-267

1-1-268 1 2006 320 2 150 / 150 300 3 10 / 5.5 / 16 / 10.5 10 / 4

2006 10 / 5.5 / 2006 2009 1-1-269

1 3,000 / 100 / 3,062 3,055 1988 3,062 2001 3 3,002 2,942 2005 147 2,942 4 2005 1 2,942 1,346.96 2,250 18% 4,545 / (150 / ) 12 11 2,942 9 2 18,448.78 9,300.43 3,106.18 2,212.97 3,829.20 3 1-1-270

4 (1) 3,341 3,101 2,861 19.07 / 3 6,000 35 (2) 1,000 / 0.22 / 3,098 / 4,618 / 5 3.89% 5.23% 70% 48% 51,448 67,429 299.45 60.17 6 [2006]325 7 75 2,522 8 2006 12 1-1-271

1 1988 1,650 / 2002 12 2004 10 130 150 300-1 19 1,894 1,570 2004 2005 1,400 1,000 1,400 1,000 1,400 3,174 1,400 1,400 1,000-11 29 3,000 5,674 2 1,894-11 29 1,030 1,894 1,570 170 300 3 37,695.89 24,154.28 5,554.9 1,971.87 1,976.42 4,038.85 4 5 1-1-272

(1) 4,024.8 35 6 6 6 (2) 10,402.3 /, 1,829.5 /, 8,572.8 / 7,000 6 179.59 1.11% 20% 89,773.32 17,954.68 7 [2006]301 8 1,400 9 5 2006 9 10 / 1 6 / 2007 7 2008 16 / 1-1-273

2 49,682 47,018 2,664 3 (1),, 98% 97% 99.9% 88% Pb Ag SO 2 60% 1-1-274

(2) 20 (3) 4 (1) 1 10 / 2 45,000 / 3 450 / 4 3,100 / (2) 10 / 1 Zn 99.995% 5 / GB/T470-1997 Zn 99.99% 5 / 2 S 99.8% 3 (Cd99.99%) 4 (In0.78%,Cu22.62%) 5 (Zn80%) 42,975.86 / 409.18 / 3,092.31 / 1,312.5 / 1-1-275

5 (1) 165,862.68 /, 29,620.52 /, (2) 3,500 / 60 (3) 3km 330/110kV 0.5km 110/35/10kV (4) 8 2.06 104m3/d 6 [2006]193 7 10 / 5.5 / 1 1-1-276

5.5 / 2 31,558.67 29,179.67 2,379.00 3 SO 2 (1) Pb45 77% S13 22% ZnO 15% AsO 3% (2) (3) SO 2 (4) (5) [2006]1898 SO 2 SO 2 SO 2 4 (1) 1-1-277

PbO ( ) (2) 6 PbSiF 6 H2SiF 6 5 (1) 1 5.5 / 2 4.5 / 1-1-278

(2) 1 5.5 / Pb99.994% GB/T469-1995 2 100% 98% 93% 4.23 / YS66 93 93% 98% 3.02 / 1.37 / 3 767.23 / Au220g/t,Ag8.224% 4 2,279.54 / (Pb64.58%,Cu10.15%) 6 (1) 96,919 ( Pb60% S15%) (2) (3) (4) 0.5 110/35/10kV 2 50,000kVA 2 50,000kVA 110kV 330/110kV (5) 8 20.6km 3 /d 7 [2006]192 1-1-279

8 1 17% 58% 6 34,800 2 (1) (2) 2005 5 23 [2005]11 2005 5 28 62,500 25,635 41% 3 145 1,198 89 1,150 4,569 5,118 2006 1 10 2008 0100000620011 1 10 6.60 0.737 2009 9 1-1-280

2006 12 31 42,165 320.02 4 [2006]302 [2007]402 2005 2006 2005 2006 55,695.7 27,567.9 31,523.3 5,482.3 39,717.2 27,037.2 16,192.6 699.3 5,148.3 15,382.9 171.1 4,607.9 33,179.3 36,957.5 11,926.0 3,125.0 5,535.7 31,523.3 17,408.3 28,051.0 28,051.0 62,500.0 62,500.0 94,023.3 79,908.3 94,023.3 79,908.3 2005 2006 2005 2006 [2007]648 2006 12 31-33,649,094.58 2007 1 1 33,649,094.58 5 10 3 / 2009 5 10 1-1-281

15 30 2006 1 2006 9 19 2006 9 11 2006 11 6 2007 1 2005 6 [2007]G026 2006 12 31 79,908.32 17,408.32 62,500.00 79,908.32 17,408.32 62,500.00 79,361.99 17,408.32 61,943.30 556.70 0.89% 17% 17% 10,625 6 62,500 122,500 7 41% 58% 8 (1) 1-1-282

2006 300 41.0% 10,625 17.0% (2) 10 15 30 6 3 / 10 (3) (4), 1 25% 76% 3 22,800 1-1-283

2 (1) (2) 1998 5 21 [1997]332 2003 4 11 30,000 2004 12 8 15,300 51.0% 6,900 23.0% 4,320 14.4% 2,520 8.4% 600 2.0% 360 1.2% 3 2006 12 31 1,328 87.04 52.05 8.07 1,863 50 3 3500KW 2008 12,700 18.0% 4,150 2.2 65% 300 4.5 50% 75% 75% 75% 71% 2006 8 2007 30 2008 50 330 1,515 4 [2006]345 1-1-284

[2007]471 2005 2006 2005 2006 2005 2006 8,969.6 6,030.5 3,153.8 4,569.0 32,494.6 49,792.5 16,200.0 29,200.0 7,889.6 7,946.0 19,353.8 33,769.0 7,200.0 7,200.0 30,000.0 30,000.0 49,353.8 63,769.0 49,353.8 63,769.0 2005 2006 2005 2006 [2007]647 2007 1 1 13,353.09 5 [2007]644 2007 2008 2007 2008 35,934.9 56,562.3 10,538.9 16,990.5 268.7 419.9 2,180.8 4,252.2 6,384.6 7,677.6 1,803.7 1,119.3 252.1 236.2 14,505.9 25,866.7 14,505.9 25,866.7 2,175.9 3,880.0 12,330.0 21,986.7 2007 2008 2004 2005 2006 1-1-285

2007 1-3 2007 1 2-4 2007 1 2008 2007 2-4 2007 2007 2008 6 2007 4 11 23% 2% 2006 12 31 2007 2008 23% 12,420 2% 1,080 ( ) 25% 13,500 2006 12 31 30,000 25% 7,500 80% 2007 2008 12,330.00 21,986.66 25% 3,082.50 5,496.67 4.38 2.46 [2007] 030 2006 12 31 54,903.56 83% 25% 13,725.89 1-1-286

98.35% 2007 4 11 76% 3 22,800 6 7 25% 3 (1) (2) 2006 12 31 63,768.99 33,768.99 52.95% (3), 1-1-287

1 (1) 100% 40% 25% 65% (2) 1992 1995 8 645 2006 3 100% (3) 7 7 2006 12 31 1-1-288

40% 9,909.72 14.47% 1998 7 23 17,336.10 2006 1.8 2006 12 31 2,019.55 (4) [2007]440 2005 2006 2005 2006 4,701.5 15,335.2 5,966.9 15,951.1 9,925.7 12,379.6 9,533.3 12,005.2 134.6 205.6 139.6 224.2 811.3 753.9 811.3 753.9 15,573.1 28,674.2 16,451.1 28,934.3 5,256.9 15,735.7 6,134.9 15,995.8 00.0 00.0 00.0 00.0 5,256.9 15,735.7 6,134.9 15,995.8 10,316.2 12,938.5 10,316.2 12,938.5 15,573.1 28,674.2 16,451.1 28,934.3 [2007]649 2007 1 1 1,302,183.45 1-1-289

2005 2006 2005 2006 24,494.6 66,593.9 26,422.1 67,450.2 23,731.9 65,907.0 25,527.7 66,666.4 13.8 20.6 26.4 24.7 748.9 666.3 868.0 758.9 202.1 195.5 228.5 195.5 139.2 100.7 139.2 100.7 570.3 739.6 681.9 841.0 77.5 (2.3) 77.4 (3.1) 164.0 23.8 198.0 15.8 (1,288.2) 2,759.0 (1,305.0) 2,777.1 0.7 0.7 0.0 (1,123.5) 2,782.8 (1,106.3) 2,792.9 91.2 160.7 108.5 170.7 (1,214.7) 2,622.1 (1,214.8) 2,622.2 5 [2007]645 2007 2008 2007 2008 46,000.0 50,000.0 45,195.0 48,985.0 13.0 17.0 122.0 125.0 440.0 440.0 6.5 200.0 2,825.5 3,034.8 3,049.0 3,267.8 3,049.0 3,267.8 95.0 110.0 2,954.0 3,157.8 1-1-290

2007 2008 2004 2005 2006 2007 1-3 40% 14.47% 6 [2007]G025 2006 12 31 28,674.20 15,735.66 12,938.54 30,339.27 15,735.66 14,603.61 1,665.07 12.87% 2007 4 11 2006 12 31 100% 15,000 11.59% 2.7%, 2006 12 31 2 6 (1) 1-1-291

1-1-292 65% (2) 1995 12 1995 1083 4,980 009489 40% 35% 25% (3) 1997 10 3 / 7 / 2006 3.2 4.4 1995 (4)

2006 453 2005 21% 168 2005 18% 10 2 5 10 6 5000 2,000 2010 180 300 2010 70 100 (5) 7 (6) [2007]439 1-1-293

2005 2006 2005 2006 59,794.3 97,278.9 44,119.1 75,167.9 12,953.9 27,916.8 19,334.4 22,500.0 2,323.8 28,093.5 10,750.0 33,167.0 9,384.2 11,844.5 7,027.0 14,835.1 30,789.4 24,221.3 60.0 30.0 2,624.6 2,633.3 44,119.1 75,167.9 3.9 18,363.7 24,774.3 62,482.8 99,942.2 62,482.8 99,942.2 [2007]650 2007 1 1 408,557.26 2005 2006 146,459.1 306,678.2 138,614.2 293,507.2 7,844.9 13,171.0 184.5 258.3 208.2 311.6 1,118.5 2,552.6 816.5 1,585.7 5,886.2 8,979.4 : 00.0 9.6 (9,132.3) (2,580.8) 1.7 8.9 : 169.1 6.5 (3,413.5) 6,410.6 (3,413.5) 6,410.6 1-1-294

7 [2007]646 2007 2008 2007 2008 337,346.0 404,815.2 328,377.9 393,753.5 103.0 140.0 1,145.0 1,508.0 946.0 1,581.0 289.6 0.0 7,063.7 7,832.7 7,063.7 7,832.7 0.0 245.8 7,063.7 7,586.9 8 [2007]G024 99,942.19 75,167.89 24,774.29 99,996.44 75,220.89 24,775.55 100,274.05 75,220.89 25,053.16 277.61 1.12% 4,980 40% 35% 25% 2007 4 11 100% 2007 4 11 100% 60,000 64,980 1-1-295

( ) 82.46% 10.23% 7.31% 89.77% 9 6 2006 7 2006 12 31 75.21% 0.5 75,167.89 2 1-1-296

100 40 15 15 30 1,000 2005 10 27 [2005]2199 2006 9 60% 2 4 10 1-1-297

15% 8% 1. 2. 3. 5 5 5 1-1-298

1 3 70% 1-3 6 5.5 5 5 2 2003 33 2006 12 31 11.46 47.50 5 3 0.91 2006 12 31 2005 12 31 2004 12 31 0.91 0.65 1.20 0.69 0.47 1.16 68.98% 73.54% 69.80% 4 2005-2008 1-1-299

6 6 2005.10 2007.06 30,975 30,000 5 5 2004.03 2007.06 18,461 15,000 10 / 10 2007.06 2009.06 47,018 50,000 5.5 /5.50 2007.06 2008.12 29,180 18,000 125,634 113,000 6 2007 7 2 1 1.15 21,000 / 2.4 6,000 3 5 2006 9 2007 2 1 1.1 13,000 / 1.2 3,000 1.5 10 5 5.5 1.8 2007 3 2 1 1.05 14,500 / 7,600 3,000 10,600 1 3 12.36 5 1 1-1-300

2 3 20.67 4 2006 12 31 69% 46% 1-1-301

1 2 3 4 1 2 3 4 1-1-302

5 6 7 8 9 2002 76,292,503 0.4 2003 154,230,609 1.3 2004 345,807,143 1 2005 580,174,472 2 2006 1-9 1,377,291,768 2 2006 1,566,132,901 3 2007 4 8 2006 10 35 112,175 2007 4 8 2006 1-1-303

1. 2. 52 3. 810001 4. 0971 6108 188 5. 0971 6122 926 6. wmtzz@westmining.com 90 5,000 2007 3 31 5,000 2006 6 2 [2006]191 2007 6 6.7 2006 6 20 2006 6 16 2006 6.7 100 / 3.64% 365 1-1-304

5,000 1. 1 1,000 / 120 / 2.9 / 2006 12 26 2007 12 25 2. 2006 12 25 2007 12 25 3. 2006 12 28 59,000 7,300 19,033.8 2007 1 1 2007 12 31 4. Gerald Metals S.A. Sandy Calcined Metallurgical Grade Alumina 240,000 +/-10% ) 3 LME 2004 12 13 2008 Trafigura AG Sandy Calcined Metallurgical Grade Alumina 300,000 +/-5% 3 LME 2005 9 15 2010 1 1-1-305

1-1-306 2006 11 6 / / 2005 12 26 2005 12 26 2010 12 25 2 4150M 2006 11 16 4,150 4,150 / / 2006 6 20 2009 12 31 3 4200m 2006 4 19 4,200 4,200 4,200 / 2006 7 2009 12 31 4 2007 3 19 1 / 2007 1 1 5 2007 3 19 1,819 / 2007 1 1

1-1-307 6 2007 3 19 1,810 6-8 / 2007 1 1 7 2007 3 19 1,810 10-12 / 2007 1 1 8 2007 3 19 1,810 12-14 / 2007 1 1 9. 2007 3 19 1,894 / 2007 1 1 10. 2006 5 25 1,810 8-10

1-1-308 / 2005 5 26 11. 2007 1 1 / 2006 12 26 2009 12 25 12. 2007 1 1 3,330 3,250 / / 2006 12 26 2009 12 25 13. 2007 1 1 3,450 / / 2006 12 26 2009 12 25 14. 2007 1 1 3,400 3,350 / / 2006 12 26 2009 12 25 5,000 1. 2 135MW EPC 2004 8 6 2 135MW EPC

49,424.8 2004 8 2. 2 135MW 2004 8 6 2 135MW 2 135MW 58,000 2004 8 6 2006 12 31 5,000 1 2 3 4 5 6 7 8 9,000 2006/12/12-2007/11/08 9,000 2006/12/13-2007/11/12 8,000 2006/12/15-2007/09/11 1,000 2006/12/01-2007/03/01 9,163,928.80 2006/12/21-2007/04/20 5,000 2006/11/21-2009/09/15 5,000 2006/11/29-2009/11/20 6,500 2006/08/09-2007/07/27 1-1-309

9 10 11 12 13 14 15 16 17 18 19 30,000 2006/08/02-2007/08/01 10,968,122.83 2006/12/19-2007/03/19 5,000 2006/05/18-2007/05/18 6,000 2006/01/19-2007/01/19 30,000 2006/01/09-2008/12/15 77,200 2004/11/10-2016/11/25 30,000 2006/03/21-2007/03/20 5,000 2006/12/18-2007/12/17 28,000 2005/12/01-2009/11/30 / 7,300 2001/03/10-2013/11/20 1,408 2006/10/13-2007/04/10 2006 12 31 5,000 1. 2005 12 1 0511 031 28,000 2005 12 1 2009 11 30 2. 2004 11 9 1-1-310

77,200 2004 11 10 2016 11 9 2005 12 15 3 2006 1 19 2008 12 15 3. 2005 12 15 3 2006 1 19 2008 12 15 2005 12 14 1 2006 25% 4,053.89 2007 4 10 25% 4,520 1 2006 11 29 3 2 2006 11 29 1-1-311

1-1-312 3 3 2006 11 30 3 4 2007 2 10 2007 2011 60 4 1. 2003 8 11 5,500 2007 12 31 2. 2006 12 31 8.4510 2004 10 2006 1 1 2006 1 1 2006 1 1 3. 2006 5 26 15,500 2006 5 26 2007 5 25 2.5% 4. 2006 6 29 5,000 12 5. 2006 8 23

2 2006 8 23 2007 8 22 1. 1,000 2. 5% 1,000 1-1-313

1-1-314

1-1-315

1-1-316

1-1-317