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Do
Do you
you approve
approve or
or disapprove
disapprove the
the
manner
manner in
in which
which President
President Alejandro
Alejandro
Toledo
Toledo manages
manages thethe countrys
countrys affairs?
affairs?
APPROVES NO OPINION
9% 2%
Source:
Source: Apoyo
Apoyo S.A.
S.A. April
April 2004
2004 DISAPPROVES
89%
Advisory
Committee
President
& CEO
Operations EHSC
Location Lima
1
Mineral resource estimate
Measured 28 0.50 0.20 4.9 0.03
Indicated 31 0.47 0.27 5.9 0.03
Total 58 0.48 0.24 5.5 0.03
1
Inferred resource 28 0.79 0.99 13.0 0.02
18
April 26, 2004 Analysts' Site Visit Slide 21
Mining Phases
4815 masl
4103 masl
Deposit outline
3788 masl
Shiploading
April 26, 2004 Analysts' Site Visit Slide 24
Primary Crusher & Stockpiles
Commitment and
Management Review Policy
Implementation
Construction.
Water discharge.
Operations.
Fuel tanks.
Standards.
Training.
Inspections and audits.
Continuous improvement .
development.
i
i Attract Government and multinational
agencies contributions.
i Complement, not replace, government
i
responsibilities.
i Respect local culture, habits and values.
i
i
i Improve agricultural and livestock-raising
practices.
i
i Promotion of small enterprises.
i
i Support cultural activities.
30
25
million dmt
20
15
10
0
Q1 02 Q2 02 Q3 02 Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04
80
000 dmt per day
70
60
50
40
Q1 02 Q2 02 Q3 02 Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Q1 02 Q2 02 Q3 02 Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04
Cu Only Cu Zn
April 26, 2004 Analysts' Site Visit Slide 52
Head Grades
2.25%
Copper
Zinc
2.00%
1.75%
1.50%
1.25%
1.00%
0.75%
Q1 02 Q2 02 Q3 02 Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04
85%
80%
75%
70%
Q1 02 Q2 02 Q3 02 Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04
April 26, 2004 Analysts' Site Visit Slide 54
Payable Metal Production
200
Copper
Zinc
175
150
million lbs
125
100
75
50
Q1 02 Q2 02 Q3 02 Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04
45
40
/payable lb Cu sold
35
30
25
20
15
10
0
Q1 02 Q2 02 Q3 02 Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04
April 26, 2004 Analysts' Site Visit Slide 56
Strengths
Long life: 19 years, with upside potential.
Scale: 3rd largest Zn producer, 7th largest Cu
producer.
Project execution:
Under budget, ahead of schedule.
Low risk:
Operating above design production rates.
C1 cash costs in lowest quartile.
Upside on production rates.