MINING LEGEND TO REALITY

SUMMARY some of the advantages of investing in Madagascar report on developments since last year recent developments on some of the major projects currently underway requests regarding the provision of services in Madagascar.

ACHIEVEMENTS Enactment of a new world-class mining code Adoption of a very attractive legal and tax regime for large-scale mining A new mining cadastre has been established to underpin the administration of this progressive legislation A highly improved geological, geophysical and geochemical infrastructure

ACHIEVEMENTS A special Committee has been set up to facilitate the process of large scale investment in Madagascar The Economic Development Board of Madagascar is functional at present The mining sector consumes 95.4% of the volume of the FDI in 2007 Become member of EITI (Extractive Industries Transparency Initiative)

The mining sector : a business opportunity in Madagascar VISION Madagascar will become a prosperous nation with a high growth economy. COMMITMENT The private sector is central to the achievement of this vision. The President of the Republic of Madagascar is committed to providing strong support to the rapid and broad development of the private sector.

Ministry of Energy and Mines PRIORITY PROJECTS AND ACTIVITIES The plan provides an advantageous investment environment and a favourable platform for export and repatriation of profits The plan actively seeks new investment opportunities Facilitates the passage from exploration to exploitation

Completion of the mapping programme will be achieved in 2008 International Final Symposium scheduled on July 2008 in Antananarivo

The number of permits and licenses has grown significantly over the past year

REQUESTS The search for new types of deposits in the future The joint-venture (B to B) between the foreign investors and the existing companies who have already mining licenses in Madagascar Improve the provision of services to support future exploration and development in the country

Thank you for your attention !