1 Peru Minerals Sector Update Trade and Investment Group London 30 January

2 Highlights of 2002  Gold output rose from 3.84 million oz in 2001 to 4.36 million oz in 2002, exports rose 29% to US$1.5 billion in 2002  Copper output rose 16.7% to 872,783 tonnes  Zinc output rose 15.6% to 1.2 million tonnes  Silver output rose 3.3% to 76.4 million oz  Lead output rose 3.1% to 298,487 tonnes  Antimina commissioned and operated successfully  Alta Chicama becomes a significant gold discovery

3 Peru : Operations, Investment, Discovery  Yanacocha (36Moz Au) – Newmont / BVN  Pierina (8Moz Au) – Barrick  Alta Chicama (3.5Moz Au) – Barrick  Rescatada - AngloGold  Antamina 1.2% Cu + Zn/Mo credit) US$2.3bn project completed under budget and ahead of schedule

4 Industry Issues 2002  Tambogrande project, northern Peru  Strike action increased (SPCC and Volcan)  Barrick hit by a surprise US$141 million tax bill for fiscal years 1999 and 2000 relating to revaluation of the Pierna Gold Mine  Local protest over expansion of Newmont’s Yanacocha Gold Mine  Mining Royalty discussed (3% profits royalty)

5 The Rio Blanco Project

6 Diamond drill hole RB-20

7 Progress at Rio Blanco  July : An environmental baseline study was started and monitoring continues  July : Geological mapping and surface work commenced  August – September : Monterrico mobilised 60 tonnes of drilling and camp equipment into Rio Blanco  September : Resource definition drilling commenced in September  December : 15 Drill holes completed latest results include % and % Cu  January : Pre-feasibility study commenced

8 Rio Blanco Project - Target Zones