1. Mozal Aluminium Smelter

2. Smelter Location

3. Project Overview 506,000 tpa primary aluminium smelter constructed in two phases Aluminium Pechiney AP30S technology Approx. US$ 2bn total (historical) funding US$ 1.1bn non-recourse project funding, internationally syndicated Shareholding BHP Billiton 47%, Mitsubishi 25%, IDC 24%, GOM 4%

4. Milestones 14 May 1998 Phase 1 go-ahead 18 June 2000First metal cast 22 December 2000Last pot started potline 1 21 June 2001Phase 2 go-ahead 7 April 2003First metal potline 2 20 August 2003Last pot started potline 2 Phase 1: 31 months from go ahead to full commissioning, >US$ 100m under budget Phase 2: 26 months from go ahead to full commissioning, >US$ 195m under budget Two world records ~ in Mozambique

5. Phase 2 Achievements Benchmark construction safety record - LTIFR 1.07 Zero reportable environmental incidents Construction workforce peaked at 5,033 - 70% Mozambican Excellent IR climate zero manhours lost in 14 million worked US$ 92m expended in the Mozambican economy

6. Achievements – Operations Highest pot efficiency for AP30 technology Benchmark anode effect rate of 0.04 per pot per day “Best-in-class” start up for potline 2 in terms of speed, efficiency quality and safety Exceptional metal quality

7. Why Mozambique ? The project fits within the economic transition in Mozambique which started in the early 90’s Quality of Life Job Creation Economic Growth OPTIMISE CAHORA BASSA MARKET FOR ENERGY INITIATE A MEGA PROJECT MOZAL PROJECT KICKSTART MOZAMBIQUE INDUSTRY LINKAGES & INDUSTRIAL PARK FIGHT POVERTY COMMUNITY DEVELOPMENT MOZAMBIQUE MOZAL

8. Economic Impact Mozal in 2002 = 53% of exports and 28% of imports 2002 real GDP growth 8% (Mozal 2.1%) Net positive impact on balance of payments around $100m at steady state Mozambique export earnings US $220m to US $1bn

9. Local Business Participation Phase 2 project spend of US$92m Expanded operation spending US $3.5m per month on goods and services in local economy –170 active local suppliers, 30 added in last 12 months Specific programs for Small and Medium Enterprise development –Phase 2 construction (SMEELP) 28 packages –Expanded operation (Mozlink) 12 contracts targeted

10. Social Contribution Mozal Community Development Trust established in 2001 Budget of $2m per annum Focus in immediate vicinity of the smelter Projects related to community infrastructure, health, small enterprise development, education, sports and culture Projects screened for sustainability, poverty relief contribution and addressing identified social impacts Partnering approach with NGO’s and agencies 700 pupils Grades 6 & 7 Water & electricity Sports field Program extended to 4 more schools Secondary school being built Malaria incidence dramatically reduced

11. Revisiting The Linkages Quality of Life Job Creation Economic Growth OPTIMISE CAHORA BASSA MARKET FOR ENERGY INITIATE A MEGA PROJECT MOZAL PROJECT KICKSTART MOZAMBIQUE INDUSTRY LINKAGES & INDUSTRIAL PARK FIGHT POVERTY COMMUNITY DEVELOPMENT MOZAMBIQUE MOZAL

12. Conclusion Together we make a difference Thank you ~ www.mozal.com