copper gold report 20140414

14th April 2014 WWW.LCC.ASIA

IMPORTANT DISCLAIMER This report has been prepared by Lincoln Crowne & Company Pty. Limited ("LCC"). The research is based on information obtained from sources believed to be accurate and reliable. LCC does not guarantee the accuracy, reliability, completeness or suitability of any such information and makes no warranty, guarantee or representation, expressly or impliedly about this research. LCC accepts no obligation to correct or update the information. No opinion or recommendation is made within this research. This report is not intended to be, nor should it be relied on, as a substitute for professional advice. This report should not be relied upon as the sole basis for any investment decision or planning, and LCC does not accept any responsibility on this basis for actions made . / 4

WEE

KLY

Aust

ralia

n Co

pper

Gol

d Re

port

EXCHANGE STOCKS DOWN BY 100,000t Cu Global Economic Fundamentals

Source: Capital IQ, COMEX, LCC, LME, SHFE, Thomson Reuters, WGC

Precious Metals Last Week ! 4-Wk ! YTD ! Base Metals Last Week ! 4-Wk ! YTD !Gold (A$/oz) 1,401 ▼ (0.1%) ▼ (8%) ▲ 4% Copper (A$/lb) 3.22 ▼ (1.1%) ▼ (1%) ▼ (14%)Gold (US$/oz) 1,318 ▲ 1.1% ▼ (4%) ▲ 10% Copper (US$/lb) 3.03 ▲ 0.1% ▲ 3% ▼ (10%)Silver (US$/oz) 20.0 ▲ 0.0% ▼ (7%) ▲ 3% Copper (RMB/t) 47,600 ▲ 0.9% ▲ 7% ▼ (9%)Platinum (US$/oz) 1,452 ▲ 0.2% ▼ (1%) ▲ 6% Cobalt (US$/lb) 13.83 — 0.0% ▼ (2%) ▲ 3%Palladium (US$/oz) 802 ▲ 1.4% ▲ 4% ▲ 12% Molybdenum (US$/lb) 12.47 ▲ 5.8% ▲ 20% ▲ 28%Iron Ore (US$/t) 117 ▲ 0.9% ▲ 5% ▼ (12%) Nickel (US$/lb) 7.89 ▲ 5.3% ▲ 10% ▲ 25%Crude Oil (US$/barrel) 103 ▲ 2.2% ▲ 5% ▲ 4% Lead (US$/lb) 0.95 ▲ 2.9% ▲ 1% ▼ (5%)Gas H.Hub (US$/m btu) 4.62 ▲ 4.1% ▲ 5% ▲ 10% Zinc (US$/lb) 0.92 ▲ 1.9% ▲ 1% ▼ (2%)Uranium (US$/lb) 33 ▼ (1.9%) ▼ (4%) ▼ (3%) Tin (US$/lb) 10.70 ▲ 1.7% ▲ 2% ▲ 5%

Currencies & Indices Last Week ! 4-Wk ! YTD ! Global Markets Last Week ! 4-Wk ! YTD !AUD/USD 0.941 ▲ 1.2% ▲ 4% ▲ 1% ASX 200 5,429 ▲ 0.1% ▲ 2% ▲ 1%RMB/USD 0.161 ▲ 0.0% ▼ (1%) ▲ 0% Dow Jones 16,027 ▼ (2.4%) ▼ (0%) ▼ (3%)CAD/USD 0.912 ▲ 0.1% ▲ 1% ▲ 0% S&P 500 Index 1,816 ▼ (2.2%) ▼ (1%) ▼ (1%)EUR/USD 1.390 ▲ 1.4% ▼ (0%) ▲ 1% Shang Hai Index 2,131 ▼ (2.0%) ▲ 6% ▼ (3%)ASX Ordinary Gold 2,362 ▼ (1.2%) ▼ (10%) ▲ 7% Hang Seng Index 23,004 ▲ 3.5% ▲ 7% ▲ 1%TSX Global Gold 184 — 0.0% ▼ (14%) ▼ (1%) Nikkei 225 13,960 ▼ (7.3%) ▼ (3%) ▼ (14%)ASX 300 Metals & Mining 3,328 ▲ 6.8% ▲ 4% ▲ 0% FTSE 100 Index 6,562 ▼ (2.6%) ▲ 1% ▲ 2%TSX Global Mining 75 ▼ (0.6%) ▲ 1% ▼ (0%) Euro STOXX 50 Index 3,117 ▼ (3.9%) ▲ 4% ▼ (2%)

1,200

1,300

1,400

1,500

1,600

0

100

200

300

Jan Feb Mar Apr

Thou

sand

s Gold Price Volume A$/oz US$/oz 200 day average

2.90

3.10

3.30

3.50

3.70

0

100

200

300

Jan Feb Mar Apr

Thou

sand

s

LME Copper Price and Volume

Volume ('000 lot) Price (A$/lb) Price (US$/lb)

2.90

3.10

3.30

3.50

0

10

20

30

40

50

Jan Feb Mar Apr

COMEX Copper Price and Stocks

Stocks ('000 t) Price (US$/lb)

44000

46000

48000

50000

52000

54000

0 50

100 150 200 250 300

Jan Feb Mar Apr

Thou

sand

s SHFE Copper Price and Stocks

Stocks ('000 t) Price (RMB/t) 44000

46000

48000

50000

52000

54000

0

25

50

Jan Feb Mar Apr

Thou

sand

s SHFE Copper Price and Volume Volume ('000 lot) Price (RMB/t)

2.90

3.10

3.30

3.50

0

25

50

75

100

Jan Feb Mar Apr

COMEX Copper Price and Volume Volume ('000 lot) Price (US$/lb)

1500

2000

2500

3000

Jan Feb Mar Apr

S&P/ASX All Ordinaries Gold Index (XGD)

3.00

3.20

3.40

3.60

3.80

4.00

0

200

400

600

Jan Mar May Jul Sep Nov Jan

China Copper Imports Tonnes (kt) Copper Price

2.90

3.10

3.30

3.50

3.70

0

100

200

300

400

Jan Feb Mar Apr

LME Copper Price and Stocks

Stocks (kt) Price (A$/lb) Price (US$/lb)

0

500

1000

1500

2000

600

800

1000

1200

1400

Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13

World Gold Demand and Supply

Total Demand (tonnes) Total Supply (tonnes) Gold Price (US$/oz, RHS)

Copper Warehouse Stocks

0

20

40

60

80

100

120

140

160

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Hong Kong Gold Net Imports (tonnes) 2013 2014



WEE

KLY

Aust

ralia

n Co

pper

Gol

d Re

port

Markets & Majors

According to Thomson Reuters GFMS (TRG), the copper market is likely to remain under pressure this year with the average price expected to fall below US$7,000/t ($3.18/lb), with a possible test of the US$6,000/t ($2.72/lb) level possible in the second half. On average, the consultancy forecasts an average three-month copper price of US$6,790/t ($3.08/lb) this year, about 8% lower than the average in 2013 and the third consecutive year of decline. According to TRG, the copper market is expected to be in a 352,000 t surplus this year. We note that this forecast surplus is very modest, representing 1.5% of estimated global consumption or what would some other analysts call a rounding error. Tightness in the scrap sector, which has represented a significant amount of metal supply, is likely to be exacerbated by the current weaker prices. The market analyst estimated that global mine production grew by 8% last year to 17.8 million tonnes, with Chile and the Democratic Republic of Congo notable contributors to the rise. The growth in refined output was more modest, rising 3% to 20.7 million tonnes.

Copper exchange inventories continue to fall. They have decreased by about 100,000 tonnes since the beginning of the year and now represent less than one week of global consumption.

Reuters - World #1 copper miner Codelco's first quarter output met target and the Chilean company's full-year own production is expected to beat 2013 levels thanks to its new mine, Ministro Hales. The mine, one of Chile's few new deposits in recent years, has ramped-up smoothly. In the short term, Ministro Hales is Codelco's key to lifting production, which dipped to a five-year low of around 1.62 million tonnes in 2013. Further ahead, Codelco, which produces about 10% of the world's red metal, is placing its hopes on the controversial US$6.8 billion expansion of its massive Andina mine to lift production.

Rio Tinto announced that its shares in Northern Dynasty Minerals, owner of the Pebble mega project in Alaska will be divided equally between the Alaska Community Foundation to fund educational vocational training, and the Bristol Bay Native Corporation Education Foundation, which supports education and cultural programs in the region. The current resource estimate includes 5.94 billion tonnes in the measured and indicated category containing 55 billion lb copper, 67 million oz gold and 3.3 billion lb molybdenum; and 4.84 billion tonnes in the inferred category, containing 26 billion lb copper, 40 million oz gold and 2.3 billion lb molybdenum.

Reuters - A weak copper price and tighter financing are forcing mining companies to cut or stall spending on exploring to their lowest levels in four years as they focus instead on axing costs and reducing debt. Executives who gathered in the Chilean city of Santiago last week acknowledged tougher environmental standards, labour strikes, community resistance and resource nationalism were also making exploration more challenging.

Gold Fields (JSE: GFI) has reported group production for the March quarter of 557,000 ounces of gold equivalent, down from 598,000oz in the December quarter. All-in sustaining costs and all-in costs for the March quarter are expected to be around US$1,095/oz and US$1,115/oz respectively, below full-year guidance. AISC were US$1,054/oz in the December quarter, while AIC were US$1,095/oz. The company maintained 2014 guidance of 2.2 million ounces at AISC of US$1,125/oz and AIC of $1,150/oz. Australia is now the company’s largest contributor, accounting for around 43% of annual output, followed by Ghana (31%), Peru (13%) and South Africa (13%).

Copper Producers

Source: ASX, Capital IQ, LCC. Assumption: A$/US$ of 0.90

Copper Explorers & Emerging Producers


Mergers & Acquisitions

Atlantic Gold (ASX: ATV) and Spur Ventures (TSX-V: SPU) have entered into a Heads of Agreement to pursue a merger transaction. Spur’s only material asset at this time is approximately C$28.7 million in cash. The merger presents Atlantic shareholders with an important first step towards the funding of the development of the Touquoy gold project.

Glencore Xstrata has signed an agreement for the sale of the Las Bambas copper mine project to a consortium owned 62.5% by MMG Limited, 22.5% by Guoxin International Investment

Code Company Name

ABY Aditya Birla MineralsAOH Altona MiningDML Discovery MetalsHGO Hillgrove ResourcesOZL OZ MineralsPNA PanAustSFR Sandfire ResourcesSRQ Straits ResourcesTGS Tiger ResourcesMWE Mawson West985 CST Mining Group Limited

Close Price Week !

0.30 — 0% 0.18 ▲ 13% 0.029 ▼ (6%) 0.080 ▲ 1% 3.64 ▼ (4%) 1.63 ▼ (2%) 5.91 ▲ 3% 0.005 — 0% 0.39 ▲ 3%

C$0.46 ▼ (8%)HK$0.058 ▼ (2%)

YTD !Market Cap

(A$m)52 Week

RangeCash

(A$m)

(13%) 92 1186% 93 20

(45%) 16 13(11%) 94 17

16% 1,105 364(10%) 994 145

(9%) 920 75(38%) 6 12

12% 309 42(21%) 76 54(13%) 216 119

EV (A$m) EV/EBITDA

(25) NM84 3.6x

174 NM122 2.9x741 4.2x

1,029 4.2x1,075 8.5x

116 NM323 4.8x

40 0.4x97 NM

Code Company Name

AVI Avalon MineralsAVB Avanco ResourcesAZS Azure MineralsBMB Balamara ResourcesBTR Blackthorn ResourcesBOC Bougainville CopperCDU CudecoERM Emmerson ResourcesENR Encounter ResourcesESR Estrella ResourcesFND Finders ResourcesGCR Golden Cross ResourcesHAV Havilah ResourcesHCH Hot ChiliHIG Highlands PacificIRN Indophil ResourcesKGL KGL ResourcesKDR Kidman ResourcesMMC Marengo MiningMNC MetmincoPEX Peel MiningRDM Red MetalRXM Rex MineralsSBR Sabre ResourcesSUH Southern HemisphereSMD Syndicated ResourcesTLM Talisman MiningVXR Venturex ResourcesXAM Xanadu MinesYTC YTC Resources

Close Price Week !

0.012 ▲ 71% 0.072 ▲ 1% 0.031 ▲ 15% 0.11 ▼ (9%) 0.15 ▼ (3%) 0.55 ▼ (4%) 1.83 ▼ (5%) 0.040 — 0% 0.20 — 0% 0.13 — 0% 0.17 — 0% 0.005 ▲ 25% 0.24 ▲ 4% 0.31 ▼ (10%) 0.064 ▼ (7%) 0.14 ▼ (7%) 0.092 ▼ (7%) 0.120 ▼ (4%) 0.014 — 0% 0.021 ▼ (16%) 0.23 ▲ 2% 0.15 ▼ (6%) 0.35 ▼ (5%) 0.035 ▼ (3%) 0.050 ▼ (9%) 0.037 — 0% 0.10 — 0% 0.007 — 0% 0.048 ▼ (13%) 0.24 ▲ 2%

YTD !Market

Cap (A$m)52 Week

Range Cash (A$m)

20% 14 2.71% 98 16.63% 22 2.3

11% 36 1.2(42%) 25 16.3

15% 219 6.21% 428 47.4

(5%) 13.1 1.25% 27 3.9

(26%) 13 2.0(19%) 94 12.9

0% 9 1.1(4%) 29 3.5

(27%) 108 8.25% 55 9.6

(15%) 168 215.1(12%) 13 19.0(35%) 16 3.7

(7%) 16 4.5(32%) 37 7.8(12%) 30 3.8

0% 22 1.1(28%) 75 20.9(19%) 8 4.1

0% 12 0.59% 10 0.5

(5%) 13 17.3(30%) 11 3.4

(4%) 11 2.82% 77 25.8

EV (A$m)

128120358

212381

122311818

25100

45(47)(6)1239292721544

1210(4)

78

116



WEE

KLY

Aust

ralia

n Co

pper

Gol

d Re

port Corporation Limited and 15.0% by Citic Metal Co Limited. The

consideration for the transaction is approximately US$5.85 billion, payable to Glencore in cash on closing. In addition, all capital expenditure and other costs incurred in developing Las Bambas in the period from 1 January 2014 to closing will also be payable by the consortium. At the end of March 2014, capital expenditure and other costs incurred since the start of the year amounted to approximately US$400 million.

Kin Mining (ASX: KIN) has executed a binding term sheet with the administrator of Navigator Resources (ASX: NAV) to acquire the Leonora gold project, which host a combined mineral resource of 745,000oz of gold. Consideration is A$2.7m cash. Completion is subject to financial, technical and legal due diligence, shareholder approval and a capital raising of at least A$5 million among other items.

Sandfire Resources (ASX: SFR) has reached agreement to acquire an interest in WCB Resources Ltd (TSX-V: WCB), a Toronto-listed copper-gold explorer, by subscribing for shares in a A$5.9 million private share placement. The proceeds from this private placement will be used to progress exploration including upcoming drilling programs at WCB’s Misima copper-gold project. WCB is earning a 70% interest in this project through a joint venture with Pan Pacific Copper, an integrated copper mining and smelting company that is jointly owned by JX Nippon Mining & Metals Corporation and Mitsui Mining & Smelting Company Ltd. WCB has identified a substantial copper-gold porphyry target at Misima located adjacent to an historical gold mine formerly owned by Placer Dome Asia Pacific which produced 4.0moz of gold and 20moz of silver. The main exploration target is the Misima Porphyry at Mt Sisa, where a very large 1km2 copper soil anomaly coincides with extensive rock chips, shallow drilling and a deep strong magnetic anomaly with skarn mineralisation and halo veining at surface. WCB plans to undertake diamond drilling later this year to test this target. The Misima project is located within a porphyry belt, which contains four of the world’s richest primary grade copper and gold porphyries including Grasberg (4.9 billion tonnes @ 0.8% Cu and 0.7g/t Au), Ok Tedi (1 billion tonnes @ 0.7% Cu and 0.6g/t Au), Golpu (1 billion tonnes at 0.9% Cu and 0.6g/t Au) and Panguna (1.4 billion tonnes @ 0.5% Cu and 0.6g/t Au).

ASX-Listed Company News

Avalon Minerals (ASX: AVI) announced an upgraded mineral resource estimate for the Discovery Zone prospect on the Viscaria project in northern Sweden. The new Discovery Zone mineral resource has an increased copper grade of 0.8% Cu, compared to 0.31% Cu in previous estimates, which has resulted in a 110% increase in contained copper to 71,000 tonnes. The gold grade of the new Discovery Zone mineral resource has also increased to 0.19g/t Au from 0.08g/t Au, which has resulted in a 96% increase in contained gold to 55,000 ounces. The mineral resource is

reported at a 0.4% Cu cut-off. The total mineral resource is now 63.9mt @ 1.05% Cu for 679,562 tonnes copper.

Bougainville Copper (ASX: BOC) shareholders are calling for a full inquiry into the company’s involvement in a decade-long civil war ahead of plans to reopen the Panguna mine in Papua New Guinea.

Cudeco (ASX: CDU) has received credit approval for a US$65 million facility for the development of its Rocklands copper project. The facility is provided by Misheng Banking Corporation, the largest privately owned bank in China. The terms translate into an interest rate of about 5.75% p.a. Misheng Bank has also advised that it is prepared to provide additional credit facility for the Townsville port facility and Cloncurry multi rail load facilities if Cudeco is not successful with its current negotiations.

Discovery Metals (ASX/BSE: DML) has received approval from the Ministry of Minerals, Energy and Water Resources of the Republic of Botswana to develop the Zeta underground mine as part of the Boseto copper project. The development of the Zeta underground mine is expected to significantly lengthen the life of the Boseto operation and provide access to higher grade mineralisation, which, together with improved copper recovery will result in higher metal production.

Straits Resources (ASX: SRQ) released an update of the mineral resource and ore reserve estimates, as at 31 December 2013, for its Avoca Tank, North East and Larsens deposits at the Tritton copper operations in New South Wales. The updated ore reserve estimates for these deposits is 1.5mt at 2.0% copper for a combined 30,300 t of contained copper metal. The majority of the increase of 20,900 t of contained copper is from the Avoca Tank project (17,200 t contained copper) where for the first time an ore reserve is being reported.

Perseus Mining (ASX/TSX: PRU) advised that a fire damaged part of Edikan gold processing plant in Ghana while the plant was shut down for scheduled maintenance. PRU expects that all necessary repairs can be completed and approvals obtained to enable ore processing operations to resume within seven days.

St Barbara (ASX: SBM) has closed the open pit mines and stop processing at its Gold Ridge Operations in the Solomon Islands in order to ensure the safety of personnel and equipment, following extreme rainfall related to tropical cyclone Ita. The ensuing flooding caused significant damage to main roads, including the only access road to the mine, and one key bridge. This damage has isolated the mine site from critical supplies of fuel necessary for onsite power generation, as well as food and medical supplies. In addition, the open pits at the mines experienced flooding and



WEE

KLY

Aust

ralia

n Co

pper

Gol

d Re

port significant damage. SBM has taken the decision to evacuate all

personal from site. Consequently the Gold Ridge operations have been suspended. For the six months to 31 December 2013, Gold Ridge produced 29,431 ounces of gold, representing 15% of St Barbara’s total gold production for the period.

Gold Explorers & Emerging Producers


Gold Producers


Code Company Name

ABU ABM ResourcesALK Alkane ResourcesAUK Augur ResourcesAZM Azumah ResourcesBSR Bassari ResourcesBAB Bullabulling GoldCHN Chalice GoldCHZ Chesser ResourcesCDG Cleveland MiningCVG Convergent MineralsCAS Crusader Resources DCN Dacian GoldEXG Excelsior GoldFMl Focus MineralsGCY Gascoyne ResourcesGOR Gold Road ResourcesGRY Gryphon MineralsIDC Indochine MiningIAU Intrepid MinesKGD Kula Gold MSR Manas ResourcesMYG Mutiny GoldOBS Orbis GoldORD Ord ResourcesPAN Panoramic ResourcesPIR Papillon Resources PXG Phoenix Gold RED Red 5RNI Resource & Investment ROL Robust ResourcesSIH Sihayo GoldSXG Southern Cross GoldfieldsSUM Sumatra Copper & GoldTAM Tanami GoldWAF West African ResourcesYTC YTC Resources

Close Price Week !

0.024 — 0% 0.32 ▼ (2%) 0.051 — 0% 0.045 ▼ (10%) 0.009 ▲ 13% 0.050 ▼ (2%) 0.16 ▲ 3% 0.13 ▼ (4%) 0.09 ▼ (3%) 0.011 ▲ 10% 0.28 ▼ (5%) 0.35 ▼ (5%) 0.090 — 0% 0.01 ▼ (7%) 0.11 ▼ (8%) 0.18 — 0% 0.15 ▲ 7% 0.074 ▼ (1%) 0.28 ▲ 4% 0.09 ▼ (2%) 0.035 ▲ 6% 0.033 ▲ 10% 0.28 ▼ (10%) 0.00 — 0% 0.56 ▲ 18% 1.37 ▲ 10% 0.13 — 0% 0.08 ▲ 4% 0.105 ▲ 31% 0.28 ▼ (4%) 0.021 — 0% 0.014 — 0% 0.08 ▲ 15% 0.02 — 0% 0.15 ▼ (6%) 0.24 ▲ 2%

YTD ! Market Cap (A$m)

52 Week Range

Cash (A$m)

9% 91 5.1(7%) 117 43.3

(32%) 14 2.261% 16 3.313% 9 0.211% 17 4.315% 46 55.119% 28 4.6

(12%) 21 0.6(31%) 4 0.7(8%) 35 2.246% 34 13.230% 37 4.317% 128 81.2

(21%) 17 1.277% 90 7.1

(15%) 58 41.772% 74 0.5

(11%) 156 98.2(16%) 11 3.2

9% 14 5.63% 22 1.7

12% 70 5.5(20%) 5 1.5122% 179 34.0

40% 468 43.6(19%) 39 4.6(14%) 58 36.7

98% 36 3.0(21%) 43 2.5(30%) 20 0.5

8% 12 5.17% 31 4.0

(9%) 24 8.87% 41 1.32% 77 25.8

EV (A$m)

86741113

913(9)2321

3382031541683167458

89

2765

3145424342148471914303039

116

Code Company Name

AQG Alacer GoldAGD Austral GoldBDR Beadell ResourcesBEZ Besra GoldDRM Doray MineralsDRA Dragon MiningEVN Evolution Mining EVR Endeavour Mining CorpIGO Independence GroupKCN Kingsgate Consolidated KRM Kingsrose MiningLSA Lachlan StarMML Medusa MiningMLX Metals XMOY Millennium MineralsMLI MintailsNCM Newcrest MiningNGF Norton Gold FieldsNST Northern Star ResourcesOGC OceanaGold CorporationPNA PanAustPGI PanTerra Gold PRU Perseus MiningRMS Ramelius ResourcesRRL Regis ResourcesRSG Resolute MiningSAR Saracen Mineral HoldingsSBM St BarbaraSLR Silver Lake ResourcesTBR Tribune ResourcesTGZ Teranga Gold CorpTRY Troy ResourcesUML Unity MiningVGO Vantage GoldfieldsANG AngloGold AshantiABX Barrick Gold CorpCRK Crocodile Gold CorpGFI GoldfieldsNEM Newmont Mining Corp

Close Price Week !

2.89 ▲ 3% 0.09 — 0% 0.67 ▲ 11% 0.024 ▲ 20% 0.91 ▲ 5% 0.13 ▼ (10%) 0.90 ▲ 3% 0.79 ▲ 3% 4.00 ▲ 1% 1.02 ▲ 3% 0.42 ▲ 4% 0.17 — 0% 1.93 ▼ (4%) 0.19 ▼ (5%) 0.12 ▼ (4%) 0.054 — 0% 10.74 ▲ 8% 0.13 — 0% 1.17 ▲ 7% 2.44 ▼ (2%) 1.63 ▼ (2%) 0.042 ▲ 8% 0.42 ▲ 2% 0.11 ▼ (8%) 2.56 ▲ 15% 0.61 ▲ 6% 0.34 ▲ 1% 0.25 ▼ (13%) 0.44 ▲ 6% 3.12 ▼ (1%) 0.89 ▲ 6% 1.07 ▲ 5% 0.024 ▼ (4%) 0.029 — 0%

ZAR191 ▲ 3%C$20.45 ▲ 1%C$0.23 ▲ 2%ZAR44 ▲ 5%US$24 ▲ 0%

YTD !Market Cap

(A$m)52 Week Range

Cash (A$m)

27% 804 322(25%) 15 9(16%) 526 24(47%) 9 1

62% 148 240% 12 6

46% 639 3762% 327 11929% 933 4610% 226 3725% 151 1

(15%) 25 3(5%) 401 2312% 315 50

(37%) 26 5(4%) 15 438% 8,227 121(7%) 116 4148% 674 4953% 748 28

(10%) 994 1452% 32 5

71% 221 2813% 40 33

(12%) 1,279 1310% 391 5084% 270 23(6%) 120 70

(18%) 221 1734% 157 962% 260 3936% 209 18

(41%) 23 1012% 7 155% 7,811 7259% 23,103 2,688

88% 107 332% 3,401 3585% 12,825 1,739

EV (A$m)EV/

EBITDA

482 2.6x67 3.5x

571 5.1x34 NM

173 5.8x6 1.5x

744 4.4x507 NM951 11.3x365 4.5x149 NM

26 NM378 7.3x265 12.7x

60 1.1x10 NM

12,744 12.0x190 2.6x625 11.0x914 3.8x

1,029 4.2x77 17.4x

193 18.1x11 1.0x

1,276 5.9x435 3.4x269 3.3x380 NM212 NM167 3.2x288 NM221 7.7x

13 1.9x6 1.8x

11,259 6.5x36,648 6.2x

111 1.5x5,428 5.7x

21,362 6.3x

copper gold report 20140414

Economy & Finance