Agua Rica Project Michael Holmes – General Manager Minera Alumbrera

Dave Dicaire - General Manager Studies, Project Development South America 18 September 2011

Minera Alumbrera Overview

Xstrata is the major shareholder (50%) and operator of Minera Alumbrera

Largest copper mine in Argentina

Safety improvements: LTIFR improved from 3.62 to 0 (June 2003 – present)

6 consecutive years of CAT 5 Star Rating for mine haul truck fleet contamination control (unique in Global Mining Industry)

Strong community programs have consolidated reputation in region

5 consecutive years of extension to ore reserves

− 218 million tonnes of additional reserves, 6 years added to mine life

Plant continuous improvement − Ore milled from 34Mtpa to 38.5Mtpa, targeting 40Mtpa − Molybdenum concentrate plant commissioned in 2008

First quartile C1 cash cost position with continuous improvement culture

Located 35km from Minera Alumbrera

Signed an exclusive four year option with Yamana Gold Inc. for the acquisition of Agua Rica property

Deposit is a large copper-gold-moly porphyry

Minera Alumbrera will manage and fund the Feasibility Study and, if approved, the development costs

Part of company’s long term growth strategy

Attractive opportunity to expand production and extend the current mine life by 25+ years

The Agua Rica Project

Description Location: Province of Catamarca,

Argentina Mineral Resource: 1,750Mt @ 0.42%

Cu using a 0.20% Cu Cut-off Concentrator: three lines - 105ktpd Estimated production: 250ktpa Cu for

first five years, average over LOM 150ktpa Cu, significant Au + Mo credits

LOM: 26 years

Project Status Feasibility Study stage Resource definition drilling program

starting Oct 2011 – 30,000 metres Fluor Canada conducting Feasibility

Study – World class materials handling

expertise on Study

Agua Rica Overview

Copper in resource

Agua Rica Site

0

2

4

6

8

10

MAA Agua Rica Agua Rica + MAA

Inferred Indicated Measured

Mt Cu

Extend Minera Alumbrera’s operations from 2018 to 2041

Expand current contained copper production by 40% compared to remaining life of mine average

Significant synergy benefits with Minera Alumbrera operations and people

Leverage Sustainable Development achievements of Minera Alumbrera

Integration case and stand-alone case being studied

Benefits from utilization of Alumbrera facilities (financial, schedule, permitting and Sustainable Development)

Agua Rica: Key strategic benefits

Proximity to Minera Alumbrera

Production Profile

0

50

100

150

200

250

300

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Kt Cu in concentrate

Agua Rica: Potential Integration with Alumbrera with Ore Conveyor route from Agua Rica

Tunnel Profile

Conveyor route to Minera Alumbrera

0 M 5.000 M 10.000 M

Truck shop

Concentrator

Moly Plant

Stock Pile

Central Office Warehouse

TIE-IN TO STOCK PILE

Minera Alumbrera site map

Agua Rica Preliminary Pit Design

2700

2895

3630 3270 3420

Xstrata Copper & MAA’s disciplined approach to project development through study and execution phases

Leverage recent major project development experience from Xstrata Copper’s Project Development South America Division and other sites

The Agua Rica Project Management

Activity

Complete Transaction with Yamana

Feasibility Study

Approval Decision to Proceed

Prepare and Submit IIA

IIA Approval Provess

Detailed Engineering and Procurement

Construction Phase

Transfer to Mining Phase at Agua Rica

1H14 2H14 1H15 2H15 1H16 2H161H11 2H11 1H12 2H12 1H13 2H13

Indicative Development Timeline

Injury-Free, Safe Work Places

Leadership in Environmental Performance

Reputation for Social Responsibility

Realization of the full potential of our people

Supported by Sustainable Development

Minera Alumbrera Safety Performance

Strategic Objectives focusing on Sustainable Development

8,22

6,29 6,81

3,95

2,47 1,54

0 1 2 3 4 5 6 7 8 9

2006 2007 2008 2009 2010 2011

Mill

ion

wor

ked

Hou

rs

Total recordable Injury Frequency Rate

Hualfin Vineyard and Winery School No 33 El Paso Amaicha Catamarca Maternity Hospital

Signed exclusive four year option for the acquisition of Agua Rica property

Opportunity to extend current Minera Alumbrera mine life by 25+ years

Close proximity to operating Minera Alumbrera facilities

Commencement of Feasibility Study – strong technical knowledge with Fluor

and Minera Alumbrera – strong social knowledge from

operating in area for 14 years

Leveraging opportunities

Option/investment decision targeted for H1 2013 with possible production in 2016

Conclusions

Minera Alumbrera Concentrator

Agua Rica Site and Exploration Camp

Questions?