May 2009

Mining Sector

• Total GDP Growth

• Mines and hydrocarbons GDP Growth

• Mining share as % of total GDP

Contribution of Mining Sectorto Colombian economy

2007

7,5%4,6%2,6%

2006

6,8%0,1%2,58%

2008*

2,5%10,1%2,5%

• Mining exports (Million US$)

• Mining exports as % of total exports

• Mining Foreign direct investment (Million US$)

• Mining Royalties (Million US$)

US$ 6,34621,1%

US$ 1,047

US$ 469

US$ 5,20821,3%

US$ 1,783

US$ 369

US$ 5,77820%

US$1,657

US$ 645**

* Oficial inforrmation a 3Q -2008. % Growth

** 2008

Colombian Mining Facts

Colombia, a Mineral big player, number 8 in coal production, 21st position in

Gold

With a great potential for new projects, important Coal Reserves Ton 17 billion and Ton 7 billion measured

Coal current production: only 73.5 M Ton, less than 1% of the measured reserves

Colombia is exporting over US$ 6 Billion in Minerals with a 23% CAGR 2007/2000

In 2007 FDI in mining sector was over four times greater than in 2001

With a 30% expected growth production, current projects are enjoying the Colombian potential

Established openness, and understanding process, contractual terms are well defined

Some companies that are delighting this opportunity

Main Exploration Projects

New infrastructure projects to support the operations

Colombia, a Mineral big playerNumber 8 in coal production, 21st position in Gold

100

150

200

250

300

Kilograms (.000)

Gold Production

CountryMMTn(2007)

China 2.549 Mt

United States 981 Mt

India 452 Mt

Australia 323 Mt

Coal Production

15.4

Source: World Coal Institute, British Geological Survey

0

50

100

South AfricaCh

ina

Australia

United States Peru

Russia

Cana

daIndone

siaUz

bekis

tan

Ghan

a

Papua Ne

w Guin

ea Mali

Arge

ntinaCh

ileBrazil

Tanz

ania

Philip

pinesMexico

Mon

golia

Guine

aCo

lombia

Australia 323 Mt

South Africa 244 Mt

Russia 241 Mt

Indonesia 231 Mt

Poland 90 Mt

Kazakhstan 83 Mt

Colombia 72Mt

73,5 Mt in2008

With a great potential for new projectsImportant Coal Reserves Ton 17

billion and Ton 7 billion measured

Coal current production: only 73,5 M Ton, less than 1% of the measured

reserves.

Cerrejón

CerromatosoDrummond

Glencore

Coal: 73,5 Mtons (2008, + 4,9%)Cerrejón (Companie): 31,9Mt (2007)Drummond: 21,3 Mt (2007)Glencore: 10 Mt (2007)Boyacá (Region)2.2 Mt (2007)Cundinamarca (Region) 2.4 Mt (2007)

Norte de Santander (Region) 2 Mt (2007)

Nickel: 41,6 Ktons. ( - 15,6%)

Norte de Santander

Source: Asomineros- Upme

MinerosNickel: 41,6 Ktons. ( - 15,6%)

Gold: 15482 kg.

Sandstone for cement: 13,2 Mt.

Emeralds: 2,1 Mkilates.

Boyacá

Cundinamarca

Colombia is exporting over US$ 6 Billion in Minerals with a 23% CAGR 2007/2000

2.000

4.000

6.000

8.000

USD M

ILLION

Source: UPME

0

2.000

USD M

ILLION

OTHER METALS 241 50 75 132 204 378 589 706

GOLD 91 55 94 585 561 517 281 332

EMERALDS 97 89 92 80 74 72 90 126

NICKEL 211 235 272 416 628 738 1.107 1.680

COAL 861 1.179 991 1.422 1.859 2.598 2.913 3.495

2000 2001 2002 2003 2004 2005 2006 2007

1044,5 915,3 905,41741,3

3281,83777,5

4433

3.102,6

4442,5

2000

3000

4000

5000

FOREIGN DIRECT INVESTMENT FLOWS IN THE MINING

SECTOR (2001 - IIIQ 2008) (US$MILLION)

In 2007 FDI in mining sector was over four times greater than in 2001

1044,5 915,3 905,41741,3

0

1000

2000

2001 2002 2003(pr) 2004(p) 2005(p) 2006(p) 2007(p) 2007(p) III Q 2008 (p) III Q

Source: Central Bank (Banco de la República)

Zone 2007 MT 2010MT

With a 30% expected growth production Current projects are enjoying the Colombian

potential

31.3

32,9

6.6

Guajira (Cerrejón)

Cesar (Dmd., G/core, Coalcorp)

Other Regions

40

57

5

ThermalCoal

Source: Ministry of Mines and Energy

Total Production (Pr) 71 102

CerromatosoNickel

112.74 108.2 113.7Nickel

2006 2007 2008Million Million MillionPounds Pounds Pounds

Some companies that are delighting this opportunity

Company Principal

Domicile

Anglogold Ashanti Ltd South Africa

B2Gold Corp Canada

Glencore AG Switzerland

Greystar Resources Ltd. Canada

Colombia Goldfields Ltd. Canada

Mineros S.A. Colombia

Barrick Gold Ltd. Canada

BHP Billiton Inc Australia

Cambridge Mineral Resources PLC UK

Vale Brazil

Aprox. U$ 155’000.000

Vale Brazil

Votorantim Brazil

Continental Gold Ltd. USA

Ventana Gold Corp Canada

Mega Uranium Ltd. Canada

Caribean Copper and Gold Inc. Canada

Anglo American PLC UK

Grupo de Bullet S.A. USA

Rio Tinto PLC. UK

Windy Knob Resources Ltd. Australia

Frontier Pacific Mining Corporation Canada

Galway Resources Ltd Canada

Source: Ministry of Mines and Energy

Main Exploration Projects I / II

Project: La YPlace: Antioquia (Zaragoza)Company: Mineros S.A.Mineral: Gold (underground)Proved Reserves: 300.000 ozDate Production: 02/09

Project: Río de OroPlace: Norte de Santander Companies: Geominas y othersMineral: Thermal CoalInferred Reserves: 320 mill tonMeasured Reserves: 60 mill tonProject: Marmato

Place: Caldas

Project: San JorgePlace: CórdobaCompany: BHP BillitonMineral: Coal Solicitude by Ingeominas

Place: Caldas Company: Colombia GolfieldsMineral: Gold (vetillas)Inferred Reserves: 2.5 mill ozDrillings: 32.000 ml

Project: GramalotePlace: Antioquia Company: B2Gold-AGAMineral: Gold (vetillas)Inferred Reserves: 2.5 mill. OzDrillings: 320.000 ml - 450 ml deep.

Project: QuebradonaPlace: Antioquia Companie: AGA – B2GoldMineral: Gold (diseminado)Inferred Reserves: 1.5 a 2 mill ozDrillings: 6.000 ml to 300 ml. deep

Main Exploration Projects II / II

Project: AcandiPlace: ChocoCompany: Anglo American Colombia Exploration.

Mineral: sulfuros polimetálicos

Solicitude by Ingeominas

Project: AngusturaPlace: Santander Companies: Greystar ResourcesMineral: Thermal CoalInferred & Indicated Reserves: 7 mill oz

Project: Pantanos Place: Artioquia

Project: La ColosaPlace: Tolima

Company: Anglo Gold Ashanti

Mineral: Gold porfidoInferred Reserves : > 10 mill oz

Inferred Reserves: 6 mill oz

Drillings: > 200.000 ml

Place: ArtioquiaCompany: Carbones de la Loma

Mineral: sulfuros olimetálicos

Solicitude by Ingeominas

Project: MocoaPlace: PutumayoCompany: B2GoldMineral: cooper and molibdenoDrillings: 5000 ml

Project: TarairaPlace: VaupesCompanie: Cosigo-Frontier Mining CorporationMineral: Gold (y concentraciones) Solicitude by Ingeominas

Project: MirafloresPlace: RisaraldaCompany: B2GoldMineral: Gold vetaInferred Reserves: 0.8 mill oz

Chiriguana

Gamarra

Puerto wilches

CIENAGA

Coal Corridor

Magdalena- Caribe Corridor

Altiplano Cundiboyacense Corridor

B/QUILLA

RAILROAD PROJECTSRAILROAD PROJECTS

PORTSPORTS

New infrastructure projects to support the operations

La Caro

Bogotá

Buenaventura

Medellin

Cali

Zazal

Bolombolo

La Felisa

La Tebaida

Neiva

Puerto Berrio

Carare

Envigado

Villa vieja

Espinal

Dorada

Cartago

Belencito

Lenguazaque

Altiplano Cundiboyacense Corridor

Carare Corridor

Pacific Corridor

Source: Transport Ministry

Established openness, and understanding

process:Contractual terms are well defined

Ministry of Mines & Energy, MME (www.minminas.gov.co)

Colombian Institute of Geology and Mining, Ingeominas (www.ingeominas.gov.co)

Related entities in Mining Industry

Planing Unit of Mining and Energy, UPME (www.upme.gov.co)

Asomineros Chamber - ANDI (www.andi.com.co)