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はじめに

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クォータリー・レビュー

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+(,) Ⅰ．ベースメタルの国際市況と需給動向 $$$$$$$$$$$$$$$$$$$$$$$ 1 1!@ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1 2!5 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 4 3_{!45 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 7} 4_{!0/-3 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$10} Ⅱ．世界の主要生産者の動向 $$$$$$$$$$$$$$$$$$$$$$$$$$$$12 1!@68*?: $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$12 2!4568*?: $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$13 3!0/-368*?: $$$$$$$$$$$$$$$$$$$$$$$$$$$$$14 Ⅲ．主要企業の２００８年第２四半期動向レビュー$$$$$$$$$$$$$$$$$$$$$15 "

1_{!Corporacion Nacional del Cobre de Chile%CODELCO& $$$$$$$$$$$$$$15}

2!BHP Billiton $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$17

"

3!Grupo Mexico%GM& $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$22

4!Rio Tinto $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$24

5!Freeport-McMoRan Copper & Gold Inc.%FCX&$$$$$$$$$$$$$$$$$$$26

6!KGHM Polska Miedz!S.A.%KGHM& $$$$$$$$$$$$$$$$$$$$$$$$28 7!Antofagasta $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$29 8_{!Anglo American $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$31} 9_{!Barrick Gold $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$32} 10!Newmont $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$34 11!Teck Cominco $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$36 12!Pe∼_{noles $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$38} 13!PT Antam $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$40

14!Companhia Vale do Rio Doce%Vale& $$$$$$$$$$$$$$$$$$$$$$$44

15!Xstrata $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$46

16_{!Glencore International AG $$$$$$$$$$$$$$$$$$$$$$$$$$49}

Ⅳ．その他企業の動向、主要国の生産統計 """"""""""""""""""""""54

1!%'#$ """"""""""""""""""""""""""""""""""54 2!(&#$ """"""""""""""""""""""""""""""""""81

Ⅰ．ベースメタルの国際市況と需給動向

１．銅

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WQL] 2007 ¬ 2008 ¬ _œ¬ ªp­ (%) Ÿœp ­(%) Q 1 Q 2 Q 3 Q 4 ¦¬v Q 1 Q 2 1 , 6_xv €‹˜Œº 400 415 394 392 1#600 381 413 795 -2.5 8.4 h˜Œº 360 365 358 348 1#431 360 359 719 -0.8 -0.4 ”®º 360 339 298 326 1#323 347 336 683 -2.3 -3.0 sY\`N 0 26 60 22 108 13 22 36 , , -T&O>…‰WQL]yrl=B=H¹27/F1ƒv©>¯42BƒG;/" ’¨$…‰WQL]yrl (2)s(1'6 x) WQL]”®º> 683.3 › t 8!œ¬ªp­ 2.3% |9;65"”®º¢ 1'5 f=…%=• u>a¤… 13.4% !b«´ 6.9% |!c³… 8.5% |!dUJR 1.9% |!e ¼ 19.2% |9; E!—nv927 2.3% |“25" *ts+ WQL]€š˜Œ> 794.5 › t 8!œ¬ªp­ 2.5% |9;65"¢ 3 fJ`UXMI> 17.8% !¢ 4 f„‘> 20.5% 9¡²8.651!ˆ¡˜Œ…=_MI1 2.1% |!¢ 2 f KVP> 0.2% |!¢ 5 f=W[&K^UWI> 17.4% |9;E—nv927 2.5% |“25" hWQL]˜Œ> 719.1 › t 8!œ¬ªp­ 0.8% |9;65"¢ 2 f¤…> 4.2% !¢ 5 f„‘> 15.4% 8.651!ˆ¡˜Œ…_MI> 3.6% |!¢ 3 f«´> 5.9% |!¢ 4 fK VP> 3.7% |8—nv927 0.8% |“25" *sY\`N+ sY\`N>!35.8 › t =ts¥k9;67/F" LME Š}>!4 xµ< 51 › t!5 xµ< 48 › t!6 xµ< 47 › t 9–g27/F" WQL]=s•u (£f$›t) (3) ‡~=z¦2(…‰WQL]yrl¸ž) …‰WQL]yrl=¸ž<CF9!WQL]”®º> 2007 ¬=¶ 1#300 › t 0D 2008 ¬ <> 1#470 › t @i3Fz†A"2007 ¬>œ¬0D|“251!2008 ¬<>—n§<m±3 F"m±={9;F=>¤…8=WQL]q?NS`^N;:=WQL]o·™°=i8. F" WQL]h˜Œ> 2007 ¬= 1#440 › t 0D 2008 ¬<>»Ž§<‚/^Z]= 1#540 › t <i3Fwj!2008 ¬=sY\`N> 70 › t =ts¥k9;Fz†A"

2007_Œ 2008_{Œ ~ŒŠb} '%( ~b '%( No. Q 1 Q 2 Q 3 Q 4 †Œg Q 1 Q 2 1 CODELCO 382 423 396 463 1,664 366 350 -11.1 -4.4 2 FCX 485 440 421 441 1,788 327 350 -26.8 6.9 3 BHP Billiton 358 342 308 348 1,356 329 391 2.9 18.8 _,1 4 Xstrata 449 538 987 220 224 -1.1 2.0 5 Rio Tinto 198 187 173 181 738 185 215 4.0 16.0 6 Anglo American 308 347 655 159 161 3.8 1.3 7 Grupo Mexico$ 172 159 138 126 595 128 117 -25.9 -8.3 8 KGHM 129 132 138 134 533 129 129 -1.2 0.1 _,2 9 Antofagasta 106 106 101 115 428 115 119 10.2 3.8 10 Kazakhmys 105 97 92 97 390 86 85 -15.3 -1.5 11 Norilsk 101 100 104 110 415 104 104 3.5 0 12 Teck Cominco 53 53 62 84 252 45 52 -8.5 15.6 13 Vale 77 68 64 74 283 73 76 2.8 4.1 14 Barric Gold 45 46 45 46 182 39 39 -14.3 0 15 Newmont 23 22 34 15 94 21 10 -31.1 -52.4 15_rg 2,612 2,554 2,517 2,234 10,358 2,326 2,422 -8.1 4.1 ,yƒ;a“ˆ9kmzn–6\rQ%RP%G9>A" ,)~ŒŠb*;—{6-@!\Œ: 1+6 hb”:]78A"

,Xstrata!Anglo American :€i94.5; 2007 ŒŽb:K%I/?‚w’e1pŽbBov15.A" ,1#BHP Billiton ;„fzn'SxEw(B_<

,2#KGHM ;„fO%H:

Ⅱ．世界の主要生産者の動向

１．銅企業の動向

t•‹zn`d 15 rBx715.A"

t•`d:zn‰j715;!1 W CODELCO ; CODELCO Norte!El Teniente 6:in9>@~ ŒŠb'1&6 h( 11.1% i6-32"2 W Freeport McMoRan'FCX(;PU%: Cerro Verde :€n0-32=::DVMNFC Grasberg 6:‘W‡Y9>Ain6 26.8% i6-32"3 W BHP Billiton ;!JT Escondida!lu Olympic Dam :€n9>@ 2.9% €6-32"4 W Xstrata ; 1.1% i ! 5 W Rio Tinto ; J T Escondida : € n 9 > @ 4.0% € ! 6 W Anglo

$

American; 3.8% €!7 W Grupo Mexico ; Cananea 6:HLSDE…bZ:Xc6 25.9% i!8 W KGHM ; 1.2% i!9 W Antofagasta ; Los Pelambres :€n9>@ 10.2% €!10 W Kazakhmys ; Kounrad!Zhezkazgan Complex 6:‘W‡Y!^[9>Ain6 15.3% i!11 W Norilsk ; 3.5%_{€!12 W Teck Cominco ; Highland Valley 6:in9>@ 8.5% i!13 W Vale ; 2.8%} €!14 W Barrick Gold ; Zaldivar :in9>@ 14.3% i!15 W Newmont ; Batu Hijau :in 9>@ 31.1% i7832"

t•‹kmzns:znq|

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2007 2008_x…ƒW‡ '%( xW‡ '%( o No. Q 1 Q 2 Q 3 Q 4 ~…Z Q 1 Q 2 1 Xstrata 377 359 736 183 198 1.0 8.4 1 2 Teck Cominco 167 176 190 165 698 175 171 0.9 -2.3 1 3 Zinifex 143 164 154 147 607 146 152 -2.6 3.8 1 4 Glencore _{+ + + +} 540 _{+ + + +} 2 5 Vedanta 121 134 143 135 533 138 138 8.2 0 1 6 Volcan _{+ + + +} 346 _{+ + + +} 2 7 Anglo American 169 175 343 83 88 1.5 6.4 1 8 Boliden 89 87 76 82 333 82 76 -10.1 -8.4 1 9 Votorantim _{+ + + +} 180 _{+ + + +} 2 10 Penoles& 50 48 50 46 194 46 46 -5.9 0.9 1 10_lZ 842 881 880 842 4,509 853 1.3 -100.0 }a 1,381 _{+ +} 2,950 669 922 15.2 37.9 3

o 1#SlJ$LI$E!2#Raw Material Data!3#adPNP\XR

,)x…ƒW‡*<u‡7-A!S…; 1+6 [WŠ;‡T89B"

,Xstrata!Anglo American <†WMK$H1/o6.9.2?!†WMK$H;si; 1%2 816`ZDgo16.B" =2!Glencore!Volcan <pc0‰Œ92?Sh†W;`Z:<U=C9."

,}a;tf<[Š;„;br|0‰Œ92?`Z|;>j16.B"

２．亜鉛企業の動向

nŽ9NPtfVY 10 l8}aDzq816.B"231!Glencore!Volcan!Votorantim :5.6<pc9G$F0‹/42"

nŽVY;tf‚^816<!1 O Xstrata <x…ƒW'1&6 [(‡ 1.0% y8942"2 O Teck Cominco_{< 0.9% y!3 O Zinifex < 2.6% ]!5 O Vedanta < Rampura-Agucha 7;yf:} @A 8.2% y8942"8 O Boliden < Tara 7;ˆO€Q:@A 10.1% ]7-42"10 O

&

Penoles< 5.9% ]7-42

nŽNP_etfm;tfkv

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2007_’ 2008_{’ …’e•} &%' …e• &%' | No. Q 1 Q 2 Q 3 Q 4 _Œ’i Q 1 Q 2 1 Norilsk Nickel 61 71 75 75 282 75 69 8.6 -7.7 1 2 Vale 61 62 55 69 247 61 69 5.7 13.1 1 3 BHP Billiton 46 48 39 44 176 43 43 -8.4 -0.9 1 4 Antam _{+ + + +} 110 _{+ + + +} 2 5 Xstrata 40 41 81 19 22 2.7 -8.8 1 6 Eramet _{+ + + +} 34 _{+ + + +} 1 7 Anglo American 13 13 26 5 5 -25.6 -27.6 1 J[$U 20 20 20 19 78 20 20 -1.5 0 3 ‹q 16 17 17 17 68 16 19 3.0 21.7 3 7_{w*2 q<i} 230 218 232 224 1,101 237 246 7.8 4.0 ₊

| 1#awY$ZX$L!2#Raw Material Data!3#qsSPK^kf`

,(…’e•)=š‚•8-B!a’< 1+6 je—<•b9:C" ,u”e—<oi=€‰0m–1D7.C@<<?c>D7.C" ,BHP Billiton =ŠhW$M<“– ３．ニッケル企業の動向 y™:SPK^tdg 7 w9J[$U!‹qE‡~927.C"342!Antam!Eramet ; 6.7=}r:Q$O0˜/53"

y™dg<tn927=!1 _ Norilsk Nickel = 2007 ’ 6 j< LionOre&p{!FV] I8t'<z‘;AB…’e&1%6 j'• 8.6% †!2 _ Vale = Voisey's Bay <†t;A B 5.7% †!3 _ BHP Billiton = Nickel West Ž<lt;AB 8.4% l8-53"5 _ Xstrata = 2.7%†!7 _ Anglo American =WTNH\< Loma de Niquel 8<MR\GJ;AB 25.6% l9 :53"

y™SPK^tx<tvƒ

ˆ_#„ t

Ⅲ．主要企業の２

０

０

８年第２四半期動向レビュー

$

１．Corporacion Nacional del Cobre de Chile（CODELCO）

#2008 î Q 2 > El Abra IÆ1 CODELCO ñÉ­?!Óîé‰ó 21.5% ¢> 26.1 { US$!à $y?Óîé‰ó 28.0% ¢> 7.2 { US$;<76"

#2008 î Q 2 >êδ&(El Abra ‡C)?!Óîé‰ó 17.3% ¢> 350 k t ;<76" #Pg[UhTW]? 2007 îÞî> 39.7*&lb /F 60.1*&lb =ÉÈ36"

(1)]b[RW

o»#emVLR]>׬#ƒò˖

#5 ž 19 ì= Gabriela Mistral(’ Gaby):Ä>êNX%^À" pø!¬³!Ï)Å>„Ü(¢´)œ‚

#Andina >„ܨ¸ Phase 1 ? 41% ÌÝ" #Radomio Tomic :%}¬emVLR]ƒµ" #Chuquicamata §ë±šI 2018 î=ƒµ;òô"

qˆ˜!¬³!ƒò¡yå>ð½ñ!JiKJnWÊù

#4 ž=Zj#`ZLlÕæ'0Û®Iúÿ3!Gaby ¬³>u÷¡y>Û® Minmetals ºA> ñ=8,9”Ž"

#5 ž=Zj°­²?!2007 î=|Ð2¿˜vI͌¤"5HE-þ46*ç™>ßIý¥; ²ß"

#fjd\nδ„Õ¸˜=Ú¼" rδ]idkÊù(¸£!W]å)

#2 Ÿ>¶û¸£+G(1 Ÿ Codelco Norte!1 Ÿ Ventanas)"¸£öã?¢Ç›¦" #5 ž>‹Òw0 El Teniente =x—IB3!Ԙ0u¹ÛØ"

#Andina @ Salvador =.,9 4 žÛÂ'5 žÄÂ!|п˜v>Sk%e=EHü(ᩎ ªè0òÎ3Ԙ0ÛØ" sKnci!Áƒòå #ZjÛz÷>¸˜Å:â(“‘`[RJ[e>6D>òâŠIlnYk" #Mehillones =.,9 LNG ¯OW}ein]> Ñƒµ" #òâï( 1.05 GW >€(òâÅ Ñ(ZjÖt¾)> EIA(†•x—õ~)IàÀ"䷅ 17 { US$"

#Codelco Norte ¸˜Å:M_kQ%“‘`[RJ[e>6D>Y%an 2 ŠI«í#ÑÙ"

2007 } 2008 }

v}X Q 1 Q 2 Q 3 Q 4 Q 1 Q 2

~ i \ Income from

ex-ploitation of own products 12,984 2,320 3,326 2,748 4,590 2,865 2,612

zS‰O Net profit 2,982 635 1,005 714 628 665 724

~i\‰OŠ'%( 22.9 27.3 30.2 25.9 13.6 23.2 27.7 u 1(~i\!zS‰O2 El Abra Z`4h* 2007 } 2008 } v}X Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 |Z 1,664 382 423 396 463 366 350 FIC>JZ 28.0 6.3 7.3 7.0 7.4 7.0 3.0 Z`†#og† _v}X 2007 } 2008 } Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 CODELCO Norte'100%( 896 192 225 224 255 184 197 Salvador'100%( 64 18 16 11 19 14 11 Andina'100%( 218 57 55 51 55 56 47 El Teniente'100%( 405 94 107 91 113 93 74 El Abra'49%( 81 21 20 19 21 19 21 7G=9H8;?')&lb( 39.7 28.0 31.1 42.6 39.7 41.4 60.1 u 1(na‹2WrfD%; u 2(Q 2 M[17G=9H8;?2Œq‚V u 3(El Abra 1na‹2 CODELCO 965 49% 

#t]-Te<E@%4R^+!l,/B:A;xR4m3" #2008 }0j„Te.c{QTe0 1 P US$yb4Yw" '2(_…kU 'sN$m US$( '3(nakU KdˆZa€1nakU 'sN$k t( Ldˆƒ‡Z`!pŽg1nakU 'sN$k t( −１６−

２．BHP Billiton

#2008 ­ Q 2'1_;«”‚¸'2_{<!ž™ Q 1 ¯ 19% ›\!ž™­ Q 2 ¯ 14% ›\8943"}

Olympic Dam_{x$SA ‹%7!WMC ˆ®Št!}y;”‚¸Hf½03"}

#j”‚¸'3_{<!ž™ Q 1 ¯ 18% q!ž™­ Q 2 ¯ 21% q8943"‰: Cannington} x$QL ‹%;x—²V;£Z,Wh03" #X”‚¸'4_{<!ž™ Q 1 ¯ 22% q!ž™­ Q 2 ¯ 15% q8943"Cannington x} $QL ‹%;x—²V;q8x—Ž¶¸£Z,Wh03" #UX”‚¸'5_{<!ž™ Q 1 ¯ 21% ›\!ž™­ Q 2 ¯ 11% ›\8943"Antamina ;x} —²Vu’8x— ;UX¯·,›\03/8,”‚¸›\:wo03" #JRT”‚¸'6_{<!ž™ Q 1 ¯ 3% ›\!ž™­ Q 2 ¯ 4% ›\8943"Olympic Dam x} $SA ‹%7;^Š·#¡Œl;“˜u’,”‚›\:wo06)F"Olympic Dam x $SA ‹%7< WMC ˆ®Št!}y;”‚¸Hf½03"

# P N M S ” ‚ ¸'7 _{< ! ž ™ Q 1 ¯ 1% q  ! ž ™ ­ Q 2 ¯ 12% q  8 9 4} 3"Ravensthorpe •»g=$WA ‹%Yaburu •»$QL ‹%;a¢:CE›‚03B ;;!Kalgoorlie –»:*.F¼;_šv†H`„03/8:CEq‚8943"_ š< 4 +n++Fp|?" #QTLTx—”‚¸<!ž™ Q 1 ¯ 11% ›\!ž™­ Q 2 ¯ 22% ›\8943"¬I;¨ ¹‘°¸ 10% KNO;Wh:B++GD1!¬I7<f½¥9”‚8943"GEMCO ${%7<!r€‡… ;a¢v†:CFYk:CE”‚¸,›\03" #QTLTzi”‚¸<!ž™ Q 1 ¯ 1% q!ž™­ Q 2 ¯7< 2% ›\8943" $±¦iœ;?f~%

'1%ªˆ;]m­©< 6 nµ¤7(F,!ˆ8;¯b;3Aº­:d5-B;80 4&6 neH Q 2 8 s>"

'2%•x ;iœ´¸8ŸiH(G23”‚¸

'3%•x ;iœ´¸$Olympic Dam x#•»;•»i!•»jHc@% '4%•x ;iœ´¸

'5%PNMSŸig=PNMSQNO ;iœ´¸$Nickel West% '6%•x ;JRTƒ[³¸

'7%Earnings before interest and tax

Τ%BHP Billiton Production Report for the year ended 30 June 2008, 18 August 2008

2007Ž 2008Ž ˆŽ H 1(1 H 2 H 1(2 ‘yk 50,899 25,360 25,539 33,934 ‹a›] 13,265 7,248 6,017 9,373 ‘yk›]œ&%' 26.06 28.58 23.56 27.62 „j“(3 1,173 575 598 308 (1 2006 Ž 7 g%2007 Ž 6 g6 12 +g–+; 2006 Ž 7 g%2006 Ž 12 g6 6 +g–?m\)/{† (2 2007 Ž 7 g%2008 Ž 6 g6 12 +g–+; 2007 Ž 7 g%2007 Ž 12 g6 6 +g–?m\)/{† (3 ~š?`:

vŠ'BHP Billiton Result for the Year ended 30 June 2008, 18 August 2008

BHP Billiton Result for the Half Year ended 31 December 2007, 6 February 2008 BHP Billiton Result for the Year ended 30 June 2007, 22 August 2007

BHP Billiton Result for the Half Year ended 31 December 2006, 7 February 2008

&1'LPKEH

#2008 Ž 6 g˜926 12 +g_27 13 js,q34<!*0 7 js27nk6|qž?b  ./"‚€ Q 1 ’27!4 js&@XTM!Œ!‰j~!SZCZj~',q341/" #2008 Ž 6 g˜926 12 +g_27!WA u6‰j~!GEMCO SZCZ#RYGBEL&—”w

u'!TEMCO SZCZ#lfRYGBEL&TAS u'!Illawarra h…c8 Hunter Valley  …&d5 NSW u'!Minerva CH&VIC u'!Worsley @XTM&WA u'!Escondida&J W'!Alumar @XTM}Ÿx&QVGX'!Samarco ‰j~&QVGX'!Samancor SZCZ# RYGBEL&@'!Cerrejon …&FYZO@'!Zamzama CH&NDHIZ'!

Paranam@XTM&HWMU'2->926b 34=|q341/"

#Olympic Dam jp&SA u'26AVZ|qž&}j‡6AVZr^•ž'7!WMC ti!n k6|qž?b ./"

vŠ'BHP Billiton Production Report for the year ended 30 June 2008, 18 August 2008

&2'o™ze

&ƒ[$m US$'

RUp 2007m 2008m hmP Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 lRc %k t&(1 805.5 190.7 196.9 194.5 211.8 190.7 221.0 lfN %k t&(2 550.1 138.2 145.2 113.3 136.3 138.2 169.7 HRc %t&(3 258,234 67,885 62,726 61,521 70,544 67,885 53,176 FHRc %t&(1 139,974 35,970 39,148 37,259 27,807 35,970 43,454 N %t&(3 5.7 1.1 1.6 1.3 1.4 1.2 1.2 %oz&(3 182,374 36,216 52,443 40,313 45,714 37,515 38,424 O %t&(3 1,420.8 349.0 361.6 346.0 370.3 349 287.3 %k oz&(3 45,679 11,221 11,625 11,124 11,905 11,221 9,236 .?C %U3O8t&(4 3,995 993 988 933 1,191 993 1,027 831A %k t&(5 175.8 43.0 47.7 38.6 43.7 43.0 42.6 >@:4CRc %t&(1 2,153 580 493 693 679 580 590 ;C0CRc %k t& 6,029 1,666 1,519 1,445 1,613 1,666 1,851 ;C0CSN %k t& 775 192 186 184 209 192 190 -A<7 %k t& 4,539 1,095 1,144 1,153 1,157 1,095 1,149 -A<8.= %k t& 1,340 318 334 337 338 318 305 iRc %k t&(6 102,884 28,419 25,941 26,001 27,916 28,419 29,924 Qwe %k t&(7 39,431 6,846 11,132 9,572 9,643 6,846 9,132 nwe %k t& 83,445 19,264 22,283 19,623 20,609 19,264 21,353 ctk %m boe&(8 118.69 32.73 30.47 30.34 30.20 32.73 36.23 (1&aRg)Nd]qx (2&/2$6

(3&aRg)Nd]qx%Olympic Dam RT"ay^)ayN!ayO,K+& (4&aRg).?CWIpx

(5&831AfNL*831A;35g)Nd]q%Nickel West& (6&Wet t%X\Zx5C&

(7&Go!nwe,K+ (8&boe#ctJV9BA

[j&BHP Billiton Production Report for the year ended 30 June 2008, 18 August 2008

RTs!by^s 2007m 2008m

hmP Q 1 Q 2 Q 3 Q 4 Q 1 Q 2

Escondida %l k t&(1 692.9 157.0 170.5 167.0 177.3 157.0 178.2

Escondida%l/2$6 k t& 137.1 30.1 37.7 30.9 30.3 30.1 40.3

Cerro Colorado_{%l/2$6 k t&} 98.8 28.7 20.3 23.1 27.3 28.7 27.3

Spence%l/2$6 k t& 129.3 41.6 37.7 23.9 34.2 41.6 43.0

Antamina %l k t&(1 107.4 24.1 26.4 27.5 29.3 24.1 30.8

Pinto Valley %l k t& 5.2 9.6 ' ' 5.2 9.6 12.0

Pinto Valley_{%l/2$6 k t&} 7.3 1.8 1.9 1.8 1.7 1.8 1.6

Olympic Dam_{%l/2$6 ER k t&} 165.1 32.9 44.1 30.6 40.2 32.9 53.2

Olympic Dam%l/2$6 EW k t& 12.5 3.1 3.5 3.0 2.6 3.1 4.4

Cannington %H t&(1 256,825 67,505 62,409 61,073 70,369 67,505 52,601 Antamina _{%H t&}(1 1,409 380 317 448 175 380 575 Cannington_{%FH t&}(1 56,440 13,735 11,355 14,503 15,487 13,735 17,244 %3&`U_M DYvRUp)`U_M EYvruRT!by^)`U_M −１９−

Antamina $;= t%'1 83,534 22,235 27,793 22,756 12,320 22,235 26,210 Escondida _{$@ t%}'1 2.8 0.5 0.7 0.7 0.7 0.5 0.5 $@ oz%'1 89,567 17,660 23,754 23,194 21,376 17,660 17,501 Olympic Dam $@ t%'2 2.9 0.6 0.9 0.5 0.8 0.6 0.6 $@ oz%'2 92,807 18,555 28,689 17,119 24,338 18,555 20,505 Escondida _{$A t%}'1 121.4 24.6 30.8 34.7 27.3 24.6 25.5 $A koz%'1 3,903 790 990 1,116 877 790 821 Antamina $A t%'1 105.5 25 29.1 32.8 20.3 25.0 30.9 $A koz%'1 3,391 803 934 1,056 652 803 994 Cannington _{$A t%}'1 1,165.4 293 293.2 272.4 314.9 293.0 223.4 $A koz%'1 37,469 9,421 9,426 8,759 10,124 9,421 7,181 Olympic Dam$A t%'1,'3 28.1 5.3 8.6 6.0 7.4 5.3 5.6 $A koz%'1,'3 903 169 275 193 239 169 179

Pinto Valley_{$A t%}'1 0.4 1.2 _{& &} 0.4 1.2 1.9

$A koz%'1 13.3 _{& & &} 13.3 38.4 61.7

Olympic Dam$U3O8t%'4 3,995 993 988 933 1,191 993 1,027 Antamina $Mo t%'1 2,153 580 493 693 679 580 590 CMSA $30.9 k t%'5 49.4 7.8 12.7 12.5 11.4 7.8 10.1 Yabulu_{$30.9 k t%}'5 28.8 6.2 9.3 5.5 6.0 6.2 10.3 Nickel West$30.9 k t%'5 97.6 29.0 25.7 20.6 26.3 29 22.1 Yabulu $Co k t%'5 1.8 0.3 0.5 0.5 0.4 0.3 0.5 Worsley$+962 k t% 3,031 712 768 784 771 712 768 Paranam_{$+962 k t%} 980 247 243 244 252 247 240 Alumar $+962 k t% 528 136 133 125 134 136 141 Hillside$+963,7 k t% 709 167 177 178 180 167 170 Bayside$+963,7 k t% 190 44 47 48 47 44 29 Alumar_{$+963,7 k t%} 176 45 44 44 44 45 45 Mozal$+963,7 k t% 265 65 66 67 67 62 61 Mt. Newman JV$TDM k t% 30,427 7,265 7,665 7,904 8,147 7,265 7,013 Goldsworthy JV$TDM k t% 641 386 195 134 170 386 251 Area C JV_{$TDM k t%} 21,321 7,114 5,078 4,916 6,474 7,114 8,626 Yandi JV $TDM k t% 37,531 10.061 9,661 9,823 9,770 10.061 10,622 Jimblebar$TDM k t% 4,923 1,660 1,341 1,157 1,248 1,660 1,054 Samarco $TDM k t% 8,041 1,933 2,001 2,067 2,107 1,933 2,357 W+GV$5:-:DM k t%'6 2,544 877 631 572 709 877 882 FIGV$5:-:DM k t%'6 3,485 789 888 873 904 789 969 W+GV$5:-:E@ k t%'6 533 125 137 123 141 125 124 FIGV$5:-:E@ k t%'6 242 67 49 61 68 67 66 BMA _{$C[P k t%} 25,975 4,232 7,442 5,917 6,138 4,232 6,508 BHP Mitsui Coal_{$C[P k t%}'7 6,094 847 2,047 1,454 1,526 847 1,306 Illawarra$C[P k t% 7,362 1,767 1,643 2,201 1,979 1,767 1,318 W+GV $X[P k t% 48,442 11,129 12,596 11,706 11,277 11,129 10,960 FIGV $X[P k t% 11,218 2,965 2,610 2,918 2,959 2,965 2,934 '1%LDR(@OKZ\ '2%@Q@ '3%AQ@ '4%LDR(,8:H>Y\ '5%30.9LD!Q@?*30.9501R(@OKZ\ '6%100% 4#/$BHP Billiton (B<) 60%% '7%100% 4#/$BHP Billiton (B<) 80%%

JU%BHP Billiton Production Report for the year Ended 30 June 2008, 23 July 2008

S%k"N

ZgNBGSÒ '‚l!ˆ( †– oÈÉ *1 'm US)( £o £ÇØ*2 ¢·¡x Alumar ¤Úœpµ '36%!YcNe( @e_U 725 2009Æ_{Q 2} @e_U_{200 Ñ t&Æ} #OINb%e5Ԏ9ƒ¸³" #ChNV@dhH9s×!’‹ ¶¯9š¶" #§9 60% s×" #ZgNBGS9 80% s× Worsley ¤Úœpµ '86%!WA —( @e_U 1,900 2011Æ H 1 @e_U 110 Ñ t&Æ #2008 Æ 5 € 1 Ä7žÅ?ÈÌ" #ChNV@dhH5’‹¶¯” ‘³"›v…“?o Cliff '100%!WA —( VRIe 139 2008Æ H 1 VRIe†¦ 360,000 t&Æ #Ԏ5OINb%e9~nº >" #2008 Æ 6 € 30 Ä7Š{o" #²Ìw:j̈́…“9 2008 Æ 10 €;4}«”‘" Rapid Growth 4 'RGP 4( '86.2%!WA —( ¼†¦ 1,850 2010Æ_{H 1} ¼†¦_{26 m t&ƹm} #OINb%e!ÉÕ5<~nº >'‡—Te#[%O(" #ChNV@dhH8¢·9 85% i " #§Œy8¢·9!40% i " Samarco ® 3 \f RS#ZchS '50%!YcNe( ¼†¦ 590 2008Æ H 1 ¼†¦ 7.6 m t& Æ ¹ m #2008 Æ 4 €7›£" #\fRS#ZchS9~nº> k¾³"¨†‘§?Ö2 .³" Gemco ZgNBGS '60%!Ð͙—( ^hEh 110 2009Æ_{H 1} ^hEh¤†_{1 m t&ƹm} #OINb%e!ÉÕ5<~nº >" #§…“”‘³" #’‹¶¯9š¶7”‘³" #ZgNBGS9 41% s× *1(‚l©¿Î *2(100% [%O ´(m$ËÑ

˜½(BHP Billiton Quarterly Report on Exploration and Development Activities Quarter ended 30 June 2008, 23 July 2008 '4(oÈ'ʼzª( '5(°‰ #¸rw:NbV@°‰uy58»|7=>!°‰?”‘"2008 Æ Q 2 ;48 12 ,€t8 BHP Billiton 8°†˜q'¦Ó9-(9 547 m US$4+31" #•6­Ÿ†–#­Ÿˆ À $‡—!Qd!DRC JhK VRIe $‡—!gM@!JghW@!@XdD ¼†¦#¦±#Ù#]%FLAS$‡—!ÃÏ!gM@!¥@XdD ¬ PAa`hT›v°†$DRC JhK

˜½(BHP Billiton Quarterly Report on Exploration and Development Activities Quarter ended 30 June 2008, 23 July 2008

'6(08¬ #Á76/

2007 Ä 2008 Ä

·Äƒ Q 1 Q 2 Q 3 Q 4 Q 1 Q 2

ǦŽ Sales 7,087.3 1,575.4 2,088.9 1,865.3 1,557.7 1,736.1 1,758.2

½y¯i Net Income 1,668.7 437.9 524.8 498.9 207.1 452.6 451.7

ǦŽÛiÜ 23.5% 27.8% 25.1% 26.7% 13.3% 26.1% 25.7% ¬¼›t(*) 639.2 127.6 130.1 169.5 212 97.7 172.1 (*)´Ì>B-°>¼›tKwD¬t 2007 Ä 2008 Ä ·Äƒ Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 ¿ (k t) 593.5 171.6 159.2 136.8 125.9 127.9 117.3  (t) 473.7 140.1 131.5 107.4 94.7 96.1 95.8 € (kg) 703.0 235.0 204.0 145.0 119.0 127.0 112.0 ]^YVa (k t) 16.21 3.68 3.88 4.39 4.26 3.92 3.90 bk (k t) 121.1 32.4 33.4 29.3 26 24.8 27.6 k (k t) 19.4 4.5 4.9 4.9 5.1 5.2 5.3 % ３．Grupo Mexico（GM） #2008 Ä Q 2 >ǦŽ!¢i?!Cananea ¿–>TW>¶ym=FH¿©—à?ˆ—;< H!r&ªÄ¾yË 15.8% ˆ> 17.58 l US$!13.9% ˆ> 4.517 l US$=ÝC76" #Cananea ¿–>TW?o„54!1G=¶ym>Ù­"

(1)WXUPT

#2008 Ä Q 2 >ǦŽ? 1,758,211 k US$(ªÄ¾yË 15.8% ˆ)!¢i? 451,684 k US$(¾ 13.9% ˆ);<H!Cananea ¿–>TW¶ym=FI¿ˆ—>ch~.‡“m"

#Asarco ?e«;29ϏŗҲ 11 §=x8/n‹© ®>»¦=+I"Asarco Ö gn?͐Ðv>6E>›—Ç{K¥Ã26.!GM ?0J=ʱ29,I"Ϗŗ’É£ ? Asarco >Æ°º<‘†•¹¡y‰K 2008 Ä 11 … 17 ÁC:j¶3IfÑ!GM =Àœ> ¾‘†•K¹¡3I0;KÃE6"

#\ORQ> El Arco(N_#L_Q)¿Z`SMPW> FS ? 2008 ÄÓ=uÞظ!qÈÌ? 18 l US$;š˜1J9,I"

#[_'> Toquepara |@ Cuajone ß¿–>sµZ`SMPWA>¼›Kq™2!ªž 56.1 m US$!Šž 31.6 m US$>zpáŒÂ‚×=¤Õ"

(2)”Ô¨}

(³d$m US$₎

(3)©—¨}(ŸÚ—Î)

&4',/W

#GM /SpP0!MM 3!SCC 2 /B 5 +P"

#[^fmL=M ITM /O<0!U@ 30.2 m US$!\@ 57.5 m US$.;ZN<2>i" &JG'GM /VQ&& '_0 GM /D<co'

HAfm$AMC&100%'* SCC&75.1%'* MM&0.85%' ASARCO&100%'(gbKjRTX&2007 a 3 C 31 `EI') [^fm ITM&75%' * GFM&100%' * FERROMEX&74%'

FERROSUR&100%'

&Y'SCC&Southern Copper Co.'0!SPCC&Southern Peru Copper Co.'+1MlhF&2005.10.11 e'" m$dk

7:%!8354!69-?]X"MM /D</ 99.15% 2in"

2007{ 2008{ u{\ H 1 H 2 H 1 |j_ Sales revenue 33,518 13,930 19,588 30,005 wW‡Q Net earning 7,312 3,253 4,059 6,914 |j_‡Qˆ&%' 21.82% 23.35% 20.72% 23.04% Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 s^€ 570 72 122 154 222 159 242 2007{ 2008{ u{\ Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 z^ 737.9 198.1 186.5 172.5 180.8 185.2 214.9 zt[ 390.0 101.6 100.7 98.7 89.0 78.3 82.8 IKFCM^ 14.9 4.7 3.8 3.5 3.0 3.4 2.2 ４．Rio Tinto #z^m5ld‰)!e}WH%@1SYa_5 214.9 k t!n{yW~1 15.2% p &1'DEB>@

#Kintyre =JM^i&`'< 495 m US$1|X<]v,-"+;6!Rio Tinto ?L%Goq5 …fd|XU 150 R US$5\T4V/*751(:" #z^mld‰)n{yW~1 15.2% p5 214.9 k t 239!e}WH%@16SYa_5ld ‰23.-"g3†P2,06!Escondida zc5K%AM?^5pdx48:751(:" &2'b„kZ &rO$m US$_' &3'ldkZ Ng†^d‚5ldkZ &rO$k t _hƒ' −２４−

OQm![rXm 2007h 2008h

chI Q 1 Q 2 Q 3 Q 4 Q 1 Q 2

Bingham Canyon&gO' 212.2 54.1 55.6 49.5 53.0 44.7 60.2

Escondida&gO' 421.6 111.5 105.2 101.2 103.8 117.2 128.1

Grasberg&gO' 28.4 5.8 5.6 7.5 9.4 6.5 7.1

Northparks&gO' 34.5 13.7 9.9 5.6 5.3 4.1 4.4

Palabora_&gO' 41.2 13.0 10.2 8.7 9.3 12.8 15.1

Kennecott Utah Copper

&SxEw g>?%@' 265.6 69.7 67.9 68.7 59.3 52.1 49.3 Escondida &SxEw g>?%@' 71.5 19.9 19.7 16.1 15.8 15.7 21 Palabora &SxEw g>?%@' 52.9 12 13.2 13.8 13.8 10.5 12.4 CUqkoOQ![rX4ZRYG &aD$k t _Wj' &4'.4_

#Bringham Canyon OQ3 MAP&Molybdenum Autoclave Process'T\4K\=Jd,!fT\ = 2010 h Q 3 )9^HFS,!2011 h3ABZR3`-;pd"+<38:!fOQ4OQ Vn*MP4 2020 h)9 2036 h62E5-/74Le=N01(;"

b'm$il!k$]

５．Freeport-McMoRan Copper & Gold（FCX） #Climax cfaZhš¥?Ê—®Jy¨" #‚Ôš¥µû;?ýҚ.ÑÙ>¸á2:ݚJ±«á" '1([_YPV iyò #üú®‰$Ǧñ/ 240 m lb'109 k t(&ð? Safford ë¥?ÊJ~,2!2007 ðþ-FÇ ¦Jy¨2:*H"Q 1 >@ 22 m lb'10 k t(!Q 2 >@ 24 m lb'11 k t(JǦ27"

#2007 ð 12 Ž!FCX @ú#CO ¶ Leadville ? Climax cfaZhš¥?¡yŒxJòõ27"5 r

US$Jé3:1ç‹_Y[!̚ÀJÊ2!2010 ð?Ǧy¨JŒx'ð¦ 3 Ëÿ lb'14 k t((

2:*H"2008 ð Q 1 >yò?7E?²897…v@³ì2:,G!Q 2 >Ê—®>à´27" #îú®‰$El Abra ë¥'Xf(;@ل"+tš¼?yò>à´"§tš? SxEw -F+t

š? SxEw >ÈGØ+!ǦƒJ 10 ðk¿qä4H"+tš?Ǧ@ 2010 ð>y¨2! 2012ðk›@ 325 m lb'147 k t(&ðJǦ4H%å;)H"é­Ð|@ 4 r 5 Ëÿ US$J‘ žD"2008 ð 3 Ž>€†oˆöu…vJ³ì£C"

#Mh\]UL®‰$Grasberg ë¥;@¢‹ù?Âùt>ó*ǦSV[.¿½4H0<-F 1ç‹-F•í‹Am™4H7E?—®JÃE:*H"B7!0É4H DOZ'Deep Ore Zone(š ¼-F?͚Ǧ@ 50 k t -F Q 2 >@ 66 k t&ïB;ÛÆ27"2010 ðB;> 80 k t&ï>ч 4H%å;)H"Big Gossan š¼@!2011 ð>@ 7 k t&ï?͚ǦJŒx2:*H" #L`fN®‰$DRC ShT#NWhO¶; Tenke Fungurume ë#S^g[š¥yò'º$p

57.75%(J´}/H"ÚnÞz<2:ýҚ. 1 r t'÷l Cu 2.3%!Co 0.3%(Jyòá" Ǧy¨@ 2009 ð H 2 J%å"ê!@œ÷lù'÷l Cu 4.6%!Co 0.4%(J×¾>!ð¦ë 250 m lb'113 k t(!S^g[ 18 m lb'8 k t(?ÖÄ;ω4H.!Š*»'?{ÙJ#©2 :*H"魌x|@ 2007 ð 10 Ž? 9 r US$-F 2008 ð 4 Ž>@ 17 r 5 Ëÿ US$>{Ù2 7"é­|? 70% J FCX .øÜ4H"2008 ð 6 Žþ”¤?ª¹|@ 7 r US$"”Á!ShPf%[ ?ÕÊ!WhP?Êß!˜Ó&æ?ÎC*:!Mh`e—®.ÃK;*H" jݚ ‚Ôš¥µû;?ýҚ.ÑÙ>¸á2:ݚJ±«á;)H"2008 ð?ݚô@ 2 r 4 Ëÿ US$J‘žK;,G!Q 1 ·,¯è;?ð‘ž| 1 r 8 Ëÿ US$>×2 6 Ëÿ US$?Ñ< =9:*H"0IB;?ݚ?w!üú;@ Morenci!Bagdad!Sierrita!îú;@ Cerro

Verde!L`fN;@ Tenke Fungurume

>,*:!5I6IýҚ.ÑÙ?vñÅJ°Ÿ4H-–=wJì:*H"B7!üú!Safford ë¥-F 6.4 km )I7 Lone Star 뚼JW%RY [>b%fhQã J±«á;)H"1F>!Mh\]UL;@ Deep Grasberg
Kucing Liar

Complex_{?{⬒!Ertsberg East Grasberg š¥;?Mh`eV[ePXd#[h]gJ(}

&2:?š¼öu!Ertsberg1狡y?7E?Ertsberg pitsù?­“.öuJ±«á;)H"

2007_\ 2008_\ Y\? Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 ]NB #Revenues$ 16,939 2,246 5,443 5,066 4,184 5,672 5,441 :=h; #Operating income$ 6,555 1,172 2,354 1,877 1,152 2,396 2,053 Kh;

#Net income applicable to common stock$ 2,769 476 1,104 775 414 1,122 947

]NBh;i 16.30% 21.20% 20.30% 15.30% 9.90% 19.80% 17.40%

VA^

#Exploration and research expense$ 145 7 40 40 58 52 80

AJ AE _{Y\? Q 1} 2007_{Q 2}\ _{Q 3 Q 4 Q 1}2008\_{Q 2} Z #k t">SKb$ dc Morenci_#85%$& 312 72 83 85 72 66 70 Bagdad 92 19 23 26 23 24 24 Sierrita 68 17 16 19 17 19 22 Chino 86 19 20 22 25 20 21 Tyrone 23 6 5 5 6 7 7 Miami 9 1 3 3 2 2 2 Tohono 1 % % % % % % Safford % % % % % 10 11 ),T 8 3 2 1 2 1 % M? 599 137 152 162 148 148 159 [c Cerro Verde_#53.56%$ 269 51 64 78 77 75 81

Candelaria/Ojos del Salado_#80%$ 205 45 49 54 58 45 44

El Abra#51%$ 166 43 40 40 43 39 42 M? 641 139 153 171 177 160 167 08341/ Grasberg#90.64%$& 522 212 135 80 94 91 101 W? 1,762 488 440 413 420 399 427 TG@;b -296 -73 -72 -74 -77 -72 -77 C? 1,466 415 368 339 343 327 350 > #t$ dc 1 0 0 0 0 0 0 [c#80%$ 4 1 1 1 1 1 1 08341/#90.64%$& 68 33 25 6 5 8 7 M? 72 34 26 7 6 9 8 TG@;b -7 -3 -3 -1 -1 -1 -1 C? 65 31 23 6 5 8 7 67528 #k t">SKb$ Henderson 18 5 5 5 4 4 5 dc#`Fa$& 14 3 4 4 3 4 3

Cerro Verde#53.56%$#`Fa$ % % % % % % %

C? 32 8 8 8 8 8 8 &JV RI,@;b.L(*PFj+'-X$m"_e!k"Q #2$DfO< #U9"m US$_$ #3$HgAFa,PFO< −２７−

2007_‚ 2008_‚

z‚_ Q 1 Q 2 Q 3 Q 4 Q 1 Q 2

ƒjc Sales 12,183,113 2,643,492 3,216,585 3,410,701 2,912,335 3,002,314 3,028,621

|W‘Q

Profit for the period 3,798,826 914,265 906,980 1,162,901 791,680 982,196 832,494

ƒjc‘Q’'%( 31.20% 34.60% 28.90% 34.10% 27.20% 32.70% 27.50% ub† ) ) ) ) ) ) ) *ub†9ˆ 2007_‚ 2008_‚ z‚_ Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 €v] 532,974 128,592 132,474 138,247 133,661 128,947 129,000 ^ 1,215 322 286 308 299 292 308 % ６．KGHM Polsaka Miedz （KGHM） #2008 ‚ Q 2 8ƒjc9!€„ƒ”8ah}7>@n‚~W… 6% a8 3,029 m PLN"|W‘ Q9!€„ƒ”8ah}7>@!n‚~W… 11% a8 832 m PLN 5621" '1(IKHEG #2008 ‚ Q 2 8le”9!{X€. 129 k t'T‰-?8xs`“ 25 k t BV;(!^. 308 t 4 +21"

#ƒjc9!r US$Œ\M&I 2.18 PLN/US$'n‚~W 2.29 PLN/US$(5 PLN c56@!€„ƒ ”. 133 k t 5ah'n‚~W 144 k t(/!:1!€8Œ\ LME RU. 8,448 US$/t'n‚~ W 7,637 US$/t(!^8Œ\ LBM RU. 17.18 US$/oz'n‚~W 13.33 US$/oz(5ji/1< 88€„ƒ”8ah8PZ7>@!n‚~W… 6% a5621" #o[FGI'Operating Costs(9!1.975 m PLN 4!n‚~W… 5% p'95 m PLN p(562 1"CJLD&FGI8ji=y]ji7>AFGI8pS}.`O5623,A" '2(dŽkY 'tN$k PLN( '3(lekY 1(fbeŠ8lekY 'tN$t _g‹( '4(08q #76/ w(m$‡!k$m −２８−

７．Antofagasta

#2008 Ú Q 2 :Mf%_:×·œô; 119,000 t 6ûÚÕ}à 12.3% ¿!2008 Ú H 1 :× ·œô; 233,600 t 6ûÚÕ}à 10.2% ¿7832"

#Los Pelambres •›:be^Wi·œô; 2,000 t 6ûÚÕ}à 4.8% ‘!2008 Ú H 1 : be^Wi·œô; 3,800 t 6ûÚÕ}à 22.4% ‘7832+!.B;¤705be^ Wiâl:Îp9?A"

#Mf%_: 2008 Ú H 1 :JcVOdNQX; 72.2)&lb 6ûÚÕ}: 30.3)&lb ?@ Å,-­¬02+!.B;’®NQX'HZfK%!òÓ(­¬7[F_hLgPVX :Îp'be^Wi·œô:Îp(9?A"

'1(X]VLQ

j¤í_hPGLX:Ǖ#wÞ¯„Ç•

#Esperanza _hPGLX'UeÆⅡ¦($2010 Ú Q 4 9·œwŸêÏ"2008 Ú 6 9 EIA'zƒ n…áq(:«ÙDØA"ÝÐ;‹t?@½*±Ë6!º™†; 2,000 è³6±E6*A" #‚9 2008 Ú 2 9wŸ02 Reko Diq _hPGLX'\JQSi(7 Antucoya _hPGLX

'UeÆⅡ¦(: F/S ;‹tÍ@±Ë0!2009 Ú H 1 =69§óêÏ" kæ镛!¸õª:xÊ'‘œ(‹t

#Los Pelambres •›'UeÆⅣ¦($

ûÚÕ}à6×·œô; 19.8% ¿!be^Wi·œô; 22.4% ‘"

•¹¨ïëô:xʋt+«Ù/B!SAG `f 3 Ä!Ball `f 6 ÄDÌr0!2010 Ú?@ 15 Ú{9C2@çÚ× 90,000 t =6¿œsÛ91A"Ñ¡y; 10 o US$"

2008 Ú 7 9Ue²Ö‡+ޔ02²î:¶Ò´D˜ßª+Ù>!Mauro Ü÷Taº “¢ŠÀ:s+–@2"Ȑ£7:öu+µñ05*8* 1 Ž94*5;!Mauro Ü÷Ta :¼†D‰ 02 2007 Ú:—©:ŒÏDãä70!˜ßª9m~°0ñ5É"|Á: Quil-layes Ü÷Ta:žì; 2009 Ú©Ô=6sÛ"

#El Tesoro •›'UeÆⅡ¦($ûÚÕ}à6×IR%Y·œô; 2.2% ‘"•¹¨ïô:¿

r;åˆ×âl€<v¥ð:Îp9?@¾š/B2"

#Michilla •›'UeÆⅡ¦($ûÚÕ}à6×IR%Y·œô; 1.7% ‘"•¹¨ïô7×v

¥ð:¿r;åˆ×âl:Îp9?@¾š/B2"

2007_š 2008_š “šm H 1 H 2 H 1 œ„s Turnover 3,826.7 1,942.1 1,884.6 2,407.0 •h¬c Net earnings 1,382.1 728.4 653.7 792.8 œ„s¬c­'%( 36.1 37.5 34.7 32.9 rž Exploration 38.1 16.1 22.0 22.4 2007_š 2008_š “šm Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 —rŠ 'k t( 428.1 105.9 106.1 100.6 115.4 114.6 119.0 W\TQ^rŠ 'k t( 10.2 2.1 2.8 2.5 2.7 1.8 2.0 IXPLYKNR')&lb( 31.6 35.8 24.8 30.1 35.5 72.2 72.3 2007_š 2008_š “šm Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Los Pelambres'60%( 289.9 70.7 71.1 66.6 81.6 79.1 84.7 El Tesoro'100%( 93 23.6 23.2 22.5 23.7 23.9 22.7 Michilla'72.4%( 45.1 11.6 11.8 11.4 10.2 11.5 11.6 rx8LGE9 2008 š 6 npv agl!rx!foc–8›œi!E[FE^N…¤

$O\ŽⅢ‚KSEV”¥ 80 km 8 Rio Figueroa rU]MGJR8 30% ocD Metallica Re-sources Inc.8ze} Minera Metallica Resources Chile Ltda'*(.?@ 2.60 Ÿ§ US$4€ ˜"uqˆš7C2@ƒhr'7 Ÿ§ US$(!F/S!’dr'5 Ÿ§ US$(D|{/B:! ocD 70% <4Œ>0AHULZ^o=€˜"

+‘%Metallica Resources Inc.9!2008 š 3 n 31 ™ -4 Peak Gold Ltd.j; New Gold Inc.5t¢.!‡}©D New Gold Inc_{#'¦}%Vancouver(5.3,A"} '2(w¨†k 'b%m US$₍ '3(‰y†k _~«ry¡8‰y†k 'b%k t₍ `~«£ªrx8‰y†k 'b%k t₍ '4(18 6. ‘(m%Ÿ§!k%‹ −３０−

2007 ‹ 2008 ‹ ‚‹g H 1 H 2 H 1 Œvm Revenue 35,674 19,849 15,825 17,915 „c•[ 7,304 3,379 3,925 4,281 Œvm•[–&%' 20.47% 17.02% 24.80% 23.90% €l 157 55 102 98 2007 ‹ 2008 ‹ ‚‹g Q 1 Q 2 H 2 Q 1 Q 2 ˆlz &t' 655,000 146,387 161,913 346,700 159,000 161,000 NKGWlz &t' 25,600 6,462 6,438 12,700 4,600 5,000 Y\lz &t' 343,100 82,072 86,428 174,600 82,000 88,200 \lz &t' 62,100 16,903 13,497 31,700 17,100 14,700 f &t' 3.1 0.8 0.8 1.5 0.7 0.4 &oz' 99,000 26,800 24,600 47,600 23,700 14,100 f &t' 78 17.6 20.3 40.2 13.3 17.8 &oz' 2,508,800 565,100 652,300 1,291,100 428,600 572,500 PUHBT &t' 43.7 10.2 10.9 22.7 7.6 9.4 &oz' 1,406,200 326,800 349,300 730,100 245,800 300,800 XHBT &t' 10.4 2.4 2.7 5.3 1.8 1.8 &oz' 333,100 78,400 85,300 169,400 57,500 59,400 ８．Anglo American #ˆ!Y\!NKGW8yp˜9!{‹‡cŽ4/?0? 0.6% j!2.1% |!21.9% j #SUJM!PUHBT!XHBT8yp˜9!{‹‡cŽ/?0? 8.9% j!11.1% j! 27.8% j &1'LQKFI #2008 ‹8vc9!Œvm*{‹‡cŽ 9.7% j5621;88!ˆ]a8m†…7<=!„c •[*{‹‡cŽ 26.7% |5621" #2008 ‹ 4 h!ŠA#lDOWE%u7<=!ŠA7)+>‡r8.:38lei*kx,?1" #Barro Alto NKGWSXHCFL&RUHW'9!g^8 40% *b—-!2010 ‹ Q 1 7yp

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$Au"k oz% 1,085 287 285 232 281 234 262

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u |k}Z €mƒ‰ |kovb_{%m Rp&}

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Papandayan of Garut O$SW<€m 2,397 m 3+ 3,400

@QV Gembes Mountain _O$SW<€m 644 m₃₊ 1,000

@QWK Muara Manderas _{O$SW<€m 1,411 m 3+} 4,500

yAPER Bonjol _{}s€m 61 ha 3+} 51

yH>DW:R Sumbawa _{jZ}sam 7,590 ha 3+} 70

yAR78? Mao _{}s€m 280 ha 3+} 98

u |k}Z €mƒ‰ |kovb_{%m Rp&}

y9SPWBW Mempawah & Landak _<SCEDAELCE 2,700

Meliau _<SCEDAELCE 549

Munggu Pasir _<SCEDAELCE 662

Tayan _<SCEDAELCE 211

lˆcf kt PT Antam_i[%%& J$EF$ AD$@

PT Nusa Halmahera Minerals g 17.5 Newcrest Singapore Holding Pte Ltd xn

PT Cibaliung Sumber Daya g 5 Austindo Resources Corp. NL `…

PT Dairi Prima Minerals _\#X\ 20 Herald Resources _hz

PT Weda Bay Nickel _GC=T 10 Eramet_{%Weda Bay Minerals& MU F/S}

PT Gag Nickel _GC=T 25 BHP Asia Pacific Nickel Pty Ltd _{MU F/S}

PT Sorikmas Mining _g 25 Aberfoyle Pungkut Investment Pte Ltd _|k

PT Gorontalo Minerals _g 20 PT Bumi Resources _ep

PT Sumbawa Timur Mining _g 20 Aberfoyle Pungkut Investment Pte Ltd _ep

PT Pelsart Tambang Kencana _g 15 Pelsart International NL, Australia _`

%4&|k ‚d1|k†2!RDR6EGC=T!g!O$;>6E5{w0 486 ^ Rp 5ov,-") .GC=T|k‡2 289 ^ Rp!g2 156 ^ Rp!O$;>6E2 41 ^ Rp"|k}Z2r1/* 4" 'GC=T( 'g( 'O$;>6E( lˆqf2Y_1/*4" −４３−

2007 µ 2008 µ

¨µz Q 1 Q 2 Q 3 Q 4 Q 1 Q 2

¶•‚ Gross revenues 33,115 7,680 8,899 8,124 8,412 8,048 10,897

­mÄa Net income 11,825 2,217 4,095 2,940 2,573 2,012 5,009

¶•‚ÄaÆ&%' 35.7 28.9 46.0 36.2 30.6 25.0 46.0

¤¹&m US$' 241.3 _{( ( ( ( ( (}

１４．Companhia Vale do Rio Doce（Vale） ＊US GAAP に基づく

#2008 µ Q 2 :¶•‚;œµ¯m¸ 22.5% Ÿ: 10,897 m US$!`vÄa;œµ¯m¸ 19.5% Ÿ: 5,235 m US$!’Äa;œµ¯m¸ 22.3% }: 5,009 m US$78C!*2E@dtƒ‚ FqÍ03" #2008 µ Q 2 ;!ª›!X]OP!SOK\!²!G\YR®:¼Á6œµ¯m¸Ÿ‡7 843"ª›:™‡Ê;œµ¯m¸ 3.3% Ÿ: 76,196 k t!X]OP:™‡Ê;œµ¯ m¸ 2.7% Ÿ: 7,825 k t!²™‡Ê;œµ¯m¸ 11.8% Ÿ: 76 k t!SOK\™‡Ê;œ µ¯m¸ 9.5% Ÿ: 69 k t 6)43" &1'PUOJN #2008 µ Q 2 :ºªx ¼Á:¶•;!œµ¯m¸ 23.1% }: 3,579 m US$7843".E;S OK\:¾wbi-œµ¯m¸ 42.1% }78433?6)D"ºªx ¼Á:¶•:³!SO K\;œµ¯m¸ 41.5% }: 1,870 m US$!²;œµ¯m¸ 23.2% Ÿ: 621 m US$6)43" #2008 µ Q 2 ACV[M\ Para Ž9_¦1D Paragominas ¢ 2 G\YR†!Alunorte G\Y

R†:žvFfˆ03"=3!Ɂ†,B™‡/ED›F“Å1D3?!G\YRšÌ” :h§€‹FŒ‰03"

#2008 µ 5 {9 Carajas ª±9+*5!330 É:—pcF°´03".E9AC Carajas ª †:™‡˜:~•-m¡/ED" #SZ%I]QSG!Goro W^MHJP:„y‘»-kÈ!«o#neË:>Ç5€‹-ƒ ¥g7843"¯W^MHJP; 2008 µ¿9žvFfˆ1Dé6!µl™‡Ê;SOK \ 60,000 t!LT\P 4,600 t 6)D" #2008 µ Q 2 : R&D W^MHJP<:¬Šj;œµ¯m¸ 119% Ÿ: 267 m US$6)43".: ³!¤½Â<:¬Šj; 110 m US$!f·W^MHJP|s½Â<:¬Šj; 151 m US$!— prf·½Â<:¬Šj; 7 m US$6)43" &2'…À–u &£_$m US$_' −４４−

2007_Q 2008_Q NQD Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 OE 295,302 65,645 73,122 78,307 78,228 72,712 76,196 7>01 17,570 4,175 4,311 4,434 4,650 4,380 4,309 8@,@E 1,334 410 706 100 118 541 658 6)?&?' 542 131 144 130 137 132 128 &=92 4,254 978 995 1,123 1,158 1,058 1,063 &=93(: 550 136 137 138 139 132 136 P 283 77 68 64 74 73 76 +<(: 671 155 163 180 173 166 167 +*<@ 1,354 292 327 356 379 297 288 30-= 247 61 62 55 69 61 69 .4=1 #t$ 2,524 579 597 668 680 615 671 RC #t$ 4.4 0.9 1.2 1.3 0.9 1.1 1.3 #k oz$ 140 29 39 43 29 36 43 5;/(: #t$ 6.0 1.4 1.7 1.6 1.2 1.5 1.7 #k oz$ 192 45 55 52 40 48 54 C #t$ 2.3 0.6 0.7 0.7 0.4 0.7 0.6 #k oz$ 75 18 21 22 14 22 19 EFT!LVIT _{NQD Q 1} 2007_{Q 2}Q _{Q 3 Q 4 Q 1}2008Q_{Q 2} Carajas#OE$ 91,687 21,568 21,236 24,263 24,620 24,199 23,239 Azul_#8@,@E$ 946 322 567 10 47 504 546 Alunorte#&=92$ 4,254 978 995 1,123 1,158 1,058 1,063 Albras#&=93(:$ 456 113 114 115 114 112 113 Sossego#P$ 117 30 29 26 32 30 30 Sudbury_#P$ 112 32 28 23 29 28 29 Sudbury_#30-=$ 81 23 20 19 19 18 20 Voisey's Bay#30-=$ 58 12 14 12 20 18 18 Indonesia#30-=$ 75 18 20 17 20 15 19 #3$KGJB 1$HUEGSKGJB #MA"k t_$ 2$HUEF!LVI%KGJB #MA"k t_$ −４５−

v½ 2006² 2007² 2008² H 1

µ’€ 25,482 28,542 16,092

atÂb&EBIT' 8,419 9,144 4,513

­n b&Attributable Profit' 4,885 5,543 2,829

µ’€Âbà 19.2% 19.4% 17.6%

‹¾Š&¥~ºl>'&Capital Expenditure' 2,039 2,872 2,164

°¼À 514 721 434

QNJY¼À 456 705 771

]c¼À 272 504 305

19¡ 797 942 654

&¨'2006 ²8*.CO%L:!2006 ²§9´Ž^z&Falconbridge ¡ 2 z'Eª²½8kˆ/2!Xstrata ·»8@C Pro Forma_U%KEo„"

１５．Xstrata

#2008 ² H 1 :!SG[I[V!¶u!QNJY¦u!c#]c™~83)4¹nU%K6 /4ƒ¢9˜‡ÅEoÈ"

#±FSXH9¬Ærq: Q 2 ?ª”9 90% ZUY,wž"

#2008 ² H 2 8:!Sinclair QNJY~†&'!Preseverance ]c~†&d'9œth ‰!)-3+9mŸ~†9i©9jÄ,{‚<D4)C"

&1'PRNIK

#2008 ² H 1 :!±F9 Elandsfontein PGM ~†p;›~“9£`n|Œ,jÄ/!e®h‰/ 2"<2!±F9 Lion SG[I[V#TW\P?j—"

#2008 ² H 2 8:!Sinclair QNJY~†&'!Perseverance ]c~†&d',e®h‰0 CÁ«"

#–}§9i©xf6/4:!Lamos Bays °~†p; Altonorte šÇ‘&MX'!McArther

Riverc]c~†p;›~“9i©,jÄÁ«"

#<2!Mount Isa ~†9›~“9i©?jÄÁ«5(B!1D8¸)!¯šÇ‘59¦u9˜ ‡³Æ: 30% d0C{‚="

#7*!Xstrata Nickel :!2008 ² 2 y!9QNJY~†g5(C Jubilee Mines 9 ´ŽEjÄ/2"H 1 8*)4:!¯~†+A˜‡Å,QNJY˜‡Å9§8l<D4) C"

&2'…¿•s

&¤_$m US$_'

fk† 2006‚ 2007‚ 2008‚ Q 1 2008‚ Q 2 Xstrata Copper f &wf t' 1,011,295 986,663 219,978 224,291 ` &t' 24.5 24.2 5.5 4.8 &oz' 786,813 777,257 177,172 154,516 Xstrata Nickel GB:Pf &wf t' 51,674 52,108 11,785 14,825 J7QGB:Pf&wf t' 29,675 29,130 6,866 7,529 fy &wf t' 33,116 31,425 6,789 8,426 ;IPD &t' 1,420 1,412 315 368 Xstrata Zinc UYf &wf t' 669,981 735,555 182,702 198,076 UY}` &t' 878,500 843,726 205,682 206,261 Yf &wf t' 218,110 213,735 64,572 63,181 Y}` &t' 230,583 190,168 57,374 56,098 Xstrata Alloys J7Q9QN &k t' 959 1,219 305 310 cmZIF<6N&t' 9,821 8,559 2,050 1,092 &k lb' 21,651 18,870 4,520 2,407 J7QIF<6N&k kg' 4,907 4,280 1,057 471 €']i-`zq‡+!{obX‡3[/" €'Q 2 -!Q 1 ^.sƒ\C%?02al" fjŒ#x‘rŒ &bX„!]i‹)tg 100%' 2006‚ 2007‚ 2008‚ H 1 &k t' Alumbrera_{&4P>RAR'wf&50%'} 180 180 66

Mount Isa_&h'wf 194 172 71

Collahuasi_&AO'wf&44%' 380 393 199

Antanmina_{&KP%'wf&33.75%'} 384 329 169

Townsville_&h'}` 209 232 119

CCR_&8F@'}` 368 319 180

UY&k t'

Mount Isa&h'wf 210 227 129

McArthur River&h'wf 136 138 67

Brunswick&8F@'wf 272 252 116

San Juan de Nieva&=K5R'}` 503 478 223

Kidd Creek&8F@'}` 151 143 74

Y&k t'

Mount Isa&h'wf 118 104 73

Brunswick&8F@'wf 79 70 32

Brunswick&8F@'}` 70 71 42

Northfleet&W'}` 162 119 71

GB:P&k t'

Sudbury_{&8F@'Ni-Cu matte} 122 112 30₍

Raglan_&8F@'wf 26 26 12 Falcondo_{&EMG8'FeNi&85.3%'} 29 30 14 Nikkelverk<sub>&HP67%'}`</sub> 82 88 44 €']i-`zq‡+!{obX‡3[/ (LBD~, Ni &2008 ‚ Q 2 *1d…Šnˆe' &3'vku_ SpŽfk†,vku_ &|V$k t_' TpŽ‰fj!x‘r,vku_ &|V$k t_' −４７−

%4&,/F

#Xstrata 0!2007 HM!Vale (2/ID%9NG:&/564$3C*.'-)!2008 H 3 ;!OA>7/8!L<=E3B@1-?JK+-"

１６．Glencore

#ìŸ Ormet ;?LojåãÔ’

#R_[ PolyMet Mining ­;?ˋȜºfpZPT^>…5Hӏ #µª39)HlSYV Luz del Cobre ܦ?¾§¨

#go%:?w|œÁŧ

#XqbL Mopani œ¦>…5H¼úäÖ¸”ÂA?µª #hnbL COMIBOL ;¯œ¦>…39 JV Ž½

&1'M&A!Šñӏ

rž´ OceanaGold ;?✍ô>8)9ˆ‡

Glencore_{@ž´ OceanaGold ; OceanaGold -dMncq Luzon ×:äÏ? Didipio fp} ZPT^,F?‹#Ü¿œ>…5HQd]NTô>8)9ˆ‡J¨37"îfpZPT^ >…39@LZL?Àû€­=<Ê?†ŠD…»J«39+G!OceanaGold @ 2008 àÏ>@ ôIJJ‘Ò37);39)H"&2008 à 4 “'

s DRC VqW? KOV Ü#Vao^fpZPT^J¶HÚ.

Glencore@ DRC VqW>Ü#Vao^fpZPT^J¸õ5H Katanga Mining ?ƒ¬J

â)Å33!Katanga Mining ?•{ 9.2% J±Ý37"Katanga Mining @!2007 à 10 “> Û4/ Glencore -µª39)HzŸ Nikanor ­;؝3!KOV Ü#Vao^fpZPT^ JäÏ:(H"1?؝†Š@ 2011 àC:>à§áúJÜ΋ 40 ð t!Vao^ 4 ð t ; 5H~"&2008 à 5 “'

tìŸ Ormet ;åãôJԒ

Glencore@Loj¾§†Š Ormet&î­$ì OH ´'; 2008 à!2009 à?ÃÀé>8)9 ?åãôJԒ37"Glencore @ Ormet ?—É5HLoj_¥˜!¡™¾§2IHLoj Àé?åãJ²-0!1?ô>EG Ormet >@ 13 çð US$?ªî-D7F2IH"&2008 à 5 “'

uLojëò: Glencore ;ӏ? Rusal ; Norilsk ?؝?‚‰

Glencore_{-•{ 12% Jíõ5HLoj¾§Ì² Rusal @ 2008 à 5 “`\Uo£Ì¾§†Š}

Norilsk Nickel ? â ³ J š ÷ 3 p Y L ? ê ž Mikhail Prokhorov ? Onexim Group , F Norilsk Nickel?•{ 25% J›ß37"3,3 Norilsk Nickel ?æك°&•{ 30% Jí õ'? Vladimir Potanin ©@1?؝>yýJ¹*!Norilsk Nickel ?±Ôó€@ Potanin ©Ç; Rusal Ç>ëÍ"ø®?؝@Þ¢39)H"&2008 à 7 “'

vemZo Maracas a_ZOkfpZPT^>…39 Largo Resource ;✍ôԒ

Largo Resource@emZo Bahia ´? Maracas a_ZOkfpZPT^ FS ’}Jäè3

7"6I>EH;!ïƜù 574 ð t!V205éx 1.42% :(G!üÕ¤Œ:à§a_ZOk

4,400 t_{!iNqmNd 13 à?B,!10 à„?ÑéxМ?·öJ– K:+G!2009 à QR}

1?ј!2010 ãÌ QR 4 ?¾£}¦ÿÕ"Glencore Aøgn[QU_?ƒ6¾£}¦.I 6 ã‚@暉ûM Largo Resource =׍6:"'2008 ã 8 Ž(

r PolyMet Mining ®=@Æ"Ø֊

Glencore_{A PolyMet Mining ®'ø®$boU%b%(/óœ#MN ²÷Ûî?¶ý7K}

NorthMet_{Þ#a^Wm#PGM gn[QU_?Ë6 50 êú US$@´ªMŒÕ6!9@‘ôJ=}

6; PolyMet Mining ®@¾£ð'¿š!҂¾£ð„Bχ(M§ºx€<u¯KÌtüÄ Mß:"D:!Glencore A!¾£}¦D<?Ôy@ 31.25 êú US$M!G61A¾£}¦ •?Ôy@ 37.5 êú US$M¨ï,4=?HJ!Ÿ³Ø?A PolyMet Mining ®Ç¬@ 10.5% Mõý7K4=/<0K"

NorthMetÞ#a^Wm#PGM gn[QU_A 2010 ã?¾£}¦ÿÕ<!ã£< Cu 31 Å

t!Ni 6.8 Å t!Co 320 t!Pd 2.4 t!Pt 650 kg!Au 310 kg M‘N<+K"'2008 ã 9 Ž(

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phTZX$Luz del Cobre Þgn[QU_@¾£}¦

Glencore/ 22 êú US$Mþª6;+K Zaruma Resources'ø®$_no_(@hTZX#

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A!²Ù Hermosillo @àÛ 160 km ?sÐ7K"

Ü®A ˆ6:¤wšMå¡gko_Ãк¶@†ö?Ӛ6;-J!4L=ò™6;![ j%Uk^Zi)@ÃÐ!l%]c^`@kPaoV„B SxEw gko_@ÃM½F;+ K"l%]c^`C@šÁÂE¹3A 2008 ã 11 Žù?}¦5LKÿÕ<*J!Ÿµ@ÞS\ )`¾£A 2009 ã 1 Žù?ÿÕ5L;+K"

>-!Ügn[QU_@«…}çé/!Ÿ³Ø? 2006 ã 11 Ž@ FS .I 40% É@û 35 ê ú US$?Í7K‘E<*J!«…}çéÉyñ@ÔyþªM°2K:F!Zaruma Resources A Glencore =–·Ò<*K"'2008 ã 9 Ž(

qYoeO Cheowa Þ#‡gn[QU_@ª“#—ë

Glencore/v 51% Mõý7KYoeO Cheowa Þ#‡gn[QU_'Zambezi Resources

/¥J@v 49% Mõý(@ª“#/—ë5L:"9L?HK=S^_RfísM Cu 0.3%! =6;!ÿʪ“#A 350 ú t!ís Cu 1.1%!Au 0.23 g/t!~ʪ“#A 290 ú t!ís Cu

1.1%_{!Au 0.38 g/t =ìx5L:"'2008 ã 7 Ž(}

'3(ȅ

p›² WA ² Murrin Murrin a^Wmš¢#À%¶C@d%gl%]oVÝâ

Minara®A Murrin Murrin a^Wmš¢#À%¶'Minara ®v 60%!Glencore 40%(?d %gl%]oVMÝâ7K:F 300 êú A$@ÚâMŒÕ6:"­¸©’@z!180 á‚@¼ ´<a^Wm|±! 78% /ßIL:"2009 ã•è?Ad%gl%]oV@Ýâ?HJa^W m¾£ä$M゠10,000 t Éy58K‹{"Murrin Murrin a^Wmš¢@”»@¾£ä$A 30,000 t_{&ã<*K"'2008 ã 4 Ž(}