Operations Highland Valley Copper Antamina We have a 97.5% interest in Highland Valley Copper, located in south-central B.C. Gross profit before depreciation  and amortization was $513 million in 2012, compared to $486 million in 2011 and $487 million in 2010. Gross profit  increased in 2012 due to a 20% increase in production and the resulting 13% increase in sales volumes, partially offset  by lower copper prices. Highland Valley Copper’s 2012 copper production was 116,300 tonnes of copper in concentrate,  significantly higher than last year, primarily due to higher mill throughput and higher grades. Molybdenum production  was 27% higher than 2011 levels at 10.0 million pounds, due to improved throughput and higher feed grades. Ore is mined from the Valley, Lornex and Highmont pits. The waste stripping and buttress placement project completed  in 2011 on the east wall of the Valley pit enabled higher grade ore to be mined. Mine activities in 2013 are focused on  production from the Valley pit and continuing the pre-stripping program for the Lornex pit extension. The mill modernization project progressed in 2012. The project includes the construction of new flotation and  pebble-crushing capacity adjacent to the existing circuits, which should increase plant availability and increase copper  recovery by 2%, molybdenum recovery by 3% and annual mill throughput by 10% over the remaining life of the mine.  The project is scheduled for completion in the fourth quarter of 2013. The mill modernization project is not based on a  technical report filed under National Instrument 43-101. The continued growth of the mineral resource base at Highland Valley reflects the longer term development potential  of the deposits. During the last year, measured and indicated resources increased by 48% to 907 million tonnes and  inferred resources increased 63% to 519 million tonnes as of December 31, 2012. Additional drilling and engineering  studies are planned in 2013, including a major 90,000-metre drill program focused on the Valley and previously active  Bethlehem pits. Highland Valley Copper’s production in 2013 is expected to be in the range of 100,000 to 110,000 tonnes of copper.  Molybdenum production in 2013 is expected to be 5.0 million pounds contained in concentrate. After completion of the mill modernization project, Highland Valley Copper is expected to produce between 100,000  and 150,000 tonnes of copper per year, depending on ore grades and hardness, for an average of 125,000 tonnes per  year, over the current mine life through 2027. We have a 22.5% share interest in Antamina, a copper and zinc mine in Peru. The other shareholders are BHP Billiton  (33.75%), Xstrata plc (33.75%) and Mitsubishi Corporation (10%). In 2012, our share of gross profit before depreciation  and amortization was $633 million, compared with $588 million in 2011 and $420 million in 2010. A mill expansion  project completed in 2012 increased ore throughput to 130,000 tonnes per day. Further optimization efforts are  underway to fully utilize the installed SAG mill capacity. Increased gross profit in 2012 was due to significantly higher  copper production and sales volumes, as the benefits of the expansion project were realized, partially offset by lower  copper and zinc prices. Copper production in 2012 was 446,800 tonnes, 34% higher than in 2011. This was primarily due to the benefits of the  expansion project and record mill throughput of 46.5 million tonnes in 2012, a 24% increase from the previous year.  Zinc production decreased by 7% to 219,000 tonnes in 2012, primarily due to lower zinc grades. Molybdenum production  totalled 12.1 million pounds, which was lower than in 2011, due to lower molybdenum grades and recoveries. Our 22.5% share of Antamina’s 2013 production is expected to be in the range of 90,000 to 100,000 tonnes of copper,  45,000 to 50,000 tonnes of zinc and 2.8 million pounds of molybdenum in concentrate. Generations 37