Copper and Gold Markets  We receive market prices for our copper, gold and silver contained in our concen- trates. At current commodity prices, our mining revenues  are derived approximately 60 percent from copper and  40 percent from gold.  The fundamentals of the copper markets are positive, supported by continued growth in demand,  primarily in China, and limited development of new  supplies. Copper markets have operated in deficit since  2003 and inventories declined in 2004 to extremely  low levels from a historical perspective. Copper prices began the year at $1.06 per pound and moved  significantly higher for most of the year, reaching a 16-year high of $1.49 per pound in October before  closing the year at $1.48. Early in 2005, copper prices  rose to new highs. The positive environment for gold continued in  2004 with gold prices ranging from $374-$456 per  ounce, averaging $410 per ounce. In recent years, a  weakened U.S. dollar, large U.S. budget deficits, low  interest rates accompanied by reduced forward sales by producers, and geopolitical concerns have resulted  in higher gold prices. Historical LME Copper Prices  Through February 28, 200 5 1,000 800 600 400 200 London Metal Ex chan g (LME) Copper Price 000s of metric tons cents per pound LME & New York Comm odity Exchange Stocks 1,200 1,400 40 60 80 100 120 140 160 05 04 03 02 01 00 99 98 97 96 95 94 93 92 London Gold Prices Through February 28, 2005 dollars per ounce $300 $350 $400 $450 $500 05 04 03 02 01 00 99 98 2004 ANNUAL REPORT  | 9