X Reserves Resources 201112 PDF

Mineral
Resources
& Ore
Reserves
as at 31 December 2011
Contents
We report our resources and reserves in
2. Alloys 4 1
accordance with the 2004 edition of the
Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

Australian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves
(JORC Code), the South African Code for 3. Coal 11
Reporting of Mineral Resources and Mineral
Reserves (SAMREC) Code and the Canadian
Institute of Mining, Metallurgy and Petroleum
(CIM) Definitions Standards on Mineral 4. Copper 22
Resources and Reserves. Together these
Codes are considered to be best practice
for reporting exploration results, mineral
resources and ore reserves. 5. Iron Ore 32
The resources and reserves data in the
following tables are as at 31 December 2011,
unless otherwise noted. For comparison 6. Nickel 35
purposes, data for 2010 has been included.
Metric units are used throughout.
All data is presented on a 100% asset basis,
with the Xstrata attributable percentage shown 7. Zinc 38
against each asset.
All tonnage information has been rounded
to reflect the relative uncertainty in the
estimates; there may therefore be small
differences in the totals.
The Measured and Indicated Mineral
Resources are reported inclusive of those
resources modified to produce reserves,
unless otherwise noted.
Commodity prices and exchange rates used
to estimate the economic viability of reserves
are based on long term forecasts applied at
the time the estimate was calculated.
For more information

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www.xstrata.com
Mineral Resources
and Ore Reserves
“We report our resources and reserves in accordance with the 2004 edition of the Australian
Code for reporting Exploration Results, Mineral Resources and Ore Reserves (JORC Code),
the South African Code for Reporting of Mineral Resources and Mineral Reserves (SAMREC)
Code and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on
Mineral Resources and Reserves.”
2 Alloys Copper
South African chromite, vanadium and PGM’s (platinum group Xstrata Copper has adopted the 2004 Australasian Code for
metals) resources and reserves in this report are reported in Reporting Exploration Results, Mineral Resources and Ore
accordance with the 2004 Australasian Code for Reporting Reserves (the JORC Code) as its standard for all public reports
Exploration Results, Mineral Resources and Ore Reserves of its exploration results, mineral resources and ore reserves.
(the JORC Code), December 2004.
The Mineral Resource and Ore Reserve Statement is consistent
The Chromite, Vanadium and PGM’s Mineral Resource and Ore with the JORC Code and is based on the Guidelines for
Reserve Statement at 31 December 2011 is consistent with the “The Estimation and Public Reporting of Exploration Results,
JORC code and is based on the Xstrata Alloys “Procedure for Mineral Resources and Ore Reserves Xstrata Copper”
the Estimation of Mineral Resources and Ore Reserves”, reference
The resources and reserves estimates are compiled and verified
No. 10000027570. Definitions of all the terms used in this report
by Neal O’Connor Xstrata Copper.
can be found in the relevant code.
The resource and reserve statements have been reviewed and Iron Ore
Iron ore resources and reserves are presented in accordance
the relevant data extracted and compiled by Pieter-Jan Gräbe,
with the 2004 Australasian Code for Reporting Exploration
Xstrata Alloys (SACNASP).
Results, Mineral Resources and Ore Reserves (the JORC Code)
Coal prepared by the Joint Ore Reserves Committee of the
Australian coal resources and reserves are estimated and Australasian Institute of Mining and Metallurgy, Australian
presented in accordance with the JORC Code. Institute of Geoscientists and Minerals Council of Australia.
South African and Colombian coal resources and reserves are The resources and reserves estimates are compiled and verified
estimated and presented in accordance with the SAMREC Code by Jonathan Romcke, Xstrata Iron Ore.
and the JORC Code.
Nickel
Canadian coal resources and reserves have been prepared The majority of the resources and reserves estimates are prepared
in CIM Definition Standards and with reference to GSA Paper in accordance with the Canadian Institute of Mining, Metallurgy
88-21, A Standardised Coal Resource/Reserve Reporting and Petroleum (CIM) Definition Standards on Mineral Resources
System for Canada. and Mineral Reserves, adopted by CIM Council on 11 December
2005, and the CIM Estimation of Mineral Resources and Mineral
The Coal Reserve and Coal Resource Statement at 31 December Reserves Best Practice Guidelines, adopted by CIM Council
2011 is consistent with these Codes and is based on the Xstrata on 23 November 2003, using geostatistical and/or classical
Coal Resource and Reserve Estimation and Reporting Standard, methods, plus economic and mining parameters appropriate
Version 30/06/2010. to each project.
Coal resources have been estimated for potentially mineable The resources and reserves estimates at Xstrata Nickel Australasia
seams within mining leases or exploration licenses and are limited (Cosmos, Sinclair) have been prepared in compliance with
by major cadastral, geological and economical boundaries. the 2004 Australasian Code for Reporting Exploration Results,
Coal resources exclude areas where the seam has been affected Mineral Resources and Ore Reserves (the JORC Code),
by igneous bodies, extracted by mining and areas where coal December 2004.
has been sterilised by mining to 31 December 2011. Minor heat The resources and reserves estimates are compiled and verified
affected coal resources (low volume) are included at a number by Chester Moore, P. Eng., P. Geo., consultant with Scott Wilson
of Queensland coal projects. Roscoe Postle Associates an external auditor for Xstrata Nickel.
Resources do not include out-of-seam dilution. Underground
resources are typically reported on a full seam or working
section basis, and may contain a small amount of intra-seam
partings material.
The resource and reserve estimates are compiled and verified by

Raymond Howard, Xstrata Coal.
Zinc Definitions 3
The Xstrata Zinc Mineral Resource and Ore Reserve Statement Throughout this report, the following abbreviations and

at 31 December 2011 is consistent with the JORC Code and definitions have been used:
it is based on the Guidelines for “The Estimation and Public
APEGBC (Association of Professional Engineers and Geoscientists
Reporting of Exploration Results, Mineral Resources and Ore
of BC)
Reserves Xstrata Zinc”, Version 21 January 2008.
APEGGA (Association of Professional Engineers Geologists and
The term ‘Ore Reserves’, as defined in Clause 28 of the JORC
Geophysicists of Al berta)
Code, has the same meaning as ‘Mineral Reserves’ as defined in
The Canadian Institute of Mining, Metallurgy and Petroleum (CIM) APEGNB = Association of Professional Engineers and
Definition Standards for Mineral Resources and Mineral Reserves. Geoscientists of New Brunswick
This statement has been compiled and verified by APGO = Association of Professional Geoscientist of Ontario
Ignacio Seebold, Manager Mining Operations Xstrata Zinc
(ICOG-EurGeol). AusIMM = Australasian Institute of Mining and Metallurgy
Competent Persons CIM = Canadian Institute of Mining

Resource and reserve estimates are based on information
CV (kcal/kg) = Calorific Value, kilo calories per kilogramme
compiled by Competent Persons (as defined by the JORC,
SAMREC and CIM Codes). ICOG-EurGeol = Ilustre Colegio Oficial de Geólogos –
European Geologist
Each of the Competent Persons has the appropriate professional
membership and the relevant experience in relation to the JORC = Joint Ore Reserves Committee
Mineral Resources and/or Ore Reserves being reported by them
to qualify as a Competent Person as defined in the code. The OC = Opencast or Opencut
Competent Persons have consented to the inclusion in the report OGQ = Ordre des Géologues du Québec
of the matters based on their information in the form and context
in which it appears. OIQ = Ordre des Ingénieurs du Québec
MR = Mineral Resource
Mt = Million tonnes
OR = Ore Reserve
ROM = Run of Mine
SACNASP = The South African Council for Natural Scientific

Professions
SAMREC = South African Code for Reporting of Mineral

Resources and Mineral Reserves
UG = Underground
Marketable Coal Reserves represent beneficiated or otherwise

enhanced coal product where modifications due to mining,
dilution and processing have been considered.
Saleable Coal Reserve is the tonnage and coal quality that will
be available for sale, either in the raw ROM state at a specific
moisture content or after beneficiation of the ROM coal reserve
has produced materials at specified qualities, moisture contents
and size ranges.
Definitions of all the terms used in this report can be found in the
relevant codes.
Alloys
4 Chrome Mineral Resources

Measured and
Measured Mineral Indicated Mineral Indicated Mineral Inferred Mineral

Attributable Mining Resources Resources Resources Resources Competent
Name of operation interest method Commodity 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 Person
Operating mines
Waterval Mine 79.5% UG Ore (Mt) 16.530 16.157 1.36 1.90 17.89 18.06 0.6 0.3 NM/DR
Cr2O3(%) 41.20 41.26 42.5 42.4 41.3 41.4 43 43
Marikana West 74.0% UG Ore (Mt) 3.217 3.733 2.06 1.51 5.27 5.24 – – NM/DR
Cr2O3 (%) 42.34 42.36 42.7 42.7 42.5 42.5 – –
Kroondal Mine 79.5% UG/
OC Ore (Mt) 9.995 10.378 1.89 2.50 11.89 12.87 – – NM/DR
Cr2O3 (%) 42.91 42.65 42.6 42.6 42.9 42.6 – –
Kroondal 50.0% UG/
Gemini OC Ore (Mt) 9.846 11.163 7.76 6.04 17.61 17.21 0.2 0.9 NM/DR
Cr2O3 (%) 42.98 42.93 42.4 42.4 42.7 42.8 42 42
Marikana East 74.0% UG Ore (Mt) 3.874 5.242 1.21 1.11 5.08 6.35 0.3 0.3 NM/DR
Cr2O3 (%) 42.41 42.62 42.3 42.1 42.4 42.5 42 42
Horizon Mine 79.5% UG/
OC Ore (Mt) 4.023 0.066 10.09 14.47 14.11 14.53 8.8 8.8 NM/DR
Cr2O3 (%) 44.99 41.80 44.0 44.4 44.3 44.4 45 44
Boshoek Mine 79.5% OC/
UG Ore (Mt) 0.739 1.413 16.87 15.93 17.61 17.34 – – PJG/DR
Cr2O3 (%) 40.38 40.28 40.4 40.2 40.4 40.2 – –
Thorncliffe Mine 79.5% UG/
OC Ore (Mt) 41.322 40.510 12.51 12.13 53.83 52.64 13.6 16.3 BS/DR
Cr2O3 (%) 40.46 40.47 40.9 40.6 40.6 40.5 41 41
Helena Mine 79.5% UG/
OC Ore (Mt) 18.744 19.736 9.06 8.25 27.81 27.99 56.8 56.2 BS/DR
Cr2O3 (%) 40.53 40.35 39.5 39.1 40.2 40.0 39 39
Subtotal Chrome Ore
(Mt) 108.289 108.398 62.81 63.83 171.10 172.23 80.4 82.8
Cr2O3
(%) 41.33 41.20 41.4 41.5 41.4 41.3 40 40
Projects
Wonderkop 79.5% UG Ore (Mt) 0.452 – 6.84 5.87 7.29 5.87 – 2.2 PJG/DR
Cr2O3 (%) 40.20 – 40.5 40.5 40.5 40.5 – 40
Extension9 79.5% UG Ore (Mt) – – 12.61 14.96 12.61 14.96 – – PJG/DR
Cr2O3 (%) – – 40.8 41.7 40.8 41.7 – –
De Grooteboom 79.5% UG/
OC Ore (Mt) 0.808 0.804 0.66 0.65 1.47 1.46 – – BS/DR
Cr2O3 (%) 40.28 40.33 40.3 40.3 40.3 40.3 – –
Klipfontein/ 79.5% UG Ore (Mt) 4.476 5.868 15.78 14.20 20.26 20.07 123.4 123.6 NM/DR
Waterval Cr2O3 (%) 42.82 42.61 42.6 42.5 42.7 42.5 42 42
Subtotal Chrome Ore
(Mt) 5.735 6.672 35.90 35.68 41.64 42.36 123.4 125.8
Cr2O3 (%) 42.26 42.34 41.5 41.8 41.6 41.9 42 42
Total Chrome Ore

(Mt) 114.024 115.070 98.71 99.52 212.73 214.59 203.8 208.6
Cr2O3 (%) 41.38 41.26 41.5 41.6 41.4 41.4 42 41
Chrome Ore Reserves 5
Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent

Name of operation interest method Commodity 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 Person
Operating mines
Waterval Mine 79.5% UG Ore (Mt) 10.253 9.881 1.23 1.51 11.48 11.39 NM/DR
Cr2O3 (%) 31.35 31.18 26.5 26.0 30.8 30.5
Marikana West 74.0% UG Ore (Mt) 0.973 – – – 0.97 – NM/DR
Cr2O3 (%) 28.65 – – – 28.7 –
Kroondal Mine 79.5% UG/OC Ore (Mt) 3.227 3.040 1.66 2.00 4.89 5.04 NM/DR
Cr2O3 (%) 28.28 28.73 27.8 27.8 28.1 28.4
Kroondal Gemini 50.0% UG/OC Ore (Mt) 6.288 6.935 6.94 4.94 13.23 11.88 NM/DR
Cr2O3 (%) 31.49 31.14 28.7 28.6 30.0 30.1
Marikana East 74.0% UG Ore (Mt) 0.726 1.201 0.02 0.05 0.74 1.25 NM/DR
Cr2O3 (%) 28.71 28.95 27.3 29.0 28.7 29.0
Horizon Mine 79.5% UG Ore (Mt) 1.743 – 0.069 – 1.18 – NM/DR
Cr2O3 (%) 34.08 – 28.49 – 33.9 –
Thorncliffe Mine 79.5% UG/OC Ore (Mt) 25.660 26.039 6.56 5.43 32.22 31.47 BS/DR
Cr2O3 (%) 37.90 38.60 39.1 39.1 38.2 38.7
Helena Mine 79.5% UG/OC Ore (Mt) 4.131 5.644 – 0.10 4.13 5.74 BS/DR
Cr2O3 (%) 34.96 34.31 – 31.5 35.0 34.3
Total Chrome Ore (Mt) 52.999 52.740 16.48 14.03 69.48 66.77
Cr2O3 (%) 34.64 34.98 32.6 32.3 34.2 34.2
Definitions The chromitite layers are mined mainly underground using

OC = Opencast trackless mechanized mining methods on a board-and-pillar mine
UG = Underground lay-out design.
Notes The Mineral Resources are estimated as chromitite tonnages and
Tonnages are quoted as million metric tonnes grades to reflect the grades of the various individual chromitite
layers. Both the LG6 and MG1 Chromitite Layers which Xstrata is
Grades are quoted as %Cr2O3
currently mining, is discrete solid chromitite layers.
The Measured and Indicated Mineral Resources are inclusive of
Changes in the year on year Mineral Resource tonnage and grade
those Mineral Resources modified to produce Ore Reserves.
estimates are mainly due to mining depletion and changes due to
Xstrata Alloy's chrome mining operations are all mining the additional geological information gained through exploration.
chromitite deposits developed within the world renowned Thorncliffe had a net tonnage movement of 0.99Mt due to re-
Bushveld Complex of South Africa. The 2060Ma year old estimation and structural re-interpretation, after mining depletion.
Bushveld Complex is the largest known deposit of chrome, Helena had a net tonnage movement of 1.86Mt due to structural
vanadium and platinum group elements (PGE’s) ore in the world. re-interpretation, river boundary correction and re-estimation,
The chrome ore is mined from shallow dipping (10o - 14o) tabular after mining depletion. Wonderkop has not been mined and had
ore bodies. Although there are numerous chromitite layers a net tonnage movement of -1.22Mt due to the re-estimation
developed in the Bushveld Complex, the layers targeted mostly process, correction of the Mining Right boundary, and structural
for economic exploitation are the LG6/LG6A Chromitite Layer losses. The Extension 9 Mineral Resource was block modelled for
package and the MG1 Chromitite Layer. the first time during 2010 and had a net tonnage movement of -
2.34Mt compared to the previous estimation.
No cut-off grades are applied to the chromitite layers currently
being mined because of the exceptional regional grade The underground Ore Reserves is reported at a minimum mining
consistency and continuity. A minimum mining cut of 1.7m is cut, which is related to the mining method and the mining
applied to the Ore Reserve tonnage because of the mechanized equipment used. External waste is included to make up the
mining equipment employed by the underground mining minimum cut where applicable.
operations.
Alloys continued
6 Changes in the year on year Ore Reserves tonnage and grade cell sizes. Tonnages and grades are reported from these block
estimates are mainly due to mining depletion and changes due to models for each mine and project. There is a high degree of
additional geological information gained through exploration. confidence in the tonnage and grade estimations derived from
Kroondal Gemini had a net change in Ore Reserves of 1.66Mt due the block models. This is confirmed by the monthly and yearly
to Inferred Mineral Resources upgraded to Indicated Mineral reconciliation between the block model estimates and the actual
Resources and subsequently modified to Probable Ore Reserves on mine production done for each operating mine.
and a revised mining extraction rate, after mining depletion. The
Competent Persons
Ore Reserves of Marikana West had been declared for the first
PJG – Pieter-Jan Gräbe, Xstrata Alloys, (SACNASP). Overall
time with the construction of appropriate mine plans. The same
Responsibility for Resources and Reserves.
applies to Horizon Mine. Thorncliffe had a net Ore Reserve
change of 2.80Mt due to the conversion of Inferred Mineral BS – Brian Smith, Xstrata Alloys, (PLATO). Overall Responsibility
Resources to Indicated Mineral Resources and subsequently for Resources and Reserves. Brian Smith has since left the
modified to Probable Ore Reserves and tonnage movement due employment of Xstrata Alloys.
to re-estimation, after mining depletion.
NM – Nathi Mntungwa, Xstrata Alloys, (SACNASP). Overall
The tonnage and grade estimations are done by geostatistical Responsibility for Resources and Reserves. Nathi Mntungwa has
analysis of the exploration drill hole data. This confirms the high since left the employment of Xstrata Alloys.
degree of continuity of grade and thickness of the chromitite
DR – Dean Richards, Obsidian Consulting Services (SACNASP).
layers and derives the most appropriate parameters for the
Responsible for geostatistical analysis of data, Mineral Resource
construction of block models for the various ore-bodies (LG6 and
classification and construction of tonnage and grade block
MG1). Block model estimates are verified using geostatistical
models and reporting of tonnage and grades from block models.
parameters such as Kriging Efficiency and others to test the
stability of the variograms used and the suitability of the selected
Vanadium Mineral Resources 7
Measured Mineral Indicated Mineral Measured and Inferred Mineral

Name of Attributable Mining Resources Resources Indicated Resources Resources Competent
operation interest method Commodity 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 Person
Operating mines
Rhovan 74.0% Magnetite
OC Ore (Mt) 27.773 21.712 44.52 41.26 72.30 62.98 84 90 DR/PJG
V2O5 (%) 0.54 0.54 0.5 0.5 0.5 0.5 0.5 0.5
Total Magnetite
Ore (Mt) 27.773 21.712 44.52 41.26 72.30 62.98 84 90
V2O5 (%) 0.54 0.54 0.5 0.5 0.5 0.5 0.5 0.5
Vanadium Ore Reserves

Operating mines
Rhovan 74.0% Magnetite
OC Ore (Mt) 16.173 11.502 28.66 28.41 44.84 39.91 AvW/PJG
V2O5 (%) 0.51 0.51 0.5 0.5 0.5 0.5
Total Magnetite
Ore (Mt) 16.173 11.502 28.66 28.41 44.84 39.91
V2O5 (%) 0.51 0.51 0.5 0.5 0.5 0.5
Definitions The Ore Reserves had a net increased of 6.16Mt due to the
OC = Opencast upgrading of Inferred Mineral Resources to Indicated Mineral
Resource and subsequent modification to Probable Ore Reserves,
UG = Underground
new pit designs for Pit 1 and Pit 6 and new areas being drilled,
Notes after mining depletion.
Tonnages are quoted as million metric tonnes
Obsidian Consulting Services has estimated the Mineral
Grades are quoted as %V2O5 Resources for Pit 1 (previously referred to as Pit 1, 2, 3 and the
Leeupen area) and Pit 6 (previously referred to as Pit 4, Pit 6 and
Pit 6W). An updated structural and grade block model was
constructed during August and September 2011, following
Xstrata Alloy's vanadium mining operations are mining the exploration drilling during the 2010 – 2011 reporting period.
vanadiferous magnetite deposits developed within the Bushveld
A&B Global Mining has estimated the Ore Reserves for Pit 1 and
Complex, South Africa. The 2060Ma year old Bushveld Complex
Pit 6. The Ore Reserve estimation was preceded by an open pit
is the largest known deposit of chrome, vanadium and platinum
optimization exercise for Pit 1 and Pit6W. The optimization study
group elements (PGE’s) ore in the world.
was done to determine the economic pit depths with current
The magnetite ore is mined from shallow dipping (6o – 25o) economic input parameters. Newly constructed pit lay-outs and
stratified magnetite ore bodies. Various ore zones have been mining schedules were designed within the optimized pit shells.
identified in the ore-body. The ore zones are defined based on
The tonnage and grade estimations are done by geostatistical
their magnetite and vanadium content. The ore zones form the
analysis of the exploration drill hole data during which the most
basis for the estimated Mineral Resources. Portions of the ore
appropriate parameters are derived for the construction of block
body where the magnetite content is less than 15% were not
models for the various ore zones in Pit 1 and Pit 6. The block
considered in the Mineral Resource estimation.
model estimates are verified using geostatistical parameters such
The magnetite ore is mined through opencast mining methods. as Kriging Efficiency and others to test the stability of the
variograms used and the suitability of the selected cell sizes.
Changes in the year on year tonnage and grade estimates are
Tonnages and grades are reported from the block models for
mainly due to mining depletion, re-classification and changes in
each ore zone and composited for the various open pits. The
the Mineral Resource and Ore Reserve tonnages and grades due
degree of confidence in the tonnage and grade estimations
to additional geological information gained through exploration.
derived from the block models is reflected in the classified
There was a net gain of 4.88Mt in the total Mineral Resource resource classes.
estimate due to the addition of new areas brought about by
Competent Person
exploration drilling on strike next to and down-dip of the existing
PJG – Pieter-Jan Gräbe, Xstrata Alloys, (SACNASP). Overall
pits, after mining depletion.
Responsibility for Resources and Reserves.
Alloys continued
8 DR – Dean Richards, Obsidian Consulting Services, (SACNASP). AvW – Anton von Wielligh, A & B Global Mining, (Pr. Eng.).
Responsible for data validation, geostatistical analysis of data, Responsible for pit optimization, pit design and scheduling and
construction of tonnage and grade block models and reporting of the Ore Reserves estimation.
tonnage and grades from block models for Mineral Resource
estimates.
PGM Mineral Resources

Operating mines/projects
Mototolo JV 37% UG/ UG2 Ore
OC (Mt) 19.532 23.159 12.98 15.45 32.56 38.61 9.9 10.0 BS/DR/CL
3PGE +
Au (g/t) 4.01 4.02 4.7 4.6 4.3 4.3 4.1 4.1
Eland 73.99% UG/ UG2
Platinum OC Ore(Mt) 44.666 33.956 31.71 41.06 76.37 75.01 76.5 78.1 DN/DR/CL
3PGE +
Au (g/t) 4.42 4.37 4.0 4.1 4.2 4.2 4.5 4.4
Zilkaatsnek 100% UG/ UG2
OC Ore(Mt) – – 3.39 4.24 3.39 4.24 0.1 0.1 DN/DR/CL
3PGE +
Au (g/t) – – 2.5 2.5 2.5 2.5 2.4 2.4
Schietfontein 70% UG/ UG2
OC Ore(Mt) – – 1.50 1.20 1.50 1.20 21.2 21.7 DN/DR/CL
3PGE +
Au (g/t) – – 2.2 2.1 2.2 2.1 2.3 2.3
Total UG2 Ore (Mt) 64.198 57.115 49.57 61.95 113.82 119.06 107.8 109.9
3PGE + Au (g/t) 4.30 4.23 4.0 4.1 4.2 4.1 4.0 4.0
PGM Ore Reserves

Operating mines/projects
Mototolo JV 37% UG/OC UG2 Ore
(Mt) 11.877 13.850 1.21 1.92 13.08 15.77 BS/DR
3PGE +
Au (g/t) 3.47 3.78 3.78 4.1 3.5 3.8
Eland Platinum 73.99% UG/OC UG2 Ore
(Mt) 9.978 8.435 6.03 6.23 16.01 14.67 DN/DR
3PGE +
Au (g/t) 3.16 3.37 2.68 2.8 3.0 3.1
Zilkaatsnek 100% UG/OC UG2 Ore
(Mt) – – 0.03 0.72 0.03 0.72 DN/DR
3PGE +
Au (g/t) – – 1.6 1.5 1.6 1.5
Schietfontein 70% UG/OC UG2 Ore
(Mt) – – – – – – DN/DR
3PGE +
Au (g/t) – – – – – –
Total UG2 Ore (Mt) 21.855 22.285 7.27 8.87 29.12 31.16
3PGE + Au (g/t) 3.33 3.62 2.9 3.0 3.2 3.4
Definitions
OC = Opencast
UG = Underground
Notes Eland Zilkaatsnek and Schietfontein 9
Tonnages are quoted as million metric tonnes Eland, Zilkaatsnek and Schietfontein are contiguous Mining - and

Prospecting Right areas, targeting the same ore-body and
Grades are quoted as 3PGE + Au (Platinum, Palladium, Rhodium
together constituting Eland Platinum Mine.
and Gold).
The current Mineral Resource and Ore Reserve estimate
contained in this report is based on an updated structural and
grade block model.
Xstrata Alloy's platinum mining operations are mining the
The Mineral Resources are constrained by lithological facies. The
platinum bearing UG2 Chromitite Layer of the Bushveld Complex,
underground Ore Reserves are constrained by a minimum mining
South Africa. The 2060 Ma year old Bushveld Complex is the
cut of 2.1m with an maximum of 3.5m. The opencast Ore
largest known deposit of chrome, vanadium and platinum group
Reserves are constrained by the lithological contacts of the UG2
elements (PGE’s), ore in the world.
Chromitite Layer or by a 4m mining cut in the case where the
The PGM ore at Mototolo Mine is mined from a shallow dipping Zilkaatsnek facies is developed.
(10o - 14 o) tabular ore-body referred to as the UG2 Chromitite
No significant year on year changes in the Mineral Resources was
Layer. The chromitite layer is mined underground using a trackless
recorded. There was a net change in the Ore Reserves of 3.52Mt
mechanized mining method on a board-and-pillar mine lay-out
due to the increase planned production rate which follow a build-
design.
up phase to full steady state production.
The Eland Platinum Mine is mining the UG2 Chromitite Layer
Beestkraal Exploration
dipping at 20 o. Eland Platinum Mine is employing opencast
One deep core exploration drill hole was completed on the
mining methods to extract the ore and is currently in the process
Beestkraal Prospecting Right area. The detailed information was
of developing two underground decline shafts.
not available at the time of going to press.
The Eland Ore Reserves were estimated at a minimum mining cut
Competent Persons
of 2.10m.
BS – Brian Smith, Xstrata Alloys, (PLATO). Overall Responsible for
Changes in the year on year tonnage and grade estimates are Resources and Reserves.
mainly due to mining depletion, reclassification and changes in
DN – Daneal Nieuwoudt, Xstrata Alloys (SACNASP). Overall
the Mineral Resource and Ore Reserve tonnages and grades due
Responsible for Resources and Reserves.
to additional geological information gained through exploration.
DR – Dean Richards, Obsidian Consulting Services (SACNASP).
The tonnage and grade estimations are done by geostatistical
Responsible for data validation, construction of tonnage and
analysis of the exploration drill hole data as well as underground
grade block models and reporting of tonnage and grades from
channel sample data, where available. This confirms the high
block model.
degree of continuity of grade and thickness of the PGM hosting
layers and derives the most appropriate parameters for the CL – Carina Lemmer, Geological & Geostatistical Services
construction of block models for the various ore-bodies. (SACNASP). Responsible for geostatistical analysis of data and
Tonnages and grades are reported from these block models for classification of Mineral Resources.
each mine or project. Confidence limit curves are derived from
fitted distributions and used to classify the resources at the 95%
confidence level.
Mototolo JV
The structural and grade block model was updated with
exploration drillhole data drilled during the 2010 -2011 reporting
period.
The annual Mineral Resource estimation was conducted by
Obsidian Consulting Services on behalf of Xstrata Alloys.
The net change in the year on year Mineral Resources is -2.03Mt,
due to the re-interpretation of the Mototolo ore-body structure,
after mining depletion. The Ore Reserve changed year on year on
a net basis after mining depletion due to the reserve footprint
moving, reduced geological losses, an increase in the mining cut,
structural re-interpretation and tonnage movement.
Alloys continued
10 Silica Mineral Resources


Operating mine
Rietvly 79.5% OC Quartzite
Ore (Mt) – – 25.18 25.75 25.18 25.75 – – PJG
SiO2 (%) – – 91 97 91 97 – –
Total Quartzite
Ore (Mt) – – 25.18 25.75 25.18 25.75 – –
SiO2 (%) – – 91 97 91 97 – –
Definitions The ore is mined through opencast mining methods and the ROM
OC = Opencast (Run-of-Mine) ore is crushed, washed and sized on site to produce
a final sized and quality graded product. No silica cut-off grades
Notes
are applied to the Mineral Resource estimation. The quartzite is
Tonnages are quoted as million metric tonnes
mined mainly to supply the Xstrata Alloys furnaces with silica.
Grades are quoted as %SiO2.
Changes in the year on year tonnage and grade estimates are
Xstrata Alloy's silica mining operation is an opencast mining mainly due to mining depletion, reclassification of the Mineral
operation, mining a massive quartzite deposit of the Resource categories and changes in the Mineral Resource
Magaliesberg Formation of the Pretoria Group, Transvaal Super tonnages and grades due to additional geological information
Group of South Africa. The Magaliesberg Formation forms a gained through exploration.
prominent quartzite ridge striking north – south along the
No significant changes have been recorded in the year-on-year
Magaliesberg Mountain Range. The formation is a few hundred
Mineral Resource estimation. The average grade of the deposit
meters thick and dips towards the east at over 20o. The Rietvly
came down by 6% with the analytical results of three core
quartzite ore body is a very pure quartzite with a silica content of
boreholes drilled through the deposit.
over 90% SiO2.
Competent Person
PJG - Pieter-Jan Gräbe, Xstrata Alloys (SACNASP). Overall
Responsibility for Resources.
Coal
Australia Coal Resources – New South Wales 11

Measured Indicated Inferred

Attributable Coal Resources Coal Resources Coal Resources Competent
Name of operation interest Commodity 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 Person
Oakbridge Group Thermal Coal (Mt) 1,235 1,003.8 655 740.6 1,150 1,440
Bulga Complex(a) 68.3% Thermal Coal (Mt) 1,200 966.3 570 654.0 800 1,100 PG
CV (kcal/kg) 5,800 5,700 5,750 5,600
Baal Bone 74.1% Thermal Coal (Mt) 15 17.9 15 16.9 150 150 JMB
CV (kcal/kg) 5,750 6,200 6,200 6,500
Running Stream 78.0% Thermal Coal (Mt) 20 19.6 70 69.7 200 190 JHB
CV (kcal/kg) 5,300 5,300 5,200 5,200
Maquarie Coal
Joint Venture 80% Thermal Coal (Mt) 77 74.9 120 136.8 20 20
West Wallsend(d) Thermal Coal (Mt) 75 71.1 25 40.8 – – CFP
CV (kcal/kg) 5,700 5,700 5,300 5,300 – –
Westside Thermal Coal (Mt) – 1.7 – – – – CFP
CV (kcal/kg) – 5,200 – – – –
Cardiff Borehole Thermal Coal (Mt) – – 10 12.4 20 20 CFP
CV (kcal/kg) – – 5,700 5,700
Teralba Thermal Coal (Mt) 2 2.1 85 83.6 – – CFP
CV (kcal/kg) 6,000 6,000 6,000 6,000 – –
Mitchells Flat 100% Thermal Coal (Mt) – – 120 120.7 400 400 CFP
CV (kcal/kg) – – 5,300 5,300
Liddell(e) 67.5% Thermal Coal (Mt) 100 102.7 200 203.9 400 400 PH
CV (kcal/kg) 6,050 6,100 6,150 6,200
Mount Owen Complex 100.0% Thermal Coal (Mt) 210 229.3 110 104.7 170 172
Mount Owen(f) Thermal Coal (Mt) 80 93.3 60 55.7 80 80 RH
CV (kcal/kg) 6,500 6,200 6,400 6,300
Ravensworth East(g) Thermal Coal (Mt) 50 51.7 10 11.4 – 2 PH
CV (kcal/kg) 5,500 5,500 5,300 5,300 –
Glendell(h) Thermal Coal (Mt) 80 84.3 40 37.6 90 90 KJW
CV (kcal/kg) 6,000 6,000 6,000 6,000
United(i) 95.0% Thermal Coal (Mt) 250 54.3 220 411.7 600 600 RMD
CV (kcal/kg) 6,200 6,700 6,100 6,100
Ulan(l) 90.0% Thermal Coal (Mt) 320 325.6 430 462.7 2,800 2,800 RMD
CV (kcal/kg) 6,600 6,600 5,000 4,100
Ravensworth Group Thermal Coal (Mt) 475 469.8 230 232.7 100 110
Narama 100% Thermal Coal (Mt) 30 35.8 – – – – ST
CV (kcal/kg) 5,900 5,900 – – – –
Ravensworth West(q) 90% Thermal Coal (Mt) 85 75.9 – – – – ST
CV (kcal/kg) 5,800 5,800 – – – –
Ravensworth North 90% Thermal Coal (Mt) 360 358.1 230 232.7 100 110 ST
CV (kcal/kg) 5,900 6,100 6,000 6,100
Mangoola(s) 100.0% Thermal Coal (Mt) 150 155.5 30 31.3 1,300 1,300 ST
CV (kcal/kg) 5,250 5,200 5,350 5,300
Tahmoor Complex 100.0% Coking Coal (Mt) 55 59.4 140 111.5 250 300
Tahmoor(t) Coking Coal (Mt) 55 59.4 45 111.5 120 300 BC
Bargo(u) Coking Coal (Mt) – – 95 – 130 – BC
Ravensworth UG(v) 70.0% Thermal Coal (Mt) 300 252.9 180 107.3 350 380 PH
CV (kcal/kg) 5,850 6,000 5,450 6,000
Resources Subtotal – New South Wales (Mt) 3,172 2,728 2,435 2,664 7,540 7,922
Coal continued
12 Australia Coal Resources – Queensland


Oaky Creek(w) 55.0% Coking Coal (Mt) 320 319.6 180 150.2 140 108 RJH
Redrock EPCs(aa) 75.0% Coking Coal (Mt) – – 6 4.9 20 24 RJH
NCA 55.0% Coking/Thermal
Coal (Mt) 450 465.1 445 449.0 965 921
Newlands, Suttor,
Eastern (RCM)(bb) Coking Coal (Mt) 10 9.1 10 13.0 20 17 JT
Thermal Coal (Mt) 310 319.6 90 87.6 360 370 JT
CV (Kcal/Kg) 5,700 5,700 5,750 5,750
Wollombi (MCM)(ee) Coking Coal (Mt) 10 13.2 30 29.3 65 58 JT
Thermal Coal (Mt) 20 22.9 60 57.0 95 59 JT
CV (kcal/kg) 4,800 4,850 4,700 4,700
Sarum(ff) Coking Coal (Mt) 30 31.5 10 8.7 60 64 JT
Thermal Coal (Mt) – – 70 72.9 260 268 JT
CV (Kcal/Kg) – – 5,450 5,450
Collinsville(gg) Coking Coal (Mt) 20 21.1 75 68.4 35 28 MB
Thermal Coal (Mt) 50 47.7 100 112.1 70 57 MB
CV (Kcal/Kg) 5,900 5,850 6,100 6,050
Cook(hh) 100.0% Coking/Thermal
Coal (Mt) – – 105 105.0 940 940 KJW
Rolleston(ii) 75.0% Thermal Coal (Mt) 170 173.6 285 247.3 265 320
Rolleston ML Thermal Coal (Mt) 155 159.9 65 55.5 15 34 JT
CV (kcal/kg) 5,800 5,800 5,700 5,600
Rolleston MDL & EPCs Thermal Coal (Mt) 15 13.7 220 191.8 250 286 JT
CV (kcal/kg) 5,800 5,800 5,700 5,700
Togara North(kk) 70.0% Thermal Coal (Mt) 370 303.8 250 376.7 800 460 TP
CV (kcal/kg) 6,350 6,350 6,000 6,000
Wandoan(ll) 75.0% Thermal Coal (Mt) 1,252 1,253.5 1,140 728.5 3,550 2,494
Wandoan MDL’s Thermal Coal (Mt) 1,250 1,251 570 630 1,350 1,460 RJ
CV (kcal/kg) 5,200 5,020 5,050 4,900
Wandoan EPC’s Thermal Coal (Mt) 2 2.5 570 98.5 2,200 1,034 RJ
CV (kcal/kg) 5,300 5,400 5,400 5,350
Resources Subtotal – Queensland (Mt) 2,562 2,515.6 2,411 2,061.6 6,680 5,267
Resources Total – Coal Australia (Mt) 5,734 5,244 4,846 4,726 14,220 13,189
Australia Coal Reserves – New South Wales 13
Marketable Total Marketable

Coal Reserves Coal Reserves Coal Reserves
Attributable Mining Proved Probable Proved Probable Competent
Name of operation interest method Coal type 31.12.11 31.12.11 31.12.11 31.12.11 31.12.11 30.06.10 Person
Oakbridge Group Thermal Coal (Mt) 326 31 221 22 243 250.8
Bulga OC(b) 68.3% OC Thermal Coal (Mt) 186 11 127 7 134 145.0 NB
CV (kcal/kg) 6,350 6,300 6,350 6,340
Bulga UG(c) 68.3% UG Thermal Coal (Mt) 140 21 94 15 109 105.8 NB
CV (kcal/kg) 6,840 6,840 6,840 6,840
Maquarie Coal
Joint Venture 80.0% Thermal Coal (Mt) 10 17 7 12 19 25.3
West Wallsend(d) UG Thermal Coal (Mt) 10 17 7 12 19 25.3 JW
CV (kcal/kg) 6,150 6,050 6,100 6,100
Liddell(e) 67.5% OC Thermal Coal (Mt) 47 22 30 14 44 51.3 NB
CV (kcal/kg) 6,600 6,600 6,600 6,600
Mount Owen
Complex 100.0% Thermal Coal (Mt) 95 8 64 4 68 81.3
Mount Owen(f) OC Thermal Coal (Mt) 49 5 32 2 34 40.6 STH
CV (kcal/kg) 6,750 6,700 6,750 6,630
Ravensworth East(g) OC Thermal Coal (Mt) 6 – 4 – 4 7.1 STH
CV (kcal/kg) 6,300 – 6,300 6,250
Glendell(h) OC Thermal Coal (Mt) 40 3 28 2 30 33.6 STH
CV (kcal/kg) 6,650 6,650 6,650 6,630
United 95.0% Thermal Coal (Mt) – 84 – 56 56 53.0
United OC(j) OC Thermal Coal (Mt) – 48 – 32 32 28.0 DL
CV (kcal/kg) – 6,400 6,400 6,400
United A444(k) UG Thermal Coal (Mt) – 36 – 24 24 25.0 NB
CV (kcal/kg) – 6,400 6,400 6,400
Ulan 90.0% Thermal Coal (Mt) 192 2 178 1 180 177.7
Ulan #3 UG(m) UG Thermal Coal (Mt) 77 – 68 – 68 72.4 NB
CV (kcal/kg) 6,600 – 6,600 6,740
Ulan West UG(n) UG Thermal Coal (Mt) 106 – 104 – 104 105.3 NB
CV (kcal/kg) 6,600 – 6,600 6,320
Ulan Waratah OC(o) OC Thermal Coal (Mt) 9 2 6 1 8 – DL
CV (kcal/kg) 5,750 5,700 5,700 –
Ravensworth
Group Thermal Coal (Mt) 270 12 189 9 198 188.7
Narama(p) 100% OC Thermal Coal (Mt) 7 – 7 – 7 10.8 DT
CV (kcal/kg) 5,450 5,450 5,470
Ravensworth West(q) 90% OC Thermal Coal (Mt) 38 – 27 – 27 33.8 DT
CV (kcal/kg) 5,950 5,950 5,470
Ravensworth North(r) 90% OC Thermal Coal (Mt) 225 12 155 9 164 144.1 DT
CV (kcal/kg) 5,950 5,950 5,950 5,950
Mangoola(s) 100.0% OC Thermal Coal (Mt) 140 12 102 9 111 120.0 MW
CV (kcal/kg) 5,650 5,650 5,650 5,650
Tahmoor Complex 100.0% 24 25 20 21 41 24.8
Tahmoor(t) UG Coking Coal (Mt) 24 3 20 2 22 24.8 REH
Ash (%) 8.5 8.5 8.5 8.5
Bargo(u) UG Coking Coal (Mt) – 22 – 19 19 – NB
Ash (%) – 9.5 9.5 –
Ravensworth UG(v) 70.0% UG Thermal Coal (Mt) 48 1 32 1 33 40.0 RSH
CV (kcal/kg) 6,000 6,000 6,000 6,370
Reserves Subtotal –
New South Wales (Mt) 1,152 214 843 149 993 1,013
Coal continued
14 Australia Coal Reserves – Queensland

Marketable Total Marketable

Oaky Creek 55.0% Coking Coal (Mt) 102 97 73 71 144 112.5
Oaky No. 1(x) UG Coking Coal (Mt) 13 7 10 5 15 16.1 POG
Ash (%) 9.5 9.5 9.5 9.5
Oaky North(y) UG Coking Coal (Mt) 89 41 63 27 90 88.1 POG
Ash (%) 9.5 9.5 9.5 9.5
Oaky Acacia
OC(z) OC Coking Coal (Mt) – 49 – 39 39 8.3 LF
Ash (%) 9.5 9.5 9.5
NCA 55.0% Coking/Thermal
Coal (Mt) 117 92 84 67 151 157.2
Newlands OC(cc) OC Coking Coal (Mt) 19 16 11 10 21 20.6 LF
Ash (%) 9.5 10 9.7 9.4
OC Thermal Coal (Mt) 36 30 25 24 49 45.3 LF
CV (kcal/kg) 6,300 6,300 6,300 6,050
Newlands UG(dd) UG Thermal Coal (Mt) 15 22 11 15 26 42.0 POG
CV (kcal/kg) 6,300 6,300 6,300 6,100
Collinsville
OC(gg) OC Coking Coal (Mt) 15 7 10 5 15 13.8 IN
Ash (%) 9.3 9.7 9.5 9.7
OC Thermal Coal (Mt) 32 17 27 13 40 35.5 IN
CV (kcal/kg) 6,050 5,900 6,000 6,330
Rolleston 75.0% Thermal Coal (Mt) 137 170 137 170 307 302.8
Rolleston(ii) OC Thermal Coal (Mt) 137 34 137 34 171 172.8 RM
CV (kcal/kg) 5,750 5,400 5,650 5,670
Rolleston West(jj) OC Thermal Coal (Mt) – 136 – 136 136 130.0 RM
CV (kcal/kg) 5,600 5,600 5,650
Togara North(kk) 70.0% OC Thermal Coal (Mt) 140 27 140 22 162 0 SB
CV (kcal/kg) 6,400 5,900 6,300 -
Wandoan(ll) 75.0% OC Thermal Coal (Mt) 780 240 560 170 730 680.0 PP
CV (kcal/kg) 5,900 5,900 5,900 5,800
Reserves Subtotal – Queensland (Mt) 1,276 626 994 500 1,494 1,252
Reserves Total – Coal Australia (Mt) 2,428 840 1,837 649 2,487 2,265
Notes: Resource tonnes have been reported using an appropriate in situ

Unless otherwise stated, the product yields used to estimate moisture basis for each deposit, ranging from 3% to 10% in situ
Marketable Reserves were derived from the “Resource Mastor” moisture excluding Wandoan (12% in situ moisture) and Rolleston
software developed by A&B Mylec. Inputs to this model are coal (18% in situ moisture).
ply thickness and dilution. The model includes adjustments for
Coal Resource qualities are reported at in situ moisture basis and
plant efficiencies to calculate practical yields. The model is
Coal Reserve qualitiesare reported at a gross as received basis.
calibrated to historical plant performance and, in some cases,
includes the closest large diameter borehole data to each mining Coal Resources have been re-estimated in 2011 for inclusion in
block. this summary table except where otherwise stated. Revision of the
totals includes changes to classifications of Resource status due to
Coal Resources are contained within the Sydney Basin (New South
exploration, geological reinterpretation and remodelling, and
Wales), the Bowen Basin (Queensland) and the Surat Basin
changes to lease holdings.
(Wandoan, Queensland).
Coal Reserves for Baal Bone and Westside have been depleted
Reserves and Marketable Reserves are quoted on an 'as-received'
and not reported.
moisture basis.
Changes and notes relevant to the estimation of Resources and
Reserves are listed below for specific projects. Changes reported
are exclusive of production from 30 June 2010 to 31 December
2011.
(a) Bulga Complex: Re-classification and upgrade of resources (l) Ulan: Resources decrease with removal of coal tops above 15
due to additional drilling and modelling done as part of the longwall panels that have been mined from 30 June 2010

Bulga Optimisation project (+175Mt), a change in parameters (-7.4Mt), and coal tops above proposed longwall panels
for seams deeper than 350m reduced resources (-60Mt). between the Echidna and Wombat sills (-18Mt). Resource
Resource depletion due to mining (-19Mt). depletion from mining (-8Mt).
(b) Bulga Opencut: Reserve changes due to additional drilling (m) Ulan #3 Underground: Reserve increase as a result of minor
for improved definition of Mount Arthur, Piercefield, Vaux, changes to longwall panel lengths due to accurate surveys of
Broonies, Bayswater and Foybrook seams, following approval aboriginal sites above the panels (+0.5Mt). Reserve depletion
of the Bulga Optimisation Pre-Feasibility Study, and a change from mining (-6.5Mt).
in tenure status decreasing reserves. (-1.9Mt). Reserve
(n) Ulan West Underground: Reserve depletion due to mining
depletion due to mining (-14Mt).
(-1.5Mt).
(c) Bulga Underground: Reserve decrease due to mine plan
(o) Ulan Waratah Opencut: Reserves have been included
changes to the Blakefield South and North layouts, (-1.5Mt).
following additional studies and mine planning during the
An upgrade in resource in the Piercefield seam, and changes
Pre-feasibility stage of the Ulan West Project (+11Mt).
to the thickness grids due to a new structural model based
on the 2010/11 drilling program increased reserves (+9Mt). (p) Narama: Reserve increase due to the Vaux seam added to
Reserve depletion due to mining (-4.4Mt). the mine plan (+1Mt). Reserve depletion from mining
(-4.4Mt).
(d) West Wallsend: Resource decrease due to exploration and
remodelling of the western domain area (-5Mt). Resource and (q) Ravensworth West: Resource increase due to reclassification
Reserve depletion from mining (-4.8Mt). of resources and an overlap of license boundaries resolved,
(+11Mt). Reserves transferred to Ravensworth North pit as
Reserve decrease in LW41/42 panels from environmental
part of the Ravensworth North Project (-10Mt). Reserve
protection, and seam splitting in LW43 panel reducing
depletion from mining (-2Mt).
practical mining height (-2Mt).
(r) Ravensworth North: Previously reported as Cumnock Other,
(e) Liddell Opencut: Resource increase due to exploration,
the Ravensworth North Project increased in reserves with a
remodelling and coal quality results, refinement of the
portion of Ravensworth West (EL7490) transferred to the
Lemington lox/sub-crop (+1.5Mt). Resource and Reserve
Ravensworth North pit (+10Mt). Mine plan changes to pit
depletion from mining (-9.6Mt).
shell batters and benches and removal of the in-pit barrier
Reserves reduced due to mine plan modifications (-3Mt), pillar increased reserves and, minimum mineable thickness
reserve increase due to geological model update and seam changes has resulted in lower parting ash included (+6Mt).
sub-crop refinement (+2Mt).
(s) Mangoola: Resource increase after an update of the
(f) Mount Owen: Resources increased due to exploration and Geological model in the Life of Mine area for the Great
modelling of deeper seams included in resources (+2Mt). Northern, Fassifern and Upper Pilot seam, revised extents of
Resource and Reserve depletion from mining (-11.7Mt). cindering sterilizing resources (+1.5Mt). Resource and
Reserve depletion from mining (-10Mt).
Reserves have increased due to adjustments to the mine plan
and additional dilution during mining impacting coal Reserve decrease due to re-interpretation of seam picks in
recovery positively (+4.5Mt). the geophysics changed seam sections (-1Mt).
(g) Ravensworth East: Resource increase due to a change in (t) Tahmoor: Resource increase with additional data modifying
parameters and increasing the Bayswater seam footprint thickness and density (+4Mt). Resouces for Tahmoor have
(+1.0Mt). Resource and Reserve depletion from mining been split with Bargo (-63Mt). Resource and Reserve
(-4.6Mt). depletion from mining (-3.2Mt).
(h) Glendell: Resource increase due to reclassification of areas (u) Bargo: Resources for Bargo where previously included with
with additional drilling and change to cut-off parameters the Tahmoor Resource statement (+63Mt).
(+2Mt). Resource and Reserve depletion from mining (-6Mt).
Reserves have been included following additional studies
Reserve increased due to additional dilution during mining to and mine planning during the Pre-feasibility stage of the
assist coal recovery and reclassification of Reserves (+1Mt). Bargo Project (+22Mt).
(i) United: Resource increase due to reclassification from (v) Ravensworth Underground: Resource increase due to
Inferred to Indicated (+15Mt) and additional Inferred tonnes reclassification and remodelling of additional exploration
added due to additional exploration and modelling (+10Mt). data during the 2010/11 drilling program (+123Mt). Resource
Geological model modifications around sills & sub-crops (- and Reserve depletion from mining (-4.1Mt).
11Mt).
Reserve decrease due to mine design changes in the Liddell
(j) United Opencut: Reserve increase due to pit design changes and Pikes Gully seams, and reduction in main heading
and product 2 stage washing (+6Mt). driveage (-4Mt).
(k) United A444 Underground: Reserve decrease after (w) Oaky Creek: Additional resources from exploration and
additional exploration and modelling of sills & sub-crops modelling in potential open cut areas, and slight reduction to
during the Feasibility Study phase (-1Mt).
Coal continued
16 Aquila seam thickness (+47.5Mt). Resource depletion from Reserve increase due to re-classification of resources and
mining (-19Mt). confidence in the BLN & BUB pits (+4Mt), tonnage increase
due to improved economic outlook and changes to pit limit

(x) Oaky Creek No. 1 Underground: Increase in Reserve with a
constraints (+10Mt).
change in mine layout in Oaky North making panel layout
extensions possible in Oaky No. 1 (+2.6Mt). Marketable (hh) Cook: Resources are unchanged from 30 June 2010.
tonnes have increased with improved techniques of
(ii) Rolleston: Resource increase due to reclassification of
estimating yield using the OakySim model, part of the Oaky
resources from inferred to indicated through exploration and
Creek North underground project. Reserve depletion from
remodelling (+46Mt). Rationalisation of inferred high ash, thin
mining (-8Mt).
seam (-10Mt). Resource and Reserve depletion from mining
(y) Oaky Creek North Underground: Increase in Reserve with a (-10Mt).
change in mine layout as part of the Oaky North Project
Reserve changes with the extension of pit limits in Spring
(+10Mt). Marketable tonnes have increased with improved
Creek and Lagoon’s Creek due to additional exploration and
techniques of estimating yield using the OakySim model, as
economic viability (+9Mt).
part of the Oaky Creek North underground project. Reserve
depletion from mining (-13Mt). (jj) Rolleston West: Reserve increase due to the inclusion of the
southern expansion area south of the existing operations
(z) Oaky Acacia Opencut: Increase in reserves with additional
(+6Mt).
mine planning and inclusion of additional seams with
ongoing work during the pre-feasibility phase (+37Mt). (kk) Togara North: Resource changes due to reclassification and
Marketable tonnes have increased with improved techniques reassessment of the area increased resources (+332Mt). A
of estimating yield using the OakySim model. portion of the Castor and Aries2 seams were moved from
Indicated to Inferred Resources (-33Mt).
(aa) RedRock: Resource increase after a review of the eastern
edge of the Oaky lease (+1Mt). Additional mine planning done during the Pre-Feasibility
stage of the Togara North Project has allowed the reporting
(bb) Newlands, Suttor, Eastern (RCM – Rangal Coal Measure):
of reserves (+172Mt).
Resource changes due to previously “sterilised” coal in
Newlands underground mains pillars reclassified as measured (ll) Wandoan: Resource increase due to additional exploration,
resource (+2Mt). Newlands inferred resource reduced due to geological reinterpretation and remodelling (+470Mt).
a change in modelled thickness with infill drilling and data
Reserve increase due to an update to the geological model,
review (-11Mt). Resource depletion from mining (-13Mt).
improved seam correlation resulting in a reduced ash
(cc) Newlands Opencut: (Newlands, Suttor Creek, Eastern Creek percentage and improved overall yield. Pit limits extended
and Wollombi OC) Reserve changes to opencut areas due to with increase in confidence and removal of Wolleebee Creek,
pit design changes (+16Mt). Reserve depletion from mining resulting in an overall increase (+16Mt).
(-9Mt).
Competent Persons:
(dd) Newlands Underground: (Newlands and Suttor Creek) BC = Barry Clark, Technical Services Consultant, Bureau Veritas
Longwall panels reduced in length due to the presence of (AusIMM)
intrusive sills and structure in several panels (-7.5Mt). A
CFP = Charles Parbury, Director, McElroy Bryan Geological
structure was identified in the Suttor Creek underground area
Services Pty Ltd, Consulting Geologists (AusIMM)
which affected 2 east-west longwall panels (-9Mt). Reserve
depletion from mining (-9Mt). DL = David Lennard, General Manager Opencast, Palaris
(AusIMM)
(ee) Wollombi (MCM – Moranbah Coal Measures): Resource
increase with the inclusion of coking coal and low volatile DT = Darryn Tracy, Senior Mining Engineer, Ravensworth
coal in heat affected areas greater than 200m depth, Operations, Xstrata Coal New South Wales (AusIMM)
(+44Mt). Resource depletion due to mining (-5Mt).
IN = Ian Neilsen, Principal Mining Engineer, Xstrata Coal
(ff) Sarum: Resource decrease due to additional drilling and Queensland (AusIMM)
modelling of silled limits (-2Mt).
JHB = John Bryan, Director, McElroy Bryan Geological Services
(gg) Collinsville: Resource increase and upgrade of resources in Pty Ltd, Consulting Geologists (AusIMM)
various seams (+18Mt), and change in modelling method and
JMB = Janet Bartolo, Senior Geologist, McElroy Bryan Geological
drilling in deep resource areas decreased resources (-15Mt).
Services Pty Ltd (AusIMM)
Resource and reserve depletion from mining (-6.4Mt).
JT = John Terrill, Principal Resource Geologist, Xstrata Coal
Queensland (AIG)
JW = Jillian Wright, Technical Consultant, Consulting Services
NSW (AusIMM)
KJW = Kerry Whitby, Managing Director, McElroy Bryan
Geological Services Pty Ltd, Consulting Geologists (AusIMM)
LF = Lindsay Ford, Technical Services Manager Opencut, Xstrata RH = Ruth Henwood, Geologist, McElroy Bryan Geological 17
Coal Queensland, (AusIMM) Services Pty Ltd, Consulting Geologists (AusIMM)

MB = Mal Blaik, Principal Consultant, JB Mining Services Pty Ltd. RJ = Rowan Johnson, Senior Geologist, McElroy Bryan Geological
(AusIMM) Services Pty Ltd, Consulting Geologists (AusIMM)
MW = Mark Williams, Technical Services Manager Mangoola, RMD = Robert Dyson, Senior Geologist, McElroy Bryan
Xstrata Coal New South Wales (AusIMM) Geological Services Pty Ltd, Consulting Geologists (AusIMM)
NB = Nicole Brook, Group Manager, Technical and Business RM = Robert Molan, Senior Mining Engineer, Rolleston, Xstrata
Development, Xstrata Coal NSW (AUSIMM) Coal Queensland (AusIMM)
PG = Peter Graham, Senior Geologist, Bulga Coal (AusIMM) RSH = Scott Hobden, Technical Services Manager, Xstrata
Ravensworth UG (AusIMM)
PH = Paul Harrison, Senior Geologist, McElroy Bryan Geological
Services Pty Ltd (AusIMM) SB = Shaun Barker, Senior Mining Engineer, Togara North Project,
Xstrata Coal Queensland (AusIMM)
POG = Paul O'Grady, Technical Services Manager Underground,
Xstrata Coal Queensland (AusIMM) STH = Shane Holmes, Technical Services Manager, Xstrata Mt
Owen (AusIMM)
PP = Philip Price, Wandoan Project Manager - Operations, Xstrata
Coal Queensland (AusIMM) ST = Shaun Tamplin, Principal Consultant, Tamplin Resources
(AusIMM)
REH = Raymond Howard, Manager Mine Planning & Technical,
Xstrata Coal Sydney (AusIMM) TP = Toby Prior, Senior Resource Geologist, Togara North
Project, Xstrata Coal Queensland (AusIMM)
RJH = Richard Hingst, Senior Resource Geologist, Moultrie Group
(AusIMM)
South Africa Coal Resources

Operations
Tweefontein(a) 79.8% Thermal Coal (Mt) 770 772.6 – – 15 15 MS
CV (kcal/kg) 5,200 5,150 – –
Tweefontein South(b) 79.8% Thermal Coal (Mt) 230 257.5 62 50.8 37 18 MS
CV (kcal/kg) 5,200 5,150 4,300 4,300
Goedgevonden Complex(c) 74.0% Thermal Coal (Mt) 580 566.6 24 41.4 – – MS
CV (kcal/kg) 4,500 4,790 4,850 4,900 – –
iMpunzi North(d) 79.8% Thermal Coal (Mt) 270 276.3 34 0.3 6 3 MS
CV (kcal/kg) 5,550 5,520 6,250 6,250
iMpunzi East(e) 79.8% Thermal Coal (Mt) 150 156.0 5 5.2 11 11 MS
CV (kcal/kg) 5,350 5,400 5,700 5,500
Resources Subtotal –
Current Operations (Mt) 2,000 2,029 125 97.7 69 47
Undeveloped/Projects
Oogiesfontein(g) 100.0% Thermal Coal (Mt) 36 35.8 40 40.3 – – MS
CV (kcal/kg) 4,700 4,720 4,850 4,840 – –
Elandspruit(h) 100.0% Thermal Coal (Mt) 30 30.5 – – – – MS
CV (kcal/kg) 5,000 5,020 – – – –
Zonnebloem(f) 100.0% Thermal Coal (Mt) 210 136.1 30 20.4 5 6 MS
CV (kcal/kg) 5,100 4,860 4,700 4,960
Paardekop(i) 100.0% Thermal Coal (Mt) – – 450 451.0 400 399 MS
CV (kcal/kg) – – 5,400 5,390
Undeveloped Resources(j) 100.0% Thermal Coal (Mt) – – 12 15.7 190 190 MS
CV (kcal/kg) – – 5,000 5,400
Resources Subtotal –
Undeveloped/Projects (Mt) 276 202 532 527.4 595 595.0
Resources Total –
Coal South Africa (Mt) 2,276 2,231 657 625 664 642
Coal continued
18 South Africa Coal Reserves

Extractable Saleable Total Saleable

Operations
Tweefontein
North(a) 79.8% UG/OC Thermal (Mt) 182 39 97 29 126 123.1 TH
Export (Mt) 69 21 90 91.5
CV (kcal/kg) 5,900 5,900 5,900 5,900
Domestic (Mt) 28 8 36 31.6
CV (kcal/kg) 5,135 5,135 5,135 5,135
Tweefontein
South(b) 79.8% UG/OC Thermal (Mt) 11 50 6 29 35 41.4 TH
Export (Mt) 5 25 30 34.1
CV (kcal/kg) 6,000 6,000 6,000 6,000
Domestic (Mt) 1 4 5 7.3
CV (kcal/kg) 5,135 5,135 5,135 5,135
Goedgevonden
Complex(c) 74.0% OC Thermal (Mt) 273 76 170 28 198 206.2 RR
Export (Mt) 106 6 112 116.0
CV (kcal/kg) 6,000 6,000 6,000 6,000
Domestic (Mt) 64 22 86 90.2
CV (kcal/kg) 5,135 5,135 5,135 5,135
iMpunzi North(d) 79.8% OC Thermal (Mt) 78 3 44 1 45 48.7 RR
Export (Mt) 40 1 41 44.6
CV (kcal/kg) 5,900 5,900 5,900 5,900
Domestic (Mt) 4 – 4 4.1
CV (kcal/kg) 5,135 – 5,135 5,135
iMpunzi East(e) 79.8% OC Thermal (Mt) 140 3 79 2 81 77.8 RR
Export (Mt) 76 2 78 62.5
CV (kcal/kg) 5,900 5,900 5,900 5,900
Domestic (Mt) 3 – 3 15.3
CV (kcal/kg) 5,135 – 5,135 5,135
Zonnebloem(f) 79.8% OC Thermal (Mt) – 143 100 100 – RR
Export (Mt) – 57 57 –
CV (kcal/kg) – 5,900 5,900 –
Domestic (Mt) – 43 43 –
CV (kcal/kg) – 5,135 5,135 –
Reserves Subtotal – Coal South Africa (Mt) 684 314 396 189 586 497.2
Notes: totals include changes to classifications of Resource status due to

Product yields used to estimate Saleable Reserves were derived exploration, geological reinterpretation and remodelling, and
from the “Limn Model” software. Inputs to this model are coal ply changes to lease holdings.
and in-seam dilution data, processed in the model. The model
Coal Resources qualities are reported at an air dried moisture
takes into account plant efficiencies to calculate practical yields.
basis and Coal Reserves are reported at a net as received
The model is calibrated to historical plant performance and where
moisture basis.
applicable, large diameter borehole data is used.
The Resources and Reserves for the Mpumalanga Complex have
Valid prospecting rights have been issued for all the undeveloped
been removed from the report due to an agreement having been
Coal Resources. Some prospecting rights are being renewed,
entered into to sell the operations and resource areas.
while application has been made for a number of mining rights.
Completion of sale is subject to government approval. Areas
Coal Resources have been re-estimated in 2011 for inclusion in included in the Mpumalanga agreement are: Spitzkop, Tselentis,
this summary table except where otherwise stated. Revision of the Consbrey, Mooifontein, Sterkfontein, Bloemfontein and Sara
Buffels.
Changes and notes relevant to the estimation of Resources and (f) Zonnebloem: Resources increased due to the re-evaluation 19
Reserves are listed below for specific projects. Changes reported of seam picks in the no.2 uppers seam, and no. 1 and 2 seam

are exclusive of production from 30 June 2010 to 31 December thickness cut-off changed from 1m to 0.5m adding resources
2011. (+79Mt).
(a) Tweefontein North: Resource increase with the inclusion of Reserves have been included following additional studies
the No. 2 seam pillar resources in Makoupan pit area and mine planning during the Pre-feasibility stage of the
(+12Mt). Additional drilling in Boschmans, north and south of Zonnebloem Project (+140Mt).
dyke, redefined sub-outcrop areas, (-6Mt).
(g) Oogiesfontein: No significant change in the Resource
Reserve increase with increased confidence in a portion of estimation since 30 June 2010.
Klipplaat East pit and BM Southeast pit. Changes made to pit
(h) Elandspruit: No significant change in the Resource
layouts due to refinement of visible OC and UG 2 seam pit
estimation since 30 June 2010.
boundaries. South 2 pit reserves converted to an
underground mine layout (+14Mt). (i) Paardekop: No significant change in the resource estimation
since 30 June 2010.
(b) Tweefontein South: Previously reported as South Stock
Complex. Resource changes from additional drilling and (j) Undeveloped Resources: No significant change in the
remodelling in the No. 2, 4 and 5 seams, modifying the seam Resource estimation since 30 June 2010.
footprint and redefining sub-outcrops (+12Mt).
Competent Persons:
Reserve changes are only minor, with additional mine MS = Marius Smith; B Sc. Honours Geology; SACNASP; Group
planning increasing underground panels, but reducing the Coal Geologist, Xstrata Coal South Africa (6 years) – Management
Klippoortje Opencut area. of entire geological function including production and
exploration, geological modelling, Resource estimation and
(c) Goedgevonden Complex: Resource upgrade after
assessment, new business development initiatives including local
additional drilling and remodelling of the No. 2,4 & 5 seam
and Africa. Divisional Geologist, Xstrata Coal South Africa (2
with minor changes to thickness and density in the Zaaiwater
years) – Manage geological function at 8 operating collieries;
area (+17Mt).
Senior Project Geologist, Anglo Coal (4 years) – Manage
Reserve reclassification with a move from proved to probable exploration programs and geological modelling.
in areas in close proximity to the river diversion, CHPP
RR = Rohan Roach; B Com; BTech Mine Engineering; Coal Mine
stockpiles, national roads (7Mt), underground workings
Managers Certificate of Competency, Metalliferous Mine
(4.7Mt) and No. 2 seam upper ply requiring additional
Managers Certificate of Competency; SAIMM, ECSA; Group
product modelling (58Mt).
Mining Engineer, Xstrata Coal South Africa (1.5 years) – Life-of-
(d) iMpunzi North: Resource upgrade and increase with mine planning and reserve estimation of new projects; Technical
additional drilling and remodelling of the No. 1,2,4 & 5 seam Services Manager, Xstrata Coal South Africa (3 years) – Short,
resulting in a thickness increase of the No. 2 & 4 seam. medium and life-of-mine planning, reserve estimation and
Redefinition of seam picks and sub-outcrops added reconciliation; Technical Services Manager & Planning Mine
resources. No. 2 seam pillars added to the mine plan Overseer, BHPBilliton (7 years) – Short, medium and life-of-mine
increasing resources. No. 5 seam area footprint increased. planning, reserve estimation, and reconciliation; Onsetter, Miner,
Re-modelling resulted in slight decreases to sub-outcrops in Shiftboss, Mine Overseer, acting Production Manager, Rand Gold,
all seams. Change in Resource (+41Mt). BHPBilliton & Xstrata (6 Years) – Management of production units
underground and open pit dragline and minipit truck shovel
Reserve increase with re-evaluation of the previously mined
operations.
(pillar areas) No. 2 upper and lower seam by openpit mining
method, resulting in increased recovery and contamination. TH = Trevor Howard; B Eng. Mining; Coal Mine Managers
South pit No. 4 seam uppers added to the mine plan Certificate of Competency; SAIMM; Group Mining Engineer,
increasing reserves. Atcom office pits increased reserves due Xstrata Coal South Africa (3 years) – Life-of-mine planning for
to product parameter changes (5800 to 5700). Phoenix pit Tweefontein, reserve estimation and reconciliation, element
No. 2 seam pillars removed not practically mineable. Overall leader for mining related elements of the Tweefontein Project
change (+6Mt). studies; Technical Services Manager, Xstrata Coal South Africa
(3.5 years) – Short, medium and life-of-mine planning for
(e) iMpunzi East: Resource changes only due to production.
underground and opencast, production forecasting, economic
Reserve increase with improved recovery of the No. 2 seam consideration of various short term initiatives; Long Term Planning
pillar areas reducing mining losses. Pit layout increase due to Manager, Sasol Mining (1.5 years) – Short, medium and life-of-
product parameter changes (5800 to 5700). Overall change mine planning, monthly reconciliations, economic evaluations of
in reserves (+11Mt). options to link up adjacent mine; Miner, Shiftboss, Mine Overseer
& Underground Manager, Sasol Mining (5 years) – Management
of production units underground coal mining.
Coal continued
20 Americas Coal Resources – Colombia


Carbones del Cerrejón(a) 33.3% Thermal Coal (Mt) 3,200 1,737.2 1,150 329.6 800 127 GH
CV (kcal/kg) 6,550 6,550 6,550 6,500
Resources Total – Colombia (Mt) 3,200 1,737.2 1,150 329.6 800 127
Americas Coal Reserves – Colombia

Carbones del 33.3% OC Thermal
Cerrejón(b) Coal (Mt) 720 85 700 80 780 655 GH
CV (kcal/kg) – – 6,200 6,200 6,200 6,200
Reserves Total –
Colombia (Mt) 720 85 700 80 780 655
Canada Coal Resources

Donkin Mine(c) 75.0% Coking/Thermal
Coal (Mt) – – 230 227 250 254 KJW
CV (kcal/kg) – – 7,400 7,400
Lossan Coal Area(d) 100.0% Coking/Thermal
Coal (Mt) 108 – 77 – 50 – GJ
Resources Total – Canada (Mt) 108 – 307 227 300 254
Canada Coal Reserves

Donkin Mine(c) 75.0% UG Coking/Thermal
Coal (Mt) – 58 – 48 48 – LP
CV (kcal/kg) – – – 7,200 7,200 –
Reserves Total –
Canada (Mt) – 58 – 48 48 –
Notes: (a) Cerrejón Mine: An increase in resources due to 21
Reserves are ROM (Run of Mine) Reserves – as mined reserves reclassification of resource areas and inclusion of resources

taking into account geological losses, mining losses, within Measured, Indicated and Inferred areas of the Geo-
contamination and as mined moisture adjustments. Reserves are shell, (+3Bt).
reported on a ROM moisture basis. Resources are reported on an
(b) Cerrejón Mine: Reserve increase with additional studies and
in situ moisture basis.
mine planning done as part of the P40 project with increased
Saleable Reserves: As sold basis are Reserves adjusted for yield production has resulted in an overall increase (+175Mt).
losses in the preparation plant (if applicable) and converted to a
(c) Donkin Mine: Resource unchanged from 30 June 2010.
saleable moisture basis. The Coal Resource and Coal Reserve
estimates tabulated above are stated on a total mine basis as at Reserves have been included following additional studies
31 December 2011. and mine planning during the Pre-feasibility stage of the
Donkin Project (+58Mt).
Coal Resource qualities are reported at in situ moisture basis and
Coal Reserve qualities are reported at a gross as received basis. (d) Lossan Coal Area: Lossan Coal Property acquired by Xstrata
Coal effective November 2011.
Americas (Colombia) Resources are Gross Tons In Situ Resources
(GTIS). The Coal Resources include coal for which the continuity, Competent Persons:
quality and mineability are established but are outside the current GH = German Hernandez; BSc, BHPBilliton Certificate of
life of mine plan. These Resources comply with current and Competent Person; GSSA; APS Geology Superintendent,
foreseen mining and marketing criteria and have economic Carbones del Cerrejon – Drilling – core, open and reverse
potential. The estimates of Coal Resources and Coal Reserves circulation drilling; Geophysical – geophysical logging set to coal
presented in this table for Cerrejón have been prepared in exploration, magnetic susceptibility, etc, also reflection seismic,
accordance with the SAMREC Code (South African Code for airborne magnetic, ground based mag and DC Resistivity
Reporting of Coal Resources and Coal Reserves). profiling; Geological Data Management – Integrated geological
database/graphics and modelling packages including Minex
Canada Resources and Reserves are reported in accordance with
Horizon, Mincom GDB, Microstation and in-house software
the CIM Definition Standards on Mineral Resources and Mineral
applications; Extensive experience in exploration programmes
Reserves with reference to Paper 88-21 guidelines.
and mine geology support in Colombia Coal Fields, and feasibility
Changes and notes relevant to the estimation of Resources and studies programmes in Cerrejon.
Reserves are listed below for specific projects. Changes reported
GJ = Geoffrey Jordan, Senior Geologist, Norwest Corporation
are exclusive of production from 30 June 2010 to 31 December
(APEGGA and APEGBC)
2011.
KJW = Kerry Whitby, Managing Director, McElroy Bryan
Geological Services Pty Ltd, Consulting Geologists (AusIMM)
LP = Lynn Partington, Executive Mining Consultant, Marston and
Marston, Inc. (APEGGA and APEGBC).
Copper
22 North Queensland Mineral Resources

Measured
Measured Mineral Indicated Mineral and Indicated Inferred Mineral

Name of operation interest method Commodity 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 Person*
Ernest Henry 100%
Open Cut(a) OC (Mt) – 10 – 7 – 17 – – MC
Cu (%) – 1.0 – 0.9 – 1.0 – –
Au (g/t) – 0.5 – 0.4 – 0.5 – –
Magnetite
(%) – 23 – 22 – 23 – –
Underground(b) UG (Mt) 4 4 71 71 75 76 13 13 MC
Cu (%) 1.3 1.3 1.3 1.3 1.3 1.3 1.2 1.2
Au (g/t) 0.7 0.7 0.7 0.7 0.7 0.7 0.6 0.6
Magnetite
(%) 32 32 28 28 28 28 26 26
E1(c) OC (Mt) 9 – 25 – 34 – 14 – MC
Cu (%) 0.9 – 0.7 – 0.8 – 0.6 –
Au (g/t) 0.3 – 0.2 – 0.2 – 0.2 –
Monakoff(d) OC (Mt) – – 2 – 2 – 1 – MC
Cu (%) – – 1.4 – 1.4 – 1.2 –
Au (g/t) – – 0.4 – 0.4 – 0.4 –
Mount Isa 100%
X41 Mine 1100 &
1900 Orebodies(e) UG (Mt) 44 48 15 18 60 66 8 5 KH
Cu (%) 1.9 2.1 1.8 1.8 1.9 2.0 2 2
Enterprise Mine 3000
& 3500 Orebodies(f) UG (Mt) 40 46 6 7 45 54 1 1 KH
Cu (%) 3.0 3.1 2.5 2.5 3.0 3.0 2 2
500 Orebody(g) UG (Mt) – – – 25 – 25 – 50 NB
Cu (%) – – – 1.9 – 1.9 – 1
Open Pit(h),(i) OC (Mt) – – 150 150 150 150 133 133 NB
Cu (%) – – 1.2 1.2 1.2 1.2 1 1
Total – North
Queensland (Mt) 97 108 269 278 366 388 170 202
North Queensland Ore Reserves 23

Name of operation interest method Commodity 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 Person*
Ernest Henry 100%
Open Cut(a) OC (Mt) – 10 – 7 – 17 AT
Cu (%) – 1.0 – 0.9 – 1.0
Au (g/t) – 0.5 – 0.4 – 0.5
Magnetite
(%) – 23 – 22 – 23
Underground(b) UG (Mt) – – 74 71 74 71 CC
Cu (%) – – 0.95 0.95 0.95 0.95
Au (g/t) – – 0.5 0.5 0.5 0.5
Magnetite
(%) – – 23 23 23 23
E1(c) OC (Mt) – – 26 – 26 – AT
Cu (%) – – 0.8 – 0.8 –
Au (g/t) – – 0.2 – 0.2 –
Monakoff(d) OC (Mt) – – 2 – 2 – AT
Cu (%) – – 1.4 – 1.4 –
Au (g/t) – – 0.4 – 0.4 –
Mount Isa 100%
X41 Mine 1100 & 1900
Orebodies(e) UG (Mt) 18 22 13 14 31 36 GC
Cu (%) 1.9 2.0 1.8 1.8 1.8 1.9
Enterprise Mine 3000 &
3500 Orebodies(f) UG (Mt) 17 21 7 7 24 29 GC
Cu (%) 3.3 3.3 2.5 2.7 3.0 3.2
Total – North Queensland (Mt) 35 53 122 99 157 153
Canada Mineral Resources

Attributable Mining Resources Resources Indicated Resources Resources Competent
(j)
Kidd Creek 100% UG (Mt) 19.3 20.6 1.1 2.3 20.4 23.0 4.2 4.5 BD
Cu (%) 2.05 2.12 1.35 1.55 2.01 2.07 1.7 1.7
Zn (%) 4.71 4.76 5.56 5.36 4.75 4.82 6.4 6.3
Pb (%) 0.17 0.17 0.10 0.14 0.16 0.17 0.1 0.1
Ag (g/t) 57 57 31 43 56 55 57 57
Total – Canada (Mt) 19 21 1 2 20 23 4 5
Canada Ore Reserves

Kidd Creek(j) 100% UG (Mt) 13.3 14.9 2.3 2.5 15.5 17.4 AM
Cu (%) 1.89 2.08 1.61 1.38 1.85 1.98
Zn (%) 5.09 4.84 4.53 4.23 5.01 4.75
Pb (%) 0.18 0.16 0.11 0.13 0.17 0.16
Ag (g/t) 62 57 36 37 58 54
Total – Canada (Mt) 13 15 2 3 16 17
Copper continued
24 Minera Alumbrera Ore Reserves

(k)
Bajo de la Alumbrera 50% OC (Mt) 248 293 8 9 256 302 JBN
Cu (%) 0.37 0.39 0.28 0.32 0.37 0.39
Au (g/t) 0.37 0.39 0.24 0.28 0.36 0.39
Mo (%) 0.013 0.013 0.014 0.015 0.013 0.013
Total – Alumbrera (Mt) 248 293 8 9 256 302
Chile Mineral Resources

Measured
(l)
Collahuasi 44% OC Sulphide (Mt) 378 409 3,266 2,586 3,644 2,995 3,900 4,042 LA
Cu (%) 0.92 0.90 0.79 0.80 0.80 0.82 0.8 0.81
Mo (%) 0.02 0.02 0.03 0.02 0.03 0.02 0.02 0.02
OC Oxide & Mixed
(Mt) 33 0.3 16 38 49 38 5 20 LA
Cu (%) 0.60 1.60 0.67 0.68 0.62 0.69 0.6 0.72
Lomas Bayas 100%
Lomas OC Oxide & Mixed
Bayas I(m) (Mt) – – – – – – – – NF
Cu (%) – – – – – – – –
Soluble Cu (%) – – – – – – – –
Lomas OC Oxide & Mixed
Bayas II(n) (Mt) 344 357 222 224 566 581 77 77 NF
Cu (%) 0.30 0.30 0.21 0.22 0.26 0.27 0.15 0.15
Soluble Cu (%) 0.21 0.21 0.14 0.14 0.18 0.18 0.08 0.08
Lomas
Bayas III(o) OC Sulphide (Mt) 17.7 17.7 228 228 245.7 245.7 190 190 NF
Sulphide Zone Cu (%) 0.54 0.54 0.40 0.40 0.41 0.41 0.36 0.36
Oxide and
Mixed (Mt) 66.2 66.2 312.9 312.9 379.1 379.1 28 28
Cu (%) 0.35 0.35 0.25 0.25 0.27 0.27 0.21 0.21
Total – Chile (Mt) 839 850 4,045 3,389 4,884 4,239 4,200 4,357
Chile Ore Reserves

Collahuasi(l) 44% OC Sulphide (Mt) 285 316 2,575 2,066 2,860 2,381 MQ
Cu (%) 1.07 1.08 0.77 0.79 0.80 0.83
Mo (%) 0.03 0.02 0.02 0.02 0.02 0.02
OC Oxide & Mixed (Mt) 21 0 15 32 35 32 MQ
Cu (%) 0.59 1.16 0.69 0.74 0.63 0.74
Lomas Bayas 100%
Lomas Bayas I(m) OC Oxide & Mixed (Mt) 16 49 25 44 41 93 NF
Cu (%) 0.32 0.30 0.28 0.27 0.30 0.29
Soluble Cu (%) 0.21 0.19 0.18 0.17 0.19 0.18
Lomas Bayas II(n) OC Oxide & Mixed (Mt) 310 325.4 163 165.2 473 490.6 NF
Cu (%) 0.30 0.30 0.21 0.21 0.27 0.27
Soluble Cu (%) 0.22 0.22 0.14 0.14 0.19 0.19
Total – Chile (Mt) 632 690 2,778 2,307 3,409 2,997
Peru Mineral Resources 25
Measured

Antamina(p) 33.75% OC Sulphide
Cu (Mt) 125 106 749 567 874 673 530 487 LC
Cu (%) 0.89 0.92 0.94 1.00 0.93 0.99 0.8 0.83
Zn (%) 0.15 0.15 0.13 0.16 0.14 0.16 0.1 0.13
Ag (g/t) 7.2 7.5 9.0 9.3 8.7 9.0 9 9.7
Mo (%) 0.034 0.038 0.025 0.029 0.026 0.030 0.02 0.017
Sulphide
Cu-Zn (Mt) 58 43 254 152 312 195 180 93 LC
Cu (%) 0.73 0.78 0.84 1.06 0.82 1.00 0.5 0.86
Zn (%) 1.55 1.53 1.96 1.90 1.89 1.82 1.3 1.59
Ag (g/t) 13.5 14.6 14.1 17.2 14.0 16.6 9.7 15.8
Mo (%) 0.011 0.013 0.006 0.008 0.007 0.009 0.003 0.006
Tintaya(q) 100% OC (Mt) 50 59 39 46 88 105 – – HB
Cu (%) 1.22 1.2 1.10 1.1 1.17 1.16 – –
Au (g/t) 0.19 0.2 0.18 0.2 0.18 0.2 – –
Antapaccay(r) 100% OC (Mt) 185 185 438 438 623 623 190 194 HB
Cu (%) 0.66 0.66 0.54 0.54 0.58 0.58 0.4 0.36
Au (g/t) 0.14 0.14 0.12 0.12 0.13 0.13 0.06 0.06
Ag (g/t) 1.63 1.63 1.43 1.43 1.49 1.5 1.3 1.3
Mo (%) 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005
Coroccohuayco(s) 100% OC (Mt) – 2 129 30 129 32 190 60 RR
Cu (%) – 3.01 1.10 3.20 1.10 3.2 0.8 3.06
Au (g/t) – 0.28 0.12 0.33 0.12 0.33 0.1 0.28
Ag (g/t) – 10.40 3.60 11.90 3.60 11.81 3 13
Mo (%) – 0.012 0.018 0.016 0.018 0.016 0.01 0.013
Las Bambas(t) 100% OC Sulphide (Mt) 490 280 720 870 1,210 1,150 500 400 RR
Cu (%) 0.64 0.50 0.68 0.70 0.66 0.65 0.5 0.5
Mo (ppm) 174 150 172 172 173 166 149 140
Ag (g/t) 3.0 2.0 3.5 3.5 3.3 3.2 2.4 2.8
Au (g/t) 0.06 0.04 0.05 0.05 0.05 0.05 0.03 0.03
Total – Peru (Mt) 908 675 2,329 2,103 3,236 2,778 1,590 1,234
Copper continued
26 Peru Ore Reserves

(p)
Antamina 33.75% OC Sulphide Cu (Mt) 90 75 476 441 565 516 MM
Cu (%) 1.05 1.10 0.95 1.05 0.96 1.06
Zn (%) 0.16 0.17 0.14 0.17 0.15 0.17
Ag (g/t) 8.2 8.6 8.9 9.7 8.8 9.5
Mo (%) 0.033 0.037 0.027 0.031 0.028 0.032
Sulphide Cu -Zn
(Mt) 43 29 177 131 220 160 MM
Cu (%) 0.82 0.92 0.83 1.06 0.83 1.03
Zn (%) 1.79 1.84 1.99 1.98 1.95 1.95
Ag (g/t) 15.0 17.0 14.3 17.6 14.5 17.5
Mo (%) 0.006 0.007 0.006 0.008 0.006 0.008
Tintaya(q) 100% OC (Mt) 30 39 19 27 49 66 HB
Cu (%) 1.12 1.12 0.84 1.02 1.01 1.08
Au (g/t) 0.14 0.16 0.10 0.15 0.12 0.16
Antapaccay(r) 100% OC (Mt) 176 176 365 365 541 541 HB
Cu (%) 0.66 0.66 0.56 0.56 0.59 0.59
Au (g/t) 0.14 0.14 0.12 0.12 0.13 0.13
Ag (g/t) 1.63 1.63 1.45 1.45 1.51 1.51
Mo (%) 0.005 0.005 0.005 0.005 0.005 0.005
Total – Peru (Mt) 339 319 1,037 964 1,375 1,283
Other projects Mineral Resources

Measured and
Measured Indicated Indicated Mineral Inferred
Attributable Mining Mineral Resources Mineral Resources Resources Mineral Resources Competent
(u)
El Pachon 100% OC (Mt) 430 200 810 690 1,240 890 1,500 900 RR
Cu (%) 0.69 0.82 0.51 0.56 0.57 0.62 0.4 0.4
Mo (%) 0.014 0.018 0.011 0.015 0.012 0.016 0.01 0.01
Ag (g/t) 2.4 2.5 2.1 2.1 2.2 2.2 2 2
Tampakan(v) 62.5% OC (Mt) 980 780 1,290 910 2,270 1,690 670 800 RR
Cu (%) 0.69 0.71 0.45 0.55 0.55 0.62 0.4 0.4
Au (g/t) 0.28 0.28 0.16 0.19 0.21 0.23 0.1 0.2
Mo (%) 0.008 0.008 0.006 0.007 0.007 0.007 0.005 0.006
Frieda River(w) 81.8%
Nena High
Sulfidation OC (Mt) – – 37 37 37 37 14 14 RR
30-12-08 Cu (%) – – 2.67 2.67 2.67 2.67 1.8 1.8
Au (g/t) – – 0.63 0.63 0.63 0.63 0.4 0.4
H-I-T Porphyry OC (Mt) 780 40 410 460 1,190 500 900 800
Cu (%) 0.51 0.58 0.44 0.52 0.49 0.52 0.4 0.4
Au (g/t) 0.28 0.31 0.2 0.31 0.25 0.31 0.2 0.2
West Wall Copper
Project(y) 50% (Mt) – – – – – – 750 750 GL
Cu (%) – – – – – – 0.54 0.54
Au (g/t) – – – – – – 0.05 0.05
Mo (%) – – – – – – 0.01 0.01
Total – Other
projects (Mt) 2,190 1,020 2,547 2,097 4,737 3,117 3,834 3,264
Notes: a Feasibility Study conducted in June 2011. A cut off grade 27
(a) Ernest Henry Open Cut: The Open Cut Ore Reserve and of 0.3% Cu was applied.

Mineral Resource were depleted by 17Mt of ore @ 1.0% Cu,
(d) Monakoff: Copper and gold mineralisation occurs in two
0.5 g/t Au due to mining from the Open Cut since end June
distinct locations outcropping at surface. Monakoff is
2010, with mining of the Open Cut fully depleting Reserves
composed of primary chalcopyrite mineralisation in a steeply
and Resources by December 2011. Open Cut Ore Reserve
dipping shear bound tabular ore body hosted in meta-
and Mineral Resource estimates were based on an Ordinary
volcanic and meta-sediment packages. Monakoff East is
Kriged block model. Mineral Resource classification was
composed of primary chalcopyrite mineralisation replacing
based on geostatistical analysis of data, combined with
meta-dolerite in tabular sheets dipping steeply to the south.
structural and geological interpretation. A cut-off grade of
Open cut Ore Reserves and Mineral Resource estimates are
0.27% Cu was applied.
derived from an Ordinary Kriged block model guided by
(b) Ernest Henry Underground: Copper and gold mineralisation geological interpretations of host lithologies and resource
occurred in a breccia comprised of strongly altered and outlines based on a nominal 0.3% Cu cut-off grade based on
replaced intermediate volcanic fragments in a matrix a Feasibility Study conducted in June 2011. A cut off grade
assemblage of predominantly magnetite, chalcopyrite and of 0.5% Cu was applied.
carbonate. Copper occurs as chalcopyrite and gold was
(e) Mount Isa X41 Copper Mine 1100 and 1900 Orebodies:
strongly associated with chalcopyrite. The Mineral Resource
Mineralisation occurs generally as breccia hosted massive to
estimate is based on a copper equivalent cut-off of 1.15%
disseminated chalcopyrite in “silica dolomite” altered pyritic
(CuEq = Cu % + 0.52 x Au g/t). Estimates are derived from
dolomitic siltstone. Mineral Resource categorisation is based
an Ordinary Kriged block model after the application of
on assessment of orebody continuity, structural complexity
geostatistical analysis of data combined with structural and
and adequacy of data coverage. Mining depletions and
geological interpretation. The Underground Mineral
sterilisation to the Mineral Resource amounted to 5.87Mt as a
Resource includes all material outside the final mined pit to
result of continued updates to the mining depletion and
the base of current drill testing. The Mineral Resource has
sterilisation model. New drilling in the Northern 1100 and
been depleted by 1.0Mt by mining from 31/6/10 to
Northern 1900 Orebodies resulted in an additional 0.68 Mt
31/12/11, including 0.4Mt of material previously classified
of Mineral Resource. Mining depletions and sterilisations
outside resource. This update to the Underground Ore
amounted to a 3.8Mt reduction in Ore Reserve. Engineering
Reserve is still based on the Feasibility Study, which is
reviews resulted in a further decrease of 0.3Mt to the Ore
estimated from applying underground mining methods to a
Reserve. Further work is continuing to evaluate the Measured
mining shape derived from the Mineral Resource. The mining
and Indicated Mineral Resources for conversion to Ore
method is a combination of blasting ore remaining in walls
Reserves using differing mining methods and economic
above the final pit floor and sub-level caving below the pit
parameters.
floor from RL1625 to RL1200. Dilution and ore losses have
been factored into the Ore Reserve utilising flow based (f) Enterprise Mine 3000 and 3500 Orebodies: Mineralisation
dilution modelling. Material changes to the Ore Reserve as at occurs generally as breccia hosted massive to disseminated
31 December 2011 include depletion from first production chalcopyrite in “silica dolomite” altered pyritic dolomitic
and ore body development (1.0Mt), extensions of ore siltstone. Mineral Resource categorisation is based on
boundaries from increased ore body knowledge, and assessment of orebody continuity, structural complexity and
adjustments to flow modelling estimations totalling 3.8Mt. adequacy of data coverage. Mining depletions and
Metallurgical testing has confirmed the processing sterilisation amounted to a 10.6Mt reduction in Mineral
performance expected from the mineralisation including Resource as a result of continued updates to the mining
magnetite contained within the mining shape. There is no depletion and sterilisation model. New drilling in the up-dip
overlap between the Underground and Open Pit Mineral portion of the 3000 Orebody resulted in an addition to the
Resources and Ore Reserves. Mineral Resource; this was partially offset by less successful
drilling in the Central 3000 Orebody. Mining depletions and
(c) E1: Copper and gold mineralisation occurs in three distinct
sterilisations amounted to 4.9Mt of Ore Reserve. Engineering
zones all located under a 20m to 50m package of
reviews resulted in an increase of 0.6Mt to the Ore Reserve.
transported cover sediments. E1 North is hosted within a
Further work is continuing to evaluate the Measured and
series of variably brecciated meta-volcanics and meta-
Indicated Mineral Resources for conversion to Ore Reserves
sediments and is composed of predominately disseminated
using differing mining methods and economic parameters.
primary chalcopyrite mineralisation and a zone of supergene
mineralisation immediately west of the primary zone. E1 (g) Mount Isa 500 Orebody: The 500 Orebody was previously
South is composed of disseminated primary chalcopyrite reported as an overlap between the Mount Isa underground
mineralisation hosted within a north plunging synclinal series and open pit copper Mineral Resources. Unlike all other
of stacked folded ironstone lenses. E1 East is composed reported resources, the Block Cave resource was calculated
predominately of disseminated primary chalcopyrite exclusive of a cut-off grade, i.e. reported as the total volume
mineralisation and is hosted within a number of steeply tonnage of the designed block. The ‘500 Block Cave’
dipping magnetite ironstone lenses of variable thickness. Resource was removed from the 2011 Mineral Resource. The
Open cut Ore Reserves and Mineral Resource estimates are decision to remove the Block Cave from the reportable
derived from an Ordinary Kriged block model guided by resource was a function of improved understanding of the
geological interpretations of host lithologies and resource mining potential of the block and removal of ambiguity in
outlines based on a nominal 0.2% Cu cut-off grade based on Resource reporting. The 75Mt Block Cave (volume tonnage)
Copper continued
28 was removed and 2.42Mt @ 1.7% Cu from within the Block figures are obtained from the Resource Block Model (ALUN)
Cave design (below Pit46) was added into the 1100 Orebody which was constructed in May 2008 using Ordinary Kriging
underground Resource. interpolation within geological constraints from an assay

database comprising some 116,000m of diamond drilling
(h) Mount Isa Open pit: Mineral Resource categorisation is
and 15,000m of reverse circulation drilling. Ore Reserves are
based on assessment of orebody continuity, structural
based on a pit optimisation (Pit 110-11B) performed on the
complexity and adequacy of data coverage. The Mineral
ALUN resource block model, and are reported using an
Resource estimate is based on a block model with grade
economic 0.22% Cu equivalent cut-off grade. The economic
interpolation by Ordinary Kriging. The Mineral Resource has
cut-off is based on appropriate dilution factors and
been reported inside an optimised pit shell using a cut-off
metallurgical recoveries, and uses Xstrata Copper long-term
grade of 0.5% Cu. Copper mineralisation occurs generally as
commodity gross prices assumptions. The stripping ratio
breccia hosted massive to disseminated copper minerals in
(S.R.) for Pit 110 is 1.64 S.R. is defined as the in-pit tonnes of
“silica dolomite” altered pyritic dolomitic siltstone.
waste divided by the in-pit tonnes of ore. Mineral Resources
Approximately 60% of the copper Mineral Resource is in
are reported exclusive of the Ore Reserves, hence there are
primary chalcopyrite, the remainder being oxidised or
no reported Resources.
partially oxidised, with a minor amount of supergene
chalcocite mineralisation. A Pre-Feasibility Study is currently (l) Collahuasi: The 84Mt ore production for second half 2010
underway to determine the viability of commencing a large and 2011 are already depleted from the reported Ore
open cut copper mine within Mount Isa Open Pit. Reserve. Ore Reserves include estimates of stockpile material
at time of reporting. Rosario, Rosario Oeste, Ujina, Capella,
(i) Underground-Open Pit Overlap: Removed from 2011
Capella Este, Rosario Sur I, Rosario sur II and Rosario Sur III (
Mineral Resource. Refer to (g) for details.
ex Dulcinea, La Borracha y Borracha Oeste) are deposits
(j) Kidd Creek: Reserves are based on the approved mining within the Collahuasi cluster. Collahuasi is mined by open cut
plan to 9500ft depth. Resources are inclusive of reserves and methods. The Collahuasi Mineral Resources and Ore
extend to 10,200ft depth (within reach of ramp haulage from Reserves are based on three discrete different Copper-Moly
the existing shaft). Resource and reserve changes are mainly porphyry orebodies, Ujina, Rosario and Rosario West. Primary
the result of mining drawdown, with adjustments due to Chalcopyrite – Bornite and less Chalcosite are the main
drilling conversion, and pricing. July 1, 2010 to Dec. 2011 copper bearing minerals at Ujina and Rosario. At Rosario
production totalled 3.6Mt @ 46g/t Ag, 2.08% Cu, and 3.88% West Supergene Chalcosite partially to totally replacing
Zn. Reserves are estimated using long-term mineral price Chalcopyrite is the main copper bearing mineralogy. The
assumptions and exchange rates. Two major seismic events Rosario orebody is the main source of ore of the current
in 2011 resulted in a suspension of mining on the south end Collahuasi operation. Reserves and Resources have been re-
of 68 to 82 levels. Mining of 0.8Mt of reserve will likely be estimated on the basis of new drilling information, updated
deferred until end of mine life, is now categorized as geological and geostatistical modelling, updated mining
Probable, and may be exposed to write-down. parameters and adjustments to the forecast metal prices.
Approximately 1.8Mt of resource between 82 and 95 levels Cut-off parameters for the Resources and Reserves vary
meets full-cost criteria but has not been converted to reserve according to forecast metal prices, expected financial, mining
pending development of a practical mining plan. Kidd Creek and metallurgical parameters. Mineral Resources are
is a Volcanogenic Massive Sulphide Cu-Zn-Ag deposit. reported within the constraints of optimised pit shells. The
Mineralisation occurs within a rhyolitic volcanic/volcaniclastic Resources for Rosario, Ujina and Capella have been classified
sequence as massive sulphide lenses of dominantly pyrite- into Measured, Indicated and Inferred categories based on
pyrrhotite-sphalerite-galena-rich ores that are underlain by minimum search radius constraints and drillhole spacing:
copper (chalcopyrite) stringer zones. Rosario: Measured 50 x 50m (Oxide, Mixed, and Secondary
Sulphides) and 70 x 70m (Primary Sulphides); Indicated 100 x
(k) Bajo de La Alumbrera: The Bajo de la Alumbrera copper-
100m (Oxides, Mixed, and Secondary Sulphide) and 150 x
gold porphyry deposit is located in the Hualfin district, Belen
150m (Primary Sulphides); Inferred within 250m in the
department of the Catamarca province, in the Northwest
horizontal and 50 in the vertical. Ujina: Measured 70 x 70m
region of Argentina The ore body consists of primary
(all mineralisation types); Indicated 100 x 100m (Oxides,
sulphide mineralised ore which comprises disseminated, vein
Mixed, Secondary Sulphide) and 150 x 150m (Primary
and fracture controlled chalcopyrite in altered dacite and
Sulphides); Inferred for wider drilling grids and contained
andesite host rocks, with minor chalcocite and covellite in the
within the geological interpretation. The oxides at Capella
enriched zone that surrounds the major faults. The major
were drilled on approximate 50 x 50m grid and have been
variations from the June 30, 2010 published statement are
classified in the Indicated category. Ore Reserve estimates
depletion due to mining and processing of 56Mt @ 0.41%
are based only on Measured and Indicated Resources,
Cu, 0.43g/t Au. The Proved Reserves include 41Mt @ 0.28%
optimised mine plans and meet minimum operational cut-off
Cu, 0.32 g/t Au, 0.014% Mo of Medium and Low-Grade
requirements. Ore Reserve pits for Rosario and Ujina were
material stockpiled and scats, for treatment during the
defined using expected long term prices for copper.
remaining of the life of mine. The increase of 22Mt, due to an
However, for Capella East, a more aggressive copper price
adjustment of commodities prices and costs and the update
was used in attention to the short life expected for the
of the recovery model. The decrease of 12Mt, due to
deposit. In order to ensure that the stated resources
changes in the design of pit by geotechnical
represent mineralisation that have “reasonable prospects for
recommendations. The Ore Reserves and Mineral Resources
eventual economic extraction” (JORC Code), Open pit shells RCuH. Resources as of 31/12/2011, considers both the 29
were optimized for the Rosario and Ujina Resources models operational pit 2010 and economic pit 2010 and cut-off

based on the Lersch-Grossmann algorithm using the Whittle grade Heap: 0.16%, RCuH and ROM: 0.05% RCuH.
4X software and long term equilibrium metal prices.
(p) Antamina: (Compañia Minera Antamina S.A.): Antamina is a
Operational pit designs were generated based on the
polymetallic (copper, zinc and molybdenum predominate)
optimised shells. The Ore Reserves include all Proved and
skarn deposit resulting from complex multiple intrusive
Probable Reserves falling above the breakeven cut-off grade.
events. Copper mineralisation occurs mainly as chalcopyrite
The process of generating the resource model and optimised
except for two areas of bornite, representing approximately
pit shells incorporated diluting materials; as such no
5% of the deposit. Zinc mineralisation generally occurs as
additional dilution factors were required in converting
sphalerite. Other significant sulphide minerals include
Resources to Reserves. Material included in stockpiles is
molybdenite and pyrite, while trace amounts of numerous
periodically verified and re-evaluated through drilling,
silver and bismuth bearing minerals and local areas of galena
trenching, and sampling. Stockpiles for material from the
(lead sulphide) are also found within the deposit. Ore
Rosario deposit indicate a level of uncertainty for the
Reserves resulting from the depletion of the Ore Reserves
reported grades. This material has been classified as
declarations of January 2011 based on the end of year 2011
Probable Reserves for inclusion in the Ore Reserve Estimate.
topography projection from 90 days plan October 2011.The
All sulphide stockpile Resources reporting to Reserves that
life-of-mine plan used for this declaration has not been
have been classified as Measured and fall between 0.34%
updated since January 2011 declaration. The mine plan
and operational cut-off grade are downgraded to the
considers only measured and indicated Mineral Resources
Probable Reserve category. Previous statements did not
and any inferred Mineral Resources has been treats as waste.
consider this downgrading of the Reserve category.
The cut-off grade for the Ore Reserves estimate varies by
(m) (o) Lomas Bayas (I) – Lomas Bayas (III): Lomas Bayas is a low year in an effort to maximize the net present value of the pit.
grade Cu-Mo-Au deposit resulting from the intrusion of The cut-off grades at Antamina are based on the net value
several porphyries and breccias systems that were later before taxes that the material will generate per hour of
exposed to leaching and subsequent supergene enrichment concentrator operation. The Measured Resources include
and in situ oxidation. Green copper oxides, copper sulphates existing low-grade ore stockpiles. Zinc is not recovered from
in various forms and less partially mixed ores are the main Copper Ores and molybdenum is not usually recovered from
source of ore for the existing SE/EW operation. These copper Copper-Zinc Ores or from Copper Ores with high bismuth.
oxides-sulphates mineralisation is the base of the Lomas
(q) Tintaya: The Tintaya orebody is located 10km northeast of
Bayas Ore Reserve (Lomas Bayas I).
Antapaccay, and together with Coroccohuayco is part of the
The deeper primary chalcopyrite mineralisation is now being Tintaya mineralised district. The Tintaya orebody is a copper
considered for potential milling and flotation and is now skarn deposit, which consists of Cretaceous sedimentary
subject of a pre feasibility Study, the project is named Lomas rocks intruded by monzonitic plutons, with bornite,
Bayas Sulphides (III) and the resulting resource pit includes all chalcopyrite, chalcocite and copper oxides as the main
Lomas Bayas Mineral Resources. copper bearing minerals. This statement is estimated based
on a Resource Block Model which was constructed using
Lomas Bayas block model LB09 includes a total of 243,769m
Ordinary Kriging interpolation within geological constraints
of exploration and resource definition drilling and is the base
from an historical assay database comprising some 675,000m
of the Lomas Bayas (I) Ore Reserve and Lomas Bayas (III)
of diamond and reverse circulation drilling. Identified Mineral
Mineral Resources. Mineral Resource and Ore Reserve
Resources are generated from pit optimisation studies using
estimation has been completed by Ordinary Kriging on a 15
possible future technical and economic scenarios to define
x 15 x 15m block model that now extends down to 860m.
mineralisation which might in whole or in part become
Ore Reserves are as of 31/12/2011 using projected
economically extractable. The major variations from the 30
topography. The Lomas Bayas (I) Ore Reserve estimate
June 2010 public statement are due to the mining and
results from the LB09 block model; operational pit Lom2010;
processing of 17Mt of ore. The ultimate pit slope designs are
cut-off grade Heap: 0.16 RCuH and ROM: 0.05% RCuH. The
based on Tintaya’s geotechnical staff recommendations, with
Lomas Bayas (III) Mineral Resource estimates results from the
inter-ramp slopes angles ranging between 42° and 50°.
LB09 block model and a pit shell calculated using Measured,
Tintaya ore stock of 5,622Kt will be treated in Antapaccay
Indicated and Inferred Sulfides Resources named PitfinalLBIII;
Plant, between 2012 and 2013.
Oxides-Mixed within this pit are also considered resources
that will eventually feed the SE/EW operation. (r) Antapaccay: The Antapaccay Orebody is located 10km
southwest of Tintaya, and together with Coroccohuayco is
(n) Lomas Bayas (II): Lomas II block model LB06 includes historic
part of the Tintaya mineralised district. It is a sulphide
drillholes totalling 95,250m and sampled at 2m intervals.
mineralised system comprising disseminated, vein and
Resource and Reserve estimation has been completed by
fracture controlled chalcopyrite and bornite in altered quartz-
Ordinary Kriging with the block model reporting tonnage
monzonite and diorite in a limestone host rock, with some
and total copper grade estimates to 20 x 20 x 15m blocks.
mineralised exoskarn areas and minor copper oxides and
Resource classification is based on sample density,
copper carbonates in the upper part of the deposit. Mineral
mineralogy and the expected recovery. Resources have been
Resource categorisation is based on assessment of orebody
updated with new operational and economic pits. Ore
and grade continuity, structural complexity, data quality,
Reserves are as of 31/12/2011, considering: operational pit
adequacy of data coverage, and reasonable prospects of
Lom2010; cut-off grade Heap: 0.16% RCuH and ROM: 0.05%
Copper continued
30 economical extraction. The Mineral Resource estimation was (u) El Pachon: Located in the south west of San Juan Province of
completed in 2010 and includes more than 162,320 m of Argentina the El Pachón orebody is a porphyry copper-
diamond and reverses circulation drilling. The estimate is molybdenum deposit in which two major stages of sulphide
based on a block model with grade interpolation by Ordinary mineralisation contributed to the formation of the orebody.
Kriging. Resources are stated at defined internal copper cut- The bulk of the ore takes the form of disseminated
off. It keeps the same amount of reserves and resources Chalcopyrite-Molibdenite primary sulphides on top which an
executed by June 30, 2010. inmature, relatively small copper enrichement blanket has
been developed. In this upper part of the deposit Chalcosite
(s) Coroccohuayco: The Coroccohuayco copper-gold skarn
and minor Covellite are partially replacing the primary
deposit is located nine kilometres southeast of Tintaya.
Chalcopyirite ore. Mineral Resources stated herein are based
Together with Tintaya and Antapaccay this orebody is part of
on assay and geology information from 120,000m of mainly
the Tintaya mineralised district. The main copper bearing
diamond drill holes. Over 50,000 of new infill and step out
minerals are bornite, chalcopyrite and chalcocite. The
drilling have been included in this Mineral Resource update.
Coroccohuayco orebody is defined as a copper skarn
Mineral Resources have been classified using a combination
deposit, which consists of Cretaceous sedimentary rocks of
of criteria including geological continuity and kriging
the Ferrobamba and Mara formation intruded by monzonitic
parameters being the infuential the drill hole data density.
plutons of the Eocene-Oligocene Andahuaylas-Yauri
Mineral Resources are constrained by the use of an economic
batholiths. The deposit geology model and Resource
pit shell determined using Measured, Indicated and Inferred
estimate has been updated in August 2011 using a drill hole
Resources and current assumption for the economic and
database that now includes over than 112,000m of drilling
technical modifying factors conditioning the Resource pit.
data. The major variations from the 30 June 2010 published
Differences in the Mineral Resource in relation to previous
Resource statement are due to the inclusion of an Open Pit
statement are due mainly to the incorporation of the new
scenario driven by the additional Mineral Resources found in
drilling to the geological model and Resource estimate, plus
the upper part of the ore body, previous Mineral Resources
updated modifying factors including long term metal prices,
published in 2010 included 92Mt with 3%Cu for an
mining and processing cost and metallurgical recovery.
underground mining scenario.
Numbers may not be exact as they are rounded for
(t) Las Bambas: The Las Bambas district is located in the central tabulation.
part of the skarn-porphyry belt in south-central Perú. Skarn-
(v) Tampakan: The Tampakan deposit is a copper-gold
related alteration and mineralisation is associated with a suite
porphyry with a strong high sulfidation ephithermal
of intrusives that are in contact with carbonate rocks. The
mineralising event system developed on top and above the
porphyry style mineralisation occurs in quartz-monzonite to
porphyry intrusive. Located in Mindanao, Southern Phillipines
granodiorite rocks. Hypogene copper sulphides are the main
the mineralised orebody is hosted by the stratovolcanic
copper bearing minerals with minor occurrence of supergene
Tampakan Andesite sequence. The high sulphidation
copper oxides and carbonates near surface. During 2010
enargite-chalcocite-bornite-covellite mineralisation
over 28,000m of infill diamond core were drilled at the main
assemblage occurring within an advanced argillic blanket is
Ferrobamba deposit aiming to increase confidence in the
the main source of ore, this locally penetrates down and
Mineral Resource. The Mineral Resource Estimate of
overprints the underlying porphyry system. After the project
Ferrobamba has been updated to reflect the new available
Feasibility study and Mineral Resource evaluation completed
dilling data, as such the geological model, grade estimates
in 2009, an infill drilling campaign consisting of 54 new drill
and resource classification have been updated in May 2011.
holes amounting 17.400m of core was completed in 2010
The resource classification scheme chosen is a combination
followed by an update of the deposit geology, block grade
of various interpolation parameters designed to reflect data
interpolation and new Mineral Resource estimate. The new
density and the perceived geological continuity of the ore
geological model now considers an improved definition of
body. The Chalcobamba and Sulfobamba deposits block
the high sulfidation zone based on seven discrete Alteration
models remains as per the previous 2010 estimates. The
domains. Block grade interpolation results from the use of
Mineral Resources quoted herein are constrained by the use
Ordinary Kriging in some cases combined with an Indicator
of an economic pit shell determined using Measured,
Kriging approach that helps to better define the high grade
Indicated and Inferred Resources and long term metal prices
zonation, particularly for the arsenic model. Resource have
and cost assumptions; the ecomonic pits have been updated
been classified in Measured, Indicated and Inferred using
for the three deposits. The economic cutoff grade remains as
similar criteria as per previous estimates regarding the
at 0.2% TCu, all other modifying factors used on the
amount of drill hole information required for the resource to
determination of this Resource pit are the same as those
fall within a particular category. Mineral Resource is now
used for the Project Feasibility Study. Numbers may not be
reported using a 0.2% Copper cut off within a pit shell
exact as they are rounded for tabulation.
developed using Measured-Indicated and Inferred
Resources. Differences in the Resource in relation to previous
estimates is mainly due to the incorporation of the new
drilling, enhanced definition of the Alteration zones and the
change of cut off grade from 0.3 % Copper to current 0.2%
Copper. Numbers may not be exact as they are rounded for
tabulation.
(w) Frieda River: The Frieda River Project is located on the Competent Persons: 31
border of the Sandaun and East Sepik provinces in Papua AM = Adrianus Moerman, Xstrata Copper (Association of

New Guinea. The project area hosts a number of copper- Professional Engineers of Ontario)
gold deposits including the high sulfidation Nena deposit
AT = Andrew Theobald, Xstrata Copper (AusIMM).
and the HIT porphyry deposit. Xstrata currently holds 81.82%
equity and management control with joint venture partners BD = Benoit Drolet, Xstrata Copper (Association of Professional
Highlands Pacific (18.18%) with 9.82% of Xstrata’s interest Geoscientists of Ontario).
contingent on the completion of a Feasibility Study by 21
CC = Chris Carr, Xstrata Copper (AusIMM).
December 2012 (see Highlands Pacific press release dated
24 November 2011 http://www.highlandspacific.com. GC = Gibson Chitumbura, Xstrata Copper (AusIMM).
Mineral resources of the main H-I-T deposit have been
GL = Graeme Lyall, Employee of Anglo American (AusIMM)
updated in July 2011 after incorporating results from a major
drilling campaign. In relation to the previous 2010 estimate HB= Heller Bernabe, Employee of Minera Tintaya (AusIMM)
123 new drill holes amounting 23,000m of drilling have been
JBN = Julio Bruna Novillo, Xstrata Copper (AusIMM).
added. A total of 470 diamond drill holes amounting to
145,000m of core makes up the drill hole database used to KH= Kimberley Head, Employee Mnt Isa Copper (AusIMM)
model the mineralisation; from this only 139,000m have valid
LA = Luis Aedo, Employee of Compania Minera Dona Ines de
grade assay data. This is the data set that supports block
Collahuasi (AusIMM).
grade interpolation and Resource estimate that has been
used for the Project Feasibility Study. The new drilling LC = Lucio Canchis, Employee of Compania Minera Antamina
consists of infill holes directed to improve local confidence S.A. (AusIMM).
on the Resource; the main impact of this drilling resulted on
MC = Matt Clifford, Xstrata Copper (AIG).
the upgrade of Indicated resources into Measured Resources
and also some conversion of Inferred Resources into MM = Marco Maulen, Employee of Compania Minera Antamina
Indicated. Copper and Gold grades are estimated using S.A. (AusIMM).
Ordinary Kriging for most of the domains. Mineral Resources
MQ = Mario Quiñones, Employee of Compania Minera Dona Ines
are classified based on a geometric criterion that
de Collahuasi (AusIMM).
incorporates the number of holes and minimum number of
composites on the blocks neighbourhood. The increase in NB = Nathan Bullock, Xstrata Copper (AusIMM).
the Mineral Resource in relation to the previous Mineral
NF = Nicolas Fuster, Xstrata Copper (AusIMM).
Resource estimate is the results of the combined effect of
incorporating new infill drilling and updating the modifying RR = Raul Roco, Xstrata Copper (AusIMM).
factors used for calculating the Resource pit envelope. * Competent Person for Ore Reserve / Competent Person for Mineral Resource;
Mineral resources related to the high grade, high sulfidation where only one set of initials is listed, the same Competent Person is
Nena deposit remain unchaged as neither the grade responsible for all categories quoted. Unless otherwise noted all Competent
estimates nor the resource pit envelope for this resource Persons are full time employees of Xstrata PLC subsidiaries.
have been updated since 2008. Numbers may not be exact
as they are rounded for tabulation.
(y) West Wall Project: The West Wall Copper Project is located
in central Chile’s Valparaiso Region, 100km northeast of
Santiago and 70km north of the Rio Blanco – Los Bronces
mineral district. Xstrata Copper and Anglo American each
have a 50% interest in the mining company West Wall SCM
which holds the project. Porphyry copper style hydrothermal
alteration covers a large area of approximately 7 by 3km.
Exploration activities have focussed in the south of the
prospect at Lagunillas, where drilling has outlined copper
sulphide resources associated with porphyry intrusive bodies.
The Mineral Resource is reported at a 0.30% copper cut-off
grade constrained to a depth of 600m below surface. The
Mineral Resource estimate is reported without dilution or ore
loss. Due to the uncertainty that may be attached to some
Inferred Mineral Resources, it cannot be assumed that all or
part of an Inferred Mineral Resource will necessarily be
upgraded to an Indicated or Measured Resource after
continued exploration. There are no changes on this
Resource estimate in relation to the figures published in
2010.
Iron Ore
32 Iron Ore Mineral Resources

Measured and
Measured Indicated Indicated Mineral Inferred

Attributable Mineral Resources Mineral Resources Resources Mineral Resources Competent
Name of operation interest Commodity 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 Person
El Aouj Mining
Company(a) 43.89%
Guelb el Aouj East(b) (Mt) 188 188 313 313 501 501 200 200 SK
Fe (%) 35.5 35.5 36.8 36.8 36.3 36.3 36.3 36.3
DTC wt (%) 44.1 44.1 46.4 46.4 45.5 45.5 44.3 44.3
DTC Fe (%) 70.1 70.1 70.2 70.2 70.2 70.2 70.2 70.2
Guelb el Aouj
Centre(c) (Mt) – – – 225 225 SK
Fe (%) – – – 36.0 36.0
DTC wt (%) – – – 45.6 45.6
DTC Fe (%) – – – 70.6 70.6
Sphere Minerals(d) 87.78%
Askaf North(e) (Mt) 161 – 129 – 290 – 104 319 AM/SvdM
Fe (%) 36.1 – 35.2 – 35.7 – 35.8 34.7
DTC wt (%) 46.1 – 43.1 – 44.7 – 44.3 42.4
DTC Fe (%) 70.2 – 70.1 – 70.1 – 70.1 70.0
Lebtheinia(f) Fresh (Mt) – 2,179 2,179 2,179 2,179 354 354 AM/SvdM
Fe (%) – 32.3 32.3 32.3 32.3 32.4 32.4
DTC wt (%) – 27.5 27.5 27.5 27.5 27.2 27.2
DTC Fe (%) – 68.6 68.6 68.6 68.6 68.1 68.1
LOX (Mt) – – – 209 209 AM/SvdM
Fe (%) – – – 30.7 30.7
Jumelles Limited(g) 50%
Zanaga(h) (Mt) 149 2,540 2,689 1,650 JA
Fe (%) 38.7 34.1 34.4 31
Total Iron Ore
Mineral Resources (Mt) 498 188 5,161 2,492 5,659 2,680 2,967 1,307
Iron Ore Reserves

El Aouj Mining
Company(a) 43.89%
Guelb el Aouj(b) OC (Mt) 152 152 277 277 429 429 RB
Fe (%) 35.9 35.9 36.5 36.5 36.3 36.3
DTC wt (%) 44.6 44.6 43.6 43.6 44.0 44.0
DTC Fe (%) 70.8 70.8 70.6 70.6 70.7 70.7
Sphere Minerals(d) 87.78%
Askaf North(e) OC (Mt) 146 – 100 – 246 – RB
Fe (%) 35.5 33.9 34.8
DTC wt (%) 46.3 43.3 45.1
DTC Fe (%) 70.2 70.1 70.1
Total Iron Ore Reserves (Mt) 298 152 377 277 675 429
Notes: (e) Askaf North: Askaf North Deposit is an east-west striking 33
DTC wt (%) – Davis Tube Concentrate mass recovery. synformal structure defined by a Magnetite-Quartzite (MQ)

unit that ranges in true thickness from approximately 140m in
DTC Fe (%) – Davis Tube Concentrate assay %Fe.
the western hinge zone to approximately 30m along the
Davis Tube test work has been conducted at a grind size of 95% eastern part of the southern limb. The synformal axis plunges
passing 80 micron. at between 20° - 30° towards the east in the western part of
the synform, and at about 35° - 45° towards the west at the
(a) El Aouj Mining Company: Sphere Minerals holds a 50%
eastern fold closure, producing a double plunging synform.
interest in the El Aouj Mining Company through a Joint
A dolerite dyke has been emplaced along an east-west fault
Venture arrangement with SNIM.
zone that displaces the northern part of the deposit in a
(b) Guelb el Aouj East: The “Guelb” deposits are hosted in dextral shear sense. The disruption and emplacement of the
Banded Iron Formations (BIF) within the Dorsale Reguibat, an dolerite along the northern limb of the synform has not
uplifted part of the Archaean West African Craton, which affected the quality of the mineralisation. The MQ unit
dominates the northern third of Mauritania’s surface geology. represents a metamorphosed banded iron-formation (BIF).
Recrystalisation and aggregation of the magnetite grains in The precursor BIF was subjected to high-grade metamorphic
BIF has resulted in the partial to total destruction of the conditions during the Archaean, which resulted in complete
original banded (bedding) texture to produce the Guelb el recrystallisation of the original fine-grained BIF. In most cases
Aouj magnetite-quartzite (MQ) deposits. The Guelb el Aouj the primary textures have been destroyed by the
East Resource Statement for Iron Ore is unchanged since 30 recrystallisation. Coarse-grained (>1mm) MQ is produced as
June 2010. Resources shown are those below the base of a result, with good Davis Tube liberation characteristics and
oxidation at 20% Fe cut-off grade. concentrate grades at a relatively coarse grain size (95%
passing 80 micron).
The Guelb el Aouj East Reserve Statement for Iron Ore is
unchanged since 30 June 2010, using a 20% Fe DTC cut-off. The Askaf North Resource Statement was updated in 2011
and Sphere reported this to the ASX on 4 May 2011. This
(c) Guelb el Aouj Centre: The el Aouj Centre magnetite-
Resource is reported at 20% Davis Tube mass recovery cut-
quartzite deposit is a highly metamorphosed banded iron-
off, using Davis Tube testwork at low intensity (1 Amp)
formation (‘meta-BIF’) unit 100-200m thick, in which the
setting conducted on 3m drill samples pulverized to a
original bedding has been partially to completely obliterated
liberation grind size of 95% passing 80 micron (0.080mm).
by recrystallisation, resulting in a coarse-grained texture with
aggregated magnetite grains. The deposit has a leptinite The Askaf North Reserve Statement for Iron Ore was
footwall and a hanging wall of amphibolitic garnetiferous prepared by Golder Associates as part of a Pre-feasibility
gneiss, locally magnetite-rich. The south west limb is study undertaken for Sphere in 2011, using a 20% DTC cut-
characterised locally by the presence of thin (mostly <6m) off, to produce a coarse concentrate from a dry magnetic
concordant granite intrusions within the main magnetite- separation plant, grading at 65%Fe. The Pre-feasibility study
quartzite unit, particularly in its upper part. This unit contains included mine planning and additional investigations to
occasional lenses of lower grade magnetite-bearing quartzite assess the factors required for a successful iron ore mine
(QMM). Two near-vertical dolerite dykes and one large, north development in Mauritania.
block down normal fault (the Central Fault) were mapped in
(f) Lebtheinia: The magnetite-rich banded iron-formations (BIF)
2003 and cross-cut the deposit. The geological sequence is
at Lebtheinia form part of the Archaean Lebzenea Group.
overprinted by a reasonably uniform, 30-40m thick
Archaean BIF units in EL264 are exposed over a total strike
weathered zone in which much of the magnetite has oxidised
length of approximately 24km at Lebtheinia. The BIF units do
to hematite (as martite). The weathered zone is not included
not form prominent topographical features and the terrain is
in the Mineral Resource estimate. The Guelb el Aouj Centre
gentle in comparison with the more rugged inselberg (guelb)
Resource Statement for Iron Ore Ore is unchanged since 30
terrain of the Guelb el Aouj region. Parts of the main BIF unit
June 2010. Resources shown are those below the base of
at Lebtheinia Centre are covered by laterite and colluvium
oxidation at 20% Fe cut-off grade.
consisting mostly of BIF fragments. The lateritic cover caps
(d) Sphere Minerals: Following the closure of the Xstrata the most elevated parts of the terrain. The magnetite-BIF at
takeover offer for Sphere Minerals Ltd and subsequent equity Lebtheinia Centre is essentially a thinly bedded (banded) unit
rights issue, Xstrata interest in Sphere Minerals stands at averaging about 240m thick (although intersections up to
87.78% as at 13 November 2011. 320m thick have been experienced). The BIF is characterised
Iron Ore continued
34 by a well defined banding pattern, with individual bands (h) Zanaga Project: Zanaga Project is owned 100% by Jumelles
(“mesobands”) averaging 5-10mm thick. The exposed BIF Limited. The Zanaga ELs are located within a north-south
appears to be reasonably homogeneous along the entire oriented greenstone belt which extends for over 47 km in
strike length, a characteristic confirmed by the 2008 drilling. length, and vary between 0.5 to 3 km in width. The
The drilling at Lebtheinia Centre shows that mineralisation mineralisation is hosted by metamorphosed volcano-
extends to at least 400m vertically below the natural surface sedimentary itabirites, and is interbedded with amphibolites
and is open at depth. Lebtheinia Centre comprises a hanging and mafic schists. The contact with the crystalline basement
wall of (variously) quartzite, amphibolite, rhyolite, is typically faulted and sheared. The principal ore lithologies
clay/saprolite (altered amphibolite) and a footwall of quartzite consist of itabirites, interbedded with basic lavas, which are
or amphibolite. The depth of weathering (oxidation) of the later altered to amphibolites. Typically, the itabirites consist
BIF is variable, averaging approximately 50m. Within this of layers of iron-rich and quartz rich meta-sediments, on a
zone the degree of oxidation is variable. Generally, in the millimetre to centimetre scale. The orebody lithologies are
lower two thirds or so of the oxidised zone (the Lower crosscut by late intrusions and dolerite dykes, oriented NE-
Oxidised Zone, “LOX”) the degree of oxidation is less, as SW. The deposit comprises a sequence of weathering
reflected by the higher magnetic susceptibility values domains, which overlay an un-weathered “proto” ore
recorded, compared with the more oxidised upper third. It is comprising itabirite. The weathered sequence observed at
the LOX material that is the subject of the LOX resource Zanaga is typical of iron ore deposits, where the surficial
estimate. The main mineralised BIF unit splits in the southern material demonstrates enrichment in iron above the proto
part of Lebtheinia Centre and forms two discrete BIF units ore due to a mass reduction and associated leaching of the
separated by a relatively thin (~25m) internal waste zone silicate layers.
comprising grey quartzite and a leucocratic quartz feldspar
Competent Persons:
schist/mylonite. A series of sub-vertical dolerite dykes,
AM = Alan Miller, Golder Associates Pty Ltd (MAusIMM (CP)). Mr
striking NE-SW to NNE-SSW and crosscutting the BIF were
Miller is the Competent Person responsible for the construction of
mapped at surface and their presence was confirmed during
the geological block model, the grade interpolation and the
the 2008 drilling. The Lebtheinia Resource Statement for
Mineral Resource estimation (tonnage and grade) and
Fresh Iron Ore is unchanged since 30 June 2010. It is
classification.
reported at 20% Davis Tube mass recovery cut-off, using
Davis Tube testwork at low intensity (1 Amp) setting JA = John Arthur, SRK Consulting (UK) Limited, (MIoM3)
conducted on 3m drill samples pulverized to a liberation
RB = Ross Bertinshaw, Golder Associates Pty Ltd (FAusIMM (CP))
grind size of 95% passing 80 micron (0.080mm). The
Lebtheinia Resource Statement for the Oxidised Iron Ore was SvdM = Dr Schalk van der Merwe, Sphere Minerals (SACNSP). Dr
originally published by Sphere Minerals on 22 October 2009. van der Merwe is the Competent Person responsible for the
A cut-off of 14 SI x 10-3 units of magnetic susceptibility, geological interpretation for the Mineral Resource estimation
measured on RC drill cuttings, was used to define the LOX (wireframe model), and the drill hole data set used in these
mineralisation envelope. The LOX resource has been defined resource estimation.
as all mineralisation within the envelope with effectively no
SK = Dr Sia Khosrowshahi, Golder Associates Pty Ltd (MAusIMM
block grade cut-off applied.
(CP))
(g) Jumelles: Following exercise of its call option in February
2011, Xstrata owns 50% plus one share in Jumelles Limited
being the ultimate parent company of MPD Congo SA the
holder of the Zanaga exploration licences in the Republic of
Congo.
Nickel
Nickel Mineral Resources 35

Measured &

Measured Mineral Indicated Mineral Indicated Inferred Mineral
Cosmos(a) 100% UG (Mt) 13.6 13.9 33.8 29.1 47.4 43.0 12.7 13 TM
Ni (%) 0.79 0.91 0.91 0.67 0.87 0.75 0.6 0.7
Falcondo(b) 85.3% OC (Mt) 40.2 39.7 34.5 34.5 74.7 74.2 4.9 4.9 ED
Ni (%) 1.45 1.55 1.56 1.56 1.50 1.55 1.4 1.4
Koniambo(c) 49% OC (Mt) 21.2 21.2 54.4 54.4 75.6 75.6 83 83 GB
Ni (%) 2.54 2.54 2.45 2.45 2.47 2.47 2.5 2.5
Raglan(d) 100% UG (Mt) 4.01 5.06 10.5 11.5 14.6 16.5 17.9 15 KS
Ni (%) 2.47 2.35 3.49 3.45 3.21 3.11 3.0 2.8
Cu (%) 0.72 0.67 0.97 0.97 0.89 0.88 0.9 0.9
Co (%) 0.05 0.05 0.08 0.08 0.07 0.07 0.07 0.1
Sinclair(a) 100% UG (Mt) 0.55 0.10 0.49 0.83 1.04 0.92 0.3 0.7 TM
Ni (%) 2.87 3.88 2.56 2.50 2.72 2.66 2.2 2.1
Sudbury(e) 100% UG (Mt) 12.85 11.09 22.34 25.16 35.19 36.25 15.6 16.3 SK
Ni (%) 1.78 1.91 2.27 2.18 2.09 2.10 1.7 1.7
Cu (%) 2.05 1.44 1.67 2.19 1.81 1.96 1.9 1.8
Co (%) 0.05 0.05 0.05 0.05 0.05 0.05 0.1 0.1
Araguaia(f) 100% OC (Mt) 16.1 16.1 89.0 89.0 105.1 105.1 18 18 SB
Ni (%) 1.44 1.44 1.31 1.31 1.33 1.33 1.3 1.3
Kabanga(g) 50% UG (Mt) 13.8 13.8 23.4 23.4 37.2 37.2 21 21 RK
Ni (%) 2.49 2.49 2.72 2.72 2.63 2.63 2.6 2.6
Cu (%) 0.34 0.34 0.36 0.36 0.35 0.35 0.3 0.3
Co (%) 0.21 0.21 0.19 0.19 0.20 0.20 0.2 0.2
Pt (g/t) 0.16 0.16 0.42 0.42 0.32 0.32 0.3 0.3
Pd (g/t) 0.19 0.19 0.28 0.28 0.25 0.25 0.3 0.3
Total (Mt) 122 121 269 268 391 388 173 171
Nickel continued
36 Nickel Ore Reserves

(a)
Cosmos 100% UG (Mt) 0.04 0.24 0.53 0.14 0.57 0.38 SVDM
Ni (%) 2.88 4.45 2.66 3.43 2.68 4.07
Falcondo(b) 85.3% OC (Mt) 44.0 49.6 29.7 29.7 73.7 79.2 ED
Ni (%) 1.28 1.21 1.36 1.36 1.31 1.26
Koniambo(c) 49% OC (Mt) 17.2 17.2 45.3 45.3 62.5 62.5 GB
Ni (%) 2.50 2.50 2.36 2.36 2.40 2.40
Raglan(d) 100% UG (Mt) 4.13 5.32 5.30 6.26 9.4 11.6 PD
Ni (%) 2.22 2.11 3.73 3.50 3.07 2.86
Cu (%) 0.65 0.61 0.88 0.86 0.78 0.75
Co (%) 0.05 0.05 0.08 0.08 0.07 0.06
Sinclair(a) 100% UG (Mt) 0.29 0.09 0.32 0.62 0.61 0.71 JW
Ni (%) 2.02 3.48 1.93 2.24 1.97 2.36
Sudbury(e) 100% UG (Mt) 8.66 7.32 9.44 7.47 18.11 14.79 SK
Ni (%) 1.39 1.50 1.39 1.14 1.39 1.32
Cu (%) 2.37 1.60 1.74 3.82 2.04 2.72
Co (%) 0.03 0.03 0.04 0.01 0.03 0.02
Total (Mt) 74 80 91 90 165 169
Notes: (b) Falcondo: Mineralisation consists of nickeliferous laterite

For the purposes of this statement, the term ‘Ore Reserves’ as deposits developed on a belt of serpentinized peridotites.
defined by the JORC Code 2004 has the same meaning as Mineral resource estimates are established using 3D
‘Mineral Reserves’ as defined in the CIM Standards 2010. The modeling with ID-Interpolation for all exploited areas. There
resource totals have been restated in compliance with the JORC was no activity at Loma Miranda area and it remains the
Code. same. Nearest Neighbour (NN) interpolation was used for
this project. Polygons on plan view are used for some areas
There are no known environmental, permitting, legal, taxation,
and for inferred resources. Cut off grade is 1.2% Ni. Falcondo
political or other relevant issues that would materially affect the
restarted operations in January 2011 after a care and
estimates of the Mineral Reserves.
maintenance period since the end of 2008.
Depending on when production is scheduled, Mineral Reserves
(c) Koniambo: Nickel-cobalt rich laterite deposits developed on
and Resources are calculated using a blend of short, medium, or
variably serpentinized dunite and harzburgite. The mineral
long term metal price assumptions and exchange rates.
reserve estimate for the deposit was established as part of
(a) Xstrata Nickel Australasia (XNA): Nickel mineralisation is the Bankable Feasibility Study. The Koniambo project is
ultramafic-hosted disseminated and massive sulphides currently under construction and the reserve estimate has
located at two separate operations, Cosmos Nickel Project remained unchanged during the reporting period.
and Sinclair Nickel Project. Cosmos resources include the Supplementary geological drilling is underway in preparation
AM5, AM6, Odysseus and Mt Goode deposits while the for exploitation of the deposit.
Sinclair resource is contained entirely in one deposit. Mineral
(d) Raglan: Ni-Cu-Co-PGE mineralisation is located at or near
resources have been categorised according to drill hole
the base of subvolcanic mafic-ultramafic intrusive complexes
spacing, geological confidence and structural complexity. All
referred to as the “Raglan Formation”. Economic Ni-Cu-Co-
resource estimates use 3D block models generated using
PGE mineralisation is composed of disseminated, net-
Ordinary Kriging, after applying geostatistical analysis to
textured, and massive sulphides contained within more than
domained data sets. Mineral resource estimates apply 1.5%
145 individual sulphide lenses, extending from surface to a
Ni cut off grades for all deposits, except for the large low-
depth of >750m vertical. The size of these high-grade
grade Mt Goode deposit which uses a 0.4% Ni cut off grade
sulphide lenses varies significantly from 0.01Mt to 2.4Mt,
for estimation. The positive variance at Cosmos relates to
averaging 0.2Mt. The total Mineral Reserve decreased from
resource delineation of AM6 and Odysseus (2010 discovery).
30 June 2010 as a direct result of mine/mill production of
1.95Mt. The total Mineral Resource increased by 3.0Mt, from
30 June 2010 as a result of exploration discoveries grading
3.1% Ni.
(e) Sudbury: Sulphide deposits sit on broadly defined trends of Competent Persons: 37
mineralisation along basal brecciated rocks of the Sudbury ED = Edwin Deveaux, Xstrata Nickel, P. Geo. (APGO, Ontario)

Intrusive Complex as pentlandite-pyrrhotite-chalcopyrite rich
GB = Gertjan Bekkers, Koniambo Nickel SAS, Xstrata Nickel, P.
concentrations as well as within the underlying footwall
Eng., (PEO Ontario)
in fractured pathways as chalcopyrite dominated polymetallic
(Cu, Ni, Au, Ag, Pt, Pd) vein-style sulphides. An increase to JW = Jed Whitford, Xstrata Nickel (AusIMM)
the Mineral Reserves, as compared to the 30 June 2010
KS = Kristan Straub, Xstrata Nickel, P. Geo (APGO, Ontario);
estimate, was due to the conversion of part of the Mineral
OSQ, (OGQ Quebec)
Resources at Fraser Morgan based on a positive feasibility
study. The increase in Proved Reserves was based on the PD = Philemon Desrochers-Gagnon, Xstrata Nickel, P.Eng. (OIQ
upgrade of Probable Resources at Ni Rim South. The change Quebec)
in reserve grade was due to production and the addition of
RK = Ray Kohlsmith, Xstrata Nickel, P.Geo. (APGO, Ontario)
Fraser Morgan. The Onaping Depth and Fraser Morgan
Mineral Resources are now included within the Sudbury total. SB = Scott Bruce, Xstrata Nickel, P. Geo (PEGNL, Newfoundland
Mine Production for the period amounted to 2.27Mt at and Labrador); AustIMM
1.37%Ni – 3.03%Cu. Cut-off grade calculations are based on
SK = Steve Kormos, Xstrata Nickel, P. Geo. (APGO, Ontario)
a metal equivalent and NSR taking into account all
recoverable metals (Ni, Cu, Co, Au, Ag, Pt and Pd). SVDM = Shaun Van Der Merwe, Xstrata Nickel (AusIMM)
(f) Araguaia: Mineralisation is comprised of three laterite TM = Terry Mallinson, Xstrata Nickel, P.Geo (OGQ Quebec)
deposits: Serra do Tapa, Vale dos Sonhos, Pau Preto. Serra
do Tapa and Vale dos Sonhos deposits were estimated using
3D models interpolated using Ordinary Kriging and then
adjusted for selective mining unit size using Change of
Support by Uniform Conditioning. Pau Preto Mineral
Resources was estimated using 3D models interpolated using
the nearest neighbour technique. No Change of Support was
applied. Mineral Resources are reported at 0.90% Ni cut off
as per the proposed mine plan for the scoping study.
(g) Kabanga: The current delineated mineral resource is
comprised of 88% of contact-style massive sulphide (MSSX)
and 12% of ultramafic-hosted disseminated to semi-massive
sulphide (UMIN) mineralisation. The ultramafic bodies are
hosted in a sequence of metamorphosed pelitic sediments
that are overturned, steeply dipping. All resource estimates
are done using Ordinary Kriging and are based on block
models with appropriate variography. A cut-off grade of 1%
Ni-equivalent is used for all resources except UMIN
mineralisation at Tembo (1.1% Ni cut-off grade applied). The
primary Ni mineral of interest is pentlandite; contribution to
the Ni-equivalent value is provided by Cu, Co and PGEs. No
further drilling of the resources was done in 2011.
Zinc
38 Australia Mineral Resources

Measured and

Mount Isa 100%
Black Star
Open Cut(a) OC (Mt) 24.0 28.8 6.1 6.7 30.1 35.5 4 3 MS
Zn (%) 5.3 5.4 4.2 4.5 5.1 5.2 4 4
Pb (%) 3.5 3.4 2.6 2.6 3.3 3.2 3 3
Ag (g/t) 69 68 52 52 66 65 50 60
Mount Isa Open Pit OC (Mt) 105.9 96.2 95.9 86.4 201.8 182.6 150 130 MS
Excl. Black Star(b) Zn (%) 3.8 3.9 3.6 3.7 3.7 3.8 4 4
Pb (%) 3.2 3.2 2.8 3.0 3.0 3.1 3 3
Ag (g/t) 72 74 67 70 70 72 60 60
George Fisher(c) 100%
George Fisher South
(Hilton) UG (Mt) 33.9 37.8 15.9 14.7 49.8 52.5 23 19 OG
Orebodies Zn (%) 8.6 8.9 8.7 8.9 8.6 8.9 8 8
Pb (%) 6.0 6.3 5.7 5.8 5.9 6.2 5 5
Ag (g/t) 128 138 118 116 125 132 113 110
George Fisher
North Orebodies UG (Mt) 22.4 20.4 83.8 76.2 106.2 96.6 65 58 OG
Zn (%) 9.7 9.9 8.3 8.5 8.6 8.8 8 8
Pb (%) 4.6 4.7 3.5 3.6 3.7 3.8 4 5
Ag (g/t) 82 85 58 61 63 66 69 70
Handlebar Hill Open
Cut (primary) OC (Mt) 2.1 3.0 4.8 4.9 6.9 7.9 1 1 MS
Zn (%) 7.9 7.9 6.5 6.6 6.9 7.1 5 6
Pb (%) 3.1 3.0 2.6 2.6 2.8 2.8 2 2
Ag (g/t) 49 45 41 42 43 43 30 30
Handlebar Hill Open
Cut (oxide) OC (Mt) 0.5 0.5 0.1 0.4 0.6 0.9 – – MS
Zn (%) 0.4 0.4 0.4 0.5 0.4 0.4 – –
Pb (%) 8.5 8.5 4.0 5.3 7.8 7.1 – –
Ag (g/t) 89 89 65 57 85 75 – –
Lady Loretta(d) 100% UG (Mt) 7.0 7.5 6.3 5.1 13.3 12.6 2 1 SJ
Zn (%) 16.6 17.4 16.2 16.3 16.4 17.0 14 17
Pb (%) 6.5 6.7 4.8 4.7 5.7 5.9 6 5
Ag (g/t) 102 105 84 84 93 97 92 90
McArthur River(e) 100%
Open Cut OC (Mt) 118.3 127.1 43.9 39.7 162.2 166.8 – – KG
Zn (%) 11.6 11.1 8.1 8.5 10.7 10.5 – –
Pb (%) 4.8 4.6 4.5 4.7 4.7 4.6 – –
Ag (g/t) 49 46 45 46 48 46 – –
Woyzbun South Zone UG (Mt) – – 8.3 8.3 8.3 8.3 – – KG
Zn (%) – – 14.2 14.2 14.2 14.2 – –
Pb (%) – – 5.6 5.6 5.6 5.6 – –
Ag (g/t) – – 58 58 58 58 – –
Total Zinc Lead
Australia (Mt) 314.1 321.3 265.1 242.4 579.2 563.7 245 212
Zn (%) 8.1 8.2 6.8 7.0 7.5 7.7 6 6
Pb (%) 4.3 4.3 3.6 3.7 4.0 4.1 3 4
Ag (g/t) 70 71 63 65 67 68 67 67
Australia Ore Reserves 39

Mount Isa 100%
Black Star Open Cut(a) OC (Mt) 16.5 21.4 13.6 14.0 30.1 35.4 BS
Zn (%) 4.6 4.8 5.3 5.4 4.9 5.0
Pb (%) 2.5 2.6 4.0 3.9 3.2 3.1
Ag (g/t) 55 55 73 72 63 62
George Fisher(c) 100%
George Fisher South
(Hilton) Orebodies UG (Mt) 9.1 10.9 10.5 9.1 19.6 20.0 JJG
Zn (%) 6.7 7.8 6.4 6.8 6.5 7.3
Pb (%) 4.2 5.1 4.6 5.5 4.4 5.3
Ag (g/t) 86 112 104 125 96 118
George Fisher
North Orebodies UG (Mt) 13.4 14.2 48.4 40.4 61.8 54.6 JJG
Zn (%) 8.1 8.6 7.4 7.7 7.5 7.9
Pb (%) 4.3 4.1 3.4 3.7 3.6 3.8
Ag (g/t) 77 76 58 64 62 67
Handlebar Hill Open Cut
(primary) OC (Mt) 0.7 0.6 1.4 0.4 2.1 1.0 BS
Zn (%) 8.4 9.4 7.2 6.3 7.6 8.2
Pb (%) 3.7 3.0 3.3 2.1 3.4 2.6
Ag (g/t) 61 48 51 36 54 43
Handlebar Hill
Open Cut (oxide) OC (Mt) 0.5 0.5 – – 0.5 0.5 BS
Zn (%) 0.4 0.4 – – 0.4 0.4
Pb (%) 8.5 8.5 – – 8.5 8.5
Ag (g/t) 89 89 – – 89 89
Lady Loretta(d) 100% UG (Mt) 6.7 – 6.0 – 12.7 – LS
Zn (%) 14.9 – 13.5 – 14.2 –
Pb (%) 5.7 – 3.9 – 4.8 –
Ag (g/t) 94 – 72 – 84 –
McArthur River(e) 100% OC (Mt) 34.9 38.1 14.7 14.5 49.6 52.7 DH
Zn (%) 11.3 10.3 7.9 7.1 10.3 9.4
Pb (%) 4.7 4.4 4.2 3.8 4.6 4.3
Ag (g/t) 48 44 41 36 46 42
Total Zinc Lead Australia (Mt) 81.7 85.7 94.6 78.4 176.4 164.2
Zn (%) 9.1 8.3 7.4 7.1 8.2 7.7
Pb (%) 4.2 4.0 3.7 4.0 4.0 4.0
Ag (g/t) 63 61 63 67 63 64
Zinc continued
40 Canada Mineral Resources

Measured

Brunswick Mine(f) 100% UG (Mt) 3.9 7.7 – 1.2 3.9 8.9 – – PB
Zn (%) 8.3 8.7 – 8.5 8.3 8.7 – –
Pb (%) 3.2 3.4 – 3.6 3.2 3.5 – –
Cu (%) 0.5 0.4 – 0.4 0.5 0.4 – –
Ag (g/t) 103 104 – 98 103 104 – –
Perseverance(g) 100% UG (Mt) 1.5 3.2 – – 1.5 3.2 – – PB
Zn (%) 13.1 13.8 – – 13.1 13.8 – –
Cu (%) 1.2 1.2 – – 1.2 1.2 – –
Ag (g/t) 30 30 – – 30 30 – –
Au (g/t) 0.4 0.4 – – 0.4 0.4 – –
Bracemac-McLeod(h) 65% UG (Mt) 2.7 2.6 1.0 1.0 3.7 3.6 3 2 GR
Zn (%) 10.1 11.3 8.9 8.9 9.8 10.6 9 10
Cu (%) 1.6 1.6 1.1 1.1 1.5 1.5 1 1
Ag (g/t) 37 37 21 21 32 32 39 39
Au (g/t) 0.5 0.5 0.6 0.6 0.5 0.5 1.1 1.1
PD-1(i) 50% OC/UG (Mt) 0.5 – 1.0 – 1.5 – – – GR
Zn (%) 4.2 – 5.0 – 4.7 – – –
Cu (%) 0.8 – 1.3 – 1.2 – – –
Ag (g/t) 20 – 20 – 20 – – –
Au (g/t) 0.1 – – – – – – –
Hackett River(j) 100%
Open Cut OC (Mt) – – 16.6 – 16.6 – 20 – AC
Zn (%) – – 4.6 – 4.6 – 4 –
Pb (%) – – 0.6 – 0.6 – 1 –
Cu (%) – – 0.5 – 0.5 – 1 –
Ag (g/t) – – 131 – 131 – 109 –
Au (g/t) – – 0.3 – 0.3 – 0.2 –
Underground UG (Mt) – – 3.7 – 3.7 – 21 – AC
Zn (%) – – 5.1 – 5.1 – 4 –
Pb (%) – – 0.8 – 0.8 – 1 –
Cu (%) – – 0.3 – 0.3 – 0 –
Ag (g/t) – – 172 – 172 – 165 –
Au (g/t) – – 0.3 – 0.3 – 0.2 –
Total Zinc
Lead Canada (Mt) 8.6 13.5 22.3 2.2 30.9 15.7 44 2
Zn (%) 9.5 10.4 4.9 8.7 6.2 10.1 4 10
Pb (%) 1.5 2.0 0.6 1.9 0.8 2.0 1 –
Cu (%) 1.0 0.8 0.5 0.7 0.7 0.8 1 1
Ag (g/t) 65 74 127 62 110 72 131 39
Canada Ore Reserves 41

Brunswick Mine(f) 100% UG (Mt) 2.4 5.4 1.2 2.2 3.6 7.6 PB/BR*
Zn (%) 7.2 8.0 7.7 8.1 7.4 8.0
Pb (%) 2.8 3.2 3.0 3.1 2.8 3.2
Cu (%) 0.5 0.4 0.4 0.3 0.4 0.4
Ag (g/t) 91 98 94 84 92 94
Perseverance(g) 100% UG (Mt) 1.3 3.0 – – 1.3 3.0 PB/FP**
Zn (%) 12.4 13.5 – – 12.4 13.5
Cu (%) 1.0 1.1 – – 1.0 1.1
Ag (g/t) 28 28 – – 28 28
Au (g/t) 0.3 0.3 – – 0.3 0.3
Bracemac-McLeod(h) 65% UG (Mt) 2.8 3.7 0.9 0.1 3.7 3.7 AC
Zn (%) 9.8 9.6 8.9 6.3 9.6 9.5
Cu (%) 1.4 1.3 0.9 2.4 1.3 1.3
Ag (g/t) 32 28 19 28 28 28
Au (g/t) 0.4 0.4 0.5 0.4 0.4 0.4
Total Zinc Lead Canada (Mt) 6.5 12.0 2.1 2.3 8.6 14.3
Zn (%) 9.4 9.8 8.2 8.0 9.1 9.6
Pb (%) 1.0 1.4 1.7 3.0 1.2 1.7
Cu (%) 1.0 0.8 0.6 0.4 0.9 0.8
Ag (g/t) 53 60 62 82 55 63
Ireland Mineral Resources

Measured and
(k)
Pallas Green 100% UG (Mt) – – – – – – 30 24 AH
Tobermalug Zone Zn (%) – – – – – – 7 8
Pb (%) – – – – – – 1 1
Total Xstrata Zinc

Resources Resources Indicated Resources Resources
Commodity 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10
Mineral Resources (Mt) 322.7 334.8 287.4 244.6 610.1 579.4 319 238
Zn (%) 8.1 8.3 6.7 7.0 7.5 7.8 5 6
Pb (%) 4.2 4.2 3.4 3.7 3.8 4.0 3 3
Ag (g/t) 70 71 68 65 69 69 70 60
Proved Ore Reserves Probable Ore Reserves Total Ore Reserves

Commodity 31-12-11 30-06-10 31-12-11 30-06-10 31-12-11 30-06-10
Ore Reserves (Mt) 88.2 97.7 96.7 80.7 185.0 178.4
Zn (%) 9.1 8.5 7.4 7.1 8.2 7.8
Pb (%) 4.0 3.7 3.7 3.9 3.8 3.8
Ag (g/t) 62 61 63 68 63 64
Zinc continued
42 Notes (c) George Fisher Mine:

In order to provide consistency across all projects, above tables
George Fisher North & South Orebodies

are presented rounding to one decimal place applied to tonnage
and grade figures, with rounding exclusive of decimal places Lead-zinc-silver mineralisation occurs in galena- and
applied in Ag grades and in all cases to Inferred Mineral sphalerite-rich bedding parallel horizons in dolomitic and
Resources. variably carbonaceous pyritic shales and siltstones.
Reserve statements prepared for Xstrata by external parties may The Mineral Resource estimate is based on grade
be reported to different significant figures. interpolated by ordinary kriging using the easting offset
method and reporting to blocks 2mE x 5mN x 5mRL.
(a) Black Star Open Cut: Lead-zinc-silver mineralisation occurs
in galena and sphalerite-rich bedding parallel horizons in Mineral Resource is reported for Measured, Indicated and
dolomitic and variably carbonaceous pyritic shales and Inferred resource blocks above an AUD83.0 per Tonne Net
siltstones. Smelter Return (NSR) cut-off.
Mineral Resource categorisation is based on assessment of Mine production totalling 4.8Mt at 3.4 % Pb, 7.2% Zn and
orebody continuity, structural complexity, adequacy of data 68g/t Ag respectively were depleted from the Ore Reserves
coverage and geostatistics. and Mineral Resources for the period July 2010 to December
2011.
The Black Star Open Cut Resource is additional to the Isa
Open Pit Resource. Orebody interpretation, modelling and classification of the
Identified Mineral Resources was completed on the basis of
The Mineral Resource estimate is based on a block model
additional geological information and operating experience
built with grade interpolation by ordinary kriging reporting to
during the year. Classification is based on assessment of
blocks with dimensions of 6mE x 15mN x 8mRL.
orebody continuity, structural complexity and adequacy of
The resource mineralisation occurs inside a designed Stage 6 data coverage.
pit based on a pit optimisation (in Whittle) utilising Measured
Ore Reserves are based on an AUD87.0 per Tonne Net
and Indicated Resource blocks and is reported above an
Smelter Return (NSR) cut-off.
AUD25.5 per Tonne Net Smelter Return (NSR) cut-off.
The total Ore Reserve tonnage increased by 6.7Mt
The NSR is calculated on a recoverable payable basis, taking
equivalent to 9.0% driven by economic assumptions,
lead, zinc and silver grades, metallurgical recoveries, prices
additional drilling, improved resource to reserve conversion
and realisation costs into account.
and orebody re-interpretation.
A total of 7.8Mt were depleted from the Ore Reserves in the
2011 Reserve zinc, lead and silver grades are 6%, 11% and
18 months to 31 December 2011 due to ongoing mining
13% respectively lower than 2010 Reserve grades.
operations.
Reserve grades represent block model grades unadjusted for
(b) Isa Open Pit: Lead-zinc-silver mineralisation occurs in galena
any laboratory bias.
and sphalerite-rich bedding parallel horizons in dolomitic and
variably carbonaceous pyritic shales and siltstones. Geotechnical and Geological performance of the mined ore
Approximately 85% of the lead-zinc-silver resource is primary sources were monitored continually between 2010 and 2011.
sulphide, the remainder being considered as transitional Historical benchmarked dilution values in combination with
(mixed primary sulphide and secondary oxide/carbonate) 2011 measured dilution were applied in the resource to
mineralisation. reserve conversion process.
The Black Star Open Cut Resource has been removed from Handlebar Hill Open Cut
the Isa Open Pit and is reported separately.
Lead-zinc-silver mineralisation occurs in galena and
Mineral Resource categorisation is based on assessment of sphalerite-rich bedding parallel horizons in dolomitic and
orebody continuity, structural complexity, adequacy of data variably carbonaceous pyritic shales and siltstones.
coverage and geostatistics.
Mineral Resource categorisation is based on assessment of
Pit optimisation was conducted using Measured, Indicated orebody continuity, structural complexity, adequacy of data
and Inferred Mineral Resources, and a pit shell was coverage and geostatistics.
generated. Mineral Resources have been reported inside this
The Handlebar Hill Open Cut Resource is up dip of and is
pit shell using an AUD25.5 per Tonne Net Smelter Return
additional to the George Fisher South Resource.
(NSR) cut-off.
The Mineral Resource estimate is based on two blocks
models built with grade interpolation by ordinary kriging
reporting. Block dimensions for the immediate Handlebar Hill
pit area are 2.5mE x 5mN x 4mRL (in areas of dense Reverse
The copper resource inside the Isa Open Pit has not been Circulation grade control drilling in addition to initial
included here, it is reported separately by the Xstrata Copper resource/exploration drilling) while block dimensions for
Business Unit. estimation surrounding the Handlebar Hill pit area are 5mE x
15mN x 8mRL.
The resource mineralisation occurs inside a designed Stage 4 The NSR cut-off for the Ore Reserve estimate covers all on 43
pit based on a pit optimisation (in Whittle) utilising and off site costs including mining, processing, road haulage,

Measured, Indicated and Inferred Resource blocks and is sustaining capital and overheads after allowing for metal
reported above an AUD31.2 per Tonne Net Smelter Return recovery and the deduction of transport, smelter, refining
(NSR) cut-off. and Queensland royalty charges.
The Reserve occurs inside a designed Stage 3 pit based on a The Lady Loretta ore is planned to be treated through the
pit optimisation (in Whittle) utilising Measured and Indicated Pb-Zn Mount Isa process plant. The estimate incorporates
Resource blocks and is reported above a AUD33.1 per Tonne metallurgical recoveries derived from metallurgical test work
Net Smelter Return (NSR) cut-off. conducted between 2000 - 2008 including a bulk sample
processed through the Pb-Zn Mount Isa plant. The findings
of this test work identified that the Lady Loretta material
performs in a similar manner to the George Fisher ore.
The Lady Loretta deposit is owned 100% by Noranda Pacific
Material from the oxidised portion of the mineralisation has
Pty Ltd (wholly owned by Xstrata plc), following the buyout in
been reported as a Mineral Resource and Ore Reserve
February 2011 of interest owned by Cape Lambert Lady
following confirmation of an achievable treatment path.
Loretta Pty Ltd.
A total of 1.1Mt were depleted from the Ore Reserves in the
(e) McArthur River Mine: Zinc-lead-silver mineralisation occurs
18 months to 31 December 2011 due to ongoing mining
predominantly as ultra fine bedding parallel sphalerite and
operations and sterilisation. A Feasibility Study added 2.4 Mt
galena rich bands hosted by dolomitic and carbonaceous
to the Ore Reserves at the time of approval.
pyritic siltstones, graded beds and chaotic debris flow
(d) Lady Loretta Project: Lead-zinc-silver mineralisation occurs breccias.
in a galena and sphalerite rich massive sulphide lens located
Resource and Reserve estimates have been based on a block
in carbonaceous pyritic shales and siltstones. The deposit is
model interpolating grades using ordinary kriging. Parent
structurally complex and consists of a tight syncline
block sizes are 50mE x 50mN x 24mRL, with sub-blocking
dislocated by few major faults. The deeper and high grade
down to 10mE x 1mN x 1mRL along dipping contacts. The
portion of the deposit (known as the ‘Keel’ area) reaches
block model was refined in 2011 after review of the available
480m below the surface.
data, resulting in overall increases to grades and thickness of
Discovered in 1969 by surface diamond drilling, the deposit mineralisation. Measured Resources are classified as primary
has been explored from underground in 1986-1988 via a 468 2, 2/3, 3, 4 and 5 orebodies based on 15 years of continuous
m deep shaft. Extensive additional surface exploration underground and open cut mining, milling and reconciliation
diamond drilling was performed in 1999 and 2000 by of those ore bodies. Indicated Resources include all
Noranda Pacific Pty Ltd in joint venture with Buka Minerals remaining metallurgically complex transitional 2, 3, 4 and 5
Pty Ltd. orebodies and primary 6, 7 and 8 orebodies that have a
shorter history of mining and treatment.
A 3D geological model is based on 246 surface exploration
drill holes and 153 underground drill holes. Mineral Resource Pit optimisation for Resources was completed using
estimates were completed in 2000 and 2006 on behalf of Measured and Indicated Resources, with dilution and loss
Noranda Pacific. In 2011, Quantitative Group (QG) applied considering bed width, dip, faulting and
completed an update of the estimate on behalf of Xstrata plc underground voids. The basis of the Resource reporting pit
with some minor changes to drilling, interpretation and shell was a scenario with an ore production rate of 5.5 Mtpa
estimation parameters. Estimation was via Ordinary Kriging through a primary crusher, followed by processing through a
of 2m fixed length composites using appropriately Heavy Media Plant (HMP) and conventional concentrator. It
configured search parameters to deal with the folding. Some was assumed that concentrate production would be sold into
small additional high grade domains were added to better both bulk Zn-Pb concentrate markets, and as feed for
constrain some narrow massive sulphide lenses. Resource refineries based on the Xstrata’s Proprietary Hydrometallurgy
classification was also revisited. Technology Plant, each with specific costs, revenues and
payable fractions. A zinc equivalent grade was calculated for
The Mineral Resources estimate is based on a Net Smelter
each ore group that considered specific information
Return (NSR) cut-off of 88$US. The NSR calculation has been
(including recoveries and costs) for that group. An ore group
updated to reflect changes in metal price assumptions and
specific zinc equivalent cut-off grade (ranging from 3.8% to
costs since the previous one developed in 2000.
4.5% ZnEq) was then applied, based on long-term Xstrata
The mining method at Lady Loretta is based on a mixture of economic assumptions. Resources that fall outside the Pit
transverse and longitudinal long hole open stoping with Shell, other than Woyzbun South, are not reported.
paste fill. Proved and Probable Ore Reserves are defined by
Woyzbun South Resources are classified as Indicated under
designing mining excavations based on a NSR cut-off of
the assumption they would be mined at the end of the
110$US, incorporating planned dilution to achieve final stope
ultimate pit shell mine life by underground extraction.
designs.
Zinc continued
44 The Ore Reserves were based on a mine plan crushing engineering and located in 16 remaining mining zones.
approximately 3.3 Mtpa for feed into a HMP, which is under Average expected overbreak dilution for stopes is 12.6%
construction. Rejection rates for each ore type (based on while average expected mining recovery is 82.5%. A total of
laboratory testing) of between 15% and 24% were applied, 43 of these 112 stopes consist of Measured Mineral
to result in a milling rate of 2.85 Mtpa. It was assumed that Resources converted to Probable Ore Reserves due to
the proportion of concentrate sold as bulk Zn-Pb concentrate "modifying factors" such as technical risks, sequencing
would reduce over the next 3 years as a new process for uncertainties ("tail end" stopes) or marginal profitability.
creating a Zn concentrate is ramped up. The process for
There are 3 geo-metallurgical ore types with different Net
creating the zinc concentrate is currently at pilot plant scale.
Smelter Return (NSR) economic models. Short term NSR
Refining using the Xstrata’s Proprietary Hydrometallurgy
parameters (essentially for year 2012), in particular the metal
Technology Plant was not considered. The final pit design
price and exchange rate assumptions provided by Xstrata
was based on pit optimisation in Whittle. Variable cut-off
Group Business Development, were used to individually
grades from 7.6% to 9.5%ZnEq were applied to optimise the
evaluate for economic viability the Ore Reserve stopes
mine plan.
scheduled in the remaining Life of Mine plan.
The Reserves and Resources have been depleted by a total
(g) Perseverance Mine: The Perseverance resource comprises
of 3.5Mt that were mined during the 1July 2010 to 31
three separate and distinct polymetallic volcanogenic
December 2011 reporting period.
massive sulphide deposits (Perseverance, Equinox and
(f) Brunswick Mine: The Brunswick orebody is a volcanogenic Perseverance West).
massive sulphide (VMS) deposit in which lead-zinc-copper-
The bulk of the zinc-copper-silver mineralisation is present as
silver mineralisation occurs in complexly deformed massive
banded massive sulphides composed predominately of
sulphide lenses hosted in sedimentary and volcanic rocks.
pyrite, sphalerite, chalcopyrite and pyrrhotite. Less abundant
The deposit extends from surface to a depth of 1,150 meters.
sulphides are also present as stringer stockwork in adjacent
The mine has been in continuous production since 1964. alteration zones.
Historical production as of 31 December 2011 is 133.1Mt at
A 3-D geological model was re-built from the 2009 and 2001
8.8 %Zn, 3.5 %Pb, 0.4 %Cu and 102 g/t Ag. Current
diamond drill holes totalling 101,196m. A geostatistical
underground mining method is open stoping with delayed
analysis and a block model were generated by Xstrata in
paste back fill.
2009. Neither the geological models nor the resource block
Total mine production from 1 July 2010 to 31 December models integrated geological data from the 2001
2011 was 4.5Mt at 7.8 %Zn, 3.0 %Pb, 0.5 %Cu and 96 g/t Ag. metallurgical and geotechnical drilling programmes, because
However, the Ore Reserves decreased only by 4.0Mt during the metallurgical and geotechnical drill holes were bulk
the period due to upgrade of Mineral Resources to Ore assayed on a hole-by-hole basis to conserve sample weight,
Reserves and stope design optimisation. During the same and were drilled after the block models were created.
period, a total of 8,938 meters of diamond drilling has been
Total mine production from 1 July 2010 to 31 December
performed to better define and delineate additional potential
2011 was 1.6Mt at 13.6 %Zn and 1.0 %Cu. Ore Reserves
Mineral Resource blocks. The diamond drilling program
decreased accordingly by 1.6Mt. One low-grade stope at the
complemented an extensive engineering study and
bottom of the Equinox deposit on mining level 255 has been
economical analysis that has been in progress since 2006 in
removed from the Ore Reserves in 2011 (0.03Mt) essentially
order to identify the most potential Resource blocks among
for ground control conditions, while the crown pillar of the
all the mining remnants. The diamond drilling and Resource
small ‘P2’ lens (0.03Mt) is still under evaluation and is not
evaluation is now completed.
included yet in the Ore Reserves.
Mineral Resources and Ore Reserves are based on a 3-D
The above mentioned Mineral Resources are based upon a
geological and grade block model derived from 350 surface
3.5 %Zn equivalent grade cut-off.
diamond drill holes, over 9,900 underground diamond drill
holes and extensive underground geological mapping. The above mentioned Ore Reserves are based upon a
Grade interpolation in the block model is done by Inverse US$72.47 Net Smelter Return (NSR) cut-off. An averaged
Distance Weighting to the power of 2, with octant search 95% stope recovery factor has been applied. The Reserves
declustering. encompass, in average, 10.0% of internal dilution, 7% of
external dilution for primary stopes and 12% external dilution
Total identified Mineral Resources represent 112 individual
for secondary stopes.
blocks of mineralisation located from the 425m level down to
the 1,125m level. All blocks are categorized as Measured. (h) Bracemac-Mcleod Project: The Bracemac and McLeod
Geological confidence categorization is essentially based on deposits are polymetallic volcanogenic massive sulphide
1) the density of diamond drilling information, 2) the deposits of the same age and derived from the same ore-
availability of geological mapping at the under and/or over forming hydrothermal system as the rest of the Matagami
cuts and 3) the thickness, continuity and interpreted camp deposits. They are located 4.5km southeast of Xstrata's
structural complexities of the mineralisation. Mattagami concentrator and offices.
Included in the Mineral Resources, the Ore Reserves consist The Bracemac deposit comprises three stacked lenses; the
of 112 individual stopes designed at various levels of deepest one, located along the Key Tuffite, is the largest.
The McLeod deposit consists of a lense located along the The four principal sulphide occurrences from west to east, 45
Key Tuffite and an underlying sub-parallel copper-rich are the East Cleaver, Boot Lake, Main Zone, and Jo Zone

stringer zone. deposits. These deposits have undergone a Preliminary
Economic Assessment study, which has defined the technical
The Measured, Indicated and Inferred Mineral Resources for
and economically viable boundaries of open cut mining vs
the Bracemac and McLeod deposits were estimated in May
underground mining. Note that the overall ore value was
and August 2010 using a block model based on Inverse
calculated in Ag equivalency using the following formula:
Distance Squared (ID2). The Inferred Resources of the West
McLeod zone is based on single-value polygons extending {[(Ag grade (g/t)) x (Ag price in $/oz)) x (% Ag recovery ÷ 100)
midway between drill holes and are unchanged from the ÷ (31.10348 (g/oz.))] +[(Au grade (g/t)) x (Au price in $/oz)) x
technical report published in February 2009 by Donner (% Au recovery ÷ 100) ÷ (31.10348 (g/oz))] +[(% Pb grade ÷
Metals Ltd. 100) x (Pb price in $/lb) x (% Pb recovery ÷ 100) x (2204.623
lb/t)] +[(% Zn grade ÷ 100) x (Zn price in $/lb) x (% Zn
The current Ore Reserves estimation is based upon a
recovery ÷ 100) x (2204.623 lb/t)] +[(% Cu grade ÷ 100) x (Cu
US$68.50 Net Smelter Return (NSR) cut-off. An average of
price in $/lb) x (% Cu recovery ÷ 100) x (2204.623(lb/t)]} ÷[(Ag
95% stope recovery has been applied. The Ore Reserves
price in $/oz)) x (% Ag recovery ÷100) ÷ (31.10348 (g/oz)].
encompass, on average, 18% of external dilution.
(k) Pallas Green Project: The Tobermalug zone consists of 44
The Bracemac-McLeod project is a Joint Venture 65% Xstrata
subhorizontal, stratiform subzones of Irish-type, breccia-
Canada Corporation and 35% Donner Metals Ltd.
hosted sphalerite-galena-pyrite within a Carboniferous
(i) PD-1: The PD1 deposit is a polymetallic volcanogenic limestone. The lenses occur over an area 3,500 by 3,000m,
massive sulphide deposit of the same age and derived from and from 300 to 600m below surface.
the same ore-forming hydrothermal system as the rest of the
The major sulphide species are, pyrite, sphalerite and galena
Matagami camp deposits. It is located 40km west of Xstrata's
with minor marcasite. Pyrite occurs as massive banded,
Mattagami concentrator and offices.
plumose and colloform masses, that have commonly been
The PD1 deposit was discovered in 1974 by Phelps Dodge subjected to a series of breccia events. Sphalerite ranges in
Corporation of Canada. A total of 50 historical drill holes colour from very pale grey to reddish brown, but the main
were drilled between 1974 and 1984. In 2010, Xstrata Zinc style is fine grained and very pale brown. The sphalerite
drilled 25 additional holes in the upper portion of the deposit occurs as fine disseminations, blebs, angular clasts, massive
above 100m vertical depth, including 3 duplicate holes to banded/laminated and colloform laminated.
validate the historical data. The Measured and Indicated
The Inferred Resource is based on 199,000m of diamond
Mineral Resources for the PD1 deposit are based on a 3% Zn
drilling in 435 drill holes completed between 2005 and the
equivalent (ZnEq) cut-off grade where %ZnEq = %Zn +
present. Drill spacing is nominally 100m but 93 infill drillholes
2*%Cu.
at 50m spacing have been completed, providing partial
The PD1 project is a Joint Venture 50% Xstrata Canada coverage at half of the zones. Mineraliasation wireframes with
Corporation and 50% Donner Metals Ltd. a cut-off of 4% Zn + Pb and a minimum 3.0m vertical
thickness were built, and constrain interpolation by IDW in a
(j) Hackett River Project: The Hackett River project is located in
block model.
Nunavut, Canada, approximately 480km northeast of
Yellowknife and 105km south–southwest of the community of Step out drilling continues to discover new zones, many of
Bathurst Inlet, which is located on the Arctic Ocean. which require basic 100m delineation. Drilling is ongoing
with 16 rigs and analyses are not yet available for all
The Hackett River deposits are situated within the Slave
intersections. For this reason, visual estimates have been
Structural Province, a predominantly Archaean
used for 17 intersections which exceed cutoff grade, and
granite‐greenstone‐sedimentary terrane that lies between
which affect 1Mt of the Resource. Long term comparisons
Great Slave Lake and Coronation Gulf. The Slave craton is
between estimates and actual values show good linearity, a
one of approximately 35 Archean cratons preserved around
consistent low bias, and suggest the final grade for the entire
the world and is considered a major building block of the
resource would increase by approximately 0.1% Zn and
Canadian Shield. The deposits are typical of volcanogenic
0.01% Pb when analyses are received, i.e., would not
massive sulphide (VMS) deposits. Sulphide mineralisation
materially affect the Resource.
occurs as tabular semi‐massive to massive lenses. Stringer
sulphide minerals are developed beneath the lower massive The Pallas Green project is owned 100% by Xstrata Zinc
lenses in stratiform to pipe‐like configurations. Stratiform Ireland Ltd, following the buyout of interest owned by Minco
disseminated sulphides envelop the massive sulphide and plc in November 2011.
stringer zones.
Zinc continued
46 Competent Persons
MS = Max Shawcross, Project Manager, Xstrata Zinc, (AusIMM).
OG = Osvaldo Gonzalez, George Fisher Mine Geology

Superintendant, Xstrata Zinc, (AusIMM).
SJ = Scott Jackson, Principal Consultant Geology, Quantitative
Group Pty Ltd, (AusIMM)
KG = Karissa Grenfel, Mining Manager, Xstrata Zinc, (AusIMM).
BS = Bryant Schwengler, GM Open Pit Mining, Xstrata Zinc,
(AusIMM).
JJG = Johannes Grobler, Technical Services Manager Xstrata
Zinc, (AusIMM).
LS = Lutz Sprengel, Mining Consultant, Minserve Group Pty Ltd,
(AusIMM)
DH = Drew Herbert, Consulting Mining Engineer, Australian Mine
Design & Development Pty Ltd, (AusIMM).
PB = Pierre Bernard, Chief Mine Geologist, Xstrata Zinc,
(APEGNB).
GR = Gilles Roy, Senior Project Geologist, Xstrata Zinc, (OGQ).
FP = François Provonost, Chief Mine Engineer, Xstrata Zinc, (OIQ).
BR = Barbara Rose, Chief Mine Engineer, Xstrata Zinc, (APEGNB).
AC = Aline Côté, Project Manager, Xstrata Zinc, (OGQ).
AH = Allan Huard, Senior Geologist, Xstrata Zinc, (APGO).
Competent Person for Ore Reserve / Competent Person for
Mineral Resource; where only one set of initials is listed, the same
Competent Person is responsible for all categories quoted. Unless
otherwise noted all Competent Persons are full time employees of
Xstrata PLC subsidiaries.
* Competent Persons for Brunswick Ore Reserves estimate are Barbara Rose
who is responsible for stope design, economic analysis and all mine planning
activities, and Pierre Bernard who is responsible for compiling the Reserve
estimate, assigning confidence classification, preparing the technical report
and disclosure.
** Competent Persons for Perseverance Ore Reserves estimate are François

Provonost who is responsible for stope design, economic analysis and all
mine planning activities, and Pierre Bernard who is responsible for compiling
the Reserve estimate, assigning confidence classification, preparing the
technical report and disclosure.
Xstrata plc
Bahnhofstrasse 2
PO Box 102
6301 Zug
Switzerland
Tel: +41 41 726 6070
Fax: +41 41 726 6089
www.xstrata.com

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Mineral

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

For more information

The resource and reserve estimates are compiled and verified by

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

Competent Persons CIM = Canadian Institute of Mining

ROM = Run of Mine

SACNASP = The South African Council for Natural Scientific

SAMREC = South African Code for Reporting of Mineral

Marketable Coal Reserves represent beneficiated or otherwise

4 Chrome Mineral Resources

Measured Mineral Indicated Mineral Indicated Mineral Inferred Mineral

Total Chrome Ore

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

Definitions The chromitite layers are mined mainly underground using

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

Vanadium Ore Reserves

PGM Mineral Resources

PGM Ore Reserves

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

10 Silica Mineral Resources

Name of Attributable Mining Resources Resources Indicated Resources Resources Competent

Australia Coal Resources – New South Wales 11

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

12 Australia Coal Resources – Queensland

Attributable Coal Resources Coal Resources Coal Resources Competent

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

14 Australia Coal Reserves – Queensland

Coal Reserves Coal Reserves Coal Reserves

Notes: Resource tonnes have been reported using an appropriate in situ

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

due to improved economic outlook and changes to pit limit

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

South Africa Coal Resources

18 South Africa Coal Reserves

Coal Reserves Coal Reserves Coal Reserves

Notes: totals include changes to classifications of Resource status due to

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

20 Americas Coal Resources – Colombia

Attributable Coal Resources Coal Resources Coal Resources Competent

Americas Coal Reserves – Colombia

Canada Coal Resources

Canada Coal Reserves

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

22 North Queensland Mineral Resources

Measured Mineral Indicated Mineral and Indicated Inferred Mineral

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

Canada Mineral Resources

Canada Ore Reserves

24 Minera Alumbrera Ore Reserves

Chile Mineral Resources

Chile Ore Reserves

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

26 Peru Ore Reserves

Other projects Mineral Resources

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

underground Resource. interpolation within geological constraints from an assay

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com

32 Iron Ore Mineral Resources

Measured Indicated Indicated Mineral Inferred

Iron Ore Reserves

Xstrata | Reserves and Resources as at 31 December 2011 | www.xstrata.com