Minera Escondida - BHPMinera Escondida Limitada. Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure Page 10 18 Nov 2002 Total Ore Reserves and Mineral Resources:

MINERA ESCONDIDA

MERRILL LYNCH INVESTOR VISIT

NOVEMBER 18, 2002

Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure18 Nov 2002Page 2

Presentation Content• Geographical Location• Escondida Strengths• Operations Operview• Production (Including Apollo)• Financials• Business Strategy• Growth Opportunities• Current Activities


Northern Chile’s Atacama Desert,160 km south east of Antofagasta.

TATAL

INCA DE ORO

EL SALVADORCHAÑARAL A

RG

ENTI

NA

COLOSO

ANTOFAGASTA

MEJILLONES

ZALDIVARMONTURAQUI

ESCONDIDA

CALAMA

CHUQUICAMATA

CH

ILE

TOCOPILLA

POTRERILLOS

Cerro ColoradoQuebrada BlancaCollahuasi

El AbraChuquicamata

Radomiro Tomic

Michilla Lince

Mantos Blancos

El Tesoro

EscondidaZaldivar

El SalvadorManto VerdeLa Candelaria

El IndioAndacollo

Los Pelambres

El Soldado Andina

Los Bronces El Teniente

Lomas Bayas

Spence

World’s Premium Copper Region

BO

LIVI

A


Aerial View of MELEscondida

Norte

Oxide Leach Pads

Main Pit

Phase IV Plant site

ZaldivarPit

HamburgoTails

Concentrator

5 kmN

Zaldivar Leach Pads


Coloso Filter & Port

Coloso Filter & Port Facilities




Escondida’s Strategy Builds on its Strengths to Maximize Long Term Value

Strong Cash Flow

Strong Cash Strong Cash FlowFlow

Low Cost ProducerLow Cost Low Cost ProducerProducer

Strong Credit Ratings

Strong Strong Credit Credit RatingsRatings

Stable CountryStable Stable

CountryCountry

Unequalled Resource

Unequalled Unequalled ResourceResource

High Quality ConcentrateHigh Quality High Quality ConcentrateConcentrate

Strong SponsorsStrong Strong

SponsorsSponsors

Ability to Manage

Expansions

Ability to Ability to Manage Manage

ExpansionsExpansions

Diversified Sales BaseDiversified Diversified Sales BaseSales Base

World’s Largest

Copper Mine

World’s World’s Largest Largest

Copper MineCopper Mine


World’s Largest Copper Mine

Escondida

Phelps Dodge

Ph IV

Leading Copper Mine Sites

0 400 800 1200

OktyabryskiDzhezkazgan

AndinaBingham CanyonLos Pelambres

El TenienteMorenci

CollahuasiChuquicamataFreeport Indonesia

Escondida Ph IV

Copper Production ('000 tonnes)

Leading Copper Producers

0 500 1000 1500

Anglo

KGHM

F-McMoran

BHP Billiton

Rio Tinto

Grupo Mexico

Codelco

Copper Production ('000 tonnes)

Rudna

Cop

per M

ines

Cop

per P

rodu

cing

Com

pani

es

Source: Brook Hunt & Associates, Calendar year 2000, plusEscondida Ph IV 2004 projection.

Note: BHP and Rio Tinto production shares includeshares of Escondida production. Brook Hunt do not rate Escondida as a stand alone company.


Sponsored By World’s Premier Metals & Mining Houses

BHP Billiton Limited100%

Rio Tinto Plc 100%

Mitsubishi Corporation 60%Mitsubishi Materials Corp 20%

Nippon Mining & Metals Co Ltd 20%

JECO10%

International FinanceCorporation

2.5%

BHP Escondida Inc 57.5%

Rio Tinto Escondida Limited

30%

Owners Council

Minera Escondida Limitada


Total Ore Reserves and Mineral Resources:Official declaration at June 30, 2002, JORC Competent Person: Dr J M Gilligan

Ore Tonnes Grade Metal Tonnes Grade MetalType (millions) (%Cu) (mlbs) (millions) (%Cu) (mlbs)

Sulphide 1,568 1.24 36,503 2,182 1.14 54,835LG Float 582 0.60 6,157 1,409 0.59 18,421

Escondida LG Leach 658 0.43 6,209Mixed 50 1.02 431 113 0.81 2,023Oxide 208 0.69 2,706 280 0.64 3,935Sulphide 649 1.33 19,014

Escondida Norte LG Float 642 0.58 8,190Mixed 43 0.81 761Oxide 142 0.79 2,476

Sub-Totals All Sulphide 2,149 1.07 42,660 5,540 0.87 106,669Mixed 50 1.02 431 155 0.81 2,784Oxide 208 0.69 2,706 422 0.69 6,411

TOTAL All Types 2,408 45,797 6,117 115,864

Ore Reserves Mineral Resources


Escondida Schematic Deposit Evolution Profile:Increasingly complex & variable geological conditions

⇐ ⇐ ⇐ ⇓ variability ⇓ ⇒ ⇒ ⇒

py >> cp

cc

cp + py

Cu - Fe Oxides

cc+cv+cp+py

“1991-1997” “1998-2010”

“>2010”


Copper Production & Head Grade:Incremental Expansion to offset Progressive Reduction in Head Grade with TimeGraphic Represents Mine Capacity, Actual Production Depends on Market Conditions

Production History & Forecast

0

500

1,000

1,500

2,000

2,500

3,000

1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 20140.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

Oxide

Ph. 2

Ph. 1

Ph. 3.5

Copper Productionmillion lb

Phase

3

fine copper production1988 Project Approval

fine copper productionthrough Phase 3.5

sulphide ore gradePhase 4 Expansion

fine copper productionPhase 4 Expansion

Ore Grade

Phase 4 at 110,000 tpd

Original Production ForecastPhase 0

450 ktpa

300 ktpa

Sulphide Ore Grade


Diverse Customer BaseCY 2001 Concentrate Sales, By Country

Japan34%

Chile14%Germany

10%

China6%

Brazil5%

Philippines5%

South Korea4%

Canada4%

India3%

Spain3%

Sweden2%

Finland2%

Traders5%

Iran1%

Bulgaria2%

CY 2001 Cathode Sales, By Country

France24%

Italy16%

Brazil12%

Holland10%

England10%

USA5%

South Korea5%

China4%

Taiwan4%

Japan3%

Chile2%Spain

2%Indonesia

1%Mexico

2%


C1 Unit Costs in the 1st QuartileCY01 Brook Hunt, Copper Industry C1 Cost Curve

Esco

ndid

a M

ines

ite

0

20

40

60

80

100

120

140

160

0 5,000 10,000 15,000 20,000 25,000Cumulative Production (Mlbs)

C1

Cas

h O

pera

ting

Cos

t (U

S c/

lb)

Escondida Real Cost and Cooper Industry estimatet


Only 3 Producers with a Lower C3 Unit CostCY01 Brook Hunt, Copper Industry C3 Cost Curve

Esco

ndid

a M

ines

ite

0

20

40

60

80

100

120

140

160

0 5,000 10,000 15,000 20,000 25,000Cumulative Production (Mlbs)

C3

Prod

ucct

ion

Cos

t (U

S c/

lb)

Escondida Real Cost and Cooper Industry estimated Cost


Phase IV Expansion Components• An additional mine fleet

– (1) 65 yd3 shovel, (6) 380 st haul trucks, (1) drill– Support equipment and maintenance shop expansion

• In-pit ore crusher and conveyor to Phase IV concentrator– Relocation of existing crushers

• 110,000 tpd Concentrator– 38-ft. SAG mill and (3) 25-ft. Ball mills– Conventional flotation using large cells, regrind, column cells

• Concentrate handling– Slurry pipeline to existing concentrator, then on to the port– Added concentrate filtering and storage capacity– Modifications to port facility

• Laguna Seca Tailings Facility– Tailings disposal for life of mine – both mills– Improved water reclaim to both mills


Phase IV: Laguna Seca Concentrator:Detailed Site Layout




EmploymentAntofagasta Coloso Escondida Santiago Total

Expatriates 3 0 24 2 29Operators 2 70 1627 0 1699Téchnical & Admin 15 1 89 1 106Professional/Mgrs 51 17 426 9 503Total 71 88 2166 12 2337

Permanent Contractors 1770

Projects & Construction 740

Total 4847

• Avg workforce age – 38 years• Avg length of service – 7 years• Employee turnover - 2%• Attendance rates - 97%+ • Female employees - 4%• Expatriate employees – 0.8%


Safety – Potential or Actual Level 4 Incidents

10

7

1

18

0

2

4

6

8

10

12

14

16

18

20

2000 2001 2002 2003Fiscal Years

# of I

ncid

ents


Escondida Mine Pit

Escondida Mine PitDimensions Now Final

E-W 2.2km 3.5km

N-S 3.2km 4.8km

Depth 465m 750m


Escondida Mining Fleet FY-02• Electric Rope Shovels – Total 13

– P&H 4100 XPB (73 yd Dipper) 2– BE 495 (55 yd Dipper) 10– BE 395 (30 yd Dipper) 1

• Haul Trucks – Total 89– Komatsu 830E (240 mt) 28– CAT 793 B&C (240 mt) 47– CAT 797 (380 mt) 14

• Front End Loaders – Total 3– CAT 994 (23 yd Bucket) 3

• Drills – Total 12– BE 49R & R2s (8), IR DMM2s (2) & P&H 250XPs (2)

• Auxiliary Equipment – Total 44– Dozers (9-D10s & 4-D11s), Tiger 690s (2), RTDs (13), Graders (5-16Gs & 2-24Hs), Water

Trucks (6-CAT 777s) & Cable Reelers (3-CAT950Fs)


Mine Production – ‘000s TPD Ex-Pit

681 725835 901 930

841 863 863928

678

0

100

200

300

400

500

600

700

800

900

1000

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007Fiscal Years

'000s

Ton

nes p

er D

ay

History Forecast Budget


Mine Unit Cost – US$/t Mined

0.779 0.736 0.706 0.670 0.641 0.683

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1998 1999 2000 2001 2002 2003Fiscal Years

US$ /

t Min

ed



Unit Cost & Productivity: MineMines

12345891112

Escondia FY98 13Escondia FY99 14Escondida FY00 15Escondida FY01 16Escondida YTD FY02 17Escondida Budget FY02 18Escondida Budget FY03 19

202122232425262728293031323334

Estimated Brook Hunt 200

202414

27

3031

26 95

19 FY0318

3

1716

28

1

34

415

23229

813

1223

21

33

25

22

11

0.20

0.30

0.40

0.50

0.60

0.70

0.80

0.90

1.00

1.10

1.20

1.30

20 30 40 50 60 70 80 90 100 110 120 130

Productivity (ton Mined/Hour)

Uni

t Cos

t US$

/ton

Min

ed

UQ:91,0

LQ:0.60


Los Colorados Concentrator


Los Colorados Production – ‘000s TPD Milled

116 125 125 118 118 122 127 122115103

0

20

40

60

80

100

120

140

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007Fiscal Years

'000s

Ton

nes p

er D

ay



Los Colorados Unit Cost – US$/t Milled

4.07 3.91 3.58 3.43 3.42 3.42

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

1998 1999 2000 2001 2002 2003Fiscal Years

US$ /

t Mille

d



Unit Cost & Productivity: ConcentratorsMills

123456789

Escondida FY98 10Escondida FY99 11Escondida FY00 12Escondida FY01 13Escondida YTD FY02 14Escondida Budget FY02 15Escondida Budget FY03 16

1718192021222324252627

Escondida Laguna Seca 28

Estimated Brook Hunt 200

1011

1214

13

1516 FY03

2

8

26 69

20

27 21

524

19 1723

7 22 25 4 18 31

28 Laguna Seca FY03

0.00

0.40

0.80

1.20

1.60

2.00

2.40

2.80

3.20

3.60

4.00

4.40

4.80

0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100 105 110

Productivity (ton Milled/Hour)

Uni

t Cos

t (U

S$/to

n M

illed

)

UQ:55,0

LQ:1,96

Laguna Seca including Filter and excluding Overland Conveyors and Camp Cost


Escondida SX-EW Oxide Plant


Oxide Production – ‘000s Tonnes of Cathodes

1.4%

1.2%1.1%

1.0% 1.0% 1.0%

0.8% 0.8%0.7%

0

20

40

60

80

100

120

140

160

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007Fiscal Years

'000s

Ton

nes

0.0%

0.2%

0.4%

0.6%

0.8%

1.0%

1.2%

1.4%

1.6%

Ore G

rade

Sta

cked

(% C

u)

History Forecast Budget Ore Grade (%)


Oxide Unit Cost – US$/lb Cathode

0.262 0.250 0.249 0.244 0.256

0.00

0.05

0.10

0.15

0.20

0.25

0.30

1998 1999 2000 2001 2002 2003Fiscal Years

US$ /

lb C

atho

de



Unit Cost & Productivity: OxideOxide

123456

Escondida FY00 7Escondida FY01 8Escondida YTD FY02 9Budget FY02 10Budget FY03 11

121314151617181920212223

Estimated CRU

23

12

17

1144

19

1822

21520

16

3

65

13

21

711 FY03

10 98

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

50.0

55.0

60.0

0 20 40 60 80 100 120 140 160 180 200 220 240

Productivity (Kg-Cu/Hours)

Uni

t Cos

t (cU

S$/L

b)

UQ:135.8

LQ:25.2




Head Grade - % Contained Copper

2.75%2.22%

1.95% 1.89% 1.69% 1.65% 1.56% 1.61% 1.53%1.57%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007Fiscal Years

Head

Gra

de %

Cu



Escondida – Substantial Production Flexibility

Copper Production

-

200

400

600

800

1,000

1,200

1,400

1,600

1,80020

02

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

Fiscal Period

Copp

er -

000

's t

Escondida Escondida + Development Projects


Escondida – Substantial Production Flexibility No Limits

-

200

400

600

800

1,000

1,200

1,400

1,600

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021

2023

2025

2027

2029

2031

2033

2035

Fiscal Period

Copp

er -

kt

Escondida Base Development Projects

Limited at 1,000 ktpa

-

200

400

600

800

1,000

1,200

1,400

1,600

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021

2023

2025

2027

2029

2031

2033

2035

Fiscal Period

Copp

er -

kt



-

200

400

600

800

1,000

1,200

1,400

1,600

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021

2023

2025

2027

2029

2031

2033

2035

Fiscal Period

Copp

er -

kt



-

200

400

600

800

1,000

1,200

1,400

1,600

2003

2005

2007

2009

2011

2013

2015

2017

2019

2021

2023

2025

2027

2029

2031

2033

2035

Fiscal Period

Copp

er -

kt



Historical Global Copper Market Situation

0

2

46

8

10

1214

16

18

1980

1985

1990

1995

2000

Stoc

k/C

onsu

mo

(Sem

anas

de

Dem

anda

al T

érm

ino

del T

rimes

tre)

0

20

40

60

80

100

120

140

160

Prec

io T

rimes

tral d

el C

obre

(U

Sc/lb

)

Strong increase in price when stock levels fell

below 5 weeks of demand

The strong temporary price increase reflects

the influence of speculative agents

Stocks pass over

critical levels and

rising

Market Conditions:

Today worse than 1998 but not so bad as the start of the

’80s

Stock Demand

Copper Price


Resistance to Closure and Consolidation• Persistent optimism of imminent return of higher prices• Most operations making cash at $0.65/lb

– Higher cost assets have already closed or improved cost competitiveness

• Cross subsidization of asset portfolio• Re-financing opportunities at historically low rates• Country priorities: foreign exchange, employment, basic

services, etc• Lack of feed for integrated smelters• Excessive environmental liabilities associated with many

take-over targets


The Way Forward• The Project Apollo has been very successful for FY02

– Led to a supply-demand balance in the copper market– Prompted a 7 cent / lb rise in price

• No market commitment beyond Calendar 2002

• Major decision pending in December 2002 with regard to production levels for Calendar 2003




Key Business Drivers(Effect of Incremental Movements on EBIT)

• Copper Price 1c/lb = US$21m• C1 Costs 1c/lb = US$21m• Mill Recovery 1% = US$16m• Headgrade 0.01% = US$8.5m• Mill Throughput 1k TPD = US$7.5m• Concentrate Grade 1% = US$7m• TCRC’s 5% change = US$5.5m• Peso FX Rate 10 peso = US$4m• Power 0.1c/kwh = US$2m• Fuel 1c/l = US$1m


Financial Performance: Strong Cash Despite Poor Global Economic Conditions

(131)111341EBIT SVA (US$m)

16.135.135.8ROE(%)

-480764Dividends(US$m)

6.014.618.5ROC(%)

(383)134456FCF(US$m)

143375481Net Profit(US$m)

FY02FY01FY00Metric


Controlling Cost (C1) Against a Declining GradeMines

1234589

1112

Escondia FY98 13Escondia FY99 14Escondida FY00 15Escondida FY01 16Escondida FY02 17Escondida Budget FY03 18

192021222324252627282930313233

Estimed Brook Hunt 2001

11

2124

32

20

22

1213 FY988

28

312 15 FY00

4

33

1

27

16 FY0117 FY02

3

18 BFY03

5

9

253029

26

14 FY99

23

19

5

15

25

35

45

55

65

75

85

95

105

0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8Grade Ore (%)

C1

(US

$/P

ay L

b)


Maintaining C3 Units Costs Below US$0.60/lbMines

1234589

1112

Escondia FY98 13Escondia FY99 14Escondida FY00 15Escondida FY01 16Escondida FY02 17Escondida Budget FY02 18Escondida Budget FY03 19

202122232425262728293031323334

Estimed Brook Hunt 2001

20

24

14 FY99

27

3031 26

9

5

19 BFY03

18 BFY02

3

17 FY0216 FY01

28

1

34

415 FY00

2

32

29

8

13 FY98

12

23

21

33

25

2211

20

30

40

50

60

70

80

90

100

110

0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2.2 2.4 2.6 2.8Grade Ore (%)

C3

(US

$/Pa

y Lb

)




Achieve a “Zero Harm” Culture STRATEGIC KEY ELEMENT HSEC

We will achieve our HSEC Zero Harm goals through: – Managing by walking around with a focus on safe behaviours– Simplifying and rationalizating our systems and procedures under the BHP

Billiton Standards– Entrenching Cardinal Rules into our culture– Requiring demonstrated safety performance when considering promotions– Engaging our contractors and subcontractors in the same way that we engage

Escondida’s workforce in our safety program– Being proactive and transparent on environment issues and maintaining our

ISO 14001 accreditation – Directing 1% of our pre-tax profit to activities that will benefit the community– Promoting a culture that actively encourages the social and environmental

responsability of each of our employees


STRATEGIC KEY ELEMENT NPVOptimize Escondida’s Net Present ValueWe will optimize NPV by:

– Taking a leadership role within the industry and adopting a flexible production profile

– Continually focusing on cost reduction– Leveraging Operational Excellence and the Maintenance Improvent

Programs– Using tollgating to improve our Capital Productivity– Capturing the synergies of both concentrators– Leveraging leach technologies– Taking a leadership position in the responsible management of the

use of fossil water; 10% reduction in water requirements


STRATEGIC KEY ELEMENT PEOPLE

Achieve Maximum Potential with Employees

We willl ensure Maximum Alignment Among Employees, Organizational Structure & Performance Management Systems by:

– Attracting and retaining high quality employees– Creating a high performance environment– Focusing on the development of technical and people leaders– Ensuring that learning and skills development are applied to everyone in

the organization– Creating a work environment where we have positive, mature, and direct

working relationships


STRATEGIC KEY ELEMENT CUSTOMERS

To Be The Preferred Supplier of Copper in Concentrate & Cathodes

We will achieve our value proposition to customers through:

– Achieving appropriate geographical and market diversification

– Leveraging the BHP Billiton Base Metals Marketing hub

– Minimizing the impact of variability and low concentrate grades

– Emphazising continuous and proactive interaction between the Operational and Marketing areas

– Maintain status as a quality supplier through producing improvedlevels of Grade A quality cathode




Waste Dump

Norte Pit

Escondida Pit

LagunaSeca Conc

Los ColoradosConcentrator

ROM Leach Pads

Facilities

Crusher

CMZ

– Open Pit– Premine 250 MT– Sulphide Ore

– 584 MT @ 1.3 % TCu– Oxide Ore

– 97 MT @ 0.82 % SCu– Sulphide Low grade

– 442 MT @ 0.6 % TCu– 5 Electric Shovel– 39 Haul Trucks– 1 Semi Mobil Crusher– 6 Km Land Conveyors– Maintenance Shop– Capital

– Order of magnitude US$400m (100%) including US$170 pre-strip

Escondida Norte


Escondida Sulphide Leach Outline

84,000 tpa Cathode84,000 tpa Cathodes

Run of Mine Dump

Sulphide Leach CircuitAcid solution

Solvent Extraction

Electrowinning

Pregnant Solution

Rich ElectrolyteLean Electrolyte

Approx 50 Mtpa @0.5% TCu• 2.3 Billion tonnes sulphide ore at 0.55%TCu• Current stockpile 86Mt• Copper recovery by:

– ROM leaching– Solvent extraction– Electrowinning

• Expected recovery 30-35%• Approx 50% of Cu is chalcopyrite• Tonnage & mineralogy highly variable

• Initial copper production 84 ktpa• Increasing to 234 ktpa as ore supply

increases and oxide T/H capacity becomes available

• Estimated operating cost of <40 cents/lb• Capital – Order of magnitude US$500m


Presentation Content• Geographical Location• Escondida Strengths• Operations Operview• Production (Including Apollo)• Financials• Business Strategy & Risk Management• Growth Opportunities• Current Activities


Action Plans – HSEC• Simplification and streamlining proposal of the HSEC

systems under the BHP Billiton Standards• Employ the Landmark process to engage the workforce and

ensure their commitment to a zero harm workplace• Implemention of Cardinal Rules Program• Development of Drug/Alcohol Policy• Alignment of HSEC & RDO• Encourage employee participation in Company sponsored

assistance projects for the community to instill a sense of social responsibility in Escondida’s employees,

• Adoption of Dupont Job Observation methodology


Action Plans – NPV• Los Colorados Mill improvement program• Mine to mill improvement project• Light dump bodies project• Develop long term water sourcing plan• Inventory reduction program• Flexible production plans• Develop a program for coordinating plants, crushers,

shovels, pipelines, filters shutdowns• Development of an integrated production system


Action Plans – PEOPLE• Implementation of an employee climate survey

• Continuous development of a team based work structure

• To build an integrated Performance Management system which links competency development, individual performance on the job and remuneration

• To perform the second teams check-up (HISI)


Action Plans – CUSTOMERS

• Realignment of specifications of concentrate grades in sale contracts

• Develop plan to address concentrate grade reduction and variability issues

• Develop LME average price achievement strategy

• Develop standards for exchange of commercial documentation


Escondida’s Strengths to Maximize Long Term Value

Strong Cash Flow

Strong Cash Strong Cash FlowFlow

Low Cost ProducerLow Cost Low Cost ProducerProducer

Strong Credit Ratings

Strong Strong Credit Credit RatingsRatings

Stable CountryStable Stable

CountryCountry

Unequalled Resource

Unequalled Unequalled ResourceResource

High Quality ConcentrateHigh Quality High Quality ConcentrateConcentrate

Strong SponsorsStrong Strong

SponsorsSponsors

Ability to Manage

Expansions

Ability to Ability to Manage Manage

ExpansionsExpansions

Diversified Sales BaseDiversified Diversified Sales BaseSales Base

World’s Largest

Copper Mine

World’s World’s Largest Largest

Copper MineCopper Mine

Documents

Minera Escondida - BHPMinera Escondida Limitada. Base Metals CSG - Escondida - Merrill Lynch Analysts Andean Adventure Page 10 18 Nov 2002 Total Ore Reserves and Mineral Resources: