Aspect Os Economic Os Mina Xx

ASPECTOS ECONMICOSMINA XX

1.2 Acceso

RUTADISTANCIA (Km.)TIEMPO (Hrs.)TIPOLima-Caete1502AsfaltadaCaete-Llapay1805AfirmadaLlapay-Laraos121AfirmadaLaraos-San Valentn181AfirmadaTOTAL3609

2.3 Reservas del Mineral.

Tipo de ReservaBlockT.M.PotenciaLey%ZnCategorizacinMinable Subs. Nv. 5502518,6196.0-8.0m7.59Probadas-ProbablesMinable Arriba Nv. 55034048,0006.0m8.30Probables-IndicadasMinable Arriba Nv. 35045095,4756.0m8.30Probables-InferidasTOTAL RESERVAS9662,0946.0m8.06Probadas-Probles-Infer.

2.5 Reservas y Ley del Mineral.Primera etapa del proyecto, se disea sobre la base de la siguiente Reserva Probada:

TMS%Zn.% Pb.%Cu.OzAg/Tc271,5008.751.541.002.53

2.6 Recuperacin de Reservas y Dilucin.El mtodo proyectado es el ms afectado por la dilucin, esta se maneja en los siguientes mrgenes:

TMS%Recup.%Dilucin%Zn.%Pb.%Cu.OzAg/TcExtraccin 271,50075%20%8.751.541.002.53Cubicacin203,6257.001.230.602.01

5.1 Plan de Inversiones y Estructuradel Financiamiento.

CONCEPTOTOTAL100%APORTE CAPITAL2,63%FONDOS AUTOGEN.84.30%DEUDA13.07%ACTIVOS23,403,317653,79620,977,4071,772,114Exploracin14,212,000129,36013,750,000332,640Equipamiento6,893,27105,705,8071,187,464Planta1,581,60060,0001,521,6000Intangibles37,00037,00000Ambiental368,000368,00000Imprevistos211,44659,4630152,010Caja inicial100,00000100,000CAPITAL DE TRAB.1,480,000001,480,000TOTAL24,883,317653,79620,977,4073,252,114

5.2 Anlisis Financiero.

PARAMETROS PARA LA EVALUACION DEL PROYECTOEscenario: 1500 TPD, con precios conservadores y refinanciacin de pasivo anterior

PRODUCCION MINAAO 1AO 2AO 3AO 4 - 10TPDTPMTPA42010,500126,00080020,000240,0001,20030,000360,0001,50037,500450,000PRECIOSCuAgPbAuZnCtv. $/LbCtv. $/OzUS $/TM US $/OzUS $/TM71.00525.00507.06300.001,036.1672.00525.00485.01315.00992.0775.00530.00529.10315.001,058.2175.00530.00529.10315.001,168.44LEYES DILUIDAS EN 20%%Cu%Pb%ZnOz Ag/Tc0.601.237.002.010.601.237.002.010.601.237.002.010.601.237.002.01VALOR DEL MINERAL (VM)US$ /TM36.3034.5537.6941.47VALOR DE LA PRODUCCIONUS$4,573,2818,292,83413,569,09518,662,731COSTO DE PRODUCCIONAO 1AO 2AO 3AO 4Costo de preparacinCosto de explotacinCosto de planta de beneficioServicios generalesCostos de produccinGastos Adm. Lima y ventas6.493.235.004.2318.952.056.493.234.752.7317.201.806.493.234.252.3516.321.726.493.234.002.2916.011.68COSTO TOTAL (Costo de venta)US$ / TM21.0019.0018.0417.69

ESTADO DE GANANCIAS Y PERDIDAS FINANCIEROEscenario: 1500 TPD, con precios conservadores y refinanciacin de pasivo anterior

AOSAO 1AO 2AO 3AO 4 AO 5AO 6AO 7AO 8AO 9AO 10VENTAS US$ /AOCOSTOS DE PRODUCCIONMitigacin Ambiental (1% Venta Bruta)Depreciacin EquiposUTILIDAD BRUTA

1.0 %4,573,2812,388,31045,7331,430,728708,5098,292,8344,129,16382,9281,488,6482,592,09513,569,0955,876,944135,6911,850,4285,706,03218,662,7317,206,680186,6271,867,0959,405,32918,662,7317,206,680186,6271,867,0959,405,32918,662,7317,206,680186,6271,867,0959,405,32918,662,7317,206,680186,6271,867,0959,405,32918,662,7317,206,680186,6271,867,0959,405,32918,662,7317,206,680186,6271,867,0959,405,32918,662,7317,206,680186,6271,867,0959,405,329MARGEN BRUTO15.5 %31.3 %42.1 %50.4 %50.4 %55.9 %55.9 %55.9 %55.9 %55.9 %Gastos Adm. Y de VentasAmortizacin de Intangibles258,30058,533432,000146,533619,200278,533756,000431,200756,000596,200756,000761,200756,000926,200756,0001,091,200756,0001,256,200756,0001,421,200UTILIDAD OPERATIVA391,6762,013,5614,808,2998,215,1298,050,1298,918,2448,753,2448,588,2448,423,2448,258,244MARGEN OPERATIVO8.6 %24.3 %35.4 %44.0 %43.1 %47.8 %46.9 %46.0 %45.1 %44.2 %Intereses Deuda AnteriorIntereses Deuda NuevaCuota Leasing AnteriorUTIL. ANTES DE PART. E IMP.Part. Trabajadores 8% U.O.Part. Directorio 6% U.O

8.0 %6.0 %0381,261512,214-120,539000381,261219,5451,794,016143,521107,6410382,09914,1294,794,169383,534287,6500320,47008,215,129657,210492,9080249,56908,050,129644,010483,0080167,26308,918,244713,459353,095074,25808,753,244700,259525,19508,77708,588,244687,059515,29503,56608,423,244672,859505,3950008,258,244660,659495,495UTILIDAD IMPONIBLE-120,5391,542,8544,122,9867,065,0116,923,1117,669,6897,527,7897,385,8897,243,9897,102,089Impuestos30.0 %0462,8561,236,8962,119,5032,076,9332,300,9072,258,3372,215,7672,173,1972,130,627U T I L I D A D N E T A U S $-120,5391,079,9982,886,0904,945,5084,846,1785,368,7835,269,4535,170,1235,070,7934,971,463MARGEN NETO-2.6%13.0 %21.3 %26.5 %26.0 %28.8 %28.2 %27.7 %27.2 %26.6 %

FLUJO DE CAJA FINANCIEROEscenario: 1500 TPD, con precios conservadores y refinanciacin de pasivo anterior

AOSAO 1AO 2AO 3AO 4 AO 5AO 6AO 7AO 8AO 9AO 10TOTAL INGRESOS2,425,9108,480,3298,341,58714,126,57718,760,53718,662,73118,832,89118,720,93718,866,13118,741,93118,681,337TOTAL EGRESOS08,461,7367,404,39814,122,96715,339,22114,658,89616,119,89815,320,30814,599,68413,719,81413,208,060FLUJO DE CAJA-653,79618,594,000937,1893,6103,421,3164,003,8352,712,9933,400,6294,266,4475,022,1175,473,277APORTE ANTERIOR DEL ACCIONISTA1,000,000FLUJO CON CAPITALIZACION DE APORTE ANTERIOR-1,653,79618,594937,1893,6103,421,3164,003,8352,712,9933,400,6294,266,4475,022,1175,473,277

5.2.1 Indicadores de Rentabilidad Financieros.

Con Inversiones ProyectadasCon Capitalizacin de DeudaValor Actual NetoTasa Interna de RetornoRelacin Beneficio / CostoValor Anual EquivalenteTasa Interna de Retorno ModificadaPeriodo de Recupero del Capital10,646,700102.3%17.282,121,37752.9%2do. Ao9,646,70062.8%6.831,922,12539.4%4to. AoCOK Anual15.0 %15.0 %

5.3 Anlisis de Sensibilidad.

Anlisis de Sensibilidad por VariablesAnlisis de Sensibilidad con @RiskLos Resultados son Determinsticos.Los resultados son Probabilsticos.Se obtiene un valor puntual.Se obtiene un rango de valores.No considera interaccin entre variables.Considera interaccin entre variables.Cambios de una variable por vez.Cambios simultneos de variables.Aproximacin al riesgo del proyecto.Cuantificacin.

Anlisis de Sensibilidad por Variables

Anlisis de Sensibilidad del VANF vs. Produccin.

Anlisis de Sensibilidad del VANF vs. Precios.

Anlisis de Sensibilidad delVANF vs. Leyes.

Anlisis de Sensibilidad delVANF vs. Costo Total

Anlisis de Sensibilidad delValor Neto Financiero vs. COK

5.3.1 Anlisis de Sensibilidad con @Risk.

Grfico1

0.1376463

0.1750371

0.2609125

0.2681157

0.3029777

0.3068291

0.3249881

0.3337293

0.3465682

0.447152

Coefficient Value

Correlations for Valor Actual Neto / US$

Summary Statistics

Simulation Results for Libro1

Iterations= 100

Simulations= 1

# Input Variables= 50

# Output Variables= 4

Sampling Type= Latin Hypercube

Runtime= 00:01:38

Summary Statistics

CellNameMinimumMeanMaximum

!D11(Sim#1)000

!F228(Sim#1) Valor Actual Neto /US$162359945052428007697

!F229(Sim#1) Tasa Interna de Reto...0.20025230.28851670.3900133

!F230(Sim#1) Relacin Beneficio /...1,406,2042,127,1563,003,427

!K14(Sim#1) (Input) Tpa / 1998-0.1971762.77E+000.1965757

!L14(Sim#1) (Input) Tpa / 1999-0.1968545-9.48E+000.1957276

!M14(Sim#1) (Input) Tpa / 2000-0.1915185-3.78E+000.1920225

!N14(Sim#1) (Input) Tpa / 2001-0.19334211.51E+010.1932999

!O14(Sim#1) (Input) Tpa / 2002-0.1951702-6.95E+000.1977352

!P14(Sim#1) (Input) Tpa / 2003-0.1934884.97E+000.197009

!L34(Sim#1) (Input) V.M. US$ / TM...-9.78E+04-1.25E-010.0970089

!M34(Sim#1) (Input) V.M. US$ / TM...-0.0983924-3.14E+009.66E+04

!N34(Sim#1) (Input) V.M. US$ / TM...-9.72E+04-2.45E+009.76E+04

!O34(Sim#1) (Input) V.M. US$ / TM...-9.77E+042.69E-039.79E+04

!P34(Sim#1) (Input) V.M. US$ / TM...-0.09629691.34E+009.97E+04

!K43(Sim#1) (Input) Costo de Prep...-9.89E+04-2.63E+009.56E+04

!L43(Sim#1) (Input) Costo de Prep...-9.77E+04-4.79E-019.75E+04

!M43(Sim#1) (Input) Costo de Prep...-9.77E+042.99E-020.0976108

!N43(Sim#1) (Input) Costo de Prep...-9.61E+04-7.91E-019.89E+04

!O43(Sim#1) (Input) Costo de Prep...-9.69E+04-4.15E+009.62E+04

!P43(Sim#1) (Input) Costo de Prep...-9.57E+041.46E+009.69E+04

!K44(Sim#1) (Input) Costo de Expl...-9.61E+043.11E+009.68E+04

!L44(Sim#1) (Input) Costo de Expl...-0.0976437-3.35E+000.0966512

!M44(Sim#1) (Input) Costo de Expl...-9.62E+042.19E+000.0989127

!N44(Sim#1) (Input) Costo de Expl...-9.61E+043.44E+009.65E+04

!O44(Sim#1) (Input) Costo de Expl...-9.79E+04-2.51E+009.64E+04

!P44(Sim#1) (Input) Costo de Expl...-9.96E+04-4.76E+009.67E+04

!S14(Sim#1) (Input) T.M. / PRODUC...-0.1945258-2.66E-010.1935102

!T34(Sim#1) (Input) 2003 / VALOR ...-9.79E+04-9.62E-019.61E+04

!S43(Sim#1) (Input) US$ TM / COST...-9.82E+045.68E-019.81E+04

!S45(Sim#1) (Input) COSTO EXPLOTA...-9.68E+04-1.28E+009.69E+04

!K14(Sim#1) (Input) Tpa / 1998-0.1933372-8.30E+000.1946927

!L14(Sim#1) (Input) Tpa / 1999-0.19183137.52E+000.1979726

!M14(Sim#1) (Input) Tpa / 2000-0.19482643.71E+000.1935558

!N14(Sim#1) (Input) Tpa / 2001-0.19499793.22E+000.1955125

!O14(Sim#1) (Input) Tpa / 2002-0.19258861.19E-010.1936238

!P14(Sim#1) (Input) Tpa / 2003-0.1952627-8.61E+000.1916075

!L34(Sim#1) (Input) V.M. US$ / TM...-9.66E+04-2.84E+009.56E+04

!M34(Sim#1) (Input) V.M. US$ / TM...-9.74E+042.25E+009.87E+04

!N34(Sim#1) (Input) V.M. US$ / TM...-9.90E+043.83E+000.0981969

!O34(Sim#1) (Input) V.M. US$ / TM...-0.09651045.14E+009.86E+04

!P34(Sim#1) (Input) V.M. US$ / TM...-9.56E+043.81E+009.84E+04

!K43(Sim#1) (Input) Costo de Prep...-9.58E+044.58E-029.70E+04

!L43(Sim#1) (Input) Costo de Prep...-9.75E+04-1.21E+009.60E+04

!M43(Sim#1) (Input) Costo de Prep...-9.66E+046.62E+009.88E+04

!N43(Sim#1) (Input) Costo de Prep...-9.60E+041.17E+009.58E+04


!P43(Sim#1) (Input) Costo de Prep...-9.64E+047.26E-019.65E+04

!K44(Sim#1) (Input) Costo de Expl...-9.58E+047.52E-019.83E+04

!L44(Sim#1) (Input) Costo de Expl...-9.69E+047.25E-019.60E+04

!M44(Sim#1) (Input) Costo de Expl...-9.74E+04-1.82E+009.81E+04



!P44(Sim#1) (Input) Costo de Expl...-9.55E+041.31E+000.0974874

&A

Pgina &P

Detail Statistics

Variable Type

NameValor Actual Neto /US$Tasa Interna de Reto/US$Relacin Beneficio //US$Tpa / 1998Tpa / 1999Tpa / 2000Tpa / 2001Tpa / 2002Tpa / 2003V.M. US$ / TM / 1999V.M. US$ / TM / 2000V.M. US$ / TM / 2001V.M. US$ / TM / 2002V.M. US$ / TM / 2003Costo de Preparacin US$/TM / 1998Costo de Preparacin US$/TM / 1999Costo de Preparacin US$/TM / 2000Costo de Preparacin US$/TM / 2001Costo de Preparacin US$/TM / 2002Costo de Preparacin US$/TM / 2003Costo de Explotacin US$/TM / 1998Costo de Explotacin US$/TM / 1999Costo de Explotacin US$/TM / 2000Costo de Explotacin US$/TM / 2001Costo de Explotacin US$/TM / 2002Costo de Explotacin US$/TM / 2003T.M. / PRODUCCION2003 / VALOR MINERALUS$ TM / COSTO PREPARACIONCOSTO EXPLOTACIONTpa / 1998Tpa / 1999Tpa / 2000Tpa / 2001Tpa / 2002Tpa / 2003V.M. US$ / TM / 1999V.M. US$ / TM / 2000V.M. US$ / TM / 2001V.M. US$ / TM / 2002V.M. US$ / TM / 2003Costo de Preparacin US$/TM / 1998Costo de Preparacin US$/TM / 1999Costo de Preparacin US$/TM / 2000Costo de Preparacin US$/TM / 2001Costo de Preparacin US$/TM / 2002Costo de Preparacin US$/TM / 2003Costo de Explotacin US$/TM / 1998Costo de Explotacin US$/TM / 1999Costo de Explotacin US$/TM / 2000Costo de Explotacin US$/TM / 2001Costo de Explotacin US$/TM / 2002Costo de Explotacin US$/TM / 2003

DescriptionOutput (Sim#1)Output (Sim#1)Output (Sim#1)Output (Sim#1)Triang(-20%,0,20%) (Sim#1)Triang(-20%,0,20%) (Sim#1)Triang(-20%,0,20%) (Sim#1)Triang(-20%,0,20%) (Sim#1)Triang(-20%,0,20%) (Sim#1)Triang(-20%,0,20%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-20%,0%,20%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-20%,0,20%) (Sim#1)Triang(-20%,0,20%) (Sim#1)Triang(-20%,0,20%) (Sim#1)Triang(-20%,0,20%) (Sim#1)Triang(-20%,0,20%) (Sim#1)Triang(-20%,0,20%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)Triang(-10%,0%,10%) (Sim#1)

Cell[Libro1]Hoja1!D11[Libro1]Hoja1!F228[Libro1]Hoja1!F229[Libro1]Hoja1!F230[Libro1]Hoja1!K14[Libro1]Hoja1!L14[Libro1]Hoja1!M14[Libro1]Hoja1!N14[Libro1]Hoja1!O14[Libro1]Hoja1!P14[Libro1]Hoja1!L34[Libro1]Hoja1!M34[Libro1]Hoja1!N34[Libro1]Hoja1!O34[Libro1]Hoja1!P34[Libro1]Hoja1!K43[Libro1]Hoja1!L43[Libro1]Hoja1!M43[Libro1]Hoja1!N43[Libro1]Hoja1!O43[Libro1]Hoja1!P43[Libro1]Hoja1!K44[Libro1]Hoja1!L44[Libro1]Hoja1!M44[Libro1]Hoja1!N44[Libro1]Hoja1!O44[Libro1]Hoja1!P44[LIBRO1.XLS]Hoja1!S14[LIBRO1.XLS]Hoja1!T34[LIBRO1.XLS]Hoja1!S43[LIBRO1.XLS]Hoja1!S45[PROYECTO.XLS]EEFF!K14[PROYECTO.XLS]EEFF!L14[PROYECTO.XLS]EEFF!M14[PROYECTO.XLS]EEFF!N14[PROYECTO.XLS]EEFF!O14[PROYECTO.XLS]EEFF!P14[PROYECTO.XLS]EEFF!L34[PROYECTO.XLS]EEFF!M34[PROYECTO.XLS]EEFF!N34[PROYECTO.XLS]EEFF!O34[PROYECTO.XLS]EEFF!P34[PROYECTO.XLS]EEFF!K43[PROYECTO.XLS]EEFF!L43[PROYECTO.XLS]EEFF!M43[PROYECTO.XLS]EEFF!N43[PROYECTO.XLS]EEFF!O43[PROYECTO.XLS]EEFF!P43[PROYECTO.XLS]EEFF!K44[PROYECTO.XLS]EEFF!L44[PROYECTO.XLS]EEFF!M44[PROYECTO.XLS]EEFF!N44[PROYECTO.XLS]EEFF!O44[PROYECTO.XLS]EEFF!P44

Minimum =016235990.20025231,406,204-0.197176-0.1968545-0.1915185-0.1933421-0.1951702-0.193488-9.78E+04-0.0983924-9.72E+04-9.77E+04-0.0962969-9.89E+04-9.77E+04-9.77E+04-9.61E+04-9.69E+04-9.57E+04-9.61E+04-0.0976437-9.62E+04-9.61E+04-9.79E+04-9.96E+04-0.1945258-9.79E+04-9.82E+04-9.68E+04-0.1933372-0.1918313-0.1948264-0.1949979-0.1925886-0.1952627-9.66E+04-9.74E+04-9.90E+04-0.0965104-9.56E+04-9.58E+04-9.75E+04-9.66E+04-9.60E+04-9.98E+04-9.64E+04-9.58E+04-9.69E+04-9.74E+04-9.56E+04-9.55E+04-9.55E+04

Maximum =080076970.39001333,003,4270.19657570.19572760.19202250.19329990.19773520.1970090.09700899.66E+049.76E+049.79E+049.97E+049.56E+049.75E+040.09761089.89E+049.62E+049.69E+049.68E+040.09665120.09891279.65E+049.64E+049.67E+040.19351029.61E+049.81E+049.69E+040.19469270.19797260.19355580.19551250.19362380.19160759.56E+049.87E+040.09819699.86E+049.84E+049.70E+049.60E+049.88E+049.58E+049.61E+049.65E+049.83E+049.60E+049.81E+049.78E+049.78E+040.0974874

Mean =045052420.28851672,127,1562.77E+00-9.48E+00-3.78E+001.51E+01-6.95E+004.97E+00-1.25E-01-3.14E+00-2.45E+002.69E-031.34E+00-2.63E+00-4.79E-012.99E-02-7.91E-01-4.15E+001.46E+003.11E+00-3.35E+002.19E+003.44E+00-2.51E+00-4.76E+00-2.66E-01-9.62E-015.68E-01-1.28E+00-8.30E+007.52E+003.71E+003.22E+001.19E-01-8.61E+00-2.84E+002.25E+003.83E+005.14E+003.81E+004.58E-02-1.21E+006.62E+001.17E+00-2.21E+007.26E-017.52E-017.25E-01-1.82E+002.73E+00-2.43E+001.31E+00

Std Deviation =010896020.03162770.27260490.08164628.16E+048.17E+040.0816298.17E+040.08166374.08E+044.08E+044.08E+044.08E+044.08E+040.04082144.08E+044.08E+044.08E+044.08E+044.08E+044.08E+044.08E+044.08E+040.04081494.08E+040.04082978.16E+044.08E+044.08E+044.08E+048.17E+048.16E+048.16E+048.17E+048.16E+048.17E+044.08E+044.08E+044.08E+044.08E+044.08E+044.08E+044.08E+044.08E+044.08E+044.08E+040.04081734.08E+044.08E+040.04082780.04081834.08E+044.08E+04

Variance =01.19E+181.00E+037.43E+046.67E+036.67E+036.67E+036.66E+036.67E+036.67E+031.67E+031.67E+031.67E+031.67E+031.67E+031.67E+031.67E+031.67E+031.67E+031.67E+030.00166641.67E+031.67E+031.67E+021.67E+031.67E+031.67E+036.67E+031.67E+031.67E+031.67E+036.67E+036.67E+036.67E+036.67E+036.66E+036.67E+031.67E+031.67E+031.67E+021.67E+031.67E+031.67E+031.67E+031.67E+021.67E+031.67E+031.67E+031.67E+031.67E+031.67E+031.67E+031.67E+031.67E+03

Skewness =00.13875017.99E+040.1387501-4.86E+01-1.04E+03-2.66E+011.44E+03-1.98E+026.64E+01-4.79E+01-4.42E+02-5.03E+023.77E+026.20E+02-1.81E+03-3.21E+022.08E+021.24E+01-1.10E+031.18E+034.51E+02-3.22E+024.23E+025.95E+02-5.04E+02-1.34E+03-1.67E+02-6.69E+028.31E+02-6.63E+02-4.48E+029.46E+02-1.88E+012.00E+02-1.07E+02-1.12E+03-5.97E+026.96E+021.25E+031.48E+038.45E+022.63E+022.17E+011.39E+038.98E+01-1.40E+021.39E+022.13E+032.32E+02-6.15E+024.84E+022.92E+021.27E+03

Kurtosis =02,678,3772,734,7132,678,377240,1382,400,9622,399,0582,399,1322,401,5032,401,8922,400,8882,399,7732,401,5052,399,6462,401,6792,399,051240,086240,1292,399,7692,400,115239,8892,401,5032,401,8272,401,6182,398,2162,400,9182,401,6962,399,3782,398,973240,0532,400,8472,400,2982,400,2352,398,9562,401,3272,398,7232,400,2712,396,243240,3192,402,0542,401,0262,400,4742,400,0522,398,5152,400,6142,398,1722,401,4572,397,8932,401,4932,399,2442,400,8342,399,416240,0812,400,522

Errors Calculated =000000000000000000000000000000000000000000000000000000

Mode =3.39E-2946560460.29038882,164,885-1.01E+049.25E+03-9.34E+039.64E+03-8.54E+03-8.00E+034.46E+033.99E+03-4.67E+034.95E+03-3.20E+033.22E+03-4.97E+034.83E+03-3.50E+034.48E+03-4.20E+03-4.44E+03-5.35E+03-3.52E+03-4.59E+034.13E+033.47E+029.19E+023.94E+03-4.97E+02-4.81E+03-9.02E+03-6.67E+039.07E+03-9.51E+03-9.14E+037.84E+03-5.35E+03-4.24E+034.53E+03-3.83E+03-3.46E+03-4.25E+034.08E+03-3.79E+034.69E+033.08E+03-4.75E+03-3.58E+03-5.24E+03-4.55E+03-3.76E+03-3.70E+02-3.85E+03

5% Perc =127645800.23825631,691,664-0.1368369-0.1372906-0.1370435-0.1369423-0.1369802-0.137271-6.86E+04-6.86E+04-6.86E+04-6.86E+04-6.87E+04-0.0686413-6.84E+04-6.85E+04-6.85E+04-6.87E+04-6.87E+04-6.86E+04-6.86E+04-0.0686292-6.85E+04-6.84E+04-6.87E+04-0.1369352-6.86E+04-6.85E+04-0.0686433-0.1371636-0.1372271-0.136938-0.1368861-0.1368047-0.1369673-6.85E+04-0.0684729-6.86E+04-6.85E+04-6.85E+04-6.85E+04-6.85E+04-6.84E+04-6.86E+04-6.87E+04-6.87E+04-6.86E+04-6.85E+04-6.86E+04-0.06843-0.0685639-6.86E+04

10% Perc =230638080.24652891,766,527-0.1106032-0.1108047-0.1109622-0.1106497-0.1109511-0.110598-5.54E+04-5.53E+04-5.54E+04-5.55E+04-5.53E+04-5.53E+04-5.55E+04-0.0554001-5.53E+04-5.55E+04-5.53E+04-5.54E+04-5.53E+04-5.54E+04-0.0553127-5.53E+04-5.53E+04-0.1107256-5.55E+04-5.54E+04-5.54E+04-0.1108472-0.1109486-0.110957-0.1106622-0.1109874-0.1105711-5.54E+04-0.0553686-5.53E+04-0.055298-5.55E+04-5.55E+04-5.53E+04-5.54E+04-5.53E+04-5.54E+04-5.54E+04-5.54E+04-5.54E+04-5.54E+04-0.0553646-5.54E+04-5.54E+04

15% Perc =333604110.25392021,840,733-9.07E+04-9.07E+04-9.05E+04-9.07E+04-9.05E+04-9.07E+04-4.54E+04-4.52E+04-4.54E+04-4.54E+04-4.53E+04-4.53E+04-4.54E+04-4.54E+04-4.54E+04-4.54E+04-4.54E+04-4.53E+04-4.54E+04-4.52E+04-0.0452674-4.53E+04-4.53E+04-9.06E+04-4.53E+04-4.54E+04-4.53E+04-9.07E+04-0.0905614-9.07E+04-9.07E+04-9.07E+04-9.05E+04-4.53E+04-4.53E+04-4.54E+04-0.0453231-4.53E+04-4.53E+04-0.0454039-4.54E+04-4.53E+04-4.53E+04-4.53E+04-0.0453122-4.54E+04-4.53E+04-4.53E+04-4.52E+04-4.54E+04

20% Perc =435206270.26151141,880,817-7.36E+04-7.36E+04-0.0737858-7.37E+04-7.35E+04-7.36E+04-3.68E+04-3.68E+04-3.68E+04-0.0369015-3.69E+04-3.69E+04-3.69E+04-3.69E+04-3.68E+04-3.68E+04-3.68E+04-0.0368724-3.68E+04-3.68E+04-0.0368132-3.69E+04-3.68E+04-7.38E+04-3.68E+04-3.69E+04-3.68E+04-7.36E+04-7.35E+04-7.38E+04-7.36E+04-7.35E+04-7.36E+04-3.68E+04-3.68E+04-3.68E+04-3.68E+04-3.68E+04-3.69E+04-3.68E+04-3.69E+04-3.68E+04-3.68E+04-3.69E+04-3.69E+04-3.69E+04-3.68E+04-3.69E+04-3.69E+04-3.68E+04

25% Perc =537525730.26615881,938,847-5.87E+04-5.87E+04-5.88E+04-5.88E+04-5.86E+04-5.87E+04-2.93E+04-2.94E+04-2.93E+04-2.94E+04-2.93E+04-2.93E+04-2.93E+04-2.94E+04-2.94E+04-2.93E+04-2.94E+04-2.93E+04-2.93E+04-2.93E+04-2.93E+04-2.94E+04-0.0293595-5.88E+04-0.0293611-2.93E+04-2.94E+04-5.88E+04-5.87E+04-5.88E+04-5.87E+04-5.88E+04-5.86E+04-2.94E+04-2.94E+04-2.93E+04-2.93E+04-2.94E+04-2.94E+04-2.94E+04-2.93E+04-2.94E+04-2.93E+04-2.93E+04-2.93E+04-0.0293049-2.93E+04-2.94E+04-2.94E+04-2.94E+04

30% Perc =639009660.27131311,975,973-4.53E+04-4.52E+04-4.53E+04-4.52E+04-4.52E+04-0.0451633-2.26E+04-2.26E+04-2.26E+04-2.25E+04-2.26E+04-2.26E+04-2.26E+04-2.26E+04-2.26E+04-2.26E+04-2.26E+04-2.26E+04-2.26E+04-2.27E+04-2.26E+04-0.022666-2.25E+04-4.53E+04-2.26E+04-2.26E+04-2.26E+04-4.51E+04-4.51E+04-4.53E+04-0.045125-4.53E+04-4.52E+04-2.25E+04-2.25E+04-2.26E+04-2.26E+04-2.26E+04-2.26E+04-2.26E+04-2.26E+04-2.26E+04-2.26E+04-2.26E+04-2.26E+04-0.0226675-0.0225979-2.26E+04-2.26E+04-2.27E+04

35% Perc =740356390.27561272,009,667-3.27E+04-3.28E+04-3.27E+04-3.28E+04-3.29E+04-3.28E+04-1.64E+04-1.64E+04-1.64E+04-1.64E+04-1.64E+04-1.64E+04-1.64E+04-0.016365-1.63E+04-1.64E+04-1.64E+04-1.64E+04-0.0163484-1.64E+04-1.64E+04-1.64E+04-1.64E+04-3.29E+04-1.64E+04-1.63E+04-1.63E+04-3.28E+04-3.27E+04-3.28E+04-3.29E+04-3.27E+04-3.27E+04-1.64E+04-1.64E+04-1.64E+04-1.64E+04-1.64E+04-0.016421-1.65E+04-0.0164348-1.64E+04-1.64E+04-1.64E+04-1.64E+04-1.64E+04-1.64E+04-1.64E+04-1.64E+04-1.64E+04

40% Perc =841674190.27905942,042,637-2.12E+04-2.13E+04-2.12E+04-2.13E+04-2.12E+04-2.12E+04-1.06E+04-1.06E+04-1.06E+04-1.06E+04-1.06E+04-1.06E+04-1.07E+04-1.07E+04-1.06E+04-0.0105998-1.06E+04-1.06E+04-1.06E+04-1.06E+04-1.06E+04-0.0106376-1.06E+04-2.13E+04-1.06E+04-1.06E+04-1.06E+04-2.12E+04-2.12E+04-2.13E+04-2.13E+04-2.13E+04-0.0211857-1.06E+04-1.06E+04-1.06E+04-1.06E+04-1.07E+04-1.07E+04-1.06E+04-1.06E+04-1.06E+04-1.06E+04-1.06E+04-1.06E+04-1.06E+04-1.06E+04-1.07E+04-1.06E+04-1.06E+04

45% Perc =943297100.2850119208,324-1.03E+04-1.05E+04-1.04E+04-1.03E+04-1.04E+04-0.0103515-5.16E+03-5.18E+03-5.21E+03-5.16E+03-5.21E+03-5.23E+03-5.18E+02-5.13E+03-5.16E+03-5.17E+03-5.21E+03-5.22E+03-5.23E+03-5.14E+03-5.14E+03-5.22E+03-5.16E+03-1.03E+04-5.16E+03-5.14E+03-5.15E+03-1.04E+04-1.04E+04-0.0104065-1.03E+04-1.04E+04-1.03E+04-5.24E+03-5.16E+03-5.17E+03-5.14E+03-5.13E+03-5.20E+03-5.15E+03-5.23E+03-5.21E+03-5.19E+03-5.15E+03-5.13E+03-5.20E+03-5.16E+03-5.19E+03-5.22E+03-5.24E+03

50% Perc =1045051600.28841512,127,135-1.26E+02-1.67E+02-1.98E+02-1.92E+01-8.62E+01-1.73E+02-1.41E+00-2.78E+01-6.49E+01-7.97E+01-3.26E+01-5.62E+01-6.77E+01-1.30E+01-4.84E+01-2.41E+01-5.08E+01-4.81E+01-1.95E+01-1.57E+01-6.72E+01-5.52E+01-1.91E-01-5.77E+01-9.96E+01-8.74E+01-8.60E+01-1.56E+02-4.22E+01-1.75E+01-9.18E+00-4.60E+01-4.48E+01-4.60E+00-5.04E+01-5.05E+01-1.24E+01-9.85E+01-9.12E+01-7.45E+01-1.08E+01-3.30E+01-8.68E+01-1.49E+01-3.69E+01-1.64E+00-7.86E+00-9.82E+01-1.67E+01-1.41E+01

55% Perc =1146240860.29248562,156,8891.01E+040.01010561.01E+041.01E+041.02E+041.01E+045.05E+035.05E+035.04E+035.08E+035.10E+035.05E+035.04E+035.10E+035.11E+035.06E+035.06E+035.04E+035.06E+035.06E+035.08E+035.11E+035.07E+031.02E+045.08E+035.05E+035.08E+031.01E+041.01E+041.02E+041.03E+041.02E+041.02E+045.10E+035.03E+035.07E+035.03E+025.08E+035.06E+035.05E+035.05E+025.05E+035.06E+035.04E+035.09E+035.12E+025.05E+035.11E+035.08E+035.10E+03

60% Perc =1247466600.29596652,187,5562.11E+042.10E+042.09E+042.10E+042.10E+042.09E+041.05E+041.05E+041.04E+041.05E+041.05E+041.05E+041.05E+041.05E+041.05E+041.05E+041.05E+041.05E+041.05E+041.05E+041.05E+041.05E+041.05E+042.09E+041.05E+041.04E+041.05E+042.11E+042.11E+042.10E+042.11E+042.09E+042.10E+040.01052231.04E+041.05E+041.05E+041.05E+041.05E+041.05E+041.05E+041.05E+040.01051621.05E+041.05E+041.05E+041.06E+041.05E+041.05E+041.05E+04

65% Perc =1349004880.30032732,226,0413.25E+043.26E+043.26E+043.25E+043.26E+043.25E+041.63E+041.63E+041.62E+041.63E+041.63E+041.62E+041.63E+041.63E+041.63E+041.62E+041.62E+041.63E+041.63E+041.63E+041.63E+041.62E+041.63E+043.26E+041.63E+041.62E+040.01630393.25E+043.25E+043.26E+043.27E+043.26E+043.27E+041.62E+041.63E+041.63E+041.62E+041.63E+041.63E+040.01621511.63E+041.63E+041.63E+041.63E+041.63E+041.62E+041.63E+041.63E+041.62E+041.63E+04

70% Perc =1451019680.30460032,276,4494.50E+044.49E+044.48E+040.0448754.48E+044.49E+042.24E+042.25E+042.25E+042.25E+042.25E+042.25E+040.02241182.25E+042.24E+042.25E+042.25E+042.24E+042.24E+042.25E+042.25E+042.25E+042.25E+044.50E+042.24E+042.25E+042.25E+040.0450524.48E+044.50E+044.50E+044.50E+044.49E+042.24E+042.25E+042.25E+042.25E+042.25E+042.25E+042.25E+042.25E+042.25E+042.25E+042.25E+042.25E+042.24E+042.24E+042.25E+042.25E+042.25E+04

75% Perc =1552429900.31022922,311,7315.85E+045.84E+045.85E+045.85E+045.84E+045.84E+042.92E+042.93E+042.93E+042.92E+042.92E+042.92E+042.92E+042.92E+042.91E+042.92E+042.92E+042.93E+042.92E+042.92E+042.92E+042.93E+042.92E+045.83E+042.92E+042.92E+042.93E+045.84E+045.85E+040.05836015.83E+045.85E+045.85E+042.92E+042.92E+042.93E+042.93E+042.92E+042.92E+042.92E+042.93E+040.02923942.93E+042.93E+042.92E+042.92E+042.92E+042.92E+042.93E+040.0292087

80% Perc =1654317670.31481082,358,9617.33E+047.33E+047.34E+047.33E+047.34E+047.35E+043.66E+043.66E+043.66E+043.67E+043.67E+043.67E+043.67E+043.67E+043.66E+043.67E+043.66E+043.67E+043.67E+043.66E+043.66E+040.03666063.66E+047.33E+043.67E+043.67E+043.66E+040.07350667.33E+047.33E+047.33E+047.33E+047.35E+043.67E+043.67E+040.03665680.03668583.67E+043.67E+043.67E+043.67E+043.67E+043.66E+043.67E+040.03667480.03672023.66E+043.68E+043.66E+043.66E+04

85% Perc =1756624960.32307482,416,6869.03E+049.03E+049.02E+049.02E+049.04E+049.03E+044.52E+044.51E+044.52E+044.52E+044.52E+044.51E+044.51E+044.52E+044.52E+044.52E+044.52E+044.51E+044.52E+044.51E+044.52E+044.52E+044.51E+049.01E+044.52E+044.51E+044.51E+049.03E+049.03E+049.03E+049.04E+049.03E+049.03E+044.51E+044.51E+044.52E+044.52E+044.51E+044.51E+044.52E+044.51E+044.52E+044.52E+040.04520124.52E+044.51E+044.52E+044.51E+044.52E+044.51E+04

90% Perc =1859479680.33078072,488,1080.11052220.11028310.11030620.11023860.11013130.11014525.51E+045.52E+045.51E+045.51E+045.52E+045.52E+040.05518125.51E+045.52E+045.52E+045.52E+040.05511385.53E+045.53E+045.51E+045.52E+045.52E+040.11046435.51E+045.51E+045.51E+040.11041810.1103440.11015880.11036150.11050490.11040895.51E+045.51E+045.52E+045.52E+045.53E+040.05516425.52E+045.52E+045.52E+045.51E+045.51E+045.53E+045.52E+045.51E+045.52E+045.51E+045.51E+04

95% Perc =1963304940.34109062,583,8110.13646110.13616590.13653620.13614760.13624730.1367426.83E+040.06823746.83E+046.81E+046.83E+046.82E+046.82E+046.82E+046.81E+040.06834936.83E+046.82E+046.83E+046.83E+046.82E+046.82E+046.83E+040.13643216.83E+046.81E+046.82E+040.13639130.13628250.13649760.13670620.1362640.13659740.06816116.81E+046.83E+046.81E+046.81E+046.81E+046.81E+046.83E+046.82E+046.84E+046.81E+046.82E+046.83E+040.06811466.82E+046.81E+046.81E+04

Filter Minimum =

Filter Maximum =

Type (1 or 2) =

# Values Filtered =

Scenario #1 =>75%>75%>75%>75%

Scenario #2 =90%

&A

Pgina &P

Sensitivity

Simulation Sensitivities for in Cell D11

CellNameSensitivity (-1 to 1)Regression Fit or R Squared (0 Worst, 1 Best)= 0

Regression (Std B)Corr Coeff

#1K14 Tpa / 199800

#2P14 Tpa / 200300

#3O44 Costo de Explotacin US$/TM / 200200

#4L14 Tpa / 199900

#5M43 Costo de Preparacin US$/TM / 200000

#6M14 Tpa / 200000

#7L14 Tpa / 199900

#8N14 Tpa / 200100

#9O34 V.M. US$ / TM / 200200

#10O14 Tpa / 200200

#11K44 Costo de Explotacin US$/TM / 199800

#12P14 Tpa / 200300

#13S45 COSTO EXPLOTACION00

#14L34 V.M. US$ / TM / 199900

#15N14 Tpa / 200100

#16M34 V.M. US$ / TM / 200000

#17M34 V.M. US$ / TM / 200000

#18N34 V.M. US$ / TM / 200100

#19K43 Costo de Preparacin US$/TM / 199800

#20O34 V.M. US$ / TM / 200200

#21O43 Costo de Preparacin US$/TM / 200200

#22P34 V.M. US$ / TM / 200300

#23M44 Costo de Explotacin US$/TM / 200000

#24K43 Costo de Preparacin US$/TM / 199800

#25S43 US$ TM / COSTO PREPARACION00

#26L43 Costo de Preparacin US$/TM / 199900

#27K14 Tpa / 199800

#28M43 Costo de Preparacin US$/TM / 200000

#29M14 Tpa / 200000

#30N43 Costo de Preparacin US$/TM / 200100

#31O14 Tpa / 200200

#32O43 Costo de Preparacin US$/TM / 200200

#33L34 V.M. US$ / TM / 199900

#34P43 Costo de Preparacin US$/TM / 200300

#35N34 V.M. US$ / TM / 200100

#36K44 Costo de Explotacin US$/TM / 199800

#37P34 V.M. US$ / TM / 200300

#38L44 Costo de Explotacin US$/TM / 199900

#39L43 Costo de Preparacin US$/TM / 199900

#40M44 Costo de Explotacin US$/TM / 200000

#41N43 Costo de Preparacin US$/TM / 200100

#42N44 Costo de Explotacin US$/TM / 200100

#43P43 Costo de Preparacin US$/TM / 200300

#44O44 Costo de Explotacin US$/TM / 200200

#45L44 Costo de Explotacin US$/TM / 199900

#46P44 Costo de Explotacin US$/TM / 200300

#47N44 Costo de Explotacin US$/TM / 200100

#48S14 T.M. / PRODUCCION00

#49P44 Costo de Explotacin US$/TM / 200300

#50T34 2003 / VALOR MINERAL00

Simulation Sensitivities for Valor Actual Neto /US$ in Cell F228



#1M34 V.M. US$ / TM / 20000.42392570.447152

#2M14 Tpa / 20000.38872050.3465682

#3N34 V.M. US$ / TM / 20010.37017930.3337293

#4N14 Tpa / 20010.3388910.3249881

#5O34 V.M. US$ / TM / 20020.323250.3068291

#6O14 Tpa / 20020.29970790.2609125

#7P34 V.M. US$ / TM / 20030.27500060.3029777

#8P14 Tpa / 20030.26002830.2681157

#9L34 V.M. US$ / TM / 19990.20942720.1750371

#10L14 Tpa / 19990.19779110.1376463

#11M43 Costo de Preparacin US$/TM / 2000-7.77E+04-2.26E+04

#12N43 Costo de Preparacin US$/TM / 2001-6.87E+04-0.1152612

#13O43 Costo de Preparacin US$/TM / 2002-5.95E+04-7.36E+04

#14P43 Costo de Preparacin US$/TM / 2003-4.93E+04-5.30E+04

#15L43 Costo de Preparacin US$/TM / 1999-3.87E+04-7.26E+03

#16M44 Costo de Explotacin US$/TM / 2000-3.06E+04-5.13E+04

#17N44 Costo de Explotacin US$/TM / 2001-2.64E+046.01E+03

#18O44 Costo de Explotacin US$/TM / 2002-2.43E+04-7.14E+03

#19P44 Costo de Explotacin US$/TM / 2003-2.15E+04-4.25E+04

#20L44 Costo de Explotacin US$/TM / 1999-1.75E+041.47E+04

#21S45 COSTO EXPLOTACION-4.32E+03-1.87E+04

#22K44 Costo de Explotacin US$/TM / 1998-3.85E+034.31E+04

#23K43 Costo de Preparacin US$/TM / 19980-9.95E+03

#24K43 Costo de Preparacin US$/TM / 199801.20E+04

#25M34 V.M. US$ / TM / 20000-1.81E+04

#26M44 Costo de Explotacin US$/TM / 20000-1.55E+04

#27O43 Costo de Preparacin US$/TM / 200201.26E+04

#28O44 Costo de Explotacin US$/TM / 20020-3.09E+04

#29O34 V.M. US$ / TM / 200202.28E+04

#30S43 US$ TM / COSTO PREPARACION00.0357631

#31M43 Costo de Preparacin US$/TM / 200005.24E+04

#32K44 Costo de Explotacin US$/TM / 19980-2.42E+04

#33L34 V.M. US$ / TM / 199901.98E+04

#34K14 Tpa / 199808.95E+03

#35N34 V.M. US$ / TM / 20010-1.11E+04

#36L14 Tpa / 199906.65E+04

#37P34 V.M. US$ / TM / 200302.44E+04

#38M14 Tpa / 200002.71E+04

#39L43 Costo de Preparacin US$/TM / 19990-2.09E+04

#40N14 Tpa / 200100.0187553

#41N43 Costo de Preparacin US$/TM / 200103.13E+04

#42K14 Tpa / 199801.87E+04

#43P43 Costo de Preparacin US$/TM / 200302.13E+04

#44L44 Costo de Explotacin US$/TM / 19990-3.39E+04

#45O14 Tpa / 20020-4.55E+03

#46P14 Tpa / 20030-2.99E+04

#47N44 Costo de Explotacin US$/TM / 200109.12E+03

#48S14 T.M. / PRODUCCION0-2.16E+04

#49P44 Costo de Explotacin US$/TM / 200301.48E+04

#50T34 2003 / VALOR MINERAL0-4.80E+03

Simulation Sensitivities for Tasa Interna de Reto/US$ in Cell F229



#1M34 V.M. US$ / TM / 20000.46720660.4827702

#2M14 Tpa / 20000.42907670.382508

#3N34 V.M. US$ / TM / 20010.36281260.3298482

#4N14 Tpa / 20010.33587930.3218677

#5O34 V.M. US$ / TM / 20020.28317620.271917

#6O14 Tpa / 20020.26180160.2279265

#7L34 V.M. US$ / TM / 19990.25763250.2191816

#8L14 Tpa / 19990.24581080.183135

#9P34 V.M. US$ / TM / 20030.21613630.2436811

#10P14 Tpa / 20030.20433230.212538

#11M43 Costo de Preparacin US$/TM / 2000-0.0861302-3.47E+04











#22O34 V.M. US$ / TM / 200201.62E+04

#23K44 Costo de Explotacin US$/TM / 199804.73E+04

#24K14 Tpa / 199802.09E+04



#27M34 V.M. US$ / TM / 20000-2.65E+04





#32S43 US$ TM / COSTO PREPARACION03.09E+04

#33L34 V.M. US$ / TM / 199901.90E+04

#34S45 COSTO EXPLOTACION0-1.43E+04

#35N34 V.M. US$ / TM / 20010-8.12E+03

#36K14 Tpa / 199804.11E+03

#37P34 V.M. US$ / TM / 200302.33E+04

#38L14 Tpa / 199907.19E+04

#39L43 Costo de Preparacin US$/TM / 19990-0.0234801

#40M14 Tpa / 200001.98E+04


#42N14 Tpa / 200102.05E+04

#43P43 Costo de Preparacin US$/TM / 200300.0173744

#44O14 Tpa / 20020-5.89E+02


#46P14 Tpa / 20030-3.51E+04




#50T34 2003 / VALOR MINERAL01.97E+03

Simulation Sensitivities for Relacin Beneficio //US$ in Cell F230



#1M34 V.M. US$ / TM / 20000.42392570.447152

#2M14 Tpa / 20000.38872050.3465682

#3N34 V.M. US$ / TM / 20010.37017930.3337293

#4N14 Tpa / 20010.3388910.3249881

#5O34 V.M. US$ / TM / 20020.323250.3068291

#6O14 Tpa / 20020.29970790.2609125

#7P34 V.M. US$ / TM / 20030.27500070.3029777

#8P14 Tpa / 20030.26002830.2681157

#9L34 V.M. US$ / TM / 19990.20942720.1750371

#10L14 Tpa / 19990.19779110.1376463

#11M43 Costo de Preparacin US$/TM / 2000-0.0777297-2.26E+04










#21S45 COSTO EXPLOTACION-4.32E+03-1.87E+04

#22K44 Costo de Explotacin US$/TM / 1998-3.85E+034.31E+04



#25M34 V.M. US$ / TM / 20000-1.81E+04




#29O34 V.M. US$ / TM / 200202.28E+04

#30S43 US$ TM / COSTO PREPARACION00.0357631



#33L34 V.M. US$ / TM / 199901.98E+04

#34K14 Tpa / 199808.95E+03

#35N34 V.M. US$ / TM / 20010-1.11E+04

#36L14 Tpa / 199906.65E+04

#37P34 V.M. US$ / TM / 200302.44E+04

#38M14 Tpa / 200002.71E+04

#39L43 Costo de Preparacin US$/TM / 19990-2.09E+04

#40N14 Tpa / 200100.0187553


#42K14 Tpa / 199801.87E+04

#43P43 Costo de Preparacin US$/TM / 200302.13E+04


#45O14 Tpa / 20020-4.55E+03

#46P14 Tpa / 20030-2.99E+04




#50T34 2003 / VALOR MINERAL0-4.80E+03

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Scenarios

Simulation Targets for in Cell D11

Inputs when Target #1 Is Achieved ( >75%)

No significant inputs found...

Inputs when Target #2 Is Achieved ( 90%)

No significant inputs found...

Detailed Target Data for Libro1

================================================================================

Output Variable:

Cell D11

Target= >75%

Significant Input Variables for This Target

Median of Samples in

Iterations Meeting Target

CellNamePercentileActualRatio Median to Std Deviation

================================================================================

Output Variable:

Cell D11

Target= 90%





================================================================================

Simulation Targets for Valor Actual Neto /US$ in Cell F228

Inputs when Target #1 Is Achieved (Valor Actual Neto /US$ >75%)

M34=3.067584E-02 O34=2.113892E-02

Inputs when Target #2 Is Achieved (Valor Actual Neto /US$ 90%)

M34=3.393564E-02 N34=3.232311E-02 O34=3.120031E-02 N14=5.384804E-02 M14=5.198298E-02 O14=.0492814 P34=2.214419E-02


================================================================================

Output Variable: Valor Actual Neto /US$

Cell F228

Target= >75%





M34V.M. US$ / TM / 200076.05%3.07E+040.7517581

O34V.M. US$ / TM / 200268.95%2.11E+040.5195298

================================================================================

Output Variable: Valor Actual Neto /US$

Cell F228

Target= 90%





M34V.M. US$ / TM / 200078.25%3.39E+040.8315722

N34V.M. US$ / TM / 20017713823%3.23E+040.792906

O34V.M. US$ / TM / 20027638668%3.12E+040.7658796

N14Tpa / 20017334896%5.38E+040.6595737

M14Tpa / 20007261937%5.20E+040.6387196

O14Tpa / 200271.65%0.04928140.6042463

P34V.M. US$ / TM / 200369.75%2.21E+040.5428808

================================================================================

Simulation Targets for Tasa Interna de Reto/US$ in Cell F229

Inputs when Target #1 Is Achieved (Tasa Interna de Reto/US$ >75%)

M34=3.098677E-02

Inputs when Target #2 Is Achieved (Tasa Interna de Reto/US$ 90%)

M34=3.876399E-02 M14=6.916519E-02 N14=5.986421E-02 O34=2.687448E-02 O14=4.296331E-02


================================================================================

Output Variable: Tasa Interna de Reto/US$

Cell F229

Target= >75%





M34V.M. US$ / TM / 200076.25%3.10E+040.759371

================================================================================

Output Variable: Tasa Interna de Reto/US$

Cell F229

Target= 90%





M34V.M. US$ / TM / 20008126535%3.88E+040.9497913

M14Tpa / 20007866003%6.92E+040.8490365

N14Tpa / 20017547871%5.99E+040.7332382

O34V.M. US$ / TM / 20027329159%2.69E+040.6599631

O14Tpa / 20026921906%4.30E+040.5269146

================================================================================

Simulation Targets for Relacin Beneficio //US$ in Cell F230

Inputs when Target #1 Is Achieved (Relacin Beneficio //US$ >75%)

M34=3.067584E-02 O34=2.113892E-02

Inputs when Target #2 Is Achieved (Relacin Beneficio //US$ 90%)

M34=3.393564E-02 N34=3.232311E-02 O34=3.120031E-02 N14=5.384804E-02 M14=5.198298E-02 O14=.0492814 P34=2.214419E-02


================================================================================

Output Variable: Relacin Beneficio //US$

Cell F230

Target= >75%





M34V.M. US$ / TM / 200076.05%3.07E+040.7517581

O34V.M. US$ / TM / 200268.95%2.11E+040.5195298

================================================================================

Output Variable: Relacin Beneficio //US$

Cell F230

Target= 90%





M34V.M. US$ / TM / 200078.25%3.39E+040.8315722

N34V.M. US$ / TM / 20017713823%3.23E+040.792906

O34V.M. US$ / TM / 20027638668%3.12E+040.7658796

N14Tpa / 20017334896%5.38E+040.6595737

M14Tpa / 20007261937%5.20E+040.6387196

O14Tpa / 200271.65%0.04928140.6042463

P34V.M. US$ / TM / 200369.75%2.21E+040.5428808

================================================================================

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Output Graphs

Simulation Results for Libro1

Iterations= 100

Simulations= 1

# Input Variables= 50

# Output Variables= 4

Sampling Type= Latin Hypercube

Runtime= 00:01:38

Summary Statistics

CellNameMinimumMeanMaximum

!D11(Sim#1)000

!F228(Sim#1) Valor Actual Neto /US$162359945052428007697

!F229(Sim#1) Tasa Interna de Reto...0.20025230.28851670.3900133

!F230(Sim#1) Relacin Beneficio /...1,406,2042,127,1563,003,427

!K14(Sim#1) (Input) Tpa / 1998-0.1971762.77E+000.1965757

!L14(Sim#1) (Input) Tpa / 1999-0.1968545-9.48E+000.1957276

!M14(Sim#1) (Input) Tpa / 2000-0.1915185-3.78E+000.1920225

!N14(Sim#1) (Input) Tpa / 2001-0.19334211.51E+010.1932999

!O14(Sim#1) (Input) Tpa / 2002-0.1951702-6.95E+000.1977352

!P14(Sim#1) (Input) Tpa / 2003-0.1934884.97E+000.197009

!L34(Sim#1) (Input) V.M. US$ / TM...-9.78E+04-1.25E-010.0970089

!M34(Sim#1) (Input) V.M. US$ / TM...-0.0983924-3.14E+009.66E+04

!N34(Sim#1) (Input) V.M. US$ / TM...-9.72E+04-2.45E+009.76E+04

!O34(Sim#1) (Input) V.M. US$ / TM...-9.77E+042.69E-039.79E+04

!P34(Sim#1) (Input) V.M. US$ / TM...-0.09629691.34E+009.97E+04

!K43(Sim#1) (Input) Costo de Prep...-9.89E+04-2.63E+009.56E+04

!L43(Sim#1) (Input) Costo de Prep...-9.77E+04-4.79E-019.75E+04

!M43(Sim#1) (Input) Costo de Prep...-9.77E+042.99E-020.0976108

!N43(Sim#1) (Input) Costo de Prep...-9.61E+04-7.91E-019.89E+04


!P43(Sim#1) (Input) Costo de Prep...-9.57E+041.46E+009.69E+04

!K44(Sim#1) (Input) Costo de Expl...-9.61E+043.11E+009.68E+04

!L44(Sim#1) (Input) Costo de Expl...-0.0976437-3.35E+000.0966512

!M44(Sim#1) (Input) Costo de Expl...-9.62E+042.19E+000.0989127



!P44(Sim#1) (Input) Costo de Expl...-9.96E+04-4.76E+009.67E+04

!S14(Sim#1) (Input) T.M. / PRODUC...-0.1945258-2.66E-010.1935102

!T34(Sim#1) (Input) 2003 / VALOR ...-9.79E+04-9.62E-019.61E+04

!S43(Sim#1) (Input) US$ TM / COST...-9.82E+045.68E-019.81E+04

!S45(Sim#1) (Input) COSTO EXPLOTA...-9.68E+04-1.28E+009.69E+04

!K14(Sim#1) (Input) Tpa / 1998-0.1933372-8.30E+000.1946927

!L14(Sim#1) (Input) Tpa / 1999-0.19183137.52E+000.1979726

!M14(Sim#1) (Input) Tpa / 2000-0.19482643.71E+000.1935558

!N14(Sim#1) (Input) Tpa / 2001-0.19499793.22E+000.1955125

!O14(Sim#1) (Input) Tpa / 2002-0.19258861.19E-010.1936238

!P14(Sim#1) (Input) Tpa / 2003-0.1952627-8.61E+000.1916075

!L34(Sim#1) (Input) V.M. US$ / TM...-9.66E+04-2.84E+009.56E+04

!M34(Sim#1) (Input) V.M. US$ / TM...-9.74E+042.25E+009.87E+04

!N34(Sim#1) (Input) V.M. US$ / TM...-9.90E+043.83E+000.0981969

!O34(Sim#1) (Input) V.M. US$ / TM...-0.09651045.14E+009.86E+04

!P34(Sim#1) (Input) V.M. US$ / TM...-9.56E+043.81E+009.84E+04

!K43(Sim#1) (Input) Costo de Prep...-9.58E+044.58E-029.70E+04

!L43(Sim#1) (Input) Costo de Prep...-9.75E+04-1.21E+009.60E+04

!M43(Sim#1) (Input) Costo de Prep...-9.66E+046.62E+009.88E+04

!N43(Sim#1) (Input) Costo de Prep...-9.60E+041.17E+009.58E+04


!P43(Sim#1) (Input) Costo de Prep...-9.64E+047.26E-019.65E+04

!K44(Sim#1) (Input) Costo de Expl...-9.58E+047.52E-019.83E+04

!L44(Sim#1) (Input) Costo de Expl...-9.69E+047.25E-019.60E+04

!M44(Sim#1) (Input) Costo de Expl...-9.74E+04-1.82E+009.81E+04



!P44(Sim#1) (Input) Costo de Expl...-9.55E+041.31E+000.0974874

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Tornado Graphs

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Regres

SUB LEVEL CAVING PROJECT

CIA MINERA "SAN VALENTIN" S.A.

SENSIBILIDAD CON @RISK

ANALISIS DE REGRESION DEL VANF RESPECTO A NIVEL DE PRODUCCION, VALOR DEL MINERAL,

COSTO DE PREPARACION Y COSTO DE EXPLOTACION

CellNameSensitivity (-1 to 1)

Regression (Std B)Corr CoeffRegres Coef

#27Precio Zn US$/Lb / 19980.0180.0150.018

#26Ley % Zn / 20040.0190.0380.019

#25Precio Zn US$/Lb / 20020.020(0.012)0.020

#24Precio Zn US$/Lb / 20010.0230.0700.023

#23Precio Zn US$/Lb / 20000.0240.0340.024

#22Ley % Zn / 20030.026(0.053)0.026

#21Ley % Zn / 19980.0270.0520.027

#20Precio Zn US$/Lb / 19990.0320.0290.032

#19Ley % Zn / 20020.0340.0150.034

#18Ley % Zn / 20010.0370.0180.037

#17Ley % Zn / 20000.0450.0660.045

#16Ley % Zn / 19990.0560.0480.056

#15Precio Ag US$/Oz / 19980.0650.0720.065

#14Ley Oz Ag/TM / 19980.0820.0390.082

#13Precio Ag US$/Oz / 20040.0930.0990.093

#12Precio Ag US$/Oz / 20030.1010.0370.101

#11Ley Oz Ag/TM / 20040.1060.1270.106

#10Precio Ag US$/Oz / 20020.1110.1490.111

#9Ley Oz Ag/TM / 20030.1230.1430.123

#8Precio Ag US$/Oz / 20010.1400.1260.140

#7Ley Oz Ag/TM / 20020.1460.1500.146

#6Precio Ag US$/Oz / 20000.1550.1440.155

#5Precio Ag US$/Oz / 19990.1780.1670.178

#4Ley Oz Ag/TM / 20010.1800.1960.180

#3Ley Oz Ag/TM / 20000.2110.2000.211

#2Ley Oz Ag/TM / 19990.2520.2420.252

#1COSTO DE MINADO(0.809)(0.832)0.809

Correl



SENSIBILIDAD CON @RISK

ANALISIS DE CORRELACION DEL VANF RESPECTO A NIVEL DE PRODUCCION, VALOR DEL MINERAL,

COSTO DE PREPARACION Y COSTO DE EXPLOTACION

CellNameSensitivity (-1 to 1)

Regression (Std B)Corr CoeffCorr Coef

#10Tpa / 19990.19779110.13764630.14

#9V.M. US$ / TM / 19990.20942720.17503710.18

#6Tpa / 20020.29970790.26091250.26

#8Tpa / 20030.26002830.26811570.27

#7V.M. US$ / TM / 20030.27500060.30297770.30

#5V.M. US$ / TM / 20020.323250.30682910.31

#4Tpa / 20010.3388910.32498810.32

#3V.M. US$ / TM / 20010.37017930.33372930.33

#2Tpa / 20000.38872050.34656820.35

#1V.M. US$ / TM / 20000.42392570.4471520.45

#19Costo de Explotacin US$/TM / 2003(21,474.42)(0.04)0.04

#22Costo de Explotacin US$/TM / 1998(3,845.41)0.040.040.04311051

#16Costo de Explotacin US$/TM / 2000(30,594.85)(0.05)0.05-0.0000000513

#14Costo de Preparacin US$/TM / 2003(49,252.98)(0.05)0.05-0.000000053



#10Tpa / 19990.200.140.140.0000001376

#9V.M. US$ / TM / 19990.210.180.180.000000175

#6Tpa / 20020.300.260.260.0000002609

#8Tpa / 20030.260.270.270.0000002681

#7V.M. US$ / TM / 20030.280.300.300.000000303

#5V.M. US$ / TM / 20020.320.310.310.0000003068

#4Tpa / 20010.340.320.320.000000325

#3V.M. US$ / TM / 20010.370.330.330.0000003337

#2Tpa / 20000.390.350.350.0000003466

#1V.M. US$ / TM / 20000.420.450.450.0000004472

Correl

0

0

0

0

0

0

0

0

0

0

Coefficient Value

Correlations for Valor Actual Neto / US$

Distrib



ANALISIS ESTOCASTICO CON @RISK

DISTRIBUCIONES ESTADISTICAS DEL VANF Y TIRF

VALOR ACTUAL NETO FINANCIERO

US$

Mean =4,505,242

Std Deviation =1,089,602

TASA INTERNA DE RETORNO FINANCIERA

Mean =28.85%

Std Deviation =3.16%

Hoja10

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Hoja11

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Hoja12

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Hoja13

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Hoja14

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Hoja15

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Hoja16

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Anlisis Estocstico con @RiskDistribuciones Estadsticas del VANF

6.1 Anlisis de Correlacin.6. PLANEAMIENTO ESTRATEGICO

Variables CrticasCoeficiente de Correlacin1. Precio de Zinc Ao 30.3272. Precio del Zinc Ao 40.3103. Precio del Zinc Ao 70.2684. Ley del Zinc Ao 50.2665. Precio del Zinc Ao 50.2656. Ley del Zinc Ao 40.258

6.2 Anlisis de Regresin

Variables CrticasCoeficiente de Regresin1. Precio de Zinc Ao 40.3192. Precio del Zinc Ao 50.2913. Precio del Zinc Ao 50.2814. Ley del Zinc Ao 40.2765. Precio del Zinc Ao 60.2476. Ley del Zinc Ao 30.222

6.3 ComentariosPRECIO DEL ZINCCoberturar precio del Zn., para primeros 2 aos del proyecto, por encima del 1,036 US$/TM.

LEY DEL MINERAL DE ZINCControlar dilucin sobre lmites permisibles.

3. NIVEL DE PRODUCCINA corto plazo cubrir capacidad instalada de Planta Concentradora.A mediano plazo, llegar a una produccin de 1500 TMD para bajar costos por economa de escala.

4. COSTOS DE PRODUCCIN Bajar costo social de mano de obra.Bajar ratio de preparacin mina.

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Aspect Os Economic Os Mina Xx

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