2

Celta provides commercial, financial and technical services to the mining industry in Latin America. The company was established in 1990.

Address:Av. Américo Vespucio Sur 80, Piso 11

CP 758 0150 Las CondesSantiago – Chile

Telephone: +562 - 2206 5252Fax: +562 - 2208 2847

Jan 2013

www.celtametal.com

Celta Consultores Ltda.

3

Content

● Sulphuric Acid

● Molybdenum

● Copper

● Brokerage

● Cooperation Agreements

● Sales & Marketing Advice

● Sales & Administration & Logistics.

● Project Finance & M&A

● Valuation & Due Diligence

● Ore Deposit Prospecting

Our Team

4

Since 2002 Celta has managed Chemtrade Aglobis Ltda.(formerly BCT Chemtrade

Ltda.), a subsidiary of Chemtrade Aglobis AG., a Swiss-based worldwide trader of

sulphur and sulphuric acid. Chemtrade Aglobis Ltda. trades sulphuric acid globally.

Sulphuric Acid

5

Celta represents Derek Raphael & Company Ltd. (DRC) for its molybdenum, ferroalloys and

other specialty metals business in Chile. DRC is an established trader in the field of the

ferroalloys based in London, England.

Molybdenum

6

Concentrates: On behalf of Ocean Partners (formerly Pechiney World Trade), Celta has

specialized in securing long-term, annual and spot concentrate contracts of copper and

zinc in the region.

Copper Cathodes: On behalf of Pechiney, for several years Celta secured copper

cathodes contracts in Chile and Brazil.

Copper

7

Celta was a leading player in developing the brokerage market in Chile and Brazil. In the

early 1990s, Celta advised the central banks of both countries on the regulations that

now affect futures trading.

Celta has also advised companies that wish to establish and implement metal hedging

strategies. Celta has developed a close relationship with virtually all the significant

companies operating in these countries and that are active in the LME.

After representing Brandeis Brokers Ltd. and Standard Bank London Ltd., starting in

March 2004 Celta began to represent Macquarie Bank Ltd. of London in the brokerage

field.

Brokerage

8

● LS-Nikko, Korea: Celta represents LS-Nikko in South America.

● Fastmarkets, England: Celta has an agreement with Fastmarkets to act as marketing

agent of their BaseMetals.com and TheBullionDesk.com information services in South

America.

● Doosan, Korea: Celta collaborates with Doosan Heavy Industries in seeking

opportunities for the development of seawater desalination projects in Chile.

● Royal Gold, USA: Since 2003, Celta has collaborated with Royal Gold in seeking

royalty-related business opportunities in South America.

Cooperation Agreements

9

● Vale, Brazil: Between 2002 and 2009 Celta advised Vale (formerly Cia. Vale do Rio Doce) in

the marketing of copper concentrates for Sossego. This large mining operation in Carajás,

Brazil, was Vale’s first copper business.● Cerro Casale, Chile: Celta advised Placer Dome Latin America on the marketing of Cerro

Casale’s gold-copper concentrates protect.● Zaldívar, Chile: As a result of Placer Dome’s purchase of Outokumpu’s 50% stake in

Zaldívar, Placer Dome became responsible for Zaldívar’s sales and asked Celta for advice

on sales-related issues. Celta advised Zaldívar on their sales and marketing policies and

practices and helped the company put in place an in-house sales and marketing team.● Las Cristinas, Venezuela: Celta advised Placer Dome in the negotiation of long-term

copper-gold concentrate sales contracts. Celta’s assignment involved concluding

negotiations of long-term off-take agreements with European and Japanese smelters.● La Candelaria, Chile: Celta advised Phelps Dodge on the accepted market practices for

long-term copper concentrate contracts.● Los Pelambres, Chile: In the early 1990s Celta advised Los Pelambres (owned at that time

by the Luksic group, Lucky Goldstar and Midland Bank) in the negotiation of long-term sales

contracts for 60,000 metric tons of copper concentrates.● Mantos de Oro, Chile: Celta advised the company, member of the GoldCorp-Kinross group,

on the sales of their Doré production from La Coipa and Purén mines during 2007.

Sales & Marketing Advice

10

Celta has advised a number of mining companies on the support of their sales administration and logistics. These companies include Ojos del Salado, El Indio, Carolina de Michilla, Lince, Los Pelambres, Zaldívar, Fachinal, and El Abra.In most cases, the above-mentioned companies had never produced or exported copper products and wanted to be sure that all operating, administrative and permitting procedures were adequate to allow the export process to run smoothly.The advice included: warehousing, weight and assay controls at the mine; inland transportation; warehousing, weight and assay controls at the loading port and, when required, at the unloading port; negotiations with port services (shipping agent, stevedores and/or port); selection of shipping alternatives and negotiation of shipping contracts; documentation and export permitting; and management of logistics.

Sales Administration & Logistics

11

● Royal Gold, Chile: Celta collaborates with Royal Gold in acquiring royalty rights and providing

royalty financing and gold streaming to mining companies in South America. To date, Royal

Gold has acquired royalties in Chile for more than US$450 million of which the Pascua Lama

gold-silver project stands out.

● Codelco, Chile: Celta advised Codelco-Chile on the viability of the Mejillones smelter project.

● Phelps Dodge, Chile and Brazil: As part of an agreement to seek business opportunities in

Latin America, Celta advised PD on acquisition targets in South America.

● Shell-Chile: In collaboration with Cesco (Chile’s Center for Copper Studies), Celta carried out

an in-depth analysis of the copper industry in Latin America.

● Outokumpu, Chile: Outokumpu retained Celta for periodic updates on financial and regulatory

issues facing the Chilean mining industry.

● Enami, Chile: Celta advised Enami on the restructuring of credit policies that benefit small- and

medium-sized mining companies in Chile.

● La Candelaria, Chile: In collaboration with S.G. Warburg and Asset Chile, Celta advised

Phelps Dodge on the US$560 million La Candelaria copper-gold project. The team broke new

ground by making local financing available for projects of this magnitude for the first time.

Project Finance & M&A

12

Valuation & Due Diligence

Celta provides technical due diligence of mining prospects, projects and operations. Celta

structures tailor-made due diligence teams in collaboration with senior geologists and engineers

to analyze the geology, quality control, resources and reserves estimation, and the design and

operation of exploration, exploitation and metallurgy. We also provide financial analysis,

valuation, strategic analysis and negotiation support. In some cases, Celta collaborated with

Celfin Capital.

● Codelco: The mandate included due diligence of more than eight copper and gold prospects

in Chile, and the development of a business model for the financing and development of

these prospects. This business model has been used by Codelco in transaction including

Inca de Oro (PanAust) and Puntilla Galenosa (Pucobre).

13

•Citicorp: Celta developed for Citicorp the evaluation of its mining assets in Chile.

•LS-Nikko: Celta has evaluated the acquisition of copper mining projects.

– Safford: due diligence and evaluation of Phelps Dodge' (Freeport) copper project in

Arizona, US, at feasibility study level.

– Prospects in Chile: due diligence of several early stage, gold and copper mining

projects in northern Chile.

•Others: Celta has participated in the due diligence of diverse mining assets in

collaboration with international investment banks in order to evaluate feasibility. Examples

are the polymetallic Alhué mine, Antofagasta Minerals' mining operations in Chile for

different British banks, and the Montecristo mine for a multinational investment group.

Celta permanently advises companies interested in prospecting ore deposits in order to

evaluate the assets and acquire the properties. Our team evaluated a gold mining asset

for Corfo.

Valuation & Due Diligence

14

Celta is continually searching for mining prospects at different stages of development for its own account and for third parties. Our principal focus is gold-copper prospects.

Ore Deposit Prospecting

15

● Patrick Cussen

Mr. Cussen is the president of Celta. He is a former sales vice president of Codelco-Chile and Empresa Minera de Mantos Blancos S.A., and held the position of managing director of Chile Copper Ltd. in London. He is currently Chairman of the Board of Cesco. He is also a former member of the board of the Chilean Copper Commission. Mr. Cussen is an industrial civil engineer and has an MA in economics from the University of Chile.

● Jaime Bravo

Mr. Bravo is a partner of Celta. Prior to joining the company, he was sales vice president of Soquimich and manager of Codelco’s London subsidiary, Chile Copper Ltd. He worked 11 years in Codelco, where he held the position of head of the futures department and was responsible for sales of copper and molybdenum. He obtained the degree of industrial civil engineer at the University of Chile and did graduate work in economics at the same university.

● Antonio Cussen

Mr. Cussen is a partner of Celta. Before joining Celta he was representative of Wells Fargo Bank in Santiago and Lima. In Celta he has overseen all financing related assignments. He has an MA in economics from the University of California, Berkeley.

Our Team

16

● Hernán Badiola

Mr. Badiola is a partner of Celta. Prior to joining Celta in 2002, he worked in Codelco’s marketing area of copper by-products (molybdenum, sulfuric acid and precious metals) for 24 years. He also was manager of Codelco’s London subsidiary, Chile Copper Ltd. He received a degree in industrial engineering from Universidad Católica de Valparaiso.

● Patricio Campos

Mr. Campos is a partner of Celta. He is a mining engineer from Universidad de Chile with an MA in corporate finance from École de Management de Lyon, France. Mr. Campos started his career in mining and metallurgical processes of copper in Mantos Blancos and Doña Inés de Collahuasi mining companies. Before joining Celta in 2002 he worked in Credit Lyonnais’ natural resources project finance department in Paris. Mr. Campos specializes in technical and economical evaluation of mining assets.

● Sergio Ossa

Mr. Ossa joined Celta in 2009 and is now in charge of the European agencies that Celta represents in Chile. He is also responsible for the Fastmarkets agency and the marketing of sulphuric acid, molybdenum and other copper by-products. Sergio studied business administration at Universidad de Chile.

Our Team