x Reserves Resources 201112

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Mineral

Resources& OreReservesas at 31 December 2011


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1Xstrata|ReservesandResourcesasat31December2011|www.x

strata.com

Contents

For more information

Visit our corporate website:www.xstrata.com

2. Alloys 4

3. Coal 11

4. Copper 22

5. Iron Ore 32

6. Nickel 35

7. Zinc 38

We report our resources and reserves inaccordance with the 2004 edition o theAustralian Code or Reporting o ExplorationResults, Mineral Resources and Ore Reserves(JORC Code), the South Arican Code orReporting o Mineral Resources and MineralReserves (SAMREC) Code and the CanadianInstitute o Mining, Metallurgy and Petroleum

(CIM) Denitions Standards on MineralResources and Reserves. Together theseCodes are considered to be best practiceor reporting exploration results, mineralresources and ore reserves.

The resources and reserves data in theollowing tables are as at 31 December 2011,unless otherwise noted. For comparisonpurposes, data or 2010 has been included.Metric units are used throughout.

All data is presented on a 100% asset basis,

with the Xstrata attributable percentage shownagainst each asset.

All tonnage inormation has been roundedto refect the relative uncertainty in theestimates; there may thereore be smalldierences in the totals.

The Measured and Indicated MineralResources are reported inclusive o thoseresources modied to produce reserves,unless otherwise noted.

Commodity prices and exchange rates usedto estimate the economic viability o reservesare based on long term orecasts applied atthe time the estimate was calculated.


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Copper

Xstrata Copper has adopted the 2004 Australasian Code orReporting Exploration Results, Mineral Resources and OreReserves (the JORC Code) as its standard or all public reportso its exploration results, mineral resources and ore reserves.

The Mineral Resource and Ore Reserve Statement is consistentwith the JORC Code and is based on the Guidelines orThe Estimation and Public Reporting o Exploration Results,Mineral Resources and Ore Reserves Xstrata Copper

The resources and reserves estimates are compiled and veriedby Neal OConnor Xstrata Copper.

Iron Ore

Iron ore resources and reserves are presented in accordancewith the 2004 Australasian Code or Reporting ExplorationResults, Mineral Resources and Ore Reserves (the JORC Code)prepared by the Joint Ore Reserves Committee o theAustralasian Institute o Mining and Metallurgy, AustralianInstitute o Geoscientists and Minerals Council o Australia.

The resources and reserves estimates are compiled and veriedby Jonathan Romcke, Xstrata Iron Ore.

Nickel

The majority o the resources and reserves estimates are prepared

in accordance with the Canadian Institute o Mining, Metallurgyand Petroleum (CIM) Denition Standards on Mineral Resourcesand Mineral Reserves, adopted by CIM Council on 11 December2005, and the CIM Estimation o Mineral Resources and MineralReserves Best Practice Guidelines, adopted by CIM Councilon 23 November 2003, using geostatistical and/or classicalmethods, plus economic and mining parameters appropriateto each project.

The resources and reserves estimates at Xstrata Nickel Australasia(Cosmos, Sinclair) have been prepared in compliance withthe 2004 Australasian Code or Reporting Exploration Results,Mineral Resources and Ore Reserves (the JORC Code),December 2004.

The resources and reserves estimates are compiled and veriedby Chester Moore, P. Eng., P. Geo., consultant with Scott WilsonRoscoe Postle Associates an external auditor or Xstrata Nickel.

Alloys

South Arican chromite, vanadium and PGMs (platinum groupmetals) resources and reserves in this report are reported inaccordance with the 2004 Australasian Code or ReportingExploration Results, Mineral Resources and Ore Reserves(the JORC Code), December 2004.

The Chromite, Vanadium and PGMs Mineral Resource and OreReserve Statement at 31 December 2011 is consistent with theJORC code and is based on the Xstrata Alloys Procedure orthe Estimation o Mineral Resources and Ore Reserves, reerenceNo. 10000027570. Denitions o all the terms used in this reportcan be ound in the relevant code.

The resource and reserve statements have been reviewed andthe relevant data extracted and compiled by Pieter-Jan Grbe,Xstrata Alloys (SACNASP).

Coal

Australian coal resources and reserves are estimated andpresented in accordance with the JORC Code.

South Arican and Colombian coal resources and reserves areestimated and presented in accordance with the SAMREC Codeand the JORC Code.

Canadian coal resources and reserves have been prepared

in CIM Denition Standards and with reerence to GSA Paper88-21, A Standardised Coal Resource/Reserve ReportingSystem or Canada.

The Coal Reserve and Coal Resource Statement at 31 December2011 is consistent with these Codes and is based on the XstrataCoal Resource and Reserve Estimation and Reporting Standard,Version 30/06/2010.

Coal resources have been estimated or potentially mineableseams within mining leases or exploration licenses and are limitedby major cadastral, geological and economical boundaries.

Coal resources exclude areas where the seam has been aectedby igneous bodies, extracted by mining and areas where coalhas been sterilised by mining to 31 December 2011. Minor heat

aected coal resources (low volume) are included at a numbero Queensland coal projects.

Resources do not include out-o-seam dilution. Undergroundresources are typically reported on a ull seam or workingsection basis, and may contain a small amount o intra-seampartings material.

The resource and reserve estimates are compiled and veried byRaymond Howard, Xstrata Coal.

Mineral Resourcesand Ore ReservesWe 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 onMineral Resources and Reserves.


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Defnitions

Throughout this report, the ollowing abbreviations anddenitions have been used:

APEGBC (Association o Proessional Engineers and Geoscientistso BC)

APEGGA (Association o Proessional Engineers Geologists andGeophysicists o Al berta)

APEGNB = Association o Proessional Engineers and

Geoscientists o New BrunswickAPGO = Association o Proessional Geoscientist o Ontario

AusIMM = Australasian Institute o Mining and Metallurgy

CIM = Canadian Institute o Mining

CV (kcal/kg) = Caloric Value, kilo calories per kilogramme

ICOG-EurGeol = Ilustre Colegio Ocial de Gelogos European Geologist

JORC = Joint Ore Reserves Committee

OC = Opencast or Opencut

OGQ = Ordre des Gologues du Qubec

OIQ = Ordre des Ingnieurs du Qubec

MR = Mineral Resource

Mt = Million tonnes

OR = Ore Reserve

ROM = Run o Mine

SACNASP = The South Arican Council or Natural ScienticProessions

SAMREC = South Arican Code or Reporting o MineralResources and Mineral Reserves

UG = Underground

Marketable Coal Reserves represent beneciated or otherwiseenhanced coal product where modications due to mining,dilution and processing have been considered.

Saleable Coal Reserve is the tonnage and coal quality that willbe available or sale, either in the raw ROM state at a specicmoisture content or ater beneciation o the ROM coal reservehas produced materials at specied qualities, moisture contentsand size ranges.

Denitions o all the terms used in this report can be ound in therelevant codes.

Zinc

The Xstrata Zinc Mineral Resource and Ore Reserve Statementat 31 December 2011 is consistent with the JORC Code andit is based on the Guidelines or The Estimation and PublicReporting o Exploration Results, Mineral Resources and OreReserves Xstrata Zinc, Version 21 January 2008.

The term Ore Reserves, as dened in Clause 28 o the JORCCode, has the same meaning as Mineral Reserves as dened inThe Canadian Institute o Mining, Metallurgy and Petroleum (CIM)Denition Standards or Mineral Resources and Mineral Reserves.

This statement has been compiled and veried byIgnacio Seebold, Manager Mining Operations Xstrata Zinc(ICOG-EurGeol).

Competent Persons

Resource and reserve estimates are based on inormationcompiled by Competent Persons (as dened by the JORC,SAMREC and CIM Codes).

Each o the Competent Persons has the appropriate proessionalmembership and the relevant experience in relation to theMineral Resources and/or Ore Reserves being reported by themto qualiy as a Competent Person as dened in the code. TheCompetent Persons have consented to the inclusion in the reporto the matters based on their inormation in the orm and contextin which it appears.


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Alloys

Chrome Mineral Resources

Name of operationAttributable

interestMining

method Commodity

Measured MineralResources

Indicated MineralResources

Measured andIndicated Mineral

ResourcesInferred Mineral

Resources CompetentPerson31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

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

KroondalGemini

50.0% UG/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


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Chrome Ore Reserves


interestMining

method CommodityProved Ore Reserves Probable Ore Reserves

Total Ore Reserves Competent

Person31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

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

DefinitionsOC = OpencastUG = Underground

Notes

Tonnages are quoted as million metric tonnes

Grades are quoted as %Cr2O3

The Measured and Indicated Mineral Resources are inclusive ofthose Mineral Resources modified to produce Ore Reserves.

Xstrata Alloy's chrome mining operations are all mining thechromitite deposits developed within the world renownedBushveld Complex of South Africa. The 2060Ma year oldBushveld Complex is the largest known deposit of chrome,vanadium and platinum group elements (PGEs) ore in the world.The chrome ore is mined from shallow dipping (10o - 14o) tabularore bodies. Although there are numerous chromitite layersdeveloped in the Bushveld Complex, the layers targeted mostlyfor economic exploitation are the LG6/LG6A Chromitite Layerpackage and the MG1 Chromitite Layer.

No cut-off grades are applied to the chromitite layers currentlybeing mined because of the exceptional regional gradeconsistency and continuity. A minimum mining cut of 1.7m isapplied to the Ore Reserve tonnage because of the mechanizedmining equipment employed by the underground miningoperations.

The chromitite layers are mined mainly underground usingtrackless mechanized mining methods on a board-and-pillar minelay-out design.

The Mineral Resources are estimated as chromitite tonnages andgrades to reflect the grades of the various individual chromititelayers. Both the LG6 and MG1 Chromitite Layers which Xstrata iscurrently mining, is discrete solid chromitite layers.

Changes in the year on year Mineral Resource tonnage and gradeestimates are mainly due to mining depletion and changes due toadditional geological information gained through exploration.Thorncliffe had a net tonnage movement of 0.99Mt due to re-estimation and structural re-interpretation, after mining depletion.Helena had a net tonnage movement of 1.86Mt due to structuralre-interpretation, river boundary correction and re-estimation,after mining depletion. Wonderkop has not been mined and hada net tonnage movement of -1.22Mt due to the re-estimationprocess, correction of the Mining Right boundary, and structurallosses. The Extension 9 Mineral Resource was block modelled forthe first time during 2010 and had a net tonnage movement of -2.34Mt compared to the previous estimation.

The underground Ore Reserves is reported at a minimum miningcut, which is related to the mining method and the miningequipment used. External waste is included to make up theminimum cut where applicable.


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Alloys continued

Changes in the year on year Ore Reserves tonnage and gradeestimates are mainly due to mining depletion and changes due toadditional geological information gained through exploration.Kroondal Gemini had a net change in Ore Reserves of 1.66Mt dueto Inferred Mineral Resources upgraded to Indicated MineralResources and subsequently modified to Probable Ore Reservesand a revised mining extraction rate, after mining depletion. TheOre Reserves of Marikana West had been declared for the firsttime with the construction of appropriate mine plans. The sameapplies to Horizon Mine. Thorncliffe had a net Ore Reserve

change of 2.80Mt due to the conversion of Inferred MineralResources to Indicated Mineral Resources and subsequentlymodified to Probable Ore Reserves and tonnage movement dueto re-estimation, after mining depletion.

The tonnage and grade estimations are done by geostatisticalanalysis of the exploration drill hole data. This confirms the highdegree of continuity of grade and thickness of the chromititelayers and derives the most appropriate parameters for theconstruction of block models for the various ore-bodies (LG6 andMG1). Block model estimates are verified using geostatisticalparameters such as Kriging Efficiency and others to test thestability of the variograms used and the suitability of the selected

cell sizes. Tonnages and grades are reported from these blockmodels for each mine and project. There is a high degree ofconfidence in the tonnage and grade estimations derived fromthe block models. This is confirmed by the monthly and yearlyreconciliation between the block model estimates and the actualon mine production done for each operating mine.

Competent PersonsPJG Pieter-Jan Grbe, Xstrata Alloys, (SACNASP). OverallResponsibility for Resources and Reserves.

BS Brian Smith, Xstrata Alloys, (PLATO). Overall Responsibilityfor Resources and Reserves. Brian Smith has since left theemployment of Xstrata Alloys.

NM Nathi Mntungwa, Xstrata Alloys, (SACNASP). OverallResponsibility for Resources and Reserves. Nathi Mntungwa hassince left the employment of Xstrata Alloys.

DR Dean Richards, Obsidian Consulting Services (SACNASP).Responsible for geostatistical analysis of data, Mineral Resourceclassification and construction of tonnage and grade blockmodels and reporting of tonnage and grades from block models.


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Vanadium Mineral Resources

Name ofoperation

Attributableinterest

Miningmethod Commodity



Measured andIndicated Resources

Inferred MineralResources Competent

Person31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

Operating mines

Rhovan 74.0%OC

MagnetiteOre (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 MagnetiteOre (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


interestMining

method Commodity

Proved Ore Reserves Probable Ore Reserves Total Ore Reserves CompetentPerson31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

Operating mines

Rhovan 74.0%OC

MagnetiteOre (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 MagnetiteOre (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

OC = OpencastUG = Underground

NotesTonnages are quoted as million metric tonnes

Grades are quoted as %V2O5


Xstrata Alloy's vanadium mining operations are mining thevanadiferous magnetite deposits developed within the BushveldComplex, South Africa. The 2060Ma year old Bushveld Complexis the largest known deposit of chrome, vanadium and platinumgroup elements (PGEs) ore in the world.

The magnetite ore is mined from shallow dipping (6o

25o

)stratified magnetite ore bodies. Various ore zones have beenidentified in the ore-body. The ore zones are defined based ontheir magnetite and vanadium content. The ore zones form thebasis for the estimated Mineral Resources. Portions of the orebody where the magnetite content is less than 15% were notconsidered in the Mineral Resource estimation.

The magnetite ore is mined through opencast mining methods.

Changes in the year on year tonnage and grade estimates aremainly due to mining depletion, re-classification and changes inthe Mineral Resource and Ore Reserve tonnages and grades dueto additional geological information gained through exploration.

There was a net gain of 4.88Mt in the total Mineral Resourceestimate due to the addition of new areas brought about byexploration drilling on strike next to and down-dip of the existingpits, after mining depletion.

The Ore Reserves had a net increased of 6.16Mt due to the

upgrading of Inferred Mineral Resources to Indicated MineralResource and subsequent modification to Probable Ore Reserves,new pit designs for Pit 1 and Pit 6 and new areas being drilled,after mining depletion.

Obsidian Consulting Services has estimated the MineralResources for Pit 1 (previously referred to as Pit 1, 2, 3 and theLeeupen area) and Pit 6 (previously referred to as Pit 4, Pit 6 andPit 6W). An updated structural and grade block model wasconstructed during August and September 2011, followingexploration drilling during the 2010 2011 reporting period.

A&B Global Mining has estimated the Ore Reserves for Pit 1 andPit 6. The Ore Reserve estimation was preceded by an open pitoptimization exercise for Pit 1 and Pit6W. The optimization studywas done to determine the economic pit depths with current

economic input parameters. Newly constructed pit lay-outs andmining schedules were designed within the optimized pit shells.

The tonnage and grade estimations are done by geostatisticalanalysis of the exploration drill hole data during which the mostappropriate parameters are derived for the construction of blockmodels for the various ore zones in Pit 1 and Pit 6. The blockmodel estimates are verified using geostatistical parameters suchas Kriging Efficiency and others to test the stability of thevariograms used and the suitability of the selected cell sizes.Tonnages and grades are reported from the block models foreach ore zone and composited for the various open pits. Thedegree of confidence in the tonnage and grade estimationsderived from the block models is reflected in the classifiedresource classes.

Competent PersonPJG Pieter-Jan Grbe, Xstrata Alloys, (SACNASP). OverallResponsibility for Resources and Reserves.


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Alloys continued

DR Dean Richards, Obsidian Consulting Services, (SACNASP).Responsible for data validation, geostatistical analysis of data,construction of tonnage and grade block models and reporting oftonnage and grades from block models for Mineral Resourceestimates.

AvW Anton von Wielligh, A & B Global Mining, (Pr. Eng.).Responsible for pit optimization, pit design and scheduling andthe Ore Reserves estimation.

PGM Mineral Resources

Name ofoperation







Person31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

Operating mines/projectsMototolo JV 37% UG/

OCUG2 Ore

(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

ElandPlatinum

73.99% UG/OC

UG2Ore(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/OC

UG2Ore(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/

OC

UG2

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


interestMining

method CommodityProved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent

Person31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

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


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Grades are quoted as 3PGE + Au (Platinum, Palladium, Rhodiumand Gold).


Xstrata Alloy's platinum mining operations are mining theplatinum bearing UG2 Chromitite Layer of the Bushveld Complex,South Africa. The 2060 Ma year old Bushveld Complex is thelargest known deposit of chrome, vanadium and platinum groupelements (PGEs), ore in the world.

The PGM ore at Mototolo Mine is mined from a shallow dipping(10o - 14 o) tabular ore-body referred to as the UG2 ChromititeLayer. The chromitite layer is mined underground using a tracklessmechanized mining method on a board-and-pillar mine lay-outdesign.

The Eland Platinum Mine is mining the UG2 Chromitite Layerdipping at 20 o. Eland Platinum Mine is employing opencastmining methods to extract the ore and is currently in the processof developing two underground decline shafts.

The Eland Ore Reserves were estimated at a minimum mining cutof 2.10m.

Changes in the year on year tonnage and grade estimates aremainly due to mining depletion, reclassification and changes inthe Mineral Resource and Ore Reserve tonnages and grades dueto additional geological information gained through exploration.

The tonnage and grade estimations are done by geostatisticalanalysis of the exploration drill hole data as well as undergroundchannel sample data, where available. This confirms the highdegree of continuity of grade and thickness of the PGM hostinglayers and derives the most appropriate parameters for theconstruction of block models for the various ore-bodies.Tonnages and grades are reported from these block models foreach mine or project. Confidence limit curves are derived fromfitted distributions and used to classify the resources at the 95%confidence level.

Mototolo JVThe structural and grade block model was updated withexploration drillhole data drilled during the 2010 -2011 reportingperiod.

The annual Mineral Resource estimation was conducted byObsidian 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 ona net basis after mining depletion due to the reserve footprintmoving, reduced geological losses, an increase in the mining cut,structural re-interpretation and tonnage movement.

Eland Zilkaatsnek and SchietfonteinEland, Zilkaatsnek and Schietfontein are contiguous Mining - andProspecting Right areas, targeting the same ore-body andtogether constituting Eland Platinum Mine.

The current Mineral Resource and Ore Reserve estimatecontained in this report is based on an updated structural andgrade block model.

The Mineral Resources are constrained by lithological facies. Theunderground Ore Reserves are constrained by a minimum mining

cut of 2.1m with an maximum of 3.5m. The opencast OreReserves are constrained by the lithological contacts of the UG2Chromitite Layer or by a 4m mining cut in the case where theZilkaatsnek facies is developed.

No significant year on year changes in the Mineral Resources wasrecorded. There was a net change in the Ore Reserves of 3.52Mtdue to the increase planned production rate which follow a build-up phase to full steady state production.

Beestkraal ExplorationOne deep core exploration drill hole was completed on theBeestkraal Prospecting Right area. The detailed information wasnot available at the time of going to press.

Competent Persons

BS Brian Smith, Xstrata Alloys, (PLATO). Overall Responsible forResources and Reserves.

DN Daneal Nieuwoudt, Xstrata Alloys (SACNASP). OverallResponsible for Resources and Reserves.

DR Dean Richards, Obsidian Consulting Services (SACNASP).Responsible for data validation, construction of tonnage andgrade block models and reporting of tonnage and grades fromblock model.

CL Carina Lemmer, Geological & Geostatistical Services(SACNASP). Responsible for geostatistical analysis of data andclassification of Mineral Resources.


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Alloys continued

Silica Mineral Resources

Name ofoperation







Person31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

Operating mine

Rietvly 79.5% OC QuartziteOre (Mt) 25.18 25.75 25.18 25.75 PJG

SiO2 (%) 91 97 91 97

Total QuartziteOre (Mt) 25.18 25.75 25.18 25.75

SiO2 (%) 91 97 91 97 DefinitionsOC = Opencast


Grades are quoted as %SiO2.

Xstrata Alloy's silica mining operation is an opencast miningoperation, mining a massive quartzite deposit of theMagaliesberg Formation of the Pretoria Group, Transvaal SuperGroup of South Africa. The Magaliesberg Formation forms aprominent quartzite ridge striking north south along theMagaliesberg Mountain Range. The formation is a few hundred

meters thick and dips towards the east at over 20o

. The Rietvlyquartzite ore body is a very pure quartzite with a silica content ofover 90% SiO2.

The ore is mined through opencast mining methods and the ROM(Run-of-Mine) ore is crushed, washed and sized on site to producea final sized and quality graded product. No silica cut-off gradesare applied to the Mineral Resource estimation. The quartzite ismined mainly to supply the Xstrata Alloys furnaces with silica.

Changes in the year on year tonnage and grade estimates aremainly due to mining depletion, reclassification of the MineralResource categories and changes in the Mineral Resourcetonnages and grades due to additional geological informationgained through exploration.

No significant changes have been recorded in the year-on-yearMineral Resource estimation. The average grade of the deposit

came down by 6% with the analytical results of three coreboreholes drilled through the deposit.

Competent PersonPJG - Pieter-Jan Grbe, Xstrata Alloys (SACNASP). OverallResponsibility for Resources.


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Coal

Australia Coal Resources New South Wales


interest Commodity

MeasuredCoal Resources

IndicatedCoal Resources

InferredCoal Resources Competent

Person31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

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 5,200Maquarie CoalJoint 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 PHCV (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


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Coal continued

Australia Coal Resources Queensland


interest Commodity




Person31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

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/ThermalCoal (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 JTCV (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/ThermalCoal (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 MDLs 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 EPCs 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


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Australia Coal Reserves New South Wales


interestMining

method Coal type

Coal ReservesMarketable

Coal ReservesTotal Marketable

Coal Reserves

CompetentPerson

Proved Probable Proved Probable31.12.11 31.12.11 31.12.11 31.12.11 31.12.11 30.06.10

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 CoalJoint 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 OwenComplex 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 9 198 188.7Narama(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


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Coal continued

Australia Coal Reserves Queensland


interestMining

method Coal type

Coal ReservesMarketable

Coal ReservesTotal Marketable

Coal Reserves

CompetentPerson


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 AcaciaOC(z) OC Coking Coal (Mt) 49 39 39 8.3 LF

Ash (%) 9.5 9.5 9.5

NCA 55.0% Coking/ThermalCoal (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

CollinsvilleOC(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:

Unless otherwise stated, the product yields used to estimateMarketable Reserves were derived from the Resource Mastorsoftware developed by A&B Mylec. Inputs to this model are coalply thickness and dilution. The model includes adjustments forplant efficiencies to calculate practical yields. The model iscalibrated to historical plant performance and, in some cases,includes the closest large diameter borehole data to each miningblock.

Coal Resources are contained within the Sydney Basin (New SouthWales), the Bowen Basin (Queensland) and the Surat Basin(Wandoan, Queensland).

Reserves and Marketable Reserves are quoted on an 'as-received'moisture basis.

Resource tonnes have been reported using an appropriate in situmoisture basis for each deposit, ranging from 3% to 10% in situmoisture excluding Wandoan (12% in situ moisture) and Rolleston(18% in situ moisture).

Coal Resource qualities are reported at in situ moisture basis andCoal Reserve qualitiesare reported at a gross as received basis.

Coal Resources have been re-estimated in 2011 for inclusion inthis summary table except where otherwise stated. Revision of thetotals includes changes to classifications of Resource status due toexploration, geological reinterpretation and remodelling, andchanges to lease holdings.

Coal Reserves for Baal Bone and Westside have been depletedand not reported.

Changes and notes relevant to the estimation of Resources andReserves are listed below for specific projects. Changes reportedare exclusive of production from 30 June 2010 to 31 December2011.


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(a) Bulga Complex: Re-classification and upgrade of resourcesdue to additional drilling and modelling done as part of theBulga Optimisation project (+175Mt), a change in parametersfor seams deeper than 350m reduced resources (-60Mt).Resource depletion due to mining (-19Mt).

(b) Bulga Opencut: Reserve changes due to additional drillingfor improved definition of Mount Arthur, Piercefield, Vaux,Broonies, Bayswater and Foybrook seams, following approvalof the Bulga Optimisation Pre-Feasibility Study, and a changein tenure status decreasing reserves. (-1.9Mt). Reservedepletion due to mining (-14Mt).

(c) Bulga Underground: Reserve decrease due to mine planchanges to the Blakefield South and North layouts, (-1.5Mt).An upgrade in resource in the Piercefield seam, and changesto the thickness grids due to a new structural model basedon the 2010/11 drilling program increased reserves (+9Mt).Reserve depletion due to mining (-4.4Mt).

(d) West Wallsend: Resource decrease due to exploration andremodelling of the western domain area (-5Mt). Resource andReserve depletion from mining (-4.8Mt).

Reserve decrease in LW41/42 panels from environmentalprotection, and seam splitting in LW43 panel reducingpractical mining height (-2Mt).

(e) Liddell Opencut: Resource increase due to exploration,remodelling and coal quality results, refinement of theLemington lox/sub-crop (+1.5Mt). Resource and Reservedepletion from mining (-9.6Mt).

Reserves reduced due to mine plan modifications (-3Mt),reserve increase due to geological model update and seamsub-crop refinement (+2Mt).

(f) Mount Owen: Resources increased due to exploration andmodelling of deeper seams included in resources (+2Mt).Resource and Reserve depletion from mining (-11.7Mt).

Reserves have increased due to adjustments to the mine planand additional dilution during mining impacting coalrecovery positively (+4.5Mt).

(g) Ravensworth East: Resource increase due to a change inparameters and increasing the Bayswater seam footprint(+1.0Mt). Resource and Reserve depletion from mining(-4.6Mt).

(h) Glendell: Resource increase due to reclassification of areaswith additional drilling and change to cut-off parameters(+2Mt). Resource and Reserve depletion from mining (-6Mt).

Reserve increased due to additional dilution during mining toassist coal recovery and reclassification of Reserves (+1Mt).

(i) United: Resource increase due to reclassification fromInferred to Indicated (+15Mt) and additional Inferred tonnesadded due to additional exploration and modelling (+10Mt).Geological model modifications around sills & sub-crops (-11Mt).

(j) United Opencut: Reserve increase due to pit design changesand product 2 stage washing (+6Mt).

(k) United A444 Underground: Reserve decrease afteradditional exploration and modelling of sills & sub-cropsduring the Feasibility Study phase (-1Mt).

(l) Ulan: Resources decrease with removal of coal tops abovelongwall panels that have been mined from 30 June 2010(-7.4Mt), and coal tops above proposed longwall panelsbetween the Echidna and Wombat sills (-18Mt). Resourcedepletion from mining (-8Mt).

(m) Ulan #3 Underground: Reserve increase as a result of minorchanges to longwall panel lengths due to accurate surveys ofaboriginal sites above the panels (+0.5Mt). Reserve depletionfrom mining (-6.5Mt).

(n) Ulan West Underground: Reserve depletion due to mining(-1.5Mt).

(o) Ulan Waratah Opencut: Reserves have been includedfollowing additional studies and mine planning during thePre-feasibility stage of the Ulan West Project (+11Mt).

(p) Narama: Reserve increase due to the Vaux seam added tothe mine plan (+1Mt). Reserve depletion from mining(-4.4Mt).

(q) Ravensworth West: Resource increase due to reclassificationof resources and an overlap of license boundaries resolved,(+11Mt). Reserves transferred to Ravensworth North pit aspart of the Ravensworth North Project (-10Mt). Reservedepletion from mining (-2Mt).

(r) Ravensworth North: Previously reported as Cumnock Other,the Ravensworth North Project increased in reserves with aportion of Ravensworth West (EL7490) transferred to theRavensworth North pit (+10Mt). Mine plan changes to pitshell batters and benches and removal of the in-pit barrierpillar increased reserves and, minimum mineable thicknesschanges has resulted in lower parting ash included (+6Mt).

(s) Mangoola: Resource increase after an update of theGeological model in the Life of Mine area for the GreatNorthern, Fassifern and Upper Pilot seam, revised extents ofcindering sterilizing resources (+1.5Mt). Resource andReserve depletion from mining (-10Mt).

Reserve decrease due to re-interpretation of seam picks inthe geophysics changed seam sections (-1Mt).

(t) Tahmoor: Resource increase with additional data modifyingthickness and density (+4Mt). Resouces for Tahmoor havebeen split with Bargo (-63Mt). Resource and Reservedepletion from mining (-3.2Mt).

(u) Bargo: Resources for Bargo where previously included withthe Tahmoor Resource statement (+63Mt).

Reserves have been included following additional studiesand mine planning during the Pre-feasibility stage of theBargo Project (+22Mt).

(v) Ravensworth Underground: Resource increase due toreclassification and remodelling of additional explorationdata during the 2010/11 drilling program (+123Mt). Resourceand Reserve depletion from mining (-4.1Mt).

Reserve decrease due to mine design changes in the Liddelland Pikes Gully seams, and reduction in main headingdriveage (-4Mt).

(w) Oaky Creek: Additional resources from exploration andmodelling in potential open cut areas, and slight reduction to


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Coal continued

Aquila seam thickness (+47.5Mt). Resource depletion frommining (-19Mt).

(x) Oaky Creek No. 1 Underground: Increase in Reserve with achange in mine layout in Oaky North making panel layoutextensions possible in Oaky No. 1 (+2.6Mt). Marketabletonnes have increased with improved techniques ofestimating yield using the OakySim model, part of the OakyCreek North underground project. Reserve depletion frommining (-8Mt).

(y) Oaky Creek North Underground: Increase in Reserve with achange in mine layout as part of the Oaky North Project(+10Mt). Marketable tonnes have increased with improvedtechniques of estimating yield using the OakySim model, aspart of the Oaky Creek North underground project. Reservedepletion from mining (-13Mt).

(z) Oaky Acacia Opencut: Increase in reserves with additionalmine planning and inclusion of additional seams withongoing work during the pre-feasibility phase (+37Mt).Marketable tonnes have increased with improved techniquesof estimating yield using the OakySim model.

(aa) RedRock: Resource increase after a review of the easternedge of the Oaky lease (+1Mt).

(bb) Newlands, Suttor, Eastern (RCM Rangal Coal Measure):Resource changes due to previously sterilised coal inNewlands underground mains pillars reclassified as measuredresource (+2Mt). Newlands inferred resource reduced due toa change in modelled thickness with infill drilling and datareview (-11Mt). Resource depletion from mining (-13Mt).

(cc) Newlands Opencut: (Newlands, Suttor Creek, Eastern Creekand Wollombi OC) Reserve changes to opencut areas due topit design changes (+16Mt). Reserve depletion from mining(-9Mt).

(dd) Newlands Underground: (Newlands and Suttor Creek)Longwall panels reduced in length due to the presence ofintrusive sills and structure in several panels (-7.5Mt). Astructure was identified in the Suttor Creek underground area

which affected 2 east-west longwall panels (-9Mt). Reservedepletion from mining (-9Mt).

(ee) Wollombi (MCM Moranbah Coal Measures): Resourceincrease with the inclusion of coking coal and low volatilecoal in heat affected areas greater than 200m depth,(+44Mt). Resource depletion due to mining (-5Mt).

(ff) Sarum: Resource decrease due to additional drilling andmodelling of silled limits (-2Mt).

(gg) Collinsville: Resource increase and upgrade of resources invarious seams (+18Mt), and change in modelling method anddrilling in deep resource areas decreased resources (-15Mt).Resource and reserve depletion from mining (-6.4Mt).

Reserve increase due to re-classification of resources andconfidence in the BLN & BUB pits (+4Mt), tonnage increasedue to improved economic outlook and changes to pit limitconstraints (+10Mt).

(hh) Cook: Resources are unchanged from 30 June 2010.

(ii) Rolleston: Resource increase due to reclassification ofresources from inferred to indicated through exploration andremodelling (+46Mt). Rationalisation of inferred high ash, thinseam (-10Mt). Resource and Reserve depletion from mining

(-10Mt).

Reserve changes with the extension of pit limits in SpringCreek and Lagoons Creek due to additional exploration andeconomic viability (+9Mt).

(jj) Rolleston West: Reserve increase due to the inclusion of thesouthern expansion area south of the existing operations(+6Mt).

(kk) Togara North: Resource changes due to reclassification andreassessment of the area increased resources (+332Mt). Aportion of the Castor and Aries2 seams were moved fromIndicated to Inferred Resources (-33Mt).

Additional mine planning done during the Pre-Feasibilitystage of the Togara North Project has allowed the reporting

of reserves (+172Mt).

(ll) Wandoan: Resource increase due to additional exploration,geological reinterpretation and remodelling (+470Mt).

Reserve increase due to an update to the geological model,improved seam correlation resulting in a reduced ashpercentage and improved overall yield. Pit limits extendedwith increase in confidence and removal of Wolleebee Creek,resulting in an overall increase (+16Mt).

Competent Persons:BC = Barry Clark, Technical Services Consultant, Bureau Veritas(AusIMM)

CFP = Charles Parbury, Director, McElroy Bryan GeologicalServices Pty Ltd, Consulting Geologists (AusIMM)

DL = David Lennard, General Manager Opencast, Palaris(AusIMM)

DT = Darryn Tracy, Senior Mining Engineer, RavensworthOperations, Xstrata Coal New South Wales (AusIMM)

IN = Ian Neilsen, Principal Mining Engineer, Xstrata CoalQueensland (AusIMM)

JHB = John Bryan, Director, McElroy Bryan Geological ServicesPty Ltd, Consulting Geologists (AusIMM)

JMB = Janet Bartolo, Senior Geologist, McElroy Bryan GeologicalServices Pty Ltd (AusIMM)

JT = John Terrill, Principal Resource Geologist, Xstrata CoalQueensland (AIG)

JW = Jillian Wright, Technical Consultant, Consulting ServicesNSW (AusIMM)

KJW = Kerry Whitby, Managing Director, McElroy BryanGeological Services Pty Ltd, Consulting Geologists (AusIMM)


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LF = Lindsay Ford, Technical Services Manager Opencut, XstrataCoal Queensland, (AusIMM)

MB = Mal Blaik, Principal Consultant, JB Mining Services Pty Ltd.(AusIMM)

MW = Mark Williams, Technical Services Manager Mangoola,Xstrata Coal New South Wales (AusIMM)

NB = Nicole Brook, Group Manager, Technical and BusinessDevelopment, Xstrata Coal NSW (AUSIMM)

PG = Peter Graham, Senior Geologist, Bulga Coal (AusIMM)

PH = Paul Harrison, Senior Geologist, McElroy Bryan GeologicalServices Pty Ltd (AusIMM)

POG = Paul O'Grady, Technical Services Manager Underground,Xstrata Coal Queensland (AusIMM)

PP = Philip Price, Wandoan Project Manager - Operations, XstrataCoal Queensland (AusIMM)

REH = Raymond Howard, Manager Mine Planning & Technical,Xstrata Coal Sydney (AusIMM)

RJH = Richard Hingst, Senior Resource Geologist, Moultrie Group(AusIMM)

RH = Ruth Henwood, Geologist, McElroy Bryan GeologicalServices Pty Ltd, Consulting Geologists (AusIMM)

RJ = Rowan Johnson, Senior Geologist, McElroy Bryan GeologicalServices Pty Ltd, Consulting Geologists (AusIMM)

RMD = Robert Dyson, Senior Geologist, McElroy BryanGeological Services Pty Ltd, Consulting Geologists (AusIMM)

RM = Robert Molan, Senior Mining Engineer, Rolleston, XstrataCoal Queensland (AusIMM)

RSH = Scott Hobden, Technical Services Manager, XstrataRavensworth UG (AusIMM)

SB = Shaun Barker, Senior Mining Engineer, Togara North Project,Xstrata Coal Queensland (AusIMM)

STH = Shane Holmes, Technical Services Manager, Xstrata MtOwen (AusIMM)

ST = Shaun Tamplin, Principal Consultant, Tamplin Resources(AusIMM)

TP = Toby Prior, Senior Resource Geologist, Togara NorthProject, Xstrata Coal Queensland (AusIMM)

South Africa Coal Resources


interest Commodity




Person31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

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 5,400Resources 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


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Coal continued

South Africa Coal Reserves


interestMining

method Coal type

ExtractableCoal Reserves

SaleableCoal Reserves

Total SaleableCoal Reserves

CompetentPerson


Operations

TweefonteinNorth(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 31.6CV (kcal/kg) 5,135 5,135 5,135 5,135

TweefonteinSouth(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

GoedgevondenComplex(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:

Product yields used to estimate Saleable Reserves were derivedfrom the Limn Model software. Inputs to this model are coal plyand in-seam dilution data, processed in the model. The modeltakes into account plant efficiencies to calculate practical yields.The model is calibrated to historical plant performance and whereapplicable, large diameter borehole data is used.

Valid prospecting rights have been issued for all the undevelopedCoal Resources. Some prospecting rights are being renewed,while application has been made for a number of mining rights.

Coal Resources have been re-estimated in 2011 for inclusion inthis summary table except where otherwise stated. Revision of the

totals include changes to classifications of Resource status due toexploration, geological reinterpretation and remodelling, andchanges to lease holdings.

Coal Resources qualities are reported at an air dried moisturebasis and Coal Reserves are reported at a net as receivedmoisture basis.

The Resources and Reserves for the Mpumalanga Complex havebeen removed from the report due to an agreement having beenentered into to sell the operations and resource areas.

Completion of sale is subject to government approval. Areasincluded in the Mpumalanga agreement are: Spitzkop, Tselentis,Consbrey, Mooifontein, Sterkfontein, Bloemfontein and SaraBuffels.


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(a) Tweefontein North: Resource increase with the inclusion ofthe No. 2 seam pillar resources in Makoupan pit area(+12Mt). Additional drilling in Boschmans, north and south ofdyke, redefined sub-outcrop areas, (-6Mt).

Reserve increase with increased confidence in a portion of

Klipplaat East pit and BM Southeast pit. Changes made to pitlayouts due to refinement of visible OC and UG 2 seam pitboundaries. South 2 pit reserves converted to anunderground mine layout (+14Mt).

(b) Tweefontein South: Previously reported as South StockComplex. Resource changes from additional drilling andremodelling in the No. 2, 4 and 5 seams, modifying the seamfootprint and redefining sub-outcrops (+12Mt).

Reserve changes are only minor, with additional mineplanning increasing underground panels, but reducing theKlippoortje Opencut area.

(c) Goedgevonden Complex: Resource upgrade afteradditional drilling and remodelling of the No. 2,4 & 5 seam

with minor changes to thickness and density in the Zaaiwaterarea (+17Mt).

Reserve reclassification with a move from proved to probablein areas in close proximity to the river diversion, CHPPstockpiles, national roads (7Mt), underground workings(4.7Mt) and No. 2 seam upper ply requiring additionalproduct modelling (58Mt).

(d) iMpunzi North: Resource upgrade and increase withadditional drilling and remodelling of the No. 1,2,4 & 5 seamresulting in a thickness increase of the No. 2 & 4 seam.Redefinition of seam picks and sub-outcrops addedresources. No. 2 seam pillars added to the mine planincreasing resources. No. 5 seam area footprint increased.Re-modelling resulted in slight decreases to sub-outcrops in

all seams. Change in Resource (+41Mt).Reserve increase with re-evaluation of the previously mined(pillar areas) No. 2 upper and lower seam by openpit miningmethod, resulting in increased recovery and contamination.South pit No. 4 seam uppers added to the mine planincreasing reserves. Atcom office pits increased reserves dueto product parameter changes (5800 to 5700). Phoenix pitNo. 2 seam pillars removed not practically mineable. Overallchange (+6Mt).

(e) iMpunzi East: Resource changes only due to production.

Reserve increase with improved recovery of the No. 2 seampillar areas reducing mining losses. Pit layout increase due toproduct parameter changes (5800 to 5700). Overall changein reserves (+11Mt).

(f) Zonnebloem: Resources increased due to the re-evaluationof seam picks in the no.2 uppers seam, and no. 1 and 2 seamthickness cut-off changed from 1m to 0.5m adding resources(+79Mt).

Reserves have been included following additional studiesand mine planning during the Pre-feasibility stage of theZonnebloem Project (+140Mt).

(g) Oogiesfontein: No significant change in the Resourceestimation since 30 June 2010.

(h) Elandspruit: No significant change in the Resourceestimation since 30 June 2010.

(i) Paardekop: No significant change in the resource estimationsince 30 June 2010.

(j) Undeveloped Resources: No significant change in theResource estimation since 30 June 2010.

Competent Persons:MS = Marius Smith; B Sc. Honours Geology; SACNASP; GroupCoal Geologist, Xstrata Coal South Africa (6 years) Managementof entire geological function including production andexploration, geological modelling, Resource estimation andassessment, new business development initiatives including localand Africa. Divisional Geologist, Xstrata Coal South Africa (2

years) Manage geological function at 8 operating collieries;Senior Project Geologist, Anglo Coal (4 years) Manageexploration programs and geological modelling.

RR = Rohan Roach; B Com; BTech Mine Engineering; Coal MineManagers Certificate of Competency, Metalliferous MineManagers Certificate of Competency; SAIMM, ECSA; GroupMining Engineer, Xstrata Coal South Africa (1.5 years) Life-of-mine planning and reserve estimation of new projects; TechnicalServices Manager, Xstrata Coal South Africa (3 years) Short,medium and life-of-mine planning, reserve estimation andreconciliation; Technical Services Manager & Planning MineOverseer, BHPBilliton (7 years) Short, medium and life-of-mineplanning, reserve estimation, and reconciliation; Onsetter, Miner,Shiftboss, Mine Overseer, acting Production Manager, Rand Gold,

BHPBilliton & Xstrata (6 Years) Management of production unitsunderground and open pit dragline and minipit truck shoveloperations.

TH = Trevor Howard; B Eng. Mining; Coal Mine ManagersCertificate of Competency; SAIMM; Group Mining Engineer,Xstrata Coal South Africa (3 years) Life-of-mine planning forTweefontein, reserve estimation and reconciliation, elementleader for mining related elements of the Tweefontein Projectstudies; Technical Services Manager, Xstrata Coal South Africa(3.5 years) Short, medium and life-of-mine planning forunderground and opencast, production forecasting, economicconsideration of various short term initiatives; Long Term PlanningManager, Sasol Mining (1.5 years) Short, medium and life-of-mine planning, monthly reconciliations, economic evaluations ofoptions to link up adjacent mine; Miner, Shiftboss, Mine Overseer& Underground Manager, Sasol Mining (5 years) Managementof production units underground coal mining.


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Coal continued

Americas Coal Resources Colombia


interest Commodity




Person31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

Carbones del Cerrejn(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


interestMining

method Coal type




CompetentPerson


Carbones delCerrejn(b)

33.3% OC ThermalCoal (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


interest Commodity




Person31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

Donkin Mine(c) 75.0% Coking/ThermalCoal (Mt) 230 227 250 254 KJW

CV (kcal/kg) 7,400 7,400

Lossan Coal Area(d) 100.0% Coking/ThermalCoal (Mt) 108 77 50 GJ

Resources Total Canada (Mt) 108 307 227 300 254

Canada Coal Reserves


interestMining

method Coal type




CompetentPerson


Donkin Mine(c) 75.0% UG Coking/ThermalCoal (Mt) 58 48 48 LP

CV (kcal/kg) 7,200 7,200

Reserves Total Canada (Mt) 58 48 48


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Notes:Reserves are ROM (Run of Mine) Reserves as mined reservestaking into account geological losses, mining losses,contamination and as mined moisture adjustments. Reserves arereported on a ROM moisture basis. Resources are reported on anin situ moisture basis.

Saleable Reserves: As sold basis are Reserves adjusted for yieldlosses in the preparation plant (if applicable) and converted to asaleable moisture basis. The Coal Resource and Coal Reserveestimates tabulated above are stated on a total mine basis as at31 December 2011.

Coal Resource qualities are reported at in situ moisture basis andCoal Reserve qualities are reported at a gross as received basis.

Americas (Colombia) Resources are Gross Tons In Situ Resources(GTIS). The Coal Resources include coal for which the continuity,quality and mineability are established but are outside the currentlife of mine plan. These Resources comply with current andforeseen mining and marketing criteria and have economicpotential. The estimates of Coal Resources and Coal Reservespresented in this table for Cerrejn have been prepared inaccordance with the SAMREC Code (South African Code forReporting of Coal Resources and Coal Reserves).

Canada Resources and Reserves are reported in accordance with

the CIM Definition Standards on Mineral Resources and MineralReserves with reference to Paper 88-21 guidelines.


(a) Cerrejn Mine: An increase in resources due toreclassification of resource areas and inclusion of resourceswithin Measured, Indicated and Inferred areas of the Geo-shell, (+3Bt).

(b) Cerrejn Mine: Reserve increase with additional studies andmine planning done as part of the P40 project with increasedproduction has resulted in an overall increase (+175Mt).

(c) Donkin Mine: Resource unchanged from 30 June 2010.

Reserves have been included following additional studiesand mine planning during the Pre-feasibility stage of theDonkin Project (+58Mt).

(d) Lossan Coal Area: Lossan Coal Property acquired by XstrataCoal effective November 2011.

Competent Persons:GH = German Hernandez; BSc, BHPBilliton Certificate ofCompetent Person; GSSA; APS Geology Superintendent,Carbones del Cerrejon Drilling core, open and reversecirculation drilling; Geophysical geophysical logging set to coalexploration, magnetic susceptibility, etc, also reflection seismic,airborne magnetic, ground based mag and DC Resistivityprofiling; Geological Data Management Integrated geologicaldatabase/graphics and modelling packages including Minex

Horizon, Mincom GDB, Microstation and in-house softwareapplications; Extensive experience in exploration programmesand mine geology support in Colombia Coal Fields, and feasibilitystudies programmes in Cerrejon.

GJ = Geoffrey Jordan, Senior Geologist, Norwest Corporation(APEGGA and APEGBC)

KJW = Kerry Whitby, Managing Director, McElroy BryanGeological Services Pty Ltd, Consulting Geologists (AusIMM)

LP = Lynn Partington, Executive Mining Consultant, Marston andMarston, Inc. (APEGGA and APEGBC).


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Copper

North Queensland Mineral Resources


interestMining

method Commodity



Measuredand Indicated


Resources CompetentPerson*31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

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 KHCu (%) 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 NorthQueensland (Mt) 97 108 269 278 366 388 170 202


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North Queensland Ore Reserves


interestMining


Person*31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

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 & 1900Orebodies(e) UG (Mt) 18 22 13 14 31 36 GC

Cu (%) 1.9 2.0 1.8 1.8 1.8 1.9Enterprise 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


interestMining

method Commodity





Person*31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

Kidd Creek(j) 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


interestMining


Person*31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

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


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Copper continued

Minera Alumbrera Ore Reserves


interestMining


Person*31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

Bajo de la Alumbrera(k) 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


interestMining

method Commodity






Collahuasi(l) 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%

LomasBayas I(m)

OC Oxide & Mixed(Mt) NF

Cu (%)

Soluble Cu (%) Lomas

Bayas II(n)OC Oxide & Mixed

(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

LomasBayas 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 andMixed (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

Name of operation Attributableinterest Miningmethod Commodity Proved Ore Reserves Probable Ore Reserves Total Ore Reserves CompetentPerson*31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

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


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Peru Mineral Resources


interestMining

method Commodity






Antamina(p) 33.75% OC SulphideCu (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


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Copper continued

Peru Ore Reserves


interestMining


Person*31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

Antamina(p) 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


interestMining

method Commodity

MeasuredMineral Resources

IndicatedMineral Resources

Measured andIndicated Mineral

ResourcesInferred

Mineral Resources CompetentPerson31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10 31.12.11 30.06.10

El Pachon(u) 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 HighSulfidation 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 CopperProject(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


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strata.com

Notes:(a) Ernest Henry Open Cut: The Open Cut Ore Reserve and

Mineral Resource were depleted by 17Mt of ore @ 1.0% Cu,0.5 g/t Au due to mining from the Open Cut since end June2010, with mining of the Open Cut fully depleting Reservesand Resources by December 2011. Open Cut Ore Reserveand Mineral Resource estimates were based on an OrdinaryKriged block model. Mineral Resource classification wasbased on geostatistical analysis of data, combined withstructural and geological interpretation. A cut-off grade of

0.27% Cu was applied.

(b) Ernest Henry Underground: Copper and gold mineralisationoccurred in a breccia comprised of strongly altered andreplaced intermediate volcanic fragments in a matrixassemblage of predominantly magnetite, chalcopyrite andcarbonate. Copper occurs as chalcopyrite and gold wasstrongly associated with chalcopyrite. The Mineral Resourceestimate is based on a copper equivalent cut-off of 1.15%(CuEq = Cu % + 0.52 x Au g/t). Estimates are derived froman Ordinary Kriged block model after the application ofgeostatistical analysis of data combined with structural andgeological interpretation. The Underground MineralResource includes all material outside the final mined pit tothe base of current drill testing. The Mineral Resource has

been depleted by 1.0Mt by mining from 31/6/10 to31/12/11, including 0.4Mt of material previously classifiedoutside resource. This update to the Underground OreReserve is still based on the Feasibility Study, which isestimated from applying underground mining methods to amining shape derived from the Mineral Resource. The miningmethod is a combination of blasting ore remaining in wallsabove the final pit floor and sub-level caving below the pitfloor from RL1625 to RL1200. Dilution and ore losses havebeen factored into the Ore Reserve utilising flow baseddilution modelling. Material changes to the Ore Reserve as at31 December 2011 include depletion from first productionand ore body development (1.0Mt), extensions of oreboundaries from increased ore body knowledge, andadjustments to flow modelling estimations totalling 3.8Mt.

Metallurgical testing has confirmed the processingperformance expected from the mineralisation includingmagnetite contained within the mining shape. There is nooverlap between the Underground and Open Pit MineralResources and Ore Reserves.

(c) E1: Copper an

x Reserves Resources 201112

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