PRESENT AND FUTURE OF ARGENTINE MINING

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1 PRESENT AND FUTURE OF ARGENTINE MINING XXIII Reunión Plenaria del Comité Mixto Empresario Argentino Japonés Diciembre 5, 2014 PACHON SAN JUAN

REGIONALLY UNBALANCED PAMPAS REGION 20% Territorial area covered 75% National GDP 14% 3% Argentine Mining 1990 83% Industrial Manufacturing Exports (MOI) 15% 20% 81% Agricultural Manufacturing

2 REGIONALLY UNBALANCED PAMPAS REGION 20% Territorial area covered 75% National GDP 14% 3% Argentine Mining % Industrial Manufacturing Exports (MOI) 15% 20% 81% Agricultural Manufacturing Exports (MOA) 55% Primary Products Exports 65% Total Population 67% Economically Active Population (PEA) 57% Mining Production Value RAIL NETWORK AND POPULATION DENSITY 11% 37% Production Value USD 510,000,000 Export Value USD 30,000,000 Buenos Aires. Córdoba, Sta. Fé and E. Ríos Jujuy, Salta, Catamarca, Tucuman and Sgo. del Estero Corrientes, Chaco, Misiones and Formosa Mendoza, S. Luis, La Rioja and S. Juan Chubut, R. Negro, La Pampa, Sta. Cruz, Neuquén and T. del Fuego

3 Countries with Potential Geological Mining Favorable 01 CHINA 02 PERU 03 FILIPINAS 04 BRASIL 05 CHILE 06 ARGENTINA 07 MEXICO 08 BOLIVIA 09 VENEZUELA 10 BIRMANIA 11 INDONESIA 12 RUSIA 13 ZAIRE 14 COLOMBIA 15 TAILANDIA 16 ECUADOR Source: Mining Journal

4 Mining Business Stages ARGENTINA CHILE Prospection Initial Exploration Advanced Exploration Project Feasibility PERU (prospectives reserves ) BRASIL MEXICO Construction Operation / Production

5 AREA 3 AREA 4 AREA 5 MINING GEOLOGIC MAP AREA 6 Main Exploration Areas Areas Area 1: Santa Cruz Area 2: Río Negro and Chubut Area 3: Neuquén and Mendoza Area 4: Mendoza, San Juan and La Rioja MAIN EXPLORATION AREAS Area 5: La Rioja and Catamarca AREA 1 Area 6: Catamarca, Salta and Jujuy

6 MINING POTENTIAL PROVINCES COVERAGE OF EXPLORATION MOST POTENTIAL MINING AREAS JUJUY km2 > km2 SALTA km2 > km2 CATAMARCA km2 > km2 LA RIOJA km2 > km2 SAN JUAN km2 > km2 CORDOBA km2 > km2 MENDOZA km2 > km2 SAN LUIS km2 > km2 NEUQUEN km2 > km2 RIO NEGRO km2 > km2 CHUBUT km2 > km2 SANTA CRUZ km2 > km2 T. DEL FUEGO km2 > km2 OTHER... > km2 TOTAL km2 > km2 Iron Sn - W - Be - Li - Nb Principal districts Copper Gold Polymetallic Lead - Zinc MINIMUM FREE ARES: 75% PROSPECTED AREAS

7 Mining Investment Flow China - Japón Canadá USA Australia Mexico Peru Chile Brasil Argentina

8 Companies with Exploratory Activities in Argentine Inglaterra 10% Rest of Asia 8% Canada 49% USA 6% Rest of Europa and Asia 9% América Latina 6 % Australia 12%

9 Global Exploration and Exploitation Plomo-Zinc 5% Diamante 3% Platino 3% Otros 4% Cobre- Molibdeno 30% Hierro 13% Niquel 17% Oro 25%

10 MINING INTEGRATION ARGENTINA CHILE

11 Mining Integration Treaty Argentina - Chile PROMOTE THE EXPLORATION AND EXPLOITATION OF MINING RESOURCES ALREADY EXISTING IN S COORDILLERA AREAS SALTA PERMITS THE USEGE OF ALL CLASS OF NATURAL RESOURCES AND INFRASTRUCTURE PROVIDES A COORDINATION FRAME OF EACH STATE TAXING ORDER PROMOTE THE EXCHANGE OF IMPORTANT INFORMATION IN RELATION TO MAIN ENVIRONMENTAL EFFECTS WHICH MINING BUSINESS COULD CAUSE MENDOZA SAN LUIS BUENOS AIRES LA PAMPA NEUQUEN FACILITATE ACTIVITIES IN THE AREA AND PEOPLE AND GOODS FRONTIER TRANSIT CHILE SAN JUAN SANTA FE LA RIOJA CHACO ENTRE RIOS TUCU MAN SANTIAGO DEL ESTERO CORDOBA JUJUY RIO NEGRO CHUBUT SANTA CRUZ ESTIMATED ENLARGEMENT AREA

12 Profile Concept References m m CHILE Pascua Au Pelambres Escondida Cu/Mo ARGENTINA Lama Au Cu/Mo Pachón Taca Taca Cu Au : Gold Cu: Copper Mo : Molybdenum Bajo de la Alumbrera Agua Rica Cu, Au, Mo R ío Turbio 0 m Pacific Ocean SURVEYING - GEOLOGICAL

13 URUGUAY BRASIL AREAS OF COMMON MINING INTEREST ETWEEN ARGENTINE and CHILE LEGEND 1- Iron/ Lithium: El Laco /Atacama Salta/Jujuy/Catamarca 2- Copper: La Escondida Taca Taca 3- Gold: Faja de Maricunga- Valle Ancho 4- Gold: Faja de El Indio. Pascua-Lama/ Los Helados / Filo del Sol José María 5- Copper: Pelambres Pachón 6- Copper: Faja Cuprífera Elisa 7- Pollimetalics: Grupo Monte S. Lorenzo 8- Pollimetalics: Aldea Beleiro 9- Coal: Río Turbio Integration Paths 9

14 Salar Olaroz Salar del Hombre Muerto Agua Rica Pirquitas URUGUAY ARGENTINE Veladero Bajo la Alumbrera MINING El Pachón RESULTS Río Colorado Sierra Grande Cerro Negro Cerro Vanguardia

15 ADEQUACY OF THE MINING CODE LAW Nº MINING UPDATE Removal of archaic institutions of the Mining Code (MC) Promotion of technical innovation Deregulation of nuclear mining LAW Nº /25.161/ MINING INVESTMENTS Fiscal Stability International price of equipments Promotion of Risk investments Pithead value LAW Nº ENVIRONMENTAL PROTECTION Provincial enforcement authority Balance between mining production and environment Environmental presenvation. Information/approval Prior to the commencement of the activity. COMPLEMENTARY LAWS LAW Nº MINING REORGANIZATION Geological mapping Institutionaliation of the Federal Mining Council Advisory Board (COFEMIN ) Mining tax reorganization LAW Nº FEDERAL MINING AGREEMENT Unification of administrative proceedings Large scale exploration allowed Tax Elimination LAW NATIONAL BANK OF GEOLOGICAL INFORMATION It centralises the Public Geological information of the Country at the Mining Secretary. LAW NATIONAL BANK OF MINING INFORMATION Human Resources and equipment information bank at the Mining Secretariat LAW Nº VAT FINANCING Capital Goods Purchase Infrastructure Works Advanced Repayment LAW Nº NATIONAL MINING TRADE SYSTEM Creation of a user-provider system for minerals trading under the unit of the National Mining Secretariat. LAW BICAMERAL COMMISSION Commission made up for 4 Senators and 4 Representatives

16 MINING EXPLORATION FOREIGN COMPANIES 4 7

17 EVOLUTION OF DRILLED METERS IN THE EXPLORING MINING ACTIVITY SINCE

28 11 10 12 23 21 22 3 4 5 27 26 25 24 29 15 14 17 16 18 20 8 7 32 34 30 35 13 19 6 31 9 1 2 URUGUAY BRASIL Factibilizado Producción PROJECTS IN PRODUCTION AND FEASIBLE BUENOS AIRES: 1- PLANTA DE

18 URUGUAY BRASIL Factibilizado Producción PROJECTS IN PRODUCTION AND FEASIBLE BUENOS AIRES: 1- PLANTA DE PELLETIZACION (Dolomita en pellets) 2- PLANTA LAMALI (Cemento) CATAMARCA: 3- SALAR DEL HOMBRE MUERTO (Cloruro y carbonato de litio) 4- BAJO DE LA ALUMBRERA (Concentrado de cobre, bullión dorado) 5- AGUA RICA (Cu Mo) CHUBUT: 6- PORFIDOS VARIAS EMPRESAS 7- NAVIDAD (Ag- Pb) 8- CORDON DE ESQUEL (Au Ag) CORDOBA: 9- PLANTA MINETTI (Cemento) JUJUY: 10- MINA AGUILAR (zinc, Plata, concentrado de plomo) 11- LOMA BLANCA (Boratos naturales) 12- PIRQUITAS (Sn- Ag) LA PAMPA: 13- PLANTA DURLOCK (Placas de yeso cartón) MENDOZA: 14- YESOS KNAUF (Placas de yeso cartón) 15- SAN JORGE (Cu Au) 16- POTASIO RIO COLORADO (K) 17- DON SIXTO (Au) NEUQUEN: 18- ANDACOLLO (Au Ag) RIO NEGRO: 19- SIERRA GRANDE (hierro) 20- CALCATREU (Au Ag) SALTA: 21- BORATOS VARIAS EMPRESAS 22- SALAR DE RINCON (Li K) 23- LINDERO (Cu- Au) SAN JUAN: 24- PLANTAS DE CAL 25- VELADERO (Au) 26- PASCUA LAMA (Au) 27- GUALCAMAYO (Au) 28- PACHON (Cu Mo) 29- CASPOSO (Au Ag) SANTA CRUZ: 30- CERRO VANGUARDIA (Bullión dorado) 31- CERRO MORO (Au- Ag) 32- CERRO NEGRO (Au Ag) 33 SAN JOSE HUEVOS VERDES (Ag) 34- VIRGINIA SANTA RITA (Ag- Au) 35- MANANTIAL ESPEJO (Au)

Main Indicators of Mining Sector Years 1992 2013 SCENERY 2013 PRODUCTION GROSS VALUE: PRODUCTION GROSS VALUE: u$s 4.924 millions EXPORTS : SCENERY 1992 u$s 434 millions EXPORTS: u$s 16 millions u$s 4.

19 Main Indicators of Mining Sector Years SCENERY 2013 PRODUCTION GROSS VALUE: PRODUCTION GROSS VALUE: u$s millions EXPORTS : SCENERY 1992 u$s 434 millions EXPORTS: u$s 16 millions u$s millions FOREIGN ENTERPRISES: 157 FOREIGN ENTERPRISES: 4 SURFACE TO EXPLORE: Concessions SURFACE TO EXPLORE: In government hands (Unmoved) Km2 Private km2 ANNUAL AVERAGED DRILLINGS EXPLORATION YEAR 2013 PRIVATE: meters ANNUAL AVERAGE OF EXPLORATION DRILLINGS 70-92: Private: meters Government: meters

20 SCENARIO OF INVESTMENTS WITH STATE POLICY Minera Alumbrera - Catamarca

ARGENTINE MINING CURRENT SITUATION 1- Companies with mining prospects under development (*) 157 A- Foreign (85%) 133 B- Domestic (15%) public and private 24 2- Mining Prospects under development 435

21 ARGENTINE MINING CURRENT SITUATION 1- Companies with mining prospects under development (*) 157 A- Foreign (85%) 133 B- Domestic (15%) public and private Mining Prospects under development 435 A- Prospection 46,2 % B- Initial Exploration 36,25 % C- Medium-Advanced Exploration 8,0 % D- Prefeasibility/ Feasibility 5,75 % E- Development / Production 3,8 % 3- Argentine geological-mining potential km2 A- Mining Properties ( prospection-exploration ) km2 B- Total drillings made during 2013 (exploration ) m C- Total investments (USD) during 2013 (exploration) 106 million (*) Only exploration companies, taking into account that there are another 50 junior foreign (brokers).

POTENTIAL INVESTMENTS IN MINING 2015-2025 The potential investments considered for t his decade are product of the development status of existing mining projects, which should be technically feasible

22 POTENTIAL INVESTMENTS IN MINING The potential investments considered for t his decade are product of the development status of existing mining projects, which should be technically feasible in full in 2017 at the latest. The investment decision shall depend on: 1- The macro-political, macroeconomic and sectoral conditions to be established by future Argentine Authorities. 2- The resolution of interprovincial conflicts that are currently shaping the provincial paralysis and the under development of previously considered mining projects. 3- The global market conditions, commodity prices, war conflicts, country constraints and regional hegemony. 4- Corporate decision (credibity, priorities, availabity of fiunds, etc.).

23 POTENTIAL INVESTMENTS IN MINING Metal Mining Exploration (mainly foreign companies) Metal and Non metal Mining Exploration (mainly foreign companies) Traditional Non Metal Mining Exploration (foreign and domestic S&MEs) Total Investment ( ) USD 4,000 million USD 60,694 million USD 1,200 million USD 65,894 million Total Estimated Value of Production / Year which would increase as from 2025 USD 10,978 million

24 THANK YOU VERY MUCH COMITÉ MIXTO EMPRESARIO ARGENTINO JAPONÉS

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