Overview

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Overview

• Consistent, strong operating performance
• Increased production and lower unit costs
• Product diversity - coal, copper, lead-zinc
• Providing
• Improved operating result in extremely low copper
  and zinc price environment

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Key financial points

• Operating profit after tax before significant
  items up 17 (MIMs share)
• Strong coal and copper results
• Net profit down due to write down associated with
  European smelters
• Improved gearing
• Improved hedging position
• 2001/02 dividend of 3.25 cents per share

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Financial Result
MIMs Share (AM)

Includes net loss from significant items of
33.5 million
Year ending 30 June
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Volume, price and cost effect (YonY)
MIMs Share (AM)


excludes writedowns
Year ending 30 June
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EBIT contribution
MIMs Share (AM)
Year ending 30 June
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Alumbrera - unit cost performance
Other costs (US/lb)
Normal C1 cash costs (US/lb)
32.0
30.3
Year ending 30 June
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Total Debt
MIMs Share (AM)
0.6158 0.6619 0.6008 0.5076
0.5664 A/US Rate
As at 30 June
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Gearing for debt covenants
Debt / (Debt Tangible Net Worth)
MIMs Share ()
0.6158 0.6619 0.6008 0.5076
0.5664 A/US Rate
As at 30 June
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Accounting impact of Peso devaluation
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Writedown of European zinc smelters
MIMs Share (AM)

• Avonmouth (UK) (42.4)
• Duisburg (Germany) (73.4)
• Total writedown (115.8)
• Note - Both smelters fixed assets written down
  to zero

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Australian US Revenue Hedging
- Designated Profile
USM Hedged
0.63 0.62 0.64 0.65
0.67 0.69 Average Rate (US)
Year ending 30 June
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Delivering against strategic objectives

• Increasing coal production
• Extending high level copper production
• Increasing copper and coal reserves
• Initiating improved returns from zinc