pot of gold / copper, page-10

May 20, 1997

Samarskoye has been renamed the Nurkazgan deposit; KazMinCo holds an 88.5% interest in the deposit.

Attractive commercial terms have recently been agreed with the Government of Kazakstan for the development of the deposit over a 20-year period, which is extendable to 25 years. These include the right to refine overseas and export product; net smelter royalties are set at 1.0% for copper and 1.2% for gold; waiver of duty and import tariffs for the life of the project and the flying of mineral resource taxes at reasonable levels. To mark this agreement and the approval of the deposit reserves outlined to date by the State Committee for Reserves,