ESPACIO FOTOGRAFIA (Opcional)

PresentationAnalysts / Investors

Visit to South America

March 2007

2

Disclaimer

The views expressed here contain information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information. Any forward looking information in this presentation has been prepared on the basis of a number of assumptions which may prove to be incorrect. This presentation should not be relied upon as a recommendation or forecast by BHP Billiton or Minera Escondida Limitada.

Nothing in this release should be construed as either an offer to sell or a solicitation of an offer to buy or sell shares in any jurisdiction.

3

Presentation Content

• General Overview• Production• Water & Energy• Key Financials

4

Escondida’s Strategy Builds on its Strengths to Maximize Long Term Value

Strong Cash Flow

Strong Cash Strong Cash FlowFlow

Low Cost ProducerLow Cost Low Cost ProducerProducer

Strong Credit Ratings

Strong Strong Credit Credit RatingsRatings

Stable CountryStable Stable

CountryCountry

Unequalled Resource

Unequalled Unequalled ResourceResource

High Quality ConcentrateHigh Quality High Quality ConcentrateConcentrate

Strong SponsorsStrong Strong

SponsorsSponsors

Ability to Manage

Expansions

Ability to Ability to Manage Manage

ExpansionsExpansions

Diversified Sales BaseDiversified Diversified Sales BaseSales Base

World’s Largest

Copper Mine

WorldWorld’’s s Largest Largest

Copper MineCopper Mine

5

Escondida Vision• Be the leading copper mine in the world, creating value and

sustainability through superior performance in the industry in safety, production, and unit costs.

• Achievement reached by:

– Working as a team to create a business of excellence– Consistently meeting our operating commitments in a planned, stable

and sustainable way, with Zero Harm to people, the environment, andthe community

– Being an excellent business partner for our communities, contractors, suppliers, and other interested parties

– Becoming the prefered mining employer in Chile – with employeeswho enjoy their work and are recognized for their efforts

– Successfully developing new projects and discovering new deposits

6

Key Strategic Objectives FY08 – F12

• Improving and strengthening sustainable development (Zero Harm): Health, Safety, Environment and Community

• Develop a High-Performance Organization with competent, highly productive, innovative employees committed to obtaining outstanding results

• Manage the Company through Business Excellence, with operational discipline and with focus on costs and quality.

• Optimize usage of resources, aggressively develop new projects and discover new ore bodies.

7

Northern Chile’s Atacama Desert,160 km south east of Antofagasta.

Taltal

Inca d e Oro

El Salvador

Chañaral

ARG

ENTI

NA

Coloso

Antofagasta

Mejillones

ZaldivarMonturaqui

Escondida

Calama

Chuquicamata

CH

ILE

Tocopilla

Potrerillo s

BOLI

VIA

World’s Premium Copper Region

Cerro ColoradoQuebrada BlancaCollahuasi

El AbraChuquicamata

Radomiro Tomic

Michilla Lince

Mantos Blancos

El Tesoro

EscondidaZaldivar

El Sa lvadorManto VerdeLa Candelaria

El IndioAndacollo

Los Pelambres

El Soldado Andina

Los Bronces El Teniente

Lomas Bayas

Spence

•Spence

ESPACIO FOTOGRAFIA (Opcional)

Escondida Norte Pit

Oxide Leach Pads

Escondida Pit

Laguna Seca Concentrator

Zaldivar Pit

Hamburgo Tailings Dam

Los Colorados Concentrator

2 kmN

Zaldivar Leach Pads

Sulphide LeachPads

9

Coloso Filter & Port Facilities

10

Development since the beginning

MEL MEL MEL MEL MEL MEL

ESCONDIDA NORTE

SulphideLeach

Start-up

FY1990

Phase I

FY1992

Phase II

FY1993

Phase III

FY1996

Phase 3.5

Oxide

FY1998

Phase IV

FY2002

370 831636 741 1159Prod.Payable (kt) 316

FY2005 FY2006

1283

11

710 721 726 730

1,1651,479

1,640

2,142

2,574 2,6813,090

3,7033,877

4,083

4,723

5,379

0

1,000

2,000

3,000

4,000

5,000

6,000

1991

1992

1993

1994199

5199

6199

7199819

9920

00200

1200

2200

320

04200

5200

6

Fiscal Years

US

$ (0

00´s

)Capital Investments

12

Leading Copper Minesites

Copper production (Contained Cu ‘000 tonnes)

World’s Largest Copper Mine

Source: Brook H unt, Copper Costs: Mines & Proj ects 2006 editi on

Radomiro Tomic

Cerro Verde

Los Pelambres

Antamina

Norilsk

El Teniente

Morenci

Collahuasi

PT Freeport Indonesia

KGHM Polish Copper

Chuquicamata

Escondida

0.0 250.0 500.0 750.0 1000.0 1250.0 1500.0

MEL Copper Production CY 2006: 1,255,559 Contained Cu tonnes

13

2007 Production League Ranked on C1 Cash Cost by Minesite (Pro – Rata Costing)

Source: Brook H unt, Copper Costs: Mines & Proj ects 2006 editi on

Pro-rata Costing i n which cost at each s tage are allocated to each metal pro-rata to its contribution to net revenue ( e.g a metal that contributes 30% of net revenue is allocated 30% of shared cost)

Esco

ndid

a M

ines

ite

0.0

50.0

100.0

150.0

200.0

0 5000 10000 15000 20000 25000 30000

Cumulative Product ion (Mlbs)

US

c/lb

14

Diversified Customer BaseSales by Destination - 2006

Copper Concentrate

Japan 21%

China 16%Chile 15%

South Korea 9%Ge rmany 5%

Others 15%

India 18%

Copper Cathode

USA 13%

Traders 16%

Netherlands 7%

Mexico 6%France 9%China 7%

Korea 5%Italy 5%

Japan 4%Others 10%

Chile 11%

Canada 6%

89%

11%

15

Sponsored By World’s Premier Metals & Mining Houses

BHP Billiton Limited

100%

BHP Escondida Inc 57.5%

Rio Tinto Plc 100%

Rio Tinto Escondida Limited

30%

Mitsubishi Corporation 70%

Mitsubishi Materials Corp 10%

Nippon Mining & Metals Co Ltd 20%

Japan EscondidaCorporation

10%

International FinanceCorporation

2.5%

Minera EscondidaLimitada

Owners Council

16

MEL Organization

Vicepresidencia

HSE

Hugo Rojas

PresidenteBert Nacken

Manager Business Excellence

Luis Kessra

Vicepresidencia

Minería

Patricio Barros

Vicepresidencia

Procesos

Marcelo Villouta

Vicepresidencia SS

Operacionales

Pedro Damjanic

Vicepresidencia

RRHH

Jorge Muñoz

Vicepresidencia

Finanzas

Alfredo Atucha

Vicepresidencia

Desarrollo

Andres Hevia

Manager AACC

Pedro Correa

Manager Legal

Alejandro Canut de Bon

PresidentSub-committee Operations

PresidentSub-committee Capital Expenditure

VP FinanceSub-com Contracts &Contractors

VP ProcessSub-committee Maintenance

VP RR.HH.Sub-committee Human Resources

PresidentSub-committee Social Responsibility

VP MinaSub-committee Air Quality

VP SS.OO.Sub-committee Energy

VP DesarrolloSub-committee Water

LeaderSub-Committee Name

17

Human Resources

Permanent Contractors 3.317

Capital Projects

Total Contractors

Note: As of January, 2007

2.90252.7189980Total MEL

68455892763Professional /Mgrs.

152131417Technical & Admin.

2.0641.99668Operators

22Expatriates

Total MELSantiagoMinaColosoAntofagasta

1.618

4.935

18

Total Recordable Injuries Frequency Rate (TRIFR)Escondida & Contractors (3 & 12 month rolling)

1

5

1

2 2 2 2

1

2

1 1

2

3

3

2

31

1

2

1

2

2

1

2 2

1 3

1

1

2

3 3

1

3

2

1

1

0

1

2

3

4

5

6

7

8

9

Mar-05

Apr-05

May-05

Jun-0

5Ju

l-05

Ago-05

Sep-05

Oct-05

Nov-0 5

Dic-05

Ene-06

Feb-06

Mar-06

Abr-0

6May

-06Ju

n-06

Jul-0

6Ago

-06Sep

-06Oct-

06No

v-06

Dic-06

Ene-07

Feb-

07

Num

ber o

f inj

urie

s by

cat

egor

y .

0

0,5

1

1,5

2

2,5

3

3,5

4

4,5

Number of Fatalities Number of LTI Number of Medical Treatment TRIFR 12 Month Rolling TRIFR 3 Month Rolling

19

Community Engagement Approach

ApproachPriorities (1,2)

Area

Open and constructive relationships with s takeholders including NGO's and local and

national author ities

1Art and Culture initiatives for low income groups, partnerships, and

dialogue with authorities.

2Corporate Affairs Santiago

Short and Medium term, regional development

strategy, specific community support in Coloso& Peine.

Support to company employees on voluntary social

initiatives

1Partnership, neighborhood

relationships and cooperation with stakeholders

(Antofagasta, Coloso, Peine)

2Social project with high and sustainable impact in the II

Region.

Corporate AffairsAntofagasta

Long term, politically neutral, beyond the operation's life time. Antofagasta and II

Region

2Execution of social projects with high and sustainable community

impact (Antofagasta – II Region)

1Education, Health, Social development, Indigenous

Affairs, and youth.

MineraEscondida Foundation

Reputation Social Capital Development

20

Main Community Projects - FY07Corporate Affairs

• 2010 No Slums; Antofagasta Region.Alliance with Ministry of Housing and “A Roof for Chile” NGO, with the purpose to provide a permanent housing for 1048 families currently living in slums in cities of the Antofagasta II Region.

• Programme for Professionals Towards a Globalized Chile.Scholarship program to provide international postgraduates studies for 150 Chilean young professionals, with working experience and who come mainly from lower and middle-income sectors, and accomplish academic merits and personal profiles.

• “Santiago a Mil”, Street Theater Festival at Santiago and Antofagasta.Leverage at the national level the company commitment with low income groups access to high level art and culture expressions.

• Escondida Ladies CommitteeScholarships Program for lower income students, financed with different collecting fund initiatives.

• Voluntary Initiatives of Escondida’s Employees14 social projects presented by Escondida's employees in areas of training and equipment for social organizations were selected by the Social Responsibility Fund for the year 2007. More than 1500 workers involve in voluntary work.

21

Main Community Projects - FY07

Minera Escondida Foundation

• Playgrounds (3) and Nursery Houses (12) construction at Antofagasta and Calama.Alliance with National and Local Government and National Council of Playground Facilities for 528 Childs from lower income families. This project is being supported by the President Mrs. Bachelet.

• Fund For Indigenous Organizations12 projects were financed for indigenous communities from the villages of Río Grande, Camar, Toconao, Taira, Ayllu de Cucuter, Calama, and San Pedro de Atacama. These initiatives are oriented to capacity development in project management, associatively and community relations.

Industrial and Mining Training Center

• School For Industrial DutiesProgram oriented to improve the qualification levels of the labor force under a development skills methodology in order to accomplish the mining industry labor force requirements.

22

Escondida Mine Pit

23

FINAL (Main Pit) Dimensions

Distance EW 3.5 km

Dis

tanc

eNS

4.8

km

Deep 840 m (Initial Bench 3255, Final Bench 2415)

DIMENSIONES PIT FINAL (KMS)

EW 3.5

NS 4.8

H 0.84

24

FINAL (Escondida Norte) Dimensions

Distance EW 2.7 km

Dis

tanc

eNS

2.6

km

Deep 795 m (Initial Bench 3410, Final Bench 2615)

DIMENSIONES PIT FINAL (KMS)

EW 2.7NS 2.6H 0.795

25

Resources as at end June 2006

(*)Sol. Cu

Resources as at end June 2006 EscondidaOre Type Cut-off Tonnes TCu Tonnes TCu Tonnes TCu Tonnes TCu

millions % millions % millions % millions %Sulphide Variable 556 1.18 987 0.97 575 0.82 2,119 0.98

Sulphide leach Variable 635 0.51 1,435 0.48 2,731 0.47 4,801 0.48Oxide 0.2 69 0.67 15 0.55 9 0.56 93 0.64

1,261 0.81 2,437 0.68 3,315 0.53 7,013 0.63Escondida NorteOre Type Cut-off Tonnes TCu Tonnes TCu Tonnes TCu Tonnes TCu

millions % millions % millions % millions %Sulphide Variable 149 1.55 330 1.33 139 1.05 619 1.32

Sulphide leach Variable 70 0.61 702 0.57 1,431 0.51 2,203 0.53Oxide 0.2 5 1.20 20 1.14 7 1.17 32 1.16

224 1.25 1,052 0.82 1,577 0.56 2,853 0.71Total ResourcesOre Type Cut-off Tonnes TCu Tonnes TCu Tonnes TCu Tonnes TCu

millions % millions % millions % millions %Sulphide Variable 705 1.26 1,318 1.06 715 0.86 2,738 1.06

Sulphide leach Variable 705 0.52 2,136 0.51 4,162 0.48 7,004 0.50Oxide 0.2 74 0.71 35 0.88 16 0.82 125 0.77

1,485 0.88 3,489 0.72 4,893 0.54 9,866 0.65

Total

Total

Total

Measured (A) Indicated (B) Inferred (C) Total (A+B+C)

•Resources are based on information compiled by J C amacho(CP), who is a member of the Aus tralian Ins titute of Mining and Metallurgy. Mr Camacho was employed by Minera Escondida Limitada. He has sufficient experience with the estimation, assessment, evaluation and economic extraction of large scale copper mining oper ations and projec ts. T his experience is r elevant to the style of mineralizati on and type of deposit under consider ation and to the acti vity which he is undertaki ng, and as such he qualifies as a Competent Person as defi ned in the 1999 Edition of the 'Australasi an C ode for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.'

26

Reserves as at end June 2006

(*) Sol. Cu

Ore Reserves As at June 2006 EscondidaOre Type Cut-off Tonnes TCu Tonnes TCu Tonnes TCu

millions % millions % millions %Sulphide Variable 555 1,18 846 1,00 1.401 1,07

Sulphide leach Variable 592 0,51 994 0,51 1.586 0,51Oxide 0.2 69 0,67 (*) 15 0,55 (*) 85 0,65 (*)

1.217 0,82 1.856 0,73 3.072 0,77Escondida NorteOre Type Cut-off Tonnes TCu Tonnes TCu Tonnes TCu

millions % millions % millions %Sulphide Variable 149 1,55 321 1,34 470 1,41

Sulphide leach Variable 59 0,55 549 0,61 608 0,60Oxide 0.2 5 1,20 (*) 20 1,14 (*) 25 1,15 (*)

213 1,27 890 0,89 1.103 0,96Total ReservesOre Type Cut-off Tonnes TCu Tonnes TCu Tonnes TCu

millions % millions % millions %Sulphide Variable 704 1,26 1.167 1,09 1.872 1,16

Sulphide leach Variable 651 0,51 1.543 0,55 2.194 0,53Oxide 0.2 74 0,71 (*) 35 0,88 (*) 109 0,76 (*)

1.430 0,89 2.745 0,78 4.175 0,82

Total

Total

Total

Proved (G) Probable (H) Total (G+H)

•Ore reser ves ar e based on i nfor mati on compiled by P Fehlandt (CP), who is a member of the Aus tralian Institute of Mining and Metallurg y. Mr Fehlandt is empl oyed by Minera Escondida Limitada. H e has sufficient experience with the esti mation, assessment, evaluation and economic extraction of large scale copper mining operations and proj ects. This experience is relevant to the style of mi neralizati on and type of deposit under consideration and to the acti vity which he is undertaki ng, and as such he qualifies as a Competent Person as defi ned in the 1999 Edition of the 'Austral asian Code for Reporting of Explorati on R esults, Mineral Resources and Ore Reserves'.'

27

Escondida Mining Fleet - Dec 2006

•• Electric Rope Shovels – Total 17- Shovel (73 yd Dipper) 5- Shovel (67 yd Dipper) 2- Shovel (55 yd Dipper) 9- Shovel (30 yd Dipper) 1

• Haul Trucks – Total 122- Trucks (240 mt) 73- Trucks (380 mt) 49

• Front End Loaders – Total 5- (23 yd Bucket)

• Drills – Total 18- 49R R2 R3s (10), DMM2s (2), DM45 (3), CM780 (1) & 250XPs (2)

• Auxiliary Equipment – Total 70

28

MEL Future Growth Options

MEL is developing studies in three areas:

• Improve the performance of actual facilities through optimization and small expansions such as pre-crushing and additional grinding capacity,

• Increase throughput by adding new facilities, such as a new/additional concentrator to the two existing ones.

• Increase/maintain throughput over time by bringing in new potential ore sources by exploration.

Exploration:

• MEL initiated a brown fields exploration program in 2005 with the objective of investigation the ore potential of its current tenements (4,000 sq. kmsapprox) around its operations.

29

Presentation Content

• General Overview• Production• Key Financial Numbers• Water & Energy

30

General Diagram

Main Pit Pit Escondida Norte

Oxide

SX Sulphide

Oxide

Waste SulphideMix Ore

Concentrator Plants

Stock Sulphide

Stock Mix Ore

Stock Óxide

CopperCathodes

Copper Concentrate Puerto Coloso

Puerto Antofagasta

Dumping

Crusher

Crusher

Crusher

31

Copper Production – 000s of tons of copper Payable

810 817702

591730

8961,008

505

56151

145151

137

151

152

116

87

831

1,167

831 866967

847741

867

1,0471,159

1,283

592

0

200

400

600

800

1000

1200

1400

1998 1999 2000 2001 2002 2003 2004 2005 2006 YTD Dec06

Fiscal Years

'000s

Tonn

es of

Pro

ducti

on o

f Cu

Paya

ble

Concentrate Cathodes Total

32

Mine earth movement – ‘000s TPD (ex-Pit)

681 725835

901814

9061026 1009

834

678

0

200

400

600

800

1000

1200

1998 1999 2000 2001 2002 2003 2004 2005 2006 YTD Dec06

Fiscal Years

'000s

Ton

nes

per D

ay

33

Copper Production in Concentrate& Head Grade

Material Milled, Headgrade and Copper Production

0

200

400

600

800

1.000

1.200

1.400

FY91 FY92 FY93 FY94 FY95 FY96 FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 YTDDec-06

0,00%

0,50%

1,00%

1,50%

2,00%

2,50%

3,00%

3,50%

Tonnes milled (00 000t) Production (Cu Contained) (kt) Headgrade (%)

34

Los Colorados ConcentratorPlant

35

Concentrator Plants

PebblesOre

Flotation Rougher

ThickenerTailings

Tailings

SAG Mills

Ball Mills

Remill

RecoveryWater

Flotación CleanerScavenger Thickener

Tailings

Recovery WaterConcentrator

to Coloso

2° Cleaner FlotationConcentrator

Thickener

WaterWater

Agua

36

Los Colorados Production – ‘000s TPD milled

116 125 125 118 107 115 108119 122103

0

20

40

60

80

100

120

140

1998 1999 2000 2001 2002 2003 2004 2005 2006 YTDDec06

Fiscal Years

'000s

Ton

nes p

er D

ay

37

Laguna Seca Concentrator Plant

38

Laguna Seca Production – ‘000s TPD milled

114

51,5

97,7118109

0

20

40

60

80

100

120

140

2002 2003 2004 2005 2006 YTD Dec06Fiscal Years

'000s

Tonn

es p

er D

ay

ESPACIO FOTOGRAFIA (Opcional)

Coloso Filter and Port Facilities

40

Coloso Port – Concentrate Shipped (000s of tons)

2,145 2,105 1,813 1,6822,056

2,617

1,465

2,9943,425

2,073

0

500

1000

1500

2000

2500

3000

3500

4000

1998 1999 2000 2001 2002 2003 2004 2005 2006 YTD Dec06

Fiscal Years

'000s

Ton

nes S

hippe

d

41

Escondida SX-EW Oxide Plant

42

Flowsheet (Oxide & Sulphide Leach)

Primary

Crusher

Stockpile

SecundaryCrushing

TertiaryCrushing

WaterAcidSilo

Agglomeration

LeachingAcid

Water

PLS

Raffinate

Mine

Raffinate

Electrowining

ES

LoadedOrganic

StrippedOrganic

SolventExtraction (SX)

E.R E.PPower

CaopperCathodes

PLS

Electrowining

Power

Copper Cathodes

Leaching

Acid

Water

PLS

Raffinate

RaffinateE

S

Str ippedOrganic

LoadedOrganic

SolventExtraction

E.RE.P

Mine

PLS

InterPlantPipeline

17 km

ILS

ILS

Air

43

Production – ‘000s Tonnes of Cathodes

151 145 151137

151 152

116

5156

36

0

20

40

60

80

100

120

140

160

1999 2000 2001 2002 2003 2004 2005 2006 YTDDec06

'000s

Tonn

es

Oxide S.Leach

44

Sulphide Leach Cu production in FY07

Sulphide Leach Cu Production in Tonnes

0

5000

10000

15000

20000

25000

30000

35000

40000

Jul-06 Aug-06 Sep-06 Oct-06 Nov-06 Dec-06

Month

Cop

per P

rodu

ctio

n cu

mm

ulat

ive

45

Key Challenges

• Safety (MEL and Contractors), • Labor Relationship• Increase the availability of mine equipment (trucks)• Productivity ( increase productivity, contractor management) • Supply of new Tyres• Supply of new mine equipment • Water • Energy

46

Presentation Content

• General Overview• Production• Water & Energy• Key Financial Numbers

47

WATER STRATEGY

Five focus areas

1. Base Case: desalination expansion. 2. “Water Market” as supply option.3. Optimization of current water resources4. Water Recovery Projects & Studies.5. Water Exploration

48

SING Generation in the near future (2006 - 2010)

2007 2008 2009

COAL

1,200 MW

GAS

2,100 MW

300 MWDiesel-F.O.

Installed

Generation

3,600 MW

Dual-Diesel

800 MWmax

SING Demand

1,650 MW

2,120 MW

Without Gas

1000 --

2000 --

3000 --

Power MW

2006

1750

MW

1850

MW

1950

MW

2100

MW

2010

COAL

1,550 MW

GAS

2,100 MW

300 MWD-F.O.

BHPBilliton

New Coal

Plant

Gas or Diesel

generation needs

49

Natural Gas Restriction (2004 – 2007).

NATURAL GAS RESTRICTIONS

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

May

-04

Ago-

04

Nov-

04

Feb-

05

May

-05

Ago-

05

Nov-0

5

Feb-

06

May

-06

Ago-

06

Nov-

06

Feb-

07

%DEMAND % RESTRICTIONS

•Natural Gas Price (Aver.): Mar. ’04: 2.32 USD/MMBTUFeb. ’07: 5.55 USD/MMBTU

Source: CDEC SING

50

BHP Billiton’s Strategy – Short & Long Term.

Interim Solution (2007-2010): Running pre-feasibility studies for different alternatives:

• Self generation (Local Diesel Generators)• On Shore LNG Terminal (Regasification On Shore & Floating Storage)• Off Shore LNG Terminal (FSRU - Floating Storage Regasification Unit)

Long-term Power Supply (2010-2026):Subscribe Power Purchase Agreements with power generation companies based in coal fired generation.

The agreements involve the construction and operation of a coal fired thermoelectric plant of at least 400 MW connected to the SING.

Considering the gas fired power generation installed in the SING and the uncertainty in the natural gas supply, BHP Billiton defined a strategy to ensure electricity supply at the lowest possible cost:

51

Presentation Content

• General Overview• Production • Water & Energy• Key Financial Numbers

52

Net Profit

1,111

1,896

4,560

2,456

1.51

3.09

1.15

2.80

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

FY04 FY05 FY06 YTD Dec 060.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Net Profit Copper Price

$Million

10471159

1283

592

0

200

400

600

800

1000

1200

1400

FY 2004 FY 2005 FY 2006 Dec 06 YTD

Payable Pro duction

53

Profit & Loss FY 04 FY 05 FY 06 YTD Dec 06

Gross Revenue 2.726 3.935 8.069 4.150

Refining / Treatment / Shipping (378) (508) (912) (418)

Net Return on Sales 2.349 3.427 7.158 3.732

Cost of Sales (691) (809) (947) (555)

Gross Profit 1.657 2.618 6.211 3.177

EBITDA 1.610 2.546 5.903 3.193

Depreciation & Amortization (206) (194) (252) (120)

EBIT 1.404 2.352 5.651 3.074

Interest (66) (63) (47) (52)

Tax (227) (392) (1.045) (565)

NPAT 1.111 1.896 4.560 2.456

54

C1, C2 & C3 Cost ComponentsCost C1

+ Cash Cost- Deferred Stripping inventory increase+ Inventory movements (Concentrate + Cathodes)+ Treatment & Refining Charges+ Concentrate Shipment Charges+ Cathode Shipment Charges- Gold and Silver revenue

Cost C2+ Total C1 Costs+ Depreciation+ Deferred Stripping amortization.+ Amortizations

Cost C3+ Total C2 Costs+ Interest Expenses+ Interest Income+ Exploration Costs+ Other Expenses / Income

55

C1 Costs

0.5650.609

0.4250.479

0.5920.680

0.00

0.10

0.20

0.30

0.40

0.50

0.60

0.70

0.80

FY04 FY05 FY06 YTD Dec 06

cUS$

/lb C

u

C1

56

Business Excellence Benefit

19,726

32,442

45,633

25,20041,116

51,847

26,647

73,639

42,90521,490

74,951

119,272

0

30,000

60,000

90,000

120,000

150,000

FY04 FY05 FY06 YTD Dec 06

Revenue Cost

000' US$

57

Cash Flow before Funding & Dividends $m

3,447

2,982

1,280

1,080

206

652 713

173

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

FY04 FY05 FY06 YTD Dec 06

Cash FlowCapex

US$Millions

58

Taxes Paid

0

500

1,000

1,500

2,000

2,500

Mill

ion

US$

First Category WHT Dividends Royalty TOTAL

TOTAL 0 3 129 71 138 155 253 331 119 165 182 84 39 118 617 861 2,411

Royalty 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 266

WHT Dividends 0 0 82 35 48 44 141 188 87 115 114 66 20 30 303 329 1,148

First Category 0 3 46 36 91 111 112 143 32 50 68 17 19 88 314 532 997

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006

US$5.676m.Taxes paid since Escondida

start up

59

Debt Maturity Profile

$455m & $125m Export Credit Agency Debt

$440m OutstandingSyndicated Bank Debt

$40m OutstandingChile Bond

31 Dec 06External Debt Instruments

$ 0

$ 50

$ 100

$ 150

$ 200$ 250

$ 300

$ 350

$ 400

FY06 FY07 FY08 FY09 FY10

Capital MarketsECA DebtBank Debt

Maturity Profile as at 31 Dec 2006 ($Millions)

60

THANKS