sensitivity scenarios to Cu/Co prices and virtual acquisition cost sensitivity to
metal recovery rate
copper price historic 1952-1992 Cu recovery rate Co recovery rate
copper price since 1999-2006
cobalt prices
loans
copper price variations US$/lb US$/mt leverage % 50%
                  1.10                   2 425   duration years 10
                  1.52                   3 351   interest 12%
                  2.25                   4 960  
cobalt  price variations                   7.00   sensitivity to operating cots
                10.00   variation (+/-)
                15.00  
sensitivity scenarios with Cu/Co prices real value of assets transferred by GCM to KCC
US$/lb US$/mt MUS$ 450
copper price
Text Box: Note: real value of assets transferred is subject to conjecture. It should be assessed from a review of book value, a visit to site, by a technical and economic expert.
                  1.10  
                2 425  
cobalt price                 10.00                  22 046  
IRR% 14.5%
sensitivity scenarios with acquisition price to Gecamines
acquisition value MUS$ to Gecamines              410 050  
% entitled share
of Gecamines		 49.0%
IRR% 14.5%