OPERATIONAL HIGHLIGHTS
o Copper cathode equivalent output at top end of guidance
Production of 294 kt, supported by an increase in ore extraction and grades
o All major by-product output above full year targets
FINANCIAL HIGHLIGHTS
o Group revenues of $3,099 million
Impacted by lower metals prices but benefiting from sale of additional copper material
o Cash cost ahead of target at 328 US cents per pound
H2 unit costs below H1 with annualised cost savings of $120 million
o Balance sheet year end net debt of $771 million
Net funds of $478 million post receipt of Ekibastuz GRES-1 proceeds, pro forma
GROWTH PROJECTS
o Bozshakol remains on track for first production in 2015
o Proposed purchase of third major growth project
Consistent with policy of moving output to large scale, low cost, open pit mines
2014 STRATEGY AND OUTLOOK
o Copper output to be in line with 2013 guidance of 285 to 295 kt
o Maintain control of operating costs and sustaining capital expenditure
Target cash cost range of 315 to 330 US cents per pound
o Potential restructuring
Group reviewing the disposal of mature assets
