APPENDIX V COMPETENT PERSON’S REPORT AND VALUATION REPORT A COMPETENT PERSON’S REPORT AND VALUATION REPORT ON THE MINERAL ASSETS OF METOREX (PTY) LTD IN THE DEMOCRATIC REPUBLIC OF CONGO AND THE REPUBLIC OF ZAMBIA Prepared for Jinchuan Group International Resources Co. Ltd Report Prepared by SRK Consulting (South Africa) (Pty) Ltd Project Number 453459 30 August 2013 (Effective date: 30 June 2013) V - 1 APPENDIX V COMPETENT PERSON’S REPORT AND VALUATION REPORT EXECUTIVE SUMMARY [18.05(1), 18.09(2)(3), SV2.1] ES1 Introduction SRK Consulting (South Africa) (Pty) Ltd (“SRK”) is an associate company of the international group holding company, SRK Global Limited (the “SRK Group”). SRK has been commissioned by Jinchuan Group International Resources Co. Ltd (“Jinchuan”, also referred to as the “Company”) to prepare a Competent Person’s Report (“CPR”) and Competent Valuation Report (“CVR”) on the operations and projects of Metorex (Pty) Ltd (“Metorex”) in the Democratic Republic of Congo (“DRC”) and Republic of Zambia (“Zambia”) according to the requirements of Chapter 18 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited (respectively the “Listing Rules” and the “HKSE”). Both the CPR and CVR have been consolidated into this single report (the “CPVR”). ES2 Mineral Assets and Legal Status [18.05(3), SV2.3] Metorex is a private company registered in the Republic of South Africa and is a wholly-owned subsidiary of Jinchuan Group Company Limited. Metorex’s interests in the operations and projects in the DRC and Zambia (collectively the “Mineral Assets”) are as follows: Through its wholly-owned subsidiary Ruashi Holdings (Pty) Ltd (“Ruashi Holdings”), a 75% shareholding in Ruashi Mining sprl (“Ruashi Mining”) near Lubumbashi in the DRC, which operates the Ruashi open pit mine producing Cu and Co (the “Ruashi Mine”); An 85% shareholding in Chibuluma Mines plc (“Chibuluma”), near Kitwe in Zambia, which has the operating Chibuluma South underground mine producing Cu and the nearby Chifupu Project which forms part of the Chibuluma South licence. Chibuluma also holds a prospecting licence for the Chibuluma Central property; Through its effective stake in Kinsenda Copper Company sarl (“KICC”), a 77% shareholding in the Kinsenda Copper Project (“Kinsenda”), which is a brownfields underground mine under construction in the DRC; Via Ruashi Holdings and Ruashi Mining, an indirect 75% shareholding in the Musonoi Cu/Co Project (“Musonoi”, also referred to as the Dilala East Project), near Kolwezi in the DRC, where a feasibility study is in progress; and Through its effective stake in KICC, a 77% shareholding in the Lubembe Copper Project (“Lubembe”), where a pre-feasibility study is in progress. The title and rights to the Mineral Assets are summarised in Table ES1. Table ES1: Metorex – summary of mineral rights Area Licence Type of Title Valid from Expiry Date Commodity (ha) Ruashi PE578 Exploitation Permit 900 26 Sep 2001 25 Sep 2021 Cu, Co, base and precious metals PE11751 Exploitation Permit 420 11 Dec 2009 10 Dec 2039 Cu, Co, base and precious metals Chibuluma 7064-HQ-LML Large-scale Mining 4 895 6 Oct 1997 5 Oct 2022 Cu, Co, base and precious metals Chibuluma West Licence 7065-HQ-LML Large-scale Mining 1 120 6 Oct 1997 5 Oct 2022 Cu, Co, base and precious metals Chibuluma South Licence 17314HQ-LPL Large scale Chibuluma 9 300 1 Feb 2013 31 Jan 2015 Cu, Co, Ni, Zn, Au Prospecting licence Central Kinsenda PE101 Exploitation Permit 4 928 6 Oct 2006 5 oct 2021 Cu, Co, Pb, Ni, Pd, W PE12458 Exploitation Permit 5 695 10 Mar 2012 9 Mar 2042 Cu, Co, Ag, Ni, Pt, Au Musonoi PE13083 Exploitation Permit 324 4 Dec 2012 3 Apr 2024 Cu, Co, Ni and Au Lubembe PE330 Exploitation Permit 2 338 29 Jan 2002 28 Jan 2017 Cu, Co, Pb, Ni, Pd, W V - 2 APPENDIX V COMPETENT PERSON’S REPORT AND VALUATION REPORT The Mineral Assets are located in the DRC and Zambia within the Central African Copperbelt. ES3 Overview of Mineral Assets [18.05(3), SR1.2, SV2.3] Ruashi Mine – an open cast mine, processing approximately 1.4 Mtpa of RoM ore through a SX/EW processing plant, producing on average 38.5 ktpa of LME A-grade copper cathode and 4.5 ktpa of cobalt salt; Chibuluma Mine – an underground mine processing approximately 600 ktpa of RoM ore, producing a copper concentrate containing on average 16 ktpa of payable copper; Kinsenda Project – a brownfields underground project, which is planned to commence operations in 2015 at a processing rate of approximately 600 ktpa, producing sulphide and oxide concentrates which are expected to yield on average 24 ktpa of payable copper; Musonoi Project – a feasibility study for an underground mine is underway, scheduled to be completed in 2013. Planned plant feed is 70 ktpm, producing sulphide and oxide concentrates; Lubembe Project – a feasibility study for an open cast mine is underway, scheduled for completion in 2014. Planned plant feed through a SX/EW plant is 3.6 Mtpa, to produce LME-A grade copper cathode. ES4 Material Change Statement [18.05(2), SV2.9] Based on information provided by the Company, no material change has occurred since the Effective Date to the resource and reserve statements or the values for the Mineral Assets at the date of publication of this CPVR (the “Publication Date”). ES5 Legal Claims or Proceedings [18.05(4)] SRK has been advised by the Company, its legal advisors and Metorex that there are no legal claims or proceedings which could influence Metorex’s rights to explore and/or mine at the Mineral Assets. ES6 Requirement and Reporting Standard [18.29(1)(c), 18.34(1)] The reporting standard adopted for the reporting of the Mineral Resources and Mineral Reserves for the Mineral Assets is the 2007 Edition of “The South African Code for the Reporting of Exploration Results, Mineral Resources and Mineral Reserves (The SAMREC Code)” as prepared by the South African Mineral Resource Committee Working Group under the auspices of the Southern African Institute for Mining and Metallurgy (“SAIMM”) and the Geological Society of South Africa (“GSSA”). The SAMREC Code is an international reporting code that is acceptable to the Listing Rules [Rule 18.29(1)(c)]. The reporting standard adopted for the reporting of the values for the Mineral Assets is the 2008 Edition of “The South African Code for the Reporting of Mineral Asset Valuation (The SAMVAL Code)”, as prepared by the South African Mineral Asset Valuation Working Group under the auspices of the SAIMM and the GSSA. The SAMVAL Code is an international valuation code that is acceptable to the Listing Rules [Rule 18.34(1)]. ES7 Reliance on SRK [18.21, 18.23] The CPVR is addressed to and may be relied upon by the Company, the Directors of the Company and the Company’s various financial, legal and accounting advisors (the “Advisors”) in support of the Proposed Transaction, specifically in respect of compliance with the requirements of the Listing Rules. SRK agrees that the CPVR may be made available to and relied upon by the Advisors. SRK is responsible for the CPVR and for all the technical information in the circular released by the Company in connection with the Proposed Transaction and dated the same date as the CPVR (the “Circular”) that has been extracted from this CPVR. SRK declares that it has taken all reasonable care to ensure that this CPVR and the technical information extracted from it and included in the Circular is, to the best of its knowledge, in accordance with the facts and contains no omission likely to affect its import. V - 3 APPENDIX V COMPETENT PERSON’S REPORT AND VALUATION REPORT SRK has no obligation or undertaking to advise any person of any development in relation to the Mineral Assets which comes to its attention after the date of the CPVR or to review, revise or update the CPVR or opinion in respect of any such development occurring after the date of the CPVR. The Competent Person (CP) with overall responsibility for the CPVR and who has reviewed the Mineral Reserve estimates as reported by Metorex, is Mr Roger Dixon PrEng (Engineering Council of SA), who is Chairman and Corporate Consultant with SRK. Mr Dixon holds a BSc(Hons) degree in mining and is a Honorary Life Fellow of the SAIMM, which is a “Recognised Professional Organisation” (“RPO”) as defined in Chapter 18 of the Listing Rules. Mr Dixon is a mining engineer with 40 years’ experience in the mining industry, specialising in engineering studies, due diligence audits and mine valuation, and has supervised numerous engineering studies and due diligence reviews in Southern Africa and internationally during the past 10 years. He has had specific experience in Cu and Cu/Co projects in Zambia and the DRC for more than 10 years. The CP who has reviewed the Mineral Resource estimates as reported by Metorex, is Mr Victor Simposya PrSciNat (South African Council of Natural and Scientific Professionals), a Member of the SAIMM, and a Partner with SRK with 32 years’ experience in the mining industry. Mr Simposya holds a BSc (Min.Sci.) degree in geology from the University of Zambia and a MSc (Mining) from Montana Tech in Butte, Montana. He is a resource geologist who specialises in orebody computer modelling and geostatistical modelling, and has undertaken numerous mineral resource estimations and audits in Southern Africa and internationally during the past 10 years. Mr Simposya has more than 30 years’ experience of the geology and resource estimation of Cu/Co projects in the Zambian and DRC Copperbelt.