Resources & Reserves as at 31 December 2014

Contents

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About this report 2 Definitions 4 Metals and Minerals: Copper 5 Zinc 16 Nickel 29 Ferroalloys 34 Iron ore 40 Energy Products: Coal 44 Oil 64

About this report

“We report our resources and reserves in accordance with the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), the 2007 edition (as amended July 2009) of the South African Code for Reporting of Mineral Resources and Mineral Reserves (SAMREC), the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves (2014 edition) and the Petroleum Resources Management System (PRMS) for reporting oil and natural gas reserves and resources.”

Overview Zinc The resource and reserve data in the following tables are The Zinc Mineral Resource and Ore Reserve Statement at as at 31 December 2014, unless otherwise noted. For 31 December 2014 has been compiled in accordance with comparison purposes, data for 2013 has been included. the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Metric units are used throughout. Code).

All data is presented on a 100% asset basis, with the The term ‘Ore Reserves’, as defined in Clause 28 of the Glencore attributable percentage shown against each JORC Code, has the same meaning as ‘Mineral Reserves’ asset, with the exception of Oil assets which are shown on as defined in The Canadian Institute of Mining, Metallurgy a working interest basis. and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves. All tonnage information has been rounded to reflect the relative uncertainty in the estimates; there may therefore The Mineral Resource and Ore Reserve statements have be small differences in the totals. been reviewed and the relevant data extracted and compiled by Ignacio Seebold, Glencore Zinc (ICOG- The Measured and Indicated Mineral Resources are EurGeol). reported inclusive of those resources modified to produce reserves, unless otherwise noted. Nickel The majority of the resources and reserves estimates are Commodity prices and exchange rates used to establish prepared in accordance with the Canadian Institute of the economic viability of reserves are based on long-term Mining, Metallurgy and Petroleum (CIM) Definition forecasts applied at the time the reserve was estimated. Standards on Mineral Resources and Mineral Reserves, adopted by CIM Council on 10 May 2014, and the CIM Where resources and reserves have not been updated, on Estimation of Mineral Resources and Mineral Reserves the basis that the information has not materially changed Best Practice Guidelines, adopted by CIM Council on 23 since it was reported under JORC 2004, this information November 2003, have been compiled using geo-statistical has not been updated to comply with the JORC code 2012. and/or classical methods, plus economic and mining Reference is given in the report where this is the case. parameters appropriate to each project.

Copper The resources and reserves estimates at Murrin Murrin Copper has adopted the 2012 Australasian Code for and Cosmos in Australia have been prepared in Reporting of Exploration Results, Mineral Resources and accordance with the 2012 Australasian Code for Reporting Ore Reserves (JORC Code) as its standard for all public of Exploration Results, Mineral Resources and Ore reports of exploration results, Mineral Resources and Ore Reserves (JORC Code). Reserves. The Mineral Resource and Ore Reserve estimates are The Mineral Resources and Ore Reserves Statement has compiled and verified by Chester Moore, P. Eng., P. Geo., been compiled in accordance with the JORC Code. consultant with Roscoe Postle Associates an external auditor for Nickel. The Mineral Resources and Ore Reserves statements for Australia and Asia have been reviewed and the relevant Ferroalloys data extracted and compiled by Jason Hosken, Glencore South African chromite, vanadium and PGM’s (platinum Copper. group metals) resources and reserves in this report were prepared in accordance with the 2012 Australasian Code The Mineral Resources and Ore Reserves statements for for Reporting of Exploration Results, Mineral Resources each African and South American operation and project and Ore Reserves (JORC Code). have been reviewed, with the data being extracted and compiled by the respective competent person for each The Chromite, Vanadium and PGM’s Mineral Resource operation and project. and Ore Reserve Statement at 31 December 2014 is based on the Glencore Ferroalloys “Procedure for the Estimation of Mineral Resources and Ore Reserves”. Definitions of all the terms used in this report can be found in the relevant code.

2 Glencore - Resources & Reserves Report 2014 About this report

The Mineral Resource and Ore Reserve statements have Resource Tonnage Range Rounding been reviewed and the relevant data extracted and Classification compiled by Pieter-Jan Gräbe, Glencore Ferroalloys < 10 Mt 1 significant figure (SACNASP). 10 Mt - 30 Mt 2 significant figures Measured Iron Ore + 30 Mt - 100 Mt Nearest 5 Mt Indicated Iron ore Resources and Reserves have been compiled in > 100 Mt 2 significant figures accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore >1000 Mt Nearest 50 Mt Reserves (JORC Code), unless otherwise stated in the < 100 Mt Nearest 10 Mt notes for a particular resource and reserve. Inferred 100 Mt - 400 Mt Nearest 50 Mt

The Mineral Resource and Ore Reserve statements have > 400 Mt Nearest 100 Mt been reviewed and the relevant data extracted and compiled by Nick Brett, Glencore Iron Ore. Coal Reserves are rounded to the same assumptions as Measured and Indicated Coal Resources above. Individual Coal tonnage assessments are added to show Group or Australian, Canadian and Colombian (Prodeco) Coal Complex tonnages and geographical accumulations. Resources and Reserves have been prepared in These are not subjected to further rounding. accordance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore The Coal Resource and Coal Reserve statements have Reserves (JORC Code). been reviewed and the relevant data extracted and compiled by Jeff Gerard, Glencore Coal. South African and Colombian (Cerrejón) Coal Resources and Reserves have been prepared in accordance with Oil 2007 edition (as amended July 2009) of the South African Oil and natural gas resources and reserves have been Code for Reporting of Mineral Resources and Mineral prepared in accordance with the PRMS jointly published by Reserves (SAMREC). the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists The Coal Reserve and Coal Resource Statements as at 31 and the Society of Petroleum Evaluation Engineers, as December 2014 conform to the requirements of these amended. Codes and are consistent with Glencore Coal’s internal Resource and Reserve Estimation and Reporting The Equatorial Guinea Oil Reserves statement has been Standard. reviewed and the relevant data extracted and compiled by Gaffney, Cline & Associates (GCA). Coal resources have been estimated for all coal seams that have reasonable prospects for eventual economic The Chad Oil Reserves statement has been reviewed and extraction by open cut or underground mining methods the relevant data extracted and compiled by McDaniel & within mining leases or exploration licences. In general, Associates (McDaniel). coal resources are reported within a geoshell limited by the areal and depth extent of the drill holes; i.e. there is very The Oil Resources statements for Equatorial Guinea, Chad little inclusion of coal resources extrapolated beyond the and Cameroon have been reviewed and the relevant data extent of the geological data. extracted and compiled by Glencore.

Coal Resources are excluded from those areas where the Competent/Qualified Persons seam has been extracted or sterilised by mining. Resource and Reserve estimates are based on information compiled by Competent Persons (as defined by the JORC, Coal Resources do not include out-of-seam dilution. SAMREC Codes), Qualified Persons (as defined by CIM Underground Coal Resources are typically reported on a Definition Standards for Mineral Resources and Mineral full seam or working section basis, and therefore may Reserves) and Adequately Qualified Persons (as defined contain thin stone bands within the seam. Coal Resources by PRMS). are reported on an in situ moisture basis. Each of the Competent/Qualified Persons has the All tonnage information has been rounded to reflect the appropriate professional membership and the relevant relative uncertainty in the estimates; there may therefore experience in relation to the Resources and/or Reserves be small differences in the totals. being reported by them to qualify as a Competent or Qualified Person as defined in the relevant code or The following table summarises the data rounding standard. Each has consented to the inclusion of their assumptions for Coal Resources. resource and reserve estimates in the form and context in which it appears in this report.

3 Glencore - Resources & Reserves Report 2014 Definitions

Throughout this report, the following abbreviations and definitions have been used:

3PGE Three Platinum Group Elements (Platinum, Palladium and Rhodium) AIG Australian Institute of Geoscientists APEGBC Association of Professional Engineers and Geoscientists of BC APEGGA Association of Professional Engineers Geologists and Geophysicists of Alberta APEGNB Association of Professional Engineers and Geoscientists of New Brunswick APEO Association of Professional Engineers of Ontario APGO Association of Professional Geoscientists of Ontario AusIMM Australasian Institute of Mining and Metallurgy CIM Canadian Institute of Mining, Metallurgy and Petroleum CV (kcal/kg) Calorific Value, kilo calories per kilogramme DTC Davis Tube Concentrate ECSA Engineering Council of South Africa EL Exploration Licence FPSO Floating production, storage and offloading GEOSHELL A broad envelope limited by the depth and areal extent of geological data points (primarily drill holes) GSL Geological Society of London ICOG-EurGeol Ilustre Colegio Oficial de Geólogos – European Geologist JORC Joint Ore Reserves Committee kt Thousand tonnes LOM Life of Mine LOX Limit of Oxidation LOZ Lower Oxidised Zone OC Open cast or Open cut OGQ Ordre des Géologues du Québec OIQ Ordre des Ingénieurs du Québec MR Mineral Resources Mt Million tonnes NSR Net Smelter Return OR Ore Reserves PLATO South African Council for Professional and Technical Surveyors PRMS Petroleum Resources Management System ROM Run of Mine SACNASP The South African Council for Natural Scientific Professions SAMREC South African Code for Reporting of Mineral Resources and Mineral Reserves tpd Tonnes per day UG Underground UG2 Upper Group 2 Reef VMS Volcanogenic Massive Sulphide Marketable Coal Reserves (CIM and JORC) and Saleable Coal Reserves (SAMREC) are the tonnage and coal quality that will be available for sale, either in the raw ROM state at specific moisture content or after beneficiation of the ROM coal reserve has produced materials at specified qualities, moisture contents and size ranges. Definitions of all the terms used in this report can be found in the relevant codes.

4 Glencore - Resources & Reserves Report 2014 Metals and Minerals Copper

African Copper Mineral Resources (Katanga, Mutanda, Mopani) Measured Mineral Indicated Mineral Measured and Inferred Name of Attributable Mining Resources Resources Indicated Resources Mineral Resources Competent operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 person Katanga Kamoto 56.4% UG (Mt) 26.8 28.7 32.9 32.9 59.7 61.6 11.0 11.0 CS Copper (%) 4.48 4.41 4.78 4.78 4.65 4.61 5.00 5.00 Cobalt (%) 0.59 0.58 0.58 0.58 0.58 0.58 0.59 0.59 T17 (OC&UG) 56.4% (Mt) 4.2 4.3 9.4 9.4 13.6 13.7 5.2 5.2 CS UG/OC Copper (%) 2.66 2.68 4.44 4.44 3.89 3.89 4.21 4.21 Cobalt (%) 0.51 0.52 0.65 0.65 0.61 0.61 0.98 0.98 Mashamba 56.4% OC (Mt) – – 75.0 75.0 75.0 75.0 65.3 65.3 CS East Copper (%) – – 1.80 1.80 1.80 1.80 0.76 0.76 Cobalt (%) – – 0.38 0.38 0.38 0.38 0.10 0.10 KOV OC, 56.4% OC (Mt) – – 110.6 113.5 110.6 113.5 68.9 69.4 CS KOV UG, Copper (%) – – 5.37 5.41 5.37 5.41 3.59 3.58 KTE Cobalt (%) – – 0.41 0.42 0.41 0.42 0.32 0.32 Kananga 56.4% (Mt) – – 4.1 4.1 4.1 4.1 4.0 4.0 CS Copper (%) – – 1.61 1.61 1.61 1.61 2.00 2.00 Cobalt (%) – – 0.79 0.79 0.79 0.79 0.98 0.98 Tilwezembe 56.4% (Mt) – – 9.5 9.5 9.5 9.5 13.8 13.8 CS Copper (%) – – 1.89 1.89 1.89 1.89 1.75 1.75 Cobalt (%) – – 0.60 0.60 0.60 0.60 0.60 0.60 Total Katanga (Mt) 31 33 242 244 273 277 168 169 Copper (%) 4.23 4.18 3.94 3.98 3.98 4.00 2.4 2.4 Cobalt (%) 0.58 0.57 0.45 0.45 0.46 0.47 0.3 0.3 Mutanda Mutanda 69.0% OC (Mt) 177.5 140.6 122.1 143.3 299.6 283.9 149.8 175.9 CS South Copper (%) 1.83 1.99 1.38 1.28 1.65 1.63 1.05 0.92 Cobalt (%) 0.62 0.51 0.57 0.46 0.60 0.48 0.42 0.29 Mutanda 69.0% OC Mt 48.1 48.1 29.1 29.1 77.2 77.2 58.9 58.9 CS North Copper (%) 0.73 0.73 0.51 0.51 0.65 0.65 0.48 0.48 Cobalt (%) 0.34 0.34 0.14 0.14 0.26 0.26 0.08 0.08 Total Mutanda (Mt) 226 189 151 172 377 361 209 235 Copper (%) 1.60 1.67 1.21 1.15 1.45 1.42 0.9 0.8 Cobalt (%) 0.56 0.47 0.49 0.41 0.53 0.43 0.3 0.2 Mopani Nkana 73.1% UG (Mt) 143.8 141.7 46.2 43.5 190.0 185.2 47.9 45.8 CS Sulphides Copper (%) 2.08 2.09 1.87 1.91 2.03 2.05 1.86 1.82 Cobalt (%) 0.11 0.10 0.12 0.12 0.11 0.10 0.13 0.13 Nkana 73.1% UG/OC (Mt) 9.0 8.7 0.9 2.0 9.9 10.7 0.9 0.3 CS Oxides Total copper (%) 2.30 2.37 2.58 1.85 2.33 2.27 1.92 1.72 Acid soluble copper (%) 1.27 1.42 1.53 1.11 1.29 1.36 0.89 1.10 Cobalt (%) 0.03 0.12 0.01 0.10 0.03 0.12 0.01 0.10 Nkana 73.1% (Mt) – – 5.7 5.7 5.7 5.7 0.8 0.8 CS Tailings Total copper (%) – – 0.71 0.71 0.71 0.71 0.94 0.94 Dump Acid soluble copper (%) – – 0.47 0.47 0.47 0.47 0.66 0.66 Cobalt (%) – – 0.07 0.07 0.07 0.07 0.07 0.07 Mufulira 73.1% UG (Mt) 21.1 22.0 9.2 9.0 30.3 31.0 34.3 34.3 CS Sulphides Copper (%) 2.49 2.55 2.55 2.61 2.51 2.57 2.46 2.46 Mufulira 73.1% UG (Mt) 7.0 7.2 1.5 1.8 8.5 9.0 0.9 1.1 CS Oxides Total copper (%) 1.35 1.38 1.08 1.09 1.31 1.32 1.11 1.23 Acid soluble copper (%) 0.80 0.80 0.63 0.61 0.77 0.76 0.59 0.63 Mufulira 73.1% (Mt) 3.0 3.0 1.8 1.8 4.9 4.8 1.3 1.3 CS Surface Total copper (%) 1.81 1.81 1.80 1.80 1.81 1.81 1.76 1.76 Acid soluble copper (%) 0.50 0.50 0.48 0.48 0.49 0.49 0.39 0.39 Total Mopani (Mt) 184 183 65 64 249 246 86 84 Copper (%) 2.11 2.13 1.85 1.87 2.04 2.06 2.1 2.1 Cobalt (%) 0.09 0.08 0.09 0.09 0.09 0.08 0.1 0.1

5 Glencore - Resources & Reserves Report 2014 Metals and Minerals Copper

African Copper Ore Reserves (Katanga, Mutanda, Mopani) Name of Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 person Katanga Kamoto 56.4% UG Ore (Mt) 15.3 11.5 11.6 17.4 27.0 28.9 JL Copper (%) 3.52 3.40 3.47 3.53 3.50 3.48 Cobalt (%) 0.56 0.72 0.53 0.45 0.54 0.56 T17 (OC & UG) 56.4% UG/OC Ore (Mt) 2.2 – 9.1 11.1 11.3 11.1 JL Copper (%) 3.42 – 3.7 3.49 3.65 3.49 Cobalt (%) 0.54 – 0.64 0.61 0.62 0.61 Mashamba East 56.4% OC Ore (Mt) – – 5.9 5.9 5.9 5.9 JL Copper (%) – – 3.00 3.00 3.00 3.00 Cobalt (%) – – 0.36 0.36 0.36 0.36 KOV OC, 56.4% OC Ore (Mt) – – 43.8 48.9 43.8 48.9 JL KOV UG, KTE Copper (%) – – 4.56 4.49 4.56 4.49 Cobalt (%) – – 0.44 0.42 0.44 0.42 Total Katanga (Mt) 18 12 70 83 88 95 Copper (%) 3.51 3.40 4.14 4.05 4.01 3.97 Cobalt (%) 0.56 0.72 0.47 0.45 0.49 0.48 Mutanda Mutanda South 69.0% OC Ore (Mt) 120.7 48.2 62.8 6.3 183.5 54.5 JL Copper (%) 2.01 3.30 1.53 2.20 1.84 3.18 Cobalt (%) 0.68 0.64 0.67 0.70 0.68 0.64 Stockpiles 69.0% Ore (Mt) 17.5 16.2 – – 17.5 16.2 JL Copper (%) 1.59 1.91 – – 1.59 1.91 Cobalt (%) 1.08 1.41 – – 1.08 1.41 Total Mutanda (Mt) 138 64 63 6 201 71 Copper (%) 1.96 2.95 1.53 2.20 1.82 2.89 Cobalt (%) 0.73 0.83 0.67 0.70 0.71 0.82 Mopani Nkana Sulphides 73.1% UG Ore (Mt) 102.4 96.1 21.2 18.6 123.5 114.7 JL Copper (%) 1.89 1.92 1.79 1.84 1.87 1.91 Cobalt (%) 0.09 0.09 0.09 0.11 0.09 0.10 Nkana Oxides 73.1% UG/OC Ore (Mt) 5.1 4.4 5.7 6.1 10.8 10.5 JL Total copper (%) 2.83 2.17 0.81 0.83 1.76 1.39 Acid soluble copper (%) 1.62 1.41 0.55 0.52 1.05 0.89 Cobalt (%) 0.11 0.1 0.07 0.08 0.09 0.09 Mufulira Sulphides 73.1% UG Ore (Mt) 12.2 14.0 4.8 5.1 17.0 19.1 JL Copper (%) 2.15 2.20 2.21 2.27 2.17 2.22 Mufulira Oxides 73.1% UG Ore (Mt) 0.6 1.3 0.1 0.1 0.6 1.4 JL Total copper (%) 1.05 1.30 1.01 1.01 1.04 1.28 Acid soluble copper (%) 0.56 0.80 0.55 0.74 0.56 0.80 Total Mopani (Mt) 120 116 32 30 152 146 Copper (%) 1.95 1.96 1.68 1.70 1.89 1.91 Cobalt (%) 0.08 0.08 0.07 0.08 0.08 0.09

6 Glencore - Resources & Reserves Report 2014 Metals and Minerals Copper

Notes Katanga: Remaining life of mine: expected to be in excess of Mopani: Remaining life of mine: 26 years for Nkana and 12 20 years. Expiry date of relevant permits: 7 May 2022 for years for Mufulira. Expiry date of relevant mining/ the Kananga Extension and 3 April 2024 for all remaining concession licences: 31 March 2025 for both of these permits (KTO and Mashamba East Open Pit, T-17 Open mines. Pit, KOV Open Pit, Kananga Mine), renewable in Within the Nkana mining area there are four underground accordance with the DRC mining code for a period of 15 mines and a series of open pits with three being years. operational (C, K and Nose). C open pit and Mindola Glencore owns 75.2% of Katanga Mining, which in turn Mines operations are situated on the eastern limb of the owns 75% of Kamoto Copper Company SARL (‘KCC’). Nkana Syncline. Area K and Nose open pits, Central and KCC owns the material assets, including the mining and SOB operations are in other structures within the Nkana exploration rights related to the mining assets. La Syncline. Cupriferous Oxide zones are present in the Generale des Carrieres et des Mines and La Société Nose and southwest limb of the syncline. The orebodies Immobilière du Congo, which are state-owned mining are stratiform and are mainly confined to a recognisable companies in the DRC, own the other 25% of KCC. ore formation, which occurs near the base of the Katangan sequence within the Lower Roan Group of the With the exception of Tilwezembe, primary mineralisation, Mine Series. In the underground workings, the principal in the form of sulphides, within the Lower Roan is copper ore minerals are chalcopyrite and bornite with associated with the Stratified Dolomite and Silicified subordinate chalcocite. There is a zoning in the Rocks for the Orebody Inferior and the Basal Schists and geographical distribution of these minerals. Cobalt occurs Upper Dolomitic Shales for the Orebody Superior and is as carrollite and cobaltiferious pyrite. In the open pits, the thought to be sys-sedimentary in origin. Typical primary principal ore minerals are malachite, pseudomalchite, copper sulphide minerals are bornite, chalcopyrite, chrysocolla, native copper, cuprite and libethenite in the chalcocite and occasional native copper while cobalt is in zone of oxidation closer to the surface. In some places the form of carrolite. The mineralisation occurs as however, vermiculite, malachite pseudomalachite and disseminations or in association with hydrothermal accessory wad are more important. At deeper levels carbonate alteration and silicification. chalcopyrite, bornite and chalcocite are predominantly The mineralisation at Tilwezembe Mine is atypical being present. hosted by the Mwashya or R4 Formation. The In the Mufulira mining area, the Basement Complex mineralisation generally occurs as infilling of fissures and topography appears to have exerted a significant open fractures associated with the brecciation. The typical structural control during deformation. The distribution of copper minerals are mainly chalcopyrite, malachite and ore minerals in all three orebodies is stratigraphically pseudomalachite while cobalt is in the form of controlled, occurring dominantly as disseminations, blebs heterogenite, carrolite and spherocobaltite. Manganese and irregular masses. The principal copper minerals are minerals are psilomelane and manganite. chalcopyrite (60%), bornite (40%), and minor/trace Mutanda: Remaining mine life: estimated in excess of 15 chalcocite. Oxide minerals are confined to near surface years. Expiry date of relevant permits: 26 May 2022 for occurrences, and supergene enrichment zones. Generally Mutanda and 6 April 2022 for Ki-kolwezi, renewable in the deposit is structurally simple being characterised by accordance with the DRC mining code for periods of 15 three main folds that are in part overturned with a plunge years. Expiry date of relevant permit: 1 July 2022 for Area and dip approximately 10º to the northeast. The basin is 1, Area 2 (East and West), Area 3 and Kabwimia, open and untested at depth. renewable in accordance with the DRC mining code for periods of 15 years. Competent persons CS = Christiano Santos Goncalves of Golder Associates, Following the completion of the Mutanda/Kansuki merger, (AusIMM). Kabwimia, Area 2E, Area 2W are consolidated as Mutanda North, while East, Central, Central North West, JL = Jacobus Lotheringen of Ukwazi Mining Solutions Pty Area 1 & Area 3 are consolidated as Mutanda South. Limited, working with Golder Associates, (SAIMM, Pr.Eng.). Drilling undertaken in Mutanda South (East & Area 1) during 2012 to 2014 provided an increased level of geological knowledge and confidence in the resource, resulting in both an increase in the reserve and a movement between resource categories. The main copper oxide minerals present are malachite and pseudomalachite and the main cobalt mineral is heterogenite. Carollite is the main Cobalt Sulphide mineral. There are no stockpile resources over and above those shown as reserves and hence these are not presented separately.

7 Glencore - Resources & Reserves Report 2014 Metals and Minerals Copper

Collahuasi Mineral Resources Measured Mineral Indicated Mineral Measured and Inferred Name of Attributable Mining Resources Resources Indicated Resources Mineral Resources Competent operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 person Collahuasi 44% OC Sulphide (Mt) 681 645 4,136 4,104 4,818 4,749 5,030 4,940 LA Copper (%) 0.82 0.84 0.82 0.82 0.82 0.82 0.80 0.80 Molybdenum (%) 0.019 0.020 0.022 0.023 0.022 0.022 0.020 0.020 Oxide & Mixed (Mt) 31 26 47 25 78 51 30 30 LA Copper (%) 0.67 0.64 0.61 0.64 0.63 0.64 0.50 0.60 Total Collahuasi (Mt) 712 671 4,183 4,129 4,896 4,800 5,060 4,970 Copper (%) 0.81 0.83 0.82 0.82 0.82 0.82 0.8 0.8 Molybdenum (%) 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02

Collahuasi Ore Reserves Name of Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 person Collahuasi 44% OC Sulphide (Mt) 464 451 2,753 2,821 3,217 3,272 MQ Copper (%) 0.97 1.00 0.78 0.80 0.80 0.83 Molybdenum (%) 0.027 0.028 0.017 0.017 0.018 0.019 Oxide & Mixed (Mt) 18 - 20 7 38 7 MQ Copper (%) 0.67 - 0.73 0.57 0.70 0.57 Total Collahuasi (Mt) 482 451 2,773 2,828 3,255 3,279 Copper (%) 0.96 1.00 0.78 0.80 0.80 0.83 Molybdenum (%) 0.03 0.03 0.02 0.02 0.02 0.02

Notes Collahuasi: The Collahuasi district is located in northern Ore Reserves estimates are based only on Measured and Chile, Tarapacá Region, and hosts large copper- Indicated Mineral Resources, optimized mine plans and molybdenum porphyry-type deposits: Ujina, Rosario, and meet minimum operational cut-off requirements. The Ore peripheral vein deposits such as Rosario Oeste and Reserves include all Proved and Probable Reserves Rosario Sur. Sulphides as chalcopyrite, bornite, and to a falling above the breakeven cut-off grade. The resources lesser extent chalcosite, are the main copper minerals at model and optimized pit shells incorporate dilution; Ujina and Rosario. At Rosario Oeste, supergene therefore no additional dilution factors were required for chalcosite is the main copper mineral. Rosario Sur is a conversion from Mineral Resources to Ore Reserves. small oxide-bearing deposit, mainly chrysocolla. Both Mineral Resources and Ore Reserves include Collahuasi is mined by open cut methods. The Rosario estimates of stockpile material at time of reporting. orebody is the main source of mineral for the current Material included in stockpile is periodically verified and Collahuasi operation. Mineral Resources for Rosario, re-evaluated through drilling, trenching, and sampling. Ujina, Rosario Oeste and Rosario Sur have been Stockpile material from Rosario and Ujina pits have been classified into Measured, Indicated and Inferred downgraded to Probable Ore Reserves and Indicated categories based on minimum search radius constraints Mineral Resources. and drill hole spacing. Mineral Resources are reported Collahuasi has a life of mine of 70 years, 2015 to 2084, within the constraints of optimized pit shells. Mineral according to the life-of-mine plan developed in 2014. Resources and Ore Reserves have been updated on the basis of new drilling information, updated geological- Competent persons geostatistical models, modifying factors and adjustments LA = Luis Aedo, Employee of Compania Minera Dona Ines de to metal prices forecast. The 55 Mt of ore production in Collahuasi (AusIMM). 2014 is depleted from the reported Ore Reserves, as stated at the end of 2013. MQ = Mario Quiñones, Employee of Compania Minera Dona Ines de Collahuasi (AusIMM).

8 Glencore - Resources & Reserves Report 2014 Metals and Minerals Copper

Antamina Mineral Resources Measured Mineral Indicated Mineral Measured and Inferred Mineral Name of Attributable Mining Resources Resources Indicated Resources Resources Competent operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 person Antamina 33.75% OC Sulphide Cu (Mt) 188 185 514 523 702 708 770 630 LC Copper (%) 0.88 0.87 0.89 0.86 0.89 0.86 0.80 0.70 Zinc (%) 0.14 0.13 0.16 0.15 0.15 0.14 0.10 0.10 Silver (g/t) 7.9 7.7 8.3 8.0 8.2 7.9 9.0 7.4 Molybdenum (%) 0.034 0.034 0.027 0.025 0.029 0.027 0.023 0.020 Sulphide Cu-Zn (Mt) 86 71 348 312 434 383 510 400 LC Copper (%) 0.95 0.99 0.87 0.92 0.89 0.93 0.90 0.90 Zinc (%) 1.95 1.73 1.89 1.73 1.90 1.73 1.50 1.40 Silver (g/t) 16.0 15.6 14.3 14.3 14.6 14.5 15.0 15.0 Molybdenum (%) 0.012 0.012 0.009 0.007 0.010 0.008 0.008 0.005 Total Antamina (Mt) 274 256 862 835 1,136 1,091 1,280 1,030 Copper (%) 0.90 0.90 0.88 0.88 0.89 0.88 0.8 0.8 Zinc (%) 0.71 0.57 0.86 0.74 0.82 0.70 0.7 0.6 Silver (g/t) 10.4 9.9 10.7 10.4 10.6 10.2 11 10 Molybdenum (%) 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.01 Antamina Ore Reserves Name of Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 person Antamina 33.75% OC Sulphide Cu (Mt) 145 147 231 282 376 429 LM Copper (%) 1.00 0.98 0.97 0.97 0.98 0.97 Zinc (%) 0.15 0.14 0.18 0.17 0.17 0.16 Silver (g/t) 8.6 8.5 8.0 8.6 8.2 8.5 Molybdenum (%) 0.035 0.034 0.032 0.029 0.033 0.031 Sulphide Cu-Zn (Mt) 65 54 206 210 271 264 LM Copper (%) 1.07 1.14 0.83 0.91 0.89 0.96 Zinc (%) 2.24 1.97 2.06 1.85 2.10 1.87 Silver (g/t) 17.1 17.4 13.1 14.0 14.1 14.7 Molybdenum (%) 0.010 0.008 0.008 0.007 0.008 0.007 Total Antamina (Mt) 210 201 437 492 647 693 Copper (%) 1.02 1.02 0.90 0.94 0.94 0.97 Zinc (%) 0.80 0.63 1.07 0.89 0.98 0.81 Silver (g/t) 11.2 10.9 10.4 10.9 10.7 10.9 Molybdenum (%) 0.03 0.03 0.02 0.02 0.02 0.02

Notes Antamina: Antamina is a polymetallic (copper, zinc and statement considers only Measured and Indicated Mineral molybdenum predominate) skarn deposit resulting from Resources; all Inferred Mineral Resources within this pit complex multiple intrusive events. Copper mineralization has been treated as waste. The cut-off grade for the Ore occurs mainly as chalcopyrite except for some areas of Reserves estimate varies by year in an effort to maximize bornite, representing approximately 5% of the deposit. the net present value of the life-of-mine. Ore Reserves Zinc mineralization generally occurs as sphalerite. Other are limited to the current operation tailings dam capacity. significant sulphide minerals include molybdenite and The total Sulphide Ore Reserves (Cu and Cu-Zn) pyrite, while trace amounts of numerous silver and decreased 46 Mt, primarily due to depletion during 2014. bismuth bearing minerals and local areas of galena (lead sulphide) are also found within the deposit. Antamina has an approved life of mine plan of 14 years (2015-2028), based on Ore Reserves. Operating permits The Mineral Resource classification is based on geologic are valid until the end of the life of mine. risk factors (proportion of breccia indicator), geologic continuity (intrusive, endoskarn and exoskarn-waste) and Competent persons drill hole spacing. The Antamina deposit is sufficiently well LC = Lucio Canchis, Employee of Compania Minera Antamina drilled to support the classification criteria. S.A. (AusIMM). Ore Reserves results were developed during the mine LM = Luis Mamani, Employee of Compañia Minera Antamina planning process in 2014, which is based on the end of S.A. (AusIMM). year 2014 topography projection. The life-of-mine plan, and subsequent Ore Reserve estimation used for this

9 Glencore - Resources & Reserves Report 2014 Metals and Minerals Copper

Other South America Mineral Resources (Alumbrera, Lomas Bayas, Antapaccay, Punitaqui) Measured Mineral Indicated Mineral Measured and Inferred Mineral Name of Attributable Mining Resources Resources Indicated Resources Resources Competent operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 person Alumbrera Bajo El Durazno 50% OC (Mt) 7 – 30 13 37 13 104 108 FM Copper (%) 0.17 – 0.15 0.14 0.15 0.14 0.14 0.14 Gold (g/t) 0.37 – 0.37 0.40 0.37 0.40 0.37 0.38 Lomas Bayas Lomas Bayas I 100% OC Oxide & Mixed (Mt) 134 105 432 299 566 404 29 17 MR Copper (%) 0.36 0.36 0.26 0.25 0.28 0.28 0.20 0.20 Soluble Copper (%) 0.19 0.19 0.13 0.13 0.15 0.15 0.10 0.10 Lomas Bayas II OC Oxide & Mixed (Mt) 221 170 325 362 546 532 25 93 MR Copper (%) 0.30 0.34 0.24 0.24 0.26 0.27 0.10 0.10 Soluble Copper (%) 0.20 0.23 0.15 0.15 0.17 0.18 0.10 0.10 Lomas Bayas III OC Sulphide&Mixed (Mt) 17 15 431 320 448 335 433 550 MR Copper (%) 0.54 0.54 0.36 0.37 0.37 0.38 0.30 0.30 Oxide & Mixed (Mt) 1 11 58 160 59 171 26 40 Copper (%) 0.23 0.31 0.22 0.23 0.22 0.24 0.20 0.20 Antapaccay 100% OC (Mt) 238 208 502 527 740 735 160 190 HB Copper (%) 0.60 0.64 0.45 0.48 0.50 0.53 0.40 0.40 Gold (g/t) 0.13 0.14 0.09 0.10 0.10 0.12 0.10 0.10 Silver (g/t) 1.6 1.6 1.3 1.4 1.4 1.4 0.9 1.0 Molybdenum (%) 0.005 0.005 0.005 0.005 0.005 0.005 0.005 0.005 Coroccohuayco 100% OC (Mt) 9 – 240 180 249 180 80 110 HB Copper (%) 0.71 – 1.02 1.17 1.01 1.17 1.20 0.80 Gold (g/t) 0.08 – 0.11 0.13 0.11 0.13 0.10 0.10 Silver (g/t) 2.1 – 3.2 4.1 3.2 4.1 4.8 3.1 Punitaqui 100% UG (Mt) 4.15 3.0 3.8 2.0 8.0 5.0 2.0 8.0 CE Copper (%) 1.3 1.54 1.0 1.1 1.2 1.3 1.2 1.0 Silver (g/t) 5.8 9.3 2.0 5.0 4.0 7.3 1.0 2.0 Total Other South America (Mt) 631 512 2,022 1,863 2,653 2,375 859 1,116 Copper (%) 0.44 0.48 0.41 0.42 0.42 0.44 0.4 0.3 Gold (g/t) 0.05 0.06 0.04 0.04 0.04 0.05 0.1 0.1 Silver (g/t) 0.7 0.7 0.7 0.8 0.7 0.8 0.6 0.5

10 Glencore - Resources & Reserves Report 2014 Metals and Minerals Copper

Other South America Ore Reserves (Alumbrera, Lomas Bayas, Antapaccay, Punitaqui) Name of Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 person Bajo de la 50% OC Ore (Mt) 145 178 5 5 150 183 FM Alumbrera Copper (%) 0.33 0.35 0.25 0.26 0.33 0.35 Gold (g/t) 0.31 0.35 0.21 0.21 0.31 0.35 Molybdenum (%) 0.012 0.012 0.014 0.014 0.012 0.012 Bajo el Durazno 50% OC Ore (Mt) 5 – 3 – 8 – FM Copper (%) 0.19 – 0.18 – 0.19 – Gold (g/t) 0.41 – 0.36 – 0.39 – Lomas Bayas Lomas Bayas I 100% OC Oxide & Mixed (Mt) 73 61 115 113 188 174 MR Copper (%) 0.32 0.31 0.25 0.24 0.28 0.27 Soluble Copper (%) 0.19 0.19 0.15 0.15 0.17 0.16 Lomas Bayas II OC Oxide & Mixed (Mt) 209 162 233 275 442 437 MR Copper (%) 0.30 0.34 0.24 0.24 0.26 0.28 Soluble Copper (%) 0.21 0.23 0.15 0.16 0.18 0.19 Antapaccay 100% OC (Mt) 230 208 367 392 597 600 HB Copper (%) 0.61 0.64 0.47 0.51 0.52 0.56 Gold (g/t) 0.14 0.15 0.10 0.10 0.12 0.12 Silver (g/t) 1.6 1.6 1.4 1.4 1.5 1.5 Punitaqui 100% UG Ore (Mt) 2.73 2.0 1.83 1.0 4.6 3.0 CE Copper (%) 1.26 1.41 0.95 1.36 1.14 1.39 Silver (g/t) 5.96 9.6 2.60 7.7 4.6 8.7 Total Other South America (Mt) 665 611 725 786 1,390 1,397 Copper (%) 0.42 0.45 0.36 0.38 0.38 0.41 Gold (g/t) 0.12 0.15 0.05 0.05 0.09 0.10 Silver (g/t) 0.6 0.6 0.7 0.7 0.7 0.7

Notes eroded, deformed by faults and mineralized, resulting in a Bajo de La Alumbrera and Bajo El Durazno: “depressed geomorphological” with hydrothermal alteration known as “Bajo”. The Bajo de la Alumbrera copper-gold porphyry deposit is located in the Hualfin district, Belen department of the 21,645m of diamond drilling was completed between Catamarca province, in the Northwest region of Argentina. 2009 and 2014. Ore Reserves and Mineral Resources The orebody consists of primary sulphide mineralised ore figures are obtained using Ordinary Kriging interpolation which comprises disseminated, vein and fracture for Cu and Au. The size of the block in the geological controlled chalcopyrite in altered dacite and andesite host model (20x20x15) was based on geological criteria rocks, with minor chalcocite and covellite in the enriched stemming from the geological interpretation and the zone that surrounds the major faults. The major variations proposed drilling grid. from the 31 December 2013 published statement are a The Mineral Resources were estimated using a cut-off result of depletion due to mining and processing in 2014. 0.20 g/t for Au. Ore Reserves are based on a pit The Ore Reserves and Mineral Resources figures are optimization and are reported on an economic 0.30 g/t Au obtained using Ordinary Kriging interpolation within equivalent cut-off grade. geological constraints from an assay database comprising The major variations from the 31 December 2013 some 116,000m of diamond drilling and 15,000m of published statements are a result of incorporating data reverse circulation drilling. Ore Reserves are based on a from an additional 3,000m of diamond drilling as well as pit optimisation, and are reported using an economic developing an economic pit shell to convert Mineral 0.22% Cu equivalent cut-off grade. The economic cut-off Resources to Ore Reserves. is based on appropriate dilution factors and metallurgical recoveries. The Strip Ratio is 1.72 and defined as the in- Lomas Bayas (I) – Lomas Bayas (III): Lomas Bayas is a low pit tonnes of waste divided by the in-pit tonnes of ore. The grade Cu-Mo deposit resulting from the intrusion of life-of-mine is up to 2019. several porphyry and breccia systems that were later exposed to leaching and subsequent supergene The concession and permits of the operation/exploration enrichment and in situ oxidation. Green copper oxides, are valid to the end of the life of the mine. copper sulphates in various forms and less partially mixed There are no Mineral Resources additional to the current ores are the main source of ore for the existing SX/EW Ore Reserves statement. operation. The copper oxides-sulphate mineralisation is the basis of the Lomas Bayas Ore Reserves (Lomas The Bajo el Durazno deposit belongs to the mining Bayas I). district of Agua de Dionisio and is located 5km Northeast of Bajo de la Alumbrera deposit and 2km from Minera Mineral Resources and Ore Reserves estimation has Alumbrera’s concentrator plant. The deposit is located been completed using Ordinary Kriging on a block model within the Farallón Negro volcanic complex, which is that includes historic drill holes totalling 317,277m and sampled at 2m intervals. Ore Reserves are as of 31 11 Glencore - Resources & Reserves Report 2014 Metals and Minerals Copper

December 2014 using projected topography; operational The deposit geology model and Mineral Resources pit life-of-mine developed in 2014; cut-off grade Heap: estimate has been updated in 2014 using a drill hole 0.16 RCuH and ROM: 0.05% RCuH. The Lomas Bayas database that now includes more than 213,000m of total (III) Mineral Resources estimates sulphides in a pit shell drilling data. The major variations from the previous calculated using Measured, Indicated and Inferred Mineral published Mineral Resources statement are due to the Resources; Oxides-Mixed within this pit are also inclusion of new infill drilling to the updated geological considered Mineral Resources that will eventually feed model and block grade interpolate. The Ore Reserves are the SX/EW operation. for 18 years ending in 2032. Operation permits are valid until the end of the life of mine. The SX/EW operation plant has a current life of mine that extends to 2028; permits for the operation are valid to the Coroccohuayco: The Coroccohuayco copper–gold skarn end of the life of the mine. deposit is located 9km southeast of Tintaya. Together with Tintaya and Antapaccay this orebody is part of the Lomas Bayas (II): This low grade Cu deposit is located 2km Tintaya mineralised district. The main copper bearing south of Lomas I pit, in the same district and geological minerals are bornite, chalcopyrite and chalcocite. The environment as Lomas Bayas deposit. The main Coroccohuayco orebody is defined as a copper skarn difference is a larger presence of water soluble copper deposit, which consists of Cretaceous sedimentary rocks oxides and lower geotechnical rock quality. The Lomas II of the Ferrobamba and Mara formation intruded by block model includes historic drill holes totalling 122,723m monzonitic plutons of the Eocene–Oligocene and sampled at 2m intervals. Mineral Resources and Ore Andahuaylas–Yauri batholiths. The deposit geology Reserves estimation has been completed using Ordinary model and Mineral Resources estimate has been updated Kriging. Ore Reserves are as of 31 December 2014, in 2014. The major variations from the previous published considering: operational pit life-of-mine developed in Mineral Resources statement are due to the inclusion of 2014; cut-off grade Heap: 0.16% RCuH and ROM: 0.05% new infill drilling to the updated geological model and RCuH. Mineral Resources as of 31 December 2014 block grade interpolate. considers economic pit shell at similar cut-off grade. Punitaqui: Remaining mine life of approximately four and a The SX/EW operation plant has a current life of mine that half years based on Reserves and seven years based on extends to 2028; permits for the operation are valid to the Resources. The continued infill drilling and feasibility work end of the life of the mine. on the Dalmacia project has led to the conversion of Antapaccay: The Antapaccay orebody is located 10km Inferred Resources into Measured and Indicated southwest of Tintaya, and together with Coroccohuayco is category. This has also been reflected in the increased part of the Tintaya mineralised district. It is a sulphide Reserves in both Proven and Probable. Several mineralised system comprising disseminated, vein and epigenetic stratifiorm copper mineralisation (manto type) fracture controlled chalcopyrite and bornite in altered bodies with variable thicknesses between 20 to 40m are quartz–monzonite and diorite in a limestone host rock, distributed along 900m strike length mineralised corridor with some mineralised exoskarn areas and minor copper named Cinabrio zone. Mineralisation is composed of oxides and copper carbonates in the upper part of the crisocole, brochantita and malachite in upper oxide levels deposit. turning into a mixed zone composed of malachite, crisocole and chalcopyrite. Main sulphide zones are Antapaccay Reserves and Resources as at 31 December composed of pyrite, bornite and chalcopyrite. All 2014. Mineral Resource categorisation is based on mineralisation is distributed in calcareous shales also assessment of orebody and grade continuity, structural within minor pre-existing faults. Dalmacia deposit is complexity, data quality, adequacy of data coverage, and located 7km south of the Punitaqui concentrator plant. reasonable prospects of economical extraction. The Also described as a stratiform copper deposit the Mineral Resources estimation was updated in 2014 mineralisation occurs as irregular lenses of chalcopyrite, incorporating more than 15,000m of new drilling data. The chalcocite and covellite sulphides within the porphyritic estimate is based on a block model with grade andestites of the reloj formation. interpolation by using Ordinary Kriging. Mineral Resources are stated at defined internal copper cut–off, Competent persons which is maintained at 0.16% TCu. Ore Reserves are CE = Chris Emerson, Employee of Glencore (AusIMM). then derived from Measured and Indicated Mineral Resources after applying economical and technical FM = Flavio Montini, Employee of Glencore (AusIMM). modifying factors. Ore Reserves remain approximately HB = Heller Bernabe, Employee of Glencore (AusIMM). the same as per the previous statement, where mine depletion during 2014 is offset by an increase in Ore MR = Mauricio Rubio, Employee of Glencore (AusIMM). Reserves based on new drill data.

12 Glencore - Resources & Reserves Report 2014 Metals and Minerals Copper

Australia Mineral Resources (Ernest Henry, Mount Isa, Cobar) Measured Mineral Indicated Mineral Measured and Inferred Mineral Name of Attributable Mining Resources Resources Indicated Resources Resources Competent operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 person Ernest Henry 100% Underground UG (Mt) 16.8 9.2 59.0 72.6 75.8 81.8 8 9 CS Copper (%) 1.37 1.34 1.23 1.24 1.26 1.25 1.1 1.1 Gold (g/t) 0.71 0.69 0.65 0.65 0.66 0.65 0.6 0.6 E1 OC (Mt) 4.6 5.4 5.5 5.6 10.1 11.0 0.4 0.6 CS Copper (%) 0.70 0.74 0.75 0.76 0.73 0.75 0.9 0.8 Gold (g/t) 0.20 0.21 0.23 0.23 0.22 0.22 0.3 0.2 Monakoff OC (Mt) - - 2.4 2.4 2.4 2.4 0.1 0.1 CS Copper (%) - - 0.95 0.95 0.95 0.95 0.8 0.8 Gold (g/t) - - 0.30 0.30 0.30 0.30 0.2 0.2 Mount Isa 100% X41 Mine 1100 & UG (Mt) 30.9 32.2 15.2 13.1 46.1 45.3 7.1 6.7 RO 1900 Orebodies Copper (%) 1.88 1.93 1.80 1.78 1.85 1.88 1.6 1.66 Enterprise Mine 3000 UG (Mt) 28.0 33.3 2.6 3.6 30.7 37 0.4 0.7 HC & 3500 Orebodies Copper (%) 2.92 2.9 2.62 2.52 2.89 2.86 2.3 2.23 Open Pit OC (Mt) 48 48 82 82 130 130 138 138 BP Copper (%) 1.46 1.46 1.32 1.32 1.37 1.37 0.89 0.89 Cobar 100% UG (Mt) 2.9 2.7 2.7 3.1 5.7 5.8 6.7 5.7 JH Copper (%) 6.23 6.13 5.19 5.42 5.73 5.75 5.8 5.6 Silver (g/t) 23.0 23.0 24.0 24.0 23.5 23.5 22 21 Total Australia (Mt) 131 131 169 182 301 313 161 161 Copper (%) 1.94 2.00 1.39 1.39 1.63 1.64 1.1 1.1 Gold (g/t) 0.10 0.06 0.24 0.27 0.18 0.18 0.03 0.03 Silver (g/t) 0.5 0.5 0.4 0.4 0.4 0.4 0.9 0.7

Australia Ore Reserves (Ernest Henry, Mount Isa, Cobar) Name of Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 person Ernest Henry 100% Underground UG Ore (Mt) 11.0 8.3 53.3 65.9 64.3 74.2 AC Copper (%) 1.14 1.21 1.00 1.01 1.03 1.04 Gold (g/t) 0.59 0.69 0.52 0.51 0.53 0.53 E1 OC Ore (Mt) - 0.1 - 0.6 - 0.7 AC Copper (%) - 0.93 - 1.01 - 1.00 Gold (g/t) - 0.30 - 0.32 - 0.32 Mount Isa 100% X41 Mine 1100 & UG Ore (Mt) 6.1 8.6 12.6 12 18.7 20.6 IO 1900 Orebodies Copper (%) 1.91 2.0 1.81 1.83 1.84 1.9 Enterprise Mine 3000 UG Ore (Mt) 14.5 16.6 0.9 3.1 15.4 19.8 IO & 3500 Orebodies Copper (%) 2.90 3.08 2.57 2.50 2.88 2.99 Cobar 100% UG Ore (Mt) 3.1 2.9 2.3 2.9 5.4 5.8 NS Copper (%) 4.30 4.72 3.63 4.02 4.02 4.37 Silver (g/t) 16.8 17.8 16.1 16.7 16.5 17.3 Total Australia (Mt) 35 37 69 85 104 121 Copper (%) 2.29 2.52 1.26 1.28 1.61 1.66 Gold (g/t) 0.19 0.16 0.40 0.40 0.33 0.33 Silver (g/t) 1.5 1.4 0.5 0.6 0.9 0.8

13 Glencore - Resources & Reserves Report 2014 Metals and Minerals Copper

Notes Ernest Henry Underground: The current expected mine life is Mount Isa Open pit: The expiry date of relevant concession 12 years (completion in 2026) with the Mining Lease licences occurs in 2036. tenements due to expire in 12 years (2026). Copper mineralisation occurs generally as breccia hosted Copper and gold mineralisation occurs in a breccia massive to disseminated copper minerals in “silica comprised of strongly altered and replaced intermediate dolomite” altered pyritic dolomitic siltstone. Approximately volcanic fragments in a matrix assemblage of half of the Mineral Resources are defined by primary predominantly magnetite, chalcopyrite and carbonate. chalcopyrite, the remainder being oxidised or partially Copper occurs as chalcopyrite and gold is strongly oxidised, with a minor amount of supergene chalcocite associated with chalcopyrite. mineralisation. The 2014 Mineral Resources remain unchanged from 2013 and are reported inside an Net of mining depletion and sterilisation and additions optimised pit shell using a cut-off grade of 0.5% Cu. from recent drilling, the updated Mineral Resource has had an overall decrease of 7.0Mt since 31 December Cobar: The expected remaining life of mine is approximately 5 2013. years based on reserves and approximately 10 years based on resources, although Cobar has previously been Net of depletion for mining over the year, and changes in able to extend its expected life of mine through draw strategy and mine design, the Ore Reserve has exploratory drilling in the area covered by its concession. decreased by 9.9Mt since 31 December 2013. The expiry date of relevant mining/concession licences is E1: Mining of the 2013 reserve was completed in early 2014. 5 December 2028. The expiry date of relevant tenements is 31 December Economic mineralisation at Cobar occurs mostly as 2032. narrow lenses with short strike lengths that are depth Economic mineralisation at E1 occurs as breccia-hosted extensive. Lenses consist of vein or semi massive to mineralisation within the footwall volcanics at E1 North, massive chalcopyrite hosted by sub-vertical quartz- and as strata-bound, replacement style mineralisation chlorite shear zones within a siltstone unit. The Cobar within the mineralised sedimentary units at E1 North, Mineral Resource is reported within five ‘systems’: Central, South and East. Western, Eastern, QTS North, QTS South and QTS Central. Monakoff: As per 2013, Monakoff and Monakoff East remain excluded from the Ore Reserves. The expiry date of Cobar’s Mineral Resources have increased with the relevant tenements is 31 October 2032. recent discovery of QTS Central. The decrease in reserve tonnage is primarily due to mine depletion. The reduction Economic mineralisation at Monakoff and Monakoff East in grade of the reserve is a combination of lower grades in occurs in very-fine to medium grained steeply dipping the deeper portions of the indicated Mineral Resources metasediment units. and the application of a lower mine cut-off grade. Mount Isa X41 Copper Mine 1100 and 1900 Orebodies: Mineralisation occurs generally as breccia hosted Competent persons massive to disseminated chalcopyrite in “silica dolomite” AC = Alexander Campbell, Glencore Copper (AusIMM). altered pyritic dolomitic siltstone. Mining depletion, BP = Bosta Pratama, Quantitative Group (AusIMM). sterilisation and changes to mine design amounted to a 1.9Mt reduction in Ore Reserves. CS = Colin Stelzer, Glencore Copper (AusIMM). Enterprise Mine 3000 and 3500 Orebodies: Mineralisation HC = Helen Coackley, Glencore Copper (AusIMM). occurs generally as breccia hosted massive to IO = Ismail Ozen, Glencore Copper (AusIMM). disseminated chalcopyrite in “silica dolomite” altered pyritic dolomitic siltstone. Mining depletion, sterilisation JH = Jason Hosken, Glencore Copper (AusIMM). and mine design changes amounted to a 4.4Mt reduction NS = Nicholas Spicer, Glencore Copper (AusIMM). in Ore Reserves. RO = Rhonda O’Sullivan, Glencore Copper (AusIMM). The underground life of mine estimate for the X41 and Enterprise Mines is 6 years (2020) with the tenements due to expire in 22 years (2036).

14 Glencore - Resources & Reserves Report 2014 Metals and Minerals Copper

Other projects Mineral Resources Measured Mineral Indicated Mineral Measured and Indicated Inferred Mineral Name of Attributable Mining Resources Resources Mineral Resources Resources Competent operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 person El Pachón 100% OC (Mt) 530 530 1,050 1,050 1,580 1,580 1,700 1,700 FM Copper (%) 0.67 0.67 0.49 0.49 0.55 0.55 0.40 0.40 Silver (g/t) 2.4 2.4 2.0 2.0 2.1 2.1 2.0 2.0 Molybdenum (%) 0.013 0.013 0.011 0.011 0.012 0.012 0.010 0.010 Tampakan 62.5% OC (Mt) 980 980 1,290 1,290 2,270 2,270 670 670 JH Copper (%) 0.69 0.69 0.45 0.45 0.55 0.55 0.4 0.4 Gold (g/t) 0.28 0.28 0.16 0.16 0.21 0.21 0.1 0.1 Molybdenum (%) 0.008 0.008 0.006 0.006 0.007 0.007 0.005 0.005 West Wall 50% (Mt) – – 495 495 495 495 970 970 MMV Copper Project Copper (%) – – 0.55 0.55 0.55 0.55 0.48 0.48 Gold (g/t) – – 0.05 0.05 0.05 0.05 0.05 0.05 Molybdenum (%) – – 0.009 0.009 0.009 0.009 0.008 0.008 Total Other projects (Mt) 1,510 1,510 2,835 2,835 4,345 4,345 3,340 3,340 Copper (%) 0.68 0.68 0.48 0.48 0.55 0.55 0.4 0.4 Gold (g/t) 0.18 0.18 0.08 0.08 0.12 0.12 0.03 0.03 Silver (g/t) 0.8 0.8 0.7 0.7 0.8 0.8 1.0 1.0 Molybdenum (%) 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01

Notes El Pachón: Located in the south west of San Juan Province of West Wall: The West Wall Copper Project is located in central Argentina, the El Pachón orebody is a porphyry copper- Chile’s Valparaiso Region, 100km north-east of Santiago molybdenum deposit in which two major stages of and 70km north of the Rio Blanco – Los Bronces mineral sulphide mineralisation contributed to the formation of the district. Glencore and Anglo American each have a 50% orebody. The bulk of the ore takes the form of interest in the mining company West Wall SCM which disseminated Chalcopyrite-Molibdenite primary sulphides holds the project. Porphyry copper style hydrothermal on top which an immature, relatively small copper alteration covers a large area of approximately 7km by enrichment blanket has been developed. In this upper 3km. Exploration activities have focused in the south of part of the deposit Chalcocite and minor Covellite are the prospect at Lagunillas and West Wall North, where partially replacing the primary Chalcopyirite ore. Mineral drilling has outlined copper sulphide Mineral Resources Resources stated herein are based on assay and geology associated with porphyry intrusive bodies. Mineral information from 126,000m of mainly diamond drill holes. Resources have been classified using a combination of Mineral Resources have been classified using a criteria including geological continuity and Kriging combination of criteria including geological continuity and parameters. Mineral Resources are constrained by the Kriging parameters. Mineral Resources are constrained use of an economic pit shell, determined using Indicated by the use of an economic pit shell determined using and Inferred Mineral Resources and current assumption Measured, Indicated and Inferred Mineral Resources and for the economic and technical modifying factors current assumption for the economic and technical conditioning the limits of the Mineral Resources pit. modifying factors conditioning the Resource pit. Competent Persons Tampakan: Tampakan is a copper-gold porphyry deposit FM = Flavio Montini, Employee of Glencore (AusIMM). located in Mindanao, Southern Philippines. The expiry JH = Jason Hosken, Glencore Copper (AusIMM). date of the relevant exploration licence hosting the Mineral Resources is 22 March 2020. MMV = Manuel Machuca, Employee of Anglo American for the West Wall Project (AusIMM). The Tampakan Mineral Resources, reported using a 0.2% copper cut off within an optimised pit shell, remain unchanged since 2013. Tampakan is defined by a high sulphidation epithermal mineralising system developed on top and above the porphyry intrusive. The Mineral Resources are reported within an area of 2.6km by 2.6km defined by an enargite- chalcocite-bornite-covellite mineralisation assemblage within an advanced argillic blanket that overprints the underlying porphyry system. Frieda River: Glencore sold its stake in the Frieda River Project during 2014.

15 Glencore - Resources & Reserves Report 2014 Metals and Minerals Zinc

Kazzinc Mineral Resources Measured Mineral Indicated Mineral Measured and Inferred Mineral Name of Attributable Mining Resources Resources Indicated Resources Resources Competent operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 person Vasilkovskoye 69.7% OC (Mt) 85.6 176 28 90 113 266 11 34 AC (Gold) Gold (g/t) 1.9 1.78 1.9 1.4 1.9 1.6 1.6 1 Komarovsky 69.7% OC (Mt) – – 20 22 20 22 4.4 6.7 AC (Gold) Gold (g/t) – – 2.0 2.0 2.0 2.0 2.0 2.0 Total Gold Kazzinc (Mt) 85.6 176 48 112 133 288 15 41 Gold (g/t) 1.9 1.8 1.9 1.5 1.9 1.6 1.7 1.2 Maleevsky 69.7% OC (Mt) 8.6 10.4 5.6 5.8 14 16 6.4 6.4 AC Zinc (%) 6.9 7.06 6.8 6.8 6.9 6.9 8 8 Lead (%) 1.1 1.08 1.2 1.2 1.1 1.1 2 2 Copper (%) 2.4 2.4 1.9 1.9 2.2 2.2 2 2 Silver (g/t) 77 79 71 71 75 76 60 60 Gold (g/t) 0.6 0.62 0.6 0.6 0.6 0.6 0.4 0.4 Ridder-Sokolny 69.7% UG (Mt) 17.8 19.0 15 16 33 35 6 6.4 AC Zinc (%) 1.5 1.44 1.3 1.3 1.4 1.4 1 1 Lead (%) 0.7 0.66 0.5 0.5 0.6 0.6 0.5 0.5 Copper (%) 0.8 0.76 0.7 0.7 0.7 0.7 1 1 Silver (g/t) 23.7 22.8 26 25 25 24 22 22 Gold (g/t) 1.9 1.9 1.7 1.7 1.8 1.8 2 2 Tishinsky 69.7% UG (Mt) 5.2 11.8 2.8 5.0 8.1 17 0.8 1.0 AC Zinc (%) 8.2 4.94 6.1 3.5 7.4 4.5 5 4 Lead (%) 1.8 1.12 1.2 0.6 1.6 1.0 1 1 Copper (%) 0.7 0.47 0.6 0.4 0.7 0.4 0.6 0.4 Silver (g/t) 14.3 13.6 10 8.3 13 12 7 9 Gold (g/t) 0.7 0.64 0.7 0.6 0.7 0.6 0.4 0.6 Shubinsky 69.7% UG (Mt) 1.8 1.81 0.91 0.94 2.7 2.8 1 1.1 AC Zinc (%) 2.4 2.37 1.9 1.9 2.2 2.2 2 2 Lead (%) 0.4 0.43 0.4 0.4 0.4 0.4 0.5 0.5 Copper (%) 1.4 1.39 1.1 1.1 1.3 1.3 1 1 Silver (g/t) 17.6 17.7 14 14 16 16 10 10 Gold (g/t) 0.54 0.54 0.4 0.4 0.5 0.5 0.4 0.4 Staroye Tailings 69.7 % (Mt) – – 2.4 2.9 2.4 2.9 1.4 2.8 AC Dam Silver (g/t) – – 11 12 11 12 10 11 Gold (g/t) – – 1.0 1.1 1.0 1.1 0.8 1 Shaimerden 69.7% OC (Mt) – – 2.0 2.0 2.0 2.0 – – AC Stockpiles Zinc (%) – – 22 22 22 22 – – Dolinnoe 69.7% UG (Mt) 0.71 0.71 1.1 1.1 1.8 1.8 1.2 1.2 AC Zinc (%) 4.13 4.13 2.7 2.7 3.3 3.3 2 2 Lead (%) 2.06 2.06 1.4 1.4 1.7 1.7 1 1 Copper (%) 0.59 0.59 0.4 0.4 0.5 0.5 0.3 0.3 Silver (g/t) 164 164 130 130 140 140 80 80 Gold (g/t) 11.0 11.0 8.1 8.1 9.2 9.2 6 6 Obruchevskoe 69.7% UG (Mt) 2.66 2.66 1.4 1.4 4.1 4.1 1.1 1.1 AC Zinc (%) 11.1 11.1 7.1 7.1 9.7 9.7 4 4 Lead (%) 4.87 4.87 2.3 2.3 4.0 4.0 1 1 Copper (%) 1.16 1.16 1.2 1.2 1.2 1.2 0.9 0.9 Silver (g/t) 81.2 81.2 43 43 68 68 100 100 Gold (g/t) 2.2 2.2 0.7 0.7 1.7 1.7 0.9 0.9 Chashinskoye 69.7% OC (Mt) – – 58 58 58 58 30 30 AC Tailings Dam Silver (g/t) – – 5.2 5.2 5.2 5.2 5 5 Gold (g/t) – – 0.7 0.7 0.7 0.7 0.5 0.5 Zhairemsky 69.7% (Mt) – – – – – – 73 – AC Zinc (%) – – – – – – 4 – Lead (%) – – – – – – 1 –

16 Glencore - Resources & Reserves Report 2014 Metals and Minerals Zinc

Kazzinc Mineral Resources (continued) Measured Mineral Indicated Mineral Measured and Inferred Mineral Name of Attributable Mining Resources Resources Indicated Resources Resources Competent operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 person Novo- 35.5% OC (Mt) – – – – – – 40 40 AC Leninogorskoye Zinc (%) – – – – – – 4 4 Lead (%) – – – – – – 1 1 Copper (%) – – – – – – 0.2 0.2 Silver (g/t) – – – – – – 33 33 Gold (g/t) – – – – – – 2 2 Total Polymetallic Kazzinc (Mt) 36.8 46.4 89 93 126 139 160 90 Zinc (%) 4.5 4.2 1.5 1.5 2.4 2.4 3 3 Lead (%) 1.3 1.1 0.3 0.2 0.5 0.5 0.8 0.7 Copper (%) 1.2 1.1 0.3 0.3 0.6 0.6 0.2 0.3 Silver (g/t) 41.4 38.4 15 15 23 23 14 25 Gold (g/t) 1.6 1.4 0.9 0.9 1.1 1.1 1 1

Kazzinc Ore Reserves Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Vasilkovskoye 69.7% OC Ore (Mt) 70.7 116 23 4.6 94 120 AC (Gold) Gold (g/t) 2.20 1.90 2.2 1.4 2.2 1.9 Maleevsky 69.7% UG Ore (Mt) 7.1 9.07 5.1 5.3 12 14 AC Zinc (%) 5.4 5.65 5.2 5.2 5.3 5.5 Lead (%) 0.8 0.85 0.9 0.9 0.8 0.9 Copper (%) 1.8 1.91 1.5 1.5 1.7 1.8 Silver (g/t) 58.6 62.3 51 51 55 58 Gold (g/t) 0.5 0.49 0.4 0.4 0.4 0.5 Ridder-Sokolny 69.7% UG Ore (Mt) 9.4 10.7 7.7 9.1 17 20 AC Zinc (%) 1.2 1.16 1.0 1.0 1.1 1.1 Lead (%) 0.5 0.53 0.5 0.4 0.5 0.5 Copper (%) 0.6 0.56 0.6 0.6 0.6 0.6 Silver (g/t) 19.7 18.4 21 19 20 19 Gold (g/t) 1.7 1.65 1.4 1.5 1.6 1.6 Tishinsky 69.7% UG Ore (Mt) 1.6 5.30 2.7 2.9 4.3 8.2 AC Zinc (%) 6.9 5.04 6.8 3.4 6.9 4.5 Lead (%) 1.5 1.17 1.5 0.5 1.5 1.0 Copper (%) 0.6 0.44 0.6 0.4 0.6 0.4 Silver (g/t) 9.7 13.8 16 7.6 14 12 Gold (g/t) 0.6 0.59 0.9 0.7 0.8 0.6 Shaimerden Stockpiles 69.7% OC Ore (Mt) – – 1.9 2.0 1.9 2.0 AC Zinc (%) – – 22 22 22 22 Total Polymetallic Kazzinc (Mt) 18.1 25.1 17 19 36 44 Zinc (%) 3.4 3.6 5.4 4.7 4.4 4.1 Lead (%) 0.7 0.8 0.7 0.5 0.7 0.7 Copper (%) 1.1 1.0 0.8 0.8 0.9 0.9 Silver (g/t) 34.1 33.3 26 24 30 29 Gold (g/t) 1.1 1.0 0.9 0.9 1.0 1.0

Notes Remaining mine life: different for each mine, ranging from 5 to Ore reconciliation processes led to the complete re- 20 years. Expiry date of relevant mining/concession licences: interpretation of the controlling structures and associated ore different for each mine, ranging from April 2015 to November domains, therefore also changing ore distribution patterns and 2030. There is a routine licence extension procedure in related resource categorisation. Kazakhstan which Kazzinc undertakes as required. The Resource numbers reported are based on the new ore Vasilkovskoye: It is a gold deposit of epigenetic (stockwork) type model, as constrained in the existing pit shell. and beresite subtype of deposits hosting ores of gold-quartz Ore Reserves were estimated based upon the new Resource formation. interpretation and the existing pit design developed by WAI (Wardell Armstrong International) in 2013. 17 Glencore - Resources & Reserves Report 2014 Metals and Minerals Zinc

Ore Reserves changes, i.e. lower tonnages but higher grade, Tishinsky Mineral Resources are different from previous are the results of a combination of factors, the most important estimates, due to several factors, including reinterpretation of being the change in ore interpretation, which alters the ore geological wireframes, sterilisation of resources, and ongoing pattern enough that valuable ore lies outside the existing pit exploration. shell and cannot be reported as Resources and/or Reserves. The Ore Reserve estimate of 4.3Mt shows a reduction from A pit optimisation study will be performed at the beginning of the 2013 estimate, due to mining, amendment ore domains 2015 in order to accommodate the new ore interpretation. and the application of a new cut-off grade, which better The mined material from Vasilkovskoye during 2014 was reflects current actual operating costs. 8.1Mt at 2.1g/t Au. The mined material from Tishinsky during 2014 was 1.2Mt at Komarovsky: It is a low-sulphide quartz (mesothermal) gold 4.4% Zn, 0.7% Pb, 0.4% Cu, 5g/t Ag and 0.4g/t Au. deposit located along the eastern exocontact of the Shubinsky: The polymetallic deposit is a syngenetic VMS deposit Komarovskoye intrusion of granites and granodiorites. hosting ores of sulphide-polymetallic formation (with Primary mineralisation occurs within the north-south striking associated gold and silver). Should it be deemed Komarovskoye fault zone and consists of steeply dipping economically viable again, its underground infrastructure quartz-carbonate-micaceous metasomatites hosted by allows the possibility to exploit 190kt per year. schists. The overall strike length of Komarovsky is approximately 6,800m with individual mineralised zones The slight variation to the resource tonnage, i.e. 76kt at 2.0% generally 500-600m in length, 4-6m in width and up to 200m Zn, 1.1% Cu, 0.4 g/t Au and 15 g/t Ag, is due to the testing of in depth. various mining methods, and the possibility of making the deposit economically viable. The proposed method of mineral processing of the sulphide material is still under investigation. Although there are Shaimerden: The Shaimerden stockpile is composed of high- numerous metallurgical test work results available to date as grade, crushed zinc oxide ore which is not amenable to the well as actual heap leaching production statistics, there is no concentration process; it is directly send to the Ridder Zinc current conclusion on the preferred processing route. Kazzinc refinery. 104kt at 22% Zn was mined from the stockpile during is in the process of preparing a Feasibility Study to determine 2014. the optimal process route and Ore Reserve estimation will be Dolinnoe and Obruchevskoe: The Dolinnoe and Obruchevskoe carried out when this is completed. deposits are situated in the centre and deepest south-eastern Some material was extracted from Komarovskoye during portions respectively of the Ridder mining district in the 2014, i.e. 557kt at 1.5g/t Au, for metallurgical purposes. Rudnyi Altay geotectonic block. Gold is the main mineral of economic interest at Dolinnoe; veinlet-disseminated The remaining movement in resource numbers is caused by polymetallic mineralisation predominates at Obruchevskoe. the restrain of the resource blocks, to the designed pit shell. A feasibility study, regarding the mining of both deposits, will Maleevsky: It is a typical syngenetic VMS deposit hosting ores of be underway in 2015. sulphide-polymetallic formation (with associated gold and silver). Zhairemsky: The various iron, manganese, barite and polymetallic deposits of the Zhairemsky area, central There are no material changes to the primary parameters Kazakhstan were discovered by geological and geophysical used in the calculation of the 2014 Ore Reserve from the prospecting between the 1930s and 1960s. Between 1978 2013 Ore Reserve estimate. Mineral Resource changes are and 1995, some 22 million tonnes of low-grade zinc-lead ore the result of mining drawdown and continued exploration including barite-dominated mineralisation were mined. As of drilling during 2014. 1996, focus was set on manganese and iron ore production. The mined material from Maleevsky during 2014 was 2.1Mt at The Zhairemsky deposits were recently acquired by Kazzinc 6.2% Zn, 1.1% Pb, 1.9% Cu, 66g/t Ag and 0.7g/t Au. on the basis of their polymetallic value. Ridder-Sokolny: The gold-polymetallic deposit is also VMS type Although the deposits are drilled at a suitable spacing to of syngenetic deposits hosting ores of gold bearing sulphide- establish proper continuity of grades and morphology, the polymetallic formation. data was treated as historical and categorised as “Inferred”. Once validated through confirmation drilling and optimised Mineral Resource changes are due to mining exploitation interpretation of the lenses, the resources will be upgraded. during 2014 and adjustments for certain stopes omitted in 2013. Novo-Leninogorskoye: The Novo-Leninogorskoye deposit is part of the Ridder-Sokolny group of VMS polymetallic deposits. For Ridder-Sokolny, Mineral Resources and Reserves are Novo-Leninogorskoye was discovered in 1981 and was reported as totals for Polymetallic and Cu-type mineralisation explored between 1981 and 1985. Two styles of combined. The updated cut-off grade has led to a reduction in mineralisation can be found at Novo-Leninogorskoye, barite- overall Mineral Resource tonnage but an increase in grade. polymetallic and polymetallic with the mineralisation hosted by The mined material from Ridder-Sokolny during 2014 was siltstones and quartzites 1.9Mt at 0.5% Zn, 0.2% Pb, 0.4% Cu, 10g/t Ag and 2.0g/t Au. All Mineral Resources estimated at Novo-Leninogorskoye With the adjustments made, using the omitted stopes from have been classified as Inferred due to a current lack of 2013, the decrease in reserves corresponds to 2.7 Mt at 0.8% support for the sample data. Zn, 0.4% Pb, 0.5% Cu, 9.5g/t Ag and 1.6g/t Au.

Tishinsky: It is a syngenetic VMS deposit of Au- and Ag-bearing Competent persons sulfide polymetallic ores. AC = Aline Côté, Project Manager, Glencore Zinc, (OGQ).

18 Glencore - Resources & Reserves Report 2014 Metals and Minerals Zinc

Australia Mineral Resources (Mount Isa, McArthur River) Measured Mineral Indicated Mineral Measured and Indicated Inferred Mineral Attributable Mining Resources Resources Mineral Resources Resources Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Mount Isa 100% Black Star OC (Mt) 12.6 18.3 2.2 4.8 15 23 1.5 1.3 BY Open Cut Zinc (%) 5.30 4.83 3.4 3.6 5.0 4.6 6 5 Lead (%) 4.04 3.36 2.6 2.2 3.8 3.1 3 3 Silver (g/t) 66.0 65.5 45 45 63 61 60 60 Mount Isa Open Pit OC (Mt) 46.1 47.8 200 210 246 257 130 170 BY Excl. Black Star Zinc (%) 4.09 4.14 3.4 3.5 3.6 3.6 3 3 Lead (%) 3.94 3.83 2.7 2.6 2.9 2.8 2 2 Silver (g/t) 80.7 78.6 56 55 61 60 50 40 George Fisher 100% South (P49) Orebodies UG (Mt) 25.6 27.0 21 12 46 39 23 17 JL Zinc (%) 7.86 8.26 7.8 8.0 7.8 8.2 7 7 Lead (%) 5.15 5.60 4.7 5.1 4.9 5.5 5 5 Silver (g/t) 105 113 93 100 100 110 90 100 North (L72) Orebodies UG (Mt) 39.8 29.1 98 59 138 88 98 57 JL Zinc (%) 8.41 9.11 7.6 8.3 7.8 8.6 7 8 Lead (%) 3.58 4.26 3.0 3.7 3.1 3.9 3 4 Silver (g/t) 60.6 72.4 48 60 52 64 50 60 Handlebar Hill Open OC (Mt) 1.60 1.78 3.6 4.7 5.2 6.5 0.8 1.2 BY Cut (primary) Zinc (%) 7.77 7.40 6.1 5.9 6.6 6.3 5 5 Lead (%) 2.56 2.33 2.0 1.9 2.2 2.0 2 2 Silver (g/t) 40.6 36.7 35 33 37 34 30 20 Handlebar Hill Open OC (Mt) 0.49 0.49 0.1 0.1 0.6 0.6 – – BY Cut (oxide) Zinc (%) 0.37 0.37 0.4 0.4 0.4 0.4 – – Lead (%) 8.52 8.52 4.1 3.7 7.8 7.7 – – Silver (g/t) 88.8 88.8 65 60 85 84 – – Lady Loretta 100% UG (Mt) 6.88 6.87 4.3 5.9 11 13 1.0 1.5 AC Zinc (%) 16.0 16.8 14 16 15 16 14 13 Lead (%) 5.96 6.68 3.8 4.6 5.1 5.7 5 5 Silver (g/t) 92.7 103 74 93 85 98 80 90 Total Mount Isa (Mt) 133 131 330 300 460 430 250 250 Zinc (%) 6.87 6.88 5.1 4.9 5.6 5.5 5 5 Lead (%) 4.18 4.37 2.9 2.9 3.3 3.4 3 3 Silver (g/t) 78.1 83.2 56 58 62 66 50 50 McArthur River 100% Open Cut OC (Mt) 126 131 53 63 179 194 – – KM Zinc (%) 10.0 10.7 8.6 6.1 9.6 9.2 – – Lead (%) 4.45 4.41 3.8 3.3 4.3 4.0 – – Silver (g/t) 44.6 44.8 39 33 43 41 – – Woyzbun South Zone UG (Mt) – – 8.3 8.3 8.3 8.3 – – KM Zinc (%) – – 14 14 14 14 – – Lead (%) – – 5.6 5.6 5.6 5.6 – – Silver (g/t) – – 58 58 58 58 – – Total McArthur River (Mt) 126 131 61 71 190 200 – – Zinc (%) 10.0 10.7 9.3 7.0 9.8 9.4 – – Lead (%) 4.45 4.41 4.0 3.6 4.3 4.1 – – Silver (g/t) 44.6 44.8 42 36 44 42 – –

19 Glencore - Resources & Reserves Report 2014 Metals and Minerals Zinc

Australia Ore Reserves (Mount Isa, McArthur River) Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Mount Isa 100% Black Star Open Cut OC Ore (Mt) 4.77 9.90 0.20 13 5.0 23 BY Zinc (%) 5.31 4.51 3.3 4.4 5.2 4.4 Lead (%) 2.81 2.29 2.4 3.5 2.8 3.0 Silver (g/t) 38.0 52.5 26 62 37 58 George Fisher 100% South (P49) Orebodies UG Ore (Mt) 8.90 13.8 5.7 6.3 15 20 JJG Zinc (%) 5.72 6.26 5.9 6.3 5.8 6.3 Lead (%) 4.60 4.55 4.5 4.3 4.6 4.5 Silver (g/t) 93.8 93.4 90 85 92 91 North (L72) Orebodies UG Ore (Mt) 19.8 21.5 35 37 55 59 JJG Zinc (%) 7.19 7.44 6.8 6.9 6.9 7.1 Lead (%) 3.48 3.70 3.2 3.4 3.3 3.5 Silver (g/t) 59.0 64.0 53 56 55 59 Handlebar Hill Open Cut OC Ore (Mt) 0.49 0.49 – – 0.49 0.49 BY (oxide) Zinc (%) 0.37 0.37 – – 0.37 0.37 Lead (%) 8.52 8.52 – – 8.52 8.52 Silver (g/t) 88.8 88.8 – – 88.8 88.8 Lady Loretta 100% UG Ore (Mt) 6.79 6.91 4.2 5.5 11 12 AC Zinc (%) 13.1 15.4 13 14 13 15 Lead (%) 5.01 6.14 3.2 4.0 4.3 5.2 Silver (g/t) 77.0 98.8 61 84 71 92 Total Mount Isa (Mt) 40.8 52.6 45 62 86 115 Zinc (%) 7.55 7.56 7.2 7.0 7.4 7.2 Lead (%) 3.96 4.02 3.4 3.6 3.6 3.8 Silver (g/t) 67.5 74.2 58 62 63 68 McArthur River 100% OC (Mt) 54.6 77.6 49 31 103 109 DH Zinc (%) 11.8 11.1 8.4 7.5 10 10 Lead (%) 5.39 4.72 3.9 4.3 4.7 4.6 Silver (g/t) 54.1 47.8 38 43 47 46

Notes Black Star Open Cut: Lead-zinc-silver mineralisation occurs in Approximately 85% of the lead-zinc-silver Resource is galena and sphalerite-rich bedding parallel horizons in primary sulphide; the remainder being considered as dolomitic and variably carbonaceous pyritic shales and transitional (mixed primary sulphide and secondary siltstones. oxide/carbonate) mineralisation. The Black Star Open Cut Resource is additional to the Mount The Black Star Open Cut Resource has been removed from Isa Open Pit Resource and was updated in July 2014. the Isa Open Pit and is reported separately. The Isa Open Pit Resource is exclusive of the Black Star Open Cut. The Resource mineralisation occurs inside a designed Stage 7 pit, of which Stage 5 sits wholly within, based on a pit Pit optimisation was conducted using Measured, Indicated optimisation utilising Measured and Indicated Resource and Inferred Mineral Resources, and a pit shell was blocks. generated to constrain the Mineral Resource. Since 2013 the tonnes within Stage 7 have been removed The copper Resource inside the Isa Open Pit has not been from Reserves due to further understanding of the weathering included here; it is reported separately by the Glencore profile and metallurgical response of the ores with the Copper Department. The Isa Open Pit is located on Mining conventional processing technology. Mining is currently active Lease ML8058 which expires on 30 November 2036. within the Stage 5 pit which encompasses the remaining George Fisher Mine: portion of the Reserve. North (L72) & South (P49) Orebodies A total of 3.3Mt at 3.9% Zn, 1.9% Pb and 47g/t Ag were Lead-zinc-silver mineralisation occurs in galena and depleted from the Ore Reserves in the 12 months to 31 sphalerite-rich bedding parallel horizons in dolomitic and December 2014 due to ongoing mining operations. variably carbonaceous pyritic shales and siltstones. The Black Star Open Cut is located on Mining Lease ML8058 Orebody and structural interpretation, modelling and which expires on 30 November 2036. The current LOM plan classification of the Mineral Resource was completed on the predicts the Ore Reserves to expire in Q3, 2016. basis of additional geological information and improved systems. Isa Open Pit: Lead-zinc-silver mineralisation occurs in galena and sphalerite-rich bedding parallel horizons in dolomitic and variably carbonaceous pyritic shales and siltstones.

20 Glencore - Resources & Reserves Report 2014 Metals and Minerals Zinc

Increases to the Mineral Resources are due to using a The LOM plan for Lady Loretta based on current Reserves Resource cut-off (whereas a Reserves cut-off was previously extends until 2021. The Mining Lease (ML5568) is current used) and new financial coefficients used in the NSRM cut-off until 31 January 2026. calculation. McArthur River Mine: Zinc-lead-silver mineralisation occurs The most significant changes to the Ore Reserves were due predominantly as ultra-fine bedded parallel sphalerite and to mining method changes in the North orebodies and cut-off galena rich bands hosted by dolomitic and carbonaceous grade changes in the South orebodies. The most significant pyritic siltstones, graded beds and chaotic debris flow impact was in the South mining area (P49) where an area breccias. specific cut-off had a 6.6Mt reduction on the Reserves, while Mineral Resources and Ore Reserves are based on the for the North mining area (L72), 2.7Mt on the Reserves. 4.8Mt approved mine plan. All relevant modifying factors for the of Ore Reserves was added as a result of diamond drilling in conversion of Mineral Resources to Ore Reserves have been North and South orebodies. considered, with confidence levels reflected in the Mine production for the period January 2014 to December classification categories. There are no known issues that 2014 totalled 3.9Mt at 3.3% Pb, 7.3% Zn and 64g/t Ag. could materially affect the estimates. Ore between the marginal and full cut-off grade is now classed as Probable The mine plan results in a mine life to 2029. The mine is Reserves regardless of Resource classification located on Mining Lease ML8058 which expires on 30 November 2036. The Reserves and Resources have been depleted by a total of 4.6Mt at 9.0% Zn and 4.0% Pb that were mined during Handlebar Hill Open Cut 2014. Changes beyond depletion in the Mineral Resources Lead-zinc-silver mineralisation occurs in galena and are due to reconsideration of selective mining out waste sphalerite-rich bedding parallel horizons in dolomitic and interbeds from the main ore zone and changes in cut-off variably carbonaceous pyritic shales and siltstones. values. The Handlebar Hill Open Cut Resource is up dip of and Mineral Resources and Ore Reserves are located within additional to the George Fisher South Resource. leases that are valid to 2043, with the current mine plan Material from the oxidised portion of the mineralisation has ending in 2034. been reported as a Mineral Resource and Ore Reserve Competent persons following confirmation of an achievable treatment path. AC = Aline Côté, Project Manager, Glencore Zinc, (OGQ). A total of 0.48Mt at 7.7% Zn, 2.5% Pb and 42g/t Ag were BY = Ben Young, Mine Operations Manager, Glencore Zinc, depleted from the Ore Reserves in the 12 months to 31 (AusIMM). December 2014, due to ongoing mining operations and sterilisation. DH = Drew Herbert, Mining Consultant, The Minserve Group Pty Ltd, (AusIMM). The Handlebar Hill Open Cut is located on Mining Lease ML8058 which expires on 30 November 2036. The mine was JJG = Johannes Grobler, Principal Mining Engineer, Glencore placed in care and maintenance in July 2014. Zinc, (AusIMM). Lady Loretta: Lead-zinc-silver mineralisation occurs in a galena JL = Johannes Lambrechts, George Fisher Mine Senior Resource and sphalerite rich massive sulphide lens located in Geologist, Glencore Zinc, (AIG). carbonaceous pyritic shales and siltstones. The deposit is KM = Kristian Masterman, Senior Mine Geologist, Glencore Zinc, structurally complex and consists of a tight syncline dislocated (AusIMM). by a number of major faults and disrupted by many smaller ones. The deeper and high grade portion of the deposit reaches 500m below the surface. In 2014, a review of both geological and resource models was undertaken in response to variation between modelled tonnes and reconciled tonnages and grades. Underground diamond drilling and mapping has shown a higher degree of variability and structural complexity than was previously modelled. The total Ore Reserve tonnage decreased by 0.57Mt, although 0.97Mt was mined in 2014. A change in the financial assumptions resulted in an increased tonnage scenario, albeit at lower grades. This scenario replaced entirely the tonnes mined in 2014, by also adding 0.6 Mt at 11% Zn, 5% Pb and 80g/t Ag, of potentially mineable “Inferred” resources, considered in the overall LOM. . The mining method at Lady Loretta is based on a mixture of transverse and longitudinal long hole open stoping with paste fill. Mine production totalling 0.97Mt at 12.7% Zn, 5.5% Pb and 112g/t Ag respectively were depleted from the Ore Reserves and Mineral Resources for the period January 2014 to December 2014.

21 Glencore - Resources & Reserves Report 2014 Metals and Minerals Zinc

North America Mineral Resources (Kidd Creek, Matagami, PD1, Errington, Vermilion, Hackett River, Bell, Granisle) Measured Mineral Indicated Mineral Measured and Inferred Mineral Attributable Mining Resources Resources Indicated Resources Resources Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Kidd Creek 100% UG (Mt) 15.4 17.3 0.83 0.77 16 18 3.4 3.4 BD Zinc (%) 4.50 4.49 5.8 5.6 4.6 4.5 7 7 Copper (%) 2.07 2.08 1.4 1.2 2.0 2.0 2 2 Silver (g/t) 52 52 36 36 51 51 60 60 Matagami 100% Bracemac-McLeod UG (Mt) 2.03 2.18 4.4 1.1 6.4 3.3 0.1 2.6 JD/PB Zinc (%) 6.95 8.90 7.3 8.5 7.2 8.8 17 9 GR* Copper (%) 1.23 1.53 1.3 1.1 1.3 1.4 2 1 Silver (g/t) 25.6 33.9 30 21 28 29 30 40 Gold (g/t) 0.41 0.46 0.7 0.5 0.6 0.5 0.5 1 PD-1 50% OC/UG (Mt) 0.55 0.55 1.0 1.0 1.6 1.6 – – GR Zinc (%) 4.22 4.22 5.0 5.0 4.7 4.7 – – Copper (%) 0.82 0.82 1.3 1.3 1.1 1.1 – – Silver (g/t) 19.7 19.7 20 20 20 20 – – Gold (g/t) 0.13 0.13 – – – – – – Errington 100% UG (Mt) 6.70 6.70 2.3 2.3 9.0 9.0 – – AC Zinc (%) 3.94 3.94 4.3 4.3 4.0 4.0 – – Lead (%) 1.10 1.10 1.3 1.3 1.2 1.2 – – Copper (%) 1.15 1.15 1.1 1.1 1.1 1.1 – – Silver (g/t) 52.0 52.0 55 55 53 53 – – Gold (g/t) 0.84 0.84 0.8 0.8 0.8 0.8 – – Vermilion 100% UG (Mt) 2.80 2.80 0.4 0.4 3.2 3.2 – – AC Zinc (%) 4.22 4.22 5.3 5.3 4.4 4.4 – – Lead (%) 1.16 1.16 1.3 1.3 1.2 1.2 – – Copper (%) 1.34 1.34 1.1 1.1 1.3 1.3 – – Silver (g/t) 52.6 52.6 56 56 53 53 – – Gold (g/t) 0.91 0.91 1.1 1.1 0.9 0.9 – – Hackett River 100% OC/UG (Mt) – – 27 27 27 27 60 60 AC Zinc (%) – – 4.5 4.5 4.5 4.5 3.5 3.5 Lead (%) – – 0.6 0.6 0.6 0.6 0.5 0.5 Copper (%) – – 0.5 0.5 0.5 0.5 0.4 0.4 Silver (g/t) – – 130 130 130 130 150 150 Gold (g/t) – – 0.3 0.3 0.3 0.3 0.2 0.2 Total Zinc North America (Mt) 27.5 29.5 36 33 63 62 60 70 Zinc (%) 4.51 4.66 4.9 4.7 4.7 4.7 4 4 Lead (%) 0.39 0.36 0.5 0.6 0.5 0.5 0.5 0.5 Copper (%) 1.68 1.73 0.7 0.6 1.1 1.1 0.5 0.5 Silver (g/t) 49.5 50.1 107 115 82 84 140 140 Gold (g/t) 0.33 0.31 0.4 0.3 0.4 0.3 0.2 0.2 Bell 100% OC (Mt) 57.0 57.0 200 200 257 257 100 100 BD Copper (%) 0.41 0.41 0.4 0.4 0.4 0.4 0.4 0.4 Gold (g/t) 0.18 0.18 0.2 0.2 0.2 0.2 0.1 0.1 Granisle 100% OC (Mt) 18.0 18.0 55 55 73 73 20 20 BD Copper (%) 0.34 0.34 0.3 0.3 0.3 0.3 0.3 0.3 Gold (g/t) 0.11 0.11 0.1 0.1 0.1 0.1 0.1 0.1 Total Copper North America (Mt) 75.0 75.0 255 255 330 330 120 120 Copper (%) 0.39 0.39 0.4 0.4 0.4 0.4 0.4 0.4 Gold (g/t) 0.16 0.16 0.2 0.2 0.2 0.2 0.1 0.1

22 Glencore - Resources & Reserves Report 2014 Metals and Minerals Zinc

North America Ore Reserves (Kidd Creek, Matagami) Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Kidd Creek 100% UG Ore (Mt) 7.58 9.31 4.0 3.9 12 13 AM Zinc (%) 4.24 4.14 4.5 5.0 4.3 4.4 Copper (%) 2.07 2.05 1.8 1.8 2.0 2.0 Silver (g/t) 53 51 48 53 51 52 Matagami 100% Bracemac-McLeod UG Ore (Mt) 1.01 2.70 1.5 1.1 2.5 3.8 JG Zinc (%) 6.39 6.30 5.9 7.1 6.1 6.5 Copper (%) 1.06 1.04 1.0 0.7 1.0 0.9 Silver (g/t) 21.9 29.0 14 15 17 25 Gold (g/t) 0.36 0.33 0.4 0.4 0.4 0.4 Total North America (Mt) 8.59 12.0 5.5 5.0 14 17 Zinc (%) 4.49 4.63 4.9 5.5 4.6 4.9 Copper (%) 1.95 1.82 1.6 1.6 1.8 1.7 Silver (g/t) 49.3 46.1 39 45 45 46 Gold (g/t) 0.04 0.07 0.1 0.1 0.1 0.1

Notes Kidd Creek: Kidd Creek is a Volcanogenic Massive Sulphide Cu- lens is now based on 56 intersections drilled in 2010 and Zn-Ag deposit. Mineralisation occurs within a rhyolitic 2013 on 50m spacing. The Mineral Resource for the McLeod volcanic/volcaniclastic sequence as massive sulphide lenses Deep lens is now categorised as Indicated. of dominantly pyrite-pyrrhotite-sphalerite-galena-rich ores that Underground mining production started in May 2013. The Ore are underlain by copper (chalcopyrite) stringer zones. Reserves encompass, on average, 18% of external dilution Ore Reserves are based on the approved mining plan to and are meant to support a 2,500 tpd production for the first 9500ft depth. half of 2015, increasing to 2,700 tpd by mid-2015 until the end of the mine life scheduled for mid-2017. Mineral Resources and Ore Reserves changes are the result of mining drawdown, with some positive adjustments due to Production for year 2014 was 1.0Mt grading 8.0% Zn, 1.0% updated mine design, cost reductions, and commodity pricing Cu and 30 g/t Ag. changes. The Bracemac-McLeod mine is contained on two mining January to December 2014 production totalled 2.1Mt at 3.6% leases expiring in April 2033. Zn, 1.9% Cu and 41g/t Ag. PD–1: The PD1 deposit is a polymetallic volcanogenic massive The majority of Reserve in the Probable category reflects sulphide deposit of the same age and derived from the same geotechnical and economic uncertainty during the latter years ore-forming hydrothermal system as the rest of the Matagami of the mine plan, rather than geological uncertainty. camp deposits. It is located 40km west of Glencore's Matagami concentrator and offices. Mine life is anticipated to be 6.5 years (to mid-2021). The PD1 deposit was discovered in 1974. A total of 50 There are no known land tenure issues that could affect the historical drill holes were drilled between 1974 and 1984. In production plan. 2010, 25 additional holes were drilled in the upper portion of Bracemac-McLeod: The Bracemac-McLeod deposits comprise a the deposit above 100m vertical depth, including 3 duplicate cluster of polymetallic volcanogenic massive sulphide (VMS) holes to validate the historical data. The deposit is located on lenses similar to other deposits mined historically in the a mining claim owned by Glencore Canada Corporation. Matagami mining camp, except for their generally thinner and Errington: The Errington deposit is a polymetallic massive complex morphology. The deposits are located 4.5km sulphide located in the Sudbury Basin, Ontario. The 5 lenses southeast of Glencore's Matagami concentrator, at depths that make up this deposit are hosted by sedimentary rocks of ranging from 100m to 1,400m below the surface. The deepest the Vermilion Formation at the contact of the Onaping and deposit, the McLeod Deep lens, was delineated in 2013 and Onwatin formations. The deposits formed by replacement of is currently the focus of a Feasibility Study. carbonate mounds and carbonaceous tuffs fuelled by heat The geological models and the resource block models for all from the Sudbury Igneous Complex. Additional enrichment Bracemac lenses (Main, KT and Upper) and McLeod A, B and and concentration of metals was provided by deformation West lenses were revised regularly in 2014 based on new from the South Range shear zone. information derived from on-going underground delineation Discovered in the 1920’s, the Errington underground diamond drilling and geological mapping. The residual Mineral development began in 1924 and ended in 1928. A total of Resources are updated on a monthly basis as mining 129,713t of ore were produced from Errington. progresses. For most massive to semi-massive sulphide lenses, there is significant lower grade stringer-type In order to confirm both the morphology and grade of these mineralisation in the immediate footwall. Several of these historical resources based on 1,070 historical diamond drill stringer zones are now categorised as Measured Resources. holes, 175 supplementary diamond drill holes were carried The lower extension of McLeod B lens (900m to 1,000m) is out for a total of 50,000m. The Resources have been being explored by surface diamond drilling and is currently interpolated by ID2. categorised as Inferred Mineral Resource. The geological model and the resource block model for the McLeod Deep

23 Glencore - Resources & Reserves Report 2014 Metals and Minerals Zinc

Vermilion: The Vermilion deposit is a polymetallic massive Bell/Granisle: Bell and Granisle are porphyry copper-gold sulphide located in the Sudbury Basin, Ontario. The 17 lenses deposits located at Babine Lake. The Babine deposits are that make up this deposit are hosted by sedimentary rocks of associated with calc-alkaline magmatic rocks. They were the Vermilion Formation at the contact of the Onaping and formed in the roots of Eocene volcanoes built upon Onwatin formations. The deposits formed by replacement of continental crust. Erosion has removed most of the poorly carbonate mounds and carbonaceous tuffs fuelled by heat consolidated volcanic piles, exposing the mineral deposits. from the Sudbury Igneous Complex. Additional enrichment Recorded past production from the Bell mine from 1972 to and concentration of metals was provided by deformation 1992 totalled 77.2Mt averaging 0.47% Cu with an average from the South Range shear zone. waste to ore ratio of 0.95:1. Cut-off grade varied between Although discovered in the 1920’s, the Vermilion underground 0.25% and 0.35% Cu. development only started between 1952 and 1957. A total of Past production for Granisle from 1966 to 1982 totalled 22,172t of ore were hoisted at Vermillion and stockpiled circa 52.7Mt averaging 0.47% Cu with an average waste to ore since 1958. The stockpile was shipped to Kidd Creek for ratio of 1.37. Cut-off grade varied between 0.20% and 0.35% processing in 1992. Cu. In order to confirm both the morphology and grade of these The latest Resource estimate does not include the additional historical resources based on 609 historical diamond drill 25 holes (12,260m) drilled in 2012. The results of the Pre- holes, 35 supplementary diamond drill holes were carried out Feasibility Study delivered in May 2013 are still under review. for a total of 10,000m. The Resources have been interpolated Resources have not been updated since previous reporting by ID2. and were prepared and first disclosed under the JORC code Hackett River Project: The Hackett River project is located in 2004. Nunavut, Canada, approximately 480km northeast of A life of mine of 19 years has been estimated, at a processing Yellowknife and 105km south–southwest of the community of rate of 50,000 tonnes per day. Bathurst Inlet, which is located on the Arctic Ocean. There are no known land tenure issues and the mining leases The Hackett River deposits are situated within the Slave are renewed yearly. Structural Province, a predominantly Archaean granite- greenstone-sedimentary terrain that lies between Great Slave Competent persons Lake and Coronation Gulf. The deposits are typical of AC = Aline Côté, Project Manager, Glencore Zinc, (OGQ). volcanogenic massive sulphide (VMS) deposits. Sulphide AM = Adrianus Moerman, Principal Mine Engineer, Glencore Zinc, mineralisation occurs as tabular semi-massive to massive (APEO). lenses. Stringer sulphide minerals are developed beneath the lower massive lenses in stratiform to pipe-like configurations. BD = Benoit Drolet, Senior Resource Geologist, Glencore Zinc Stratiform disseminated sulphides envelop the massive (APGO). sulphide and stringer zones. GR = Gilles Roy, District Geologist, Glencore Zinc, (OGQ). The four principal sulphide occurrences from West to East are JD = Julie Drapeau, Chief Mine Geologist, Glencore Zinc (OGQ) the East Cleaver, Boot Lake, Main Zone, and Jo Zone deposits. These deposits were defined as economically viable JG = Jean Garant, Chief Mine Engineer, Glencore Zinc (OIQ). mineable Resources, following boundaries of open cut vs PB = Pierre Bernard, currently acting Chief Mine Geologist, underground mining, through a Preliminary Economic Consultant (APEGNB and OGQ). Assessment prior to Glencore’s acquisition (2010). A Pre- Feasibility study is now underway and is revisiting both the * The Competent Persons for the Mineral Resource estimate at mining methods and boundaries between open cut and Bracemac-McLeod mine are Julie Drapeau and Pierre Bernard. underground; for these reasons the Resources are only Concerning the McLeod Deep project, the Competent Person for distinguished through their categories instead of exploitation the Mineral Resource estimate is Gilles Roy. method. Following the exploration drilling campaign of 2013, which added 114 drill holes totalling 39,000m, we have undertaken the re-interpretation of an in situ Resource using Zn equivalent values instead of considering a block dollar value. The Resources have been interpolated by ID2.

24 Glencore - Resources & Reserves Report 2014 Metals and Minerals Zinc

Other Zinc Mineral Resources (Los Quenuales, Illapa, Sinchi Wayra, AR Zinc, Perkoa, Rosh Pinah, Pallas Green) Measured Mineral Indicated Mineral Measured and Inferred Mineral Attributable Mining Resources Resources Indicated Resources Resources Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Los Quenuales 97.6% Iscaycruz UG/OC (Mt) 0.77 0.93 3.1 3.8 3.9 4.8 9 12 CE Zinc (%) 9.50 12.5 7.7 6.7 8.0 7.9 5 4 Lead (%) 0.73 0.88 0.8 0.7 0.8 0.7 0.7 0.6 Copper (%) 0.34 0.37 0.3 0.3 0.3 0.3 0.1 0.2 Silver (g/t) 32.0 25.1 40 34 38 32 10 20 Yauliyacu UG (Mt) 1.53 1.74 8.5 8.8 10 11 13 13 CE Zinc (%) 3.56 3.58 3.6 3.5 3.6 3.5 4 4 Lead (%) 1.20 1.28 1.6 1.5 1.5 1.5 1 1 Copper (%) 0.37 0.36 0.4 0.4 0.4 0.4 0.4 0.4 Silver (g/t) 158 156 210 210 200 200 200 200 Illapa 45% Bolivar UG (Mt) 1.1 1.0 0.8 0.7 1.9 1.7 2.4 2.4 CE Zinc (%) 11.4 10.9 11 11 11 11 10 9 Lead (%) 1.43 1.38 1.0 1.0 1.3 1.2 0.8 0.7 Silver (g/t) 311 296 330 320 320 310 300 300 Porco UG (Mt) 0.64 0.75 0.4 0.4 1.0 1.2 1.0 1.2 CE Zinc (%) 10.1 9.18 11 9.7 10 9.4 10 9 Lead (%) 0.70 0.65 0.9 1.0 0.8 0.8 1 0.9 Silver (g/t) 98.0 105 100 100 99 100 90 80 Sinchi Wayra 100% Poopo UG (Mt) 0.18 0.23 0.2 0.4 0.4 0.6 0.8 1.6 CE Zinc (%) 8.46 7.23 8.0 6.4 8.2 6.7 7 6 Lead (%) 0.45 0.35 0.7 0.5 0.6 0.5 1 0.5 Silver (g/t) 186 160 270 240 230 210 300 200 Caballo Blanco UG (Mt) 0.60 0.53 0.5 0.5 1.1 1.0 1.4 1.3 CE Zinc (%) 9.47 9.63 9.4 9.7 9.4 9.7 9 8 Lead (%) 2.35 2.65 2.1 2.4 2.2 2.6 2 2 Silver (g/t) 234 207 200 200 220 200 200 200 AR Zinc Aguilar 100% UG/OC (Mt) 1.48 2.22 3.6 4.8 5.1 7.1 3.1 1.8 CE Zinc (%) 7.19 5.67 3.9 3.5 4.8 4.2 4 6 Lead (%) 7.28 6.08 4.5 3.5 5.3 4.3 4 5 Silver (g/t) 160 128 94 84 110 98 100 100 Perkoa 90% UG/OC (Mt) 1.71 0.96 4.0 4.8 5.7 5.8 2.3 7.2 AC Zinc (%) 17.5 15.1 13 10 14 11 11 9 Rosh Pinah 80.1% UG (Mt) 2.59 2.62 8.2 7.5 11 10.1 5.2 4.5 EM Zinc (%) 7.58 8.15 7.7 7.8 7.7 7.9 7 7 Lead (%) 2.21 2.26 1.8 1.8 1.9 1.9 1 1 Silver (g/t) 38.7 47.0 24 33 28 37 32 40 Pallas Green 100% (Mt) – – – – – – 44 42 AH Tobermalug Zone UG Zinc (%) – – – – – – 7 7 Lead (%) – – – – – – 1 1 Total Other Zinc (Mt) 10.6 11.0 29 32 40 43 80 90 Zinc (%) 9.36 8.27 6.9 6.3 7.5 6.8 6 6 Lead (%) 2.11 2.35 1.7 1.5 1.8 1.7 1 1 Copper (%) 0.08 0.09 0.1 0.1 0.1 0.1 0.1 0.1 Silver (g/t) 111 111 99 97 102 101 55 53

25 Glencore - Resources & Reserves Report 2014 Metals and Minerals Zinc

Other Zinc Ore Reserves (Los Quenuales, Illapa, Sinchi Wayra, AR Zinc, Perkoa, Rosh Pinah) Attributable Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent Name of operation interest Mining method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Los Quenuales 97.6% Iscaycruz UG/OC Ore (Mt) 0.70 0.97 3.0 3.1 3.7 4.0 CE Zinc (%) 8.77 10.5 7.0 6.1 7.3 7.2 Lead (%) 0.69 0.77 0.7 0.6 0.7 0.7 Copper (%) 0.25 0.27 0.2 0.3 0.2 0.3 Silver (g/t) 29.0 21.0 36 32 34 29 Yauliyacu UG Ore (Mt) 0.78 1.07 3.4 3.3 4.2 4.4 CE Zinc (%) 2.08 2.11 2.3 2.1 2.3 2.1 Lead (%) 0.90 0.90 1.0 1.0 1.0 1.0 Copper (%) 0.25 0.22 0.2 0.2 0.2 0.2 Silver (g/t) 123 106 110 110 110 110 Illapa 45% Bolivar UG Ore (Mt) 0.23 0.24 0.66 0.60 0.89 0.83 CE Zinc (%) 9.68 9.92 10 8.4 10 8.9 Lead (%) 1.16 1.22 1.4 1.2 1.3 1.2 Silver (g/t) 245 232 290 250 280 250 Porco UG Ore (Mt) 0.09 0.07 0.62 0.80 0.70 0.87 CE Zinc (%) 7.50 7.85 8.0 6.9 8.0 7.0 Lead (%) 0.63 0.46 0.5 0.5 0.6 0.5 Silver (g/t) 115 136 74 80 79 85 Sinchi Wayra 100% Poopo UG Ore (Mt) 0.02 0.03 0.09 0.20 0.10 0.23 CE Zinc (%) 8.80 6.38 7.0 6.1 7.3 6.2 Lead (%) 0.37 0.36 0.6 0.4 0.6 0.4 Silver (g/t) 188 186 210 140 210 150 Caballo Blanco UG Ore (Mt) 0.04 0.03 0.42 0.46 0.46 0.49 CE Zinc (%) 8.03 8.21 8.0 8.1 8.0 8.1 Lead (%) 3.10 2.03 1.8 2.2 1.9 2.2 Silver (g/t) 399 223 190 170 210 170 AR Zinc Aguilar 100% UG/OC Ore (Mt) 0.95 1.49 2.5 3.1 3.4 4.6 CE Zinc (%) 7.96 6.53 3.8 3.9 4.9 4.7 Lead (%) 8.73 7.23 4.4 4.0 5.6 5.1 Silver (g/t) 185 148 92 92 120 110 Perkoa 90% UG/OC Ore (Mt) 0.99 – 2.9 4.9 3.8 4.9 AC Zinc (%) 15.0 – 12 9.9 13 9.9 Rosh Pinah 80.1% UG Ore (Mt) 1.25 1.73 5.3 5.2 6.5 6.9 PC Zinc (%) 8.45 7.78 8.9 8.5 8.8 8.4 Lead (%) 2.31 1.98 1.7 1.4 1.8 1.5 Silver (g/t) 45 39.0 23 26 27 29 Total Other Zinc (Mt) 5.05 5.63 19 22 24 27 Zinc (%) 8.74 6.93 7.1 6.8 7.5 6.8 Lead (%) 2.54 2.90 1.5 1.3 1.7 1.6 Copper (%) 0.07 0.09 0.1 0.1 0.1 0.1 Silver (g/t) 86.1 88.7 62 56 67 62

26 Glencore - Resources & Reserves Report 2014 Metals and Minerals Zinc

Notes Iscaycruz: Zinc, lead and copper mineralisation are exposed as The expected life of the mines as a group, considering current subvertical massive sulphide orebodies; described as skarn, production capacities, is an average of 2 years based on Ore breccias and carbonate replacement type along 12km corridor Reserves and 10 years based on Mineral Resources. hosted in clay-rich limestone and dolomite rocks. According to the new Bolivian Constitution enacted in 2009, Hydrothermal mineralisation assemblages are mainly natural resources belong to the Bolivian people. The Bolivian composed of sphalerite, galena, pyrite and chalcopyrite State can enter into mining contracts with private investors to distributed in five production zones named Limpe Centro, operate them. As with all private investors in Bolivia, Illapa Chupa, Tinyag II, Tinyag I and Santa Este from North to and Sinchi Wayra do not hold property rights over mining South. Resources in the country, but rather hold the right to exploit The Inferred Resource has reduced by 3Mt: 1Mt due to them pursuant to Bolivian legislation. continued definition drilling and re interpretation of the Expiry date of relevant mining concessions / authorisations or resources in the Tinyag II orebody; and 1.5 Mt in Santa Este contracts is different for each mine: Porco and Bolivar – July deposit due to metallurgical complications in treating the Cu 2028 (joint venture agreement entered into in 2013), Poopo – complex ores and mixed zones. January 2027 (lease agreement with a local co-operative Production for year 2014 to the end of December was 1.3Mt entered into in 2002), and permanent in respect of Caballo grading 7.2% Zn, 0.7% Pb, 0.4%Cu and 31g/t Ag. Blanco. The expected life of Iscaycruz is 3 years based on Ore Aguilar: Mineralisation is classified as sedex type with sulphide Reserves and 10 years based on Mineral Resources. layers in between siliciclastic and shale rocks with a post- secondary metasomatic over print between two intrusive Expiry date of relevant mining/concession licences: stocks. Galena-rich, sphalerite, marmatite pyrite orebodies as permanent. lenses shape, locally brittle-style hydrothermal breccias, Yauliyacu: Main mineralisation occurs as sphalerite, galena, minor veinlets-stockworks and dissemination defines the tetrahedrite and chalcopyrite in 60° to 80° northwest dipping economic portion of mineral inventories. Strike length narrow veins, stockwork and minor replacement massive extension of mineral geometries is variable and reaches up to orebodies exposed in about 5km length extension and +2km 300m on North-South extension, about 55m in width and depth extension. This hydrothermal mineralisation is strongly reaches up to 160m in depth. structurally controlled and hosted in folded rock units as The Resource reclassification from Measured and Indicated calcareous sandstones (red beds), conglomerates, volcanic to Inferred for the Oriental Sur meant that there was an tuffs, andesites and limestones. increase of 1.3Mt with a reduction in the total Measured and Yauliyacu has maintained the same rhythm of drilling and Indicated Resource of 2Mt. replacing production with new Resource. Production for year 2014 to the end of December was 0.69Mt Production for year 2014 to the end of December was 1.3Mt grading 4.4% Zn, 4.6% Pb and 93g/t Ag. grading 2.2% Zn, 0.9% Pb and 84g/t Ag. The remaining mine life is approximately 3 years based on The expected life of Yauliyacu is 3 years based on Ore Ore Reserves and 11 years based on Mineral Resources. Reserves and 17 years based on Mineral Resources. Expiry date of relevant mining/concession licences: Expiry date of relevant mining/concession licences: permanent. permanent. Perkoa: Economic mineralisation at Perkoa occurs mainly as Illapa and Sinchi Wayra: The majority of the deposits within the volcanic massive sulfide lenses of sphalerite, galena, pyrite, Illapa and Sinchi Wayra portfolio are epigenetic-hydrothermal and pyrrhotite. These massive sulphide lenses vary in width base metal type vein and fault filled mineralisation hosted from 1m to 30m thick in places. These massive sulfide lenses within a variety of lithologies from volcanic tuffs to dip at an average of 75°, striking Northeast – Southwest and sedimentary packages. The main mineral assemblages are consist of two main orebodies. Igneous intrusives have also composed of sphalerite, marmatite, galena, silver rich galena caused endothermic and exothermic skarn like disseminated and silver sulfosalts. The Resources are usually based on mineralisation of remobilised galena, pyrite, and to a lesser multiple structures with Porco containing over 100 different extent pyrrhotite and sphalerite. veins. The typical dimensions of these structures is +500m in The geological domains have been re-interpreted with length and +450m depth profile with mineralisation open at updated information including underground diamond drilling, depth; average vein widths from 0.2-4.0m. mapping and channel sampling. This new information Caballo Blanco operational unit consists of four mines San highlighted a metal zonation pattern where the spatial Lorenzo, Colquechaquita, Reserva and Tres Amigos location of zinc was unrelated to the spatial location of lead supplying the central plant “Don Diego” situated close to and associated silver, and therefore that “polymetallic” areas Potosi. were being mined at the detriment of zinc-rich areas. Perkoa Production for the year 2014 to the end of December for each is now considered economically viable on the sole basis of of the operations was: zinc. Bolivar – 0.28Mt grading 8.4% Zn, 1.0% Pb, 232 g/t Ag. Consequently, no lead or silver are included in the Resources and consequently the Reserves. Porco – 0.38Mt grading 6.1% Zn, 0.5% Pb, 78g/t Ag. New assumptions, coupled with a change in the operational Poopo – 0.12Mt grading 6.2% Zn, 0.4% Pb, 187g/t Ag. strategy, have taken out 0.61Mt at 3.6% Zn from the 2013 Caballo Blanco – 0.30Mt grading 6.0% Zn, 1.0% Pb, 112g/t Reserves. Ag. Production for year 2014 was 0.44Mt grading 15.4% Zn.

27 Glencore - Resources & Reserves Report 2014 Metals and Minerals Zinc

Current expected life of mine is approximately 5.5 years Competent Person based on Ore Reserves and approximately 7 years based on AC = Aline Côté, Project Manager, Glencore Zinc, (OGQ). Mineral Resources. Expiry date of relevant mining/concession AH = Allan Huard, Senior Geologist, Glencore Zinc, (APGO). licences: 20 March 2027. CE = Chris Emerson, Geology Manager, Glencore Zinc, (GSL, Rosh Pinah: Sedimentary exhalative (SEDEX) type zinc and lead AusIMM). sulphide ores are contained within the so-called Ore Equivalent Horizon, a stratiform horizon that is extensively EM = Eric Mouton, Technical Service Manager, Glencore Zinc, folded, resulting in discreet, subvertical orebodies that vary in (SACNASP). size from 0.4–7.5Mt. PC = Phil Crowther, Long term Planning Consultant, Glencore Mine production for the period January to December 2014 Zinc, (PLATO). was 0.68Mt at 8.8% Zn and 2.2% Pb. Expected life of mine is 9.3 years based on Ore Reserves. Rosh Pinah has previously been able to extend its expected life of mine through exploratory drilling in the area covered by its concession. Potential Life of Mine based on the conversion of Inferred Resources is 11.5 years. The expiry date of ML 39+AW (Mining Licence and Accessory Works) is 11 February 2020. Pallas Green Project: The Pallas Green project is situated near Limerick in Southwestern Ireland. The Tobermalug zone consists of multiple, subhorizontal, stratiform lenses of Irish- type, breccia-hosted, sphalerite-galena-pyrite within a Carboniferous limestone. The lenses occur over an area 4,000m by 4,000m, and from 300m to 1,300m below surface. The Inferred Resource is based on 370,000m of diamond drilling in 735 drill holes completed between 2005 and the end of 2014. The increase in Resources from 2013 to 2014 reflects the completion of 30 drill holes for 25,000m in 2014. Drill spacing is nominally 100m but 178 infill drill holes at 50m spacing have been completed. Mineralisation wireframes were built with a cut-off of 4% Zn + Pb and a minimum 3.0m true thickness, and constrain interpolation by Inverse Distance Weighting (IDW) in a block model.

28 Glencore - Resources & Reserves Report 2014 Metals and Minerals Nickel

Integrated Nickel Operations (INO) Mineral Resources (Raglan, Sudbury) Measured Mineral Indicated Mineral Measured and Inferred Mineral Name of Attributable Mining Resources Resources Indicated Resources Resources Competent operation Interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Raglan 100% UG (Mt) 5.06 4.28 9.34 9.86 14.4 14.1 21.1 21.0 DP Nickel (%) 3.49 3.00 3.24 3.51 3.32 3.36 3.2 3.1 Copper (%) 0.88 0.83 0.97 0.98 0.94 0.94 0.9 0.9 Cobalt (%) 0.08 0.06 0.08 0.08 0.08 0.07 0.1 0.1 Platinum (g/t) 0.90 0.78 0.93 1.00 0.92 0.93 1.0 1.0 Palladium (g/t) 2.22 1.98 2.32 2.40 2.29 2.27 2.3 2.4 Sudbury 100% UG (Mt) 11.1 11.9 18.4 19.1 29.5 31.0 18 17 SEK Nickel (%) 1.83 1.81 2.41 2.42 2.19 2.18 1.8 1.7 Copper (%) 2.08 2.27 1.22 1.17 1.54 1.59 2.5 1.8 Cobalt (%) 0.04 0.05 0.06 0.06 0.05 0.05 0.1 0.1 Platinum (g/t) 1.01 1.14 0.53 0.50 0.71 0.75 0.9 0.8 Palladium (g/t) 1.14 1.32 0.56 0.53 0.78 0.84 1.0 0.7 Total INO (Mt) 16 16 28 29 44 45 39 38 Nickel (%) 2.35 2.12 2.69 2.79 2.56 2.55 2.6 2.5 Copper (%) 1.70 1.89 1.14 1.11 1.34 1.39 1.6 1.3 Cobalt (%) 0.05 0.05 0.07 0.07 0.06 0.06 0.1 0.1 Platinum (g/t) 0.98 1.04 0.66 0.67 0.78 0.81 1.0 0.9 Palladium (g/t) 1.48 1.49 1.15 1.17 1.28 1.29 1.7 1.6

Integrated Nickel Operations Ore Reserves (Raglan, Sudbury) Name of Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent operation Interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Raglan 100% UG Ore (Mt) 4.23 3.38 2.49 3.20 6.72 6.59 PD Nickel (%) 3.01 2.74 3.88 4.01 3.33 3.36 Copper (%) 0.75 0.76 0.88 0.86 0.80 0.81 Cobalt (%) 0.06 0.05 0.08 0.09 0.07 0.07 Platinum (g/t) 0.77 0.74 1.00 1.01 0.85 0.87 Palladium (g/t) 1.86 1.85 2.25 2.27 2.00 2.05 Sudbury 100% UG Ore (Mt) 8.69 9.40 4.58 5.40 13.3 14.8 SEK Nickel (%) 1.42 1.41 1.37 1.36 1.41 1.39 Copper (%) 2.10 2.42 0.76 0.76 1.64 1.81 Cobalt (%) 0.03 0.03 0.04 0.04 0.03 0.03 Platinum (g/t) 1.12 1.28 0.48 0.43 0.90 0.97 Palladium (g/t) 1.25 1.47 0.41 0.37 0.96 1.07 Total INO (Mt) 13 13 7 9 20 21 Nickel (%) 1.94 1.76 2.25 2.35 2.05 2.00 Copper (%) 1.66 1.98 0.80 0.80 1.36 1.50 Cobalt (%) 0.04 0.04 0.05 0.06 0.04 0.04 Platinum (g/t) 1.01 1.14 0.66 0.65 0.88 0.94 Palladium (g/t) 1.45 1.57 1.06 1.08 1.31 1.37

29 Glencore - Resources & Reserves Report 2014 Metals and Minerals Nickel

Notes Competent Persons For the purposes of this statement, the term ‘Ore Reserves’ as DP = Daniel Patry, Glencore Nickel, P.Geo (OGQ Québec). defined by the JORC Code 2012 has the same meaning as PD = Philemon Desrochers-Gagnon, Glencore Nickel, P.Eng. ‘Mineral Reserves’ as defined in the CIM Standards 2014. The (OIQ Québec). resource totals have been restated in compliance with the JORC Code. SEK = Steve Kormos, Glencore Nickel, P. Geo. (APGO, Ontario). There are no known environmental, permitting, legal, taxation, political or other relevant issues that would materially affect the estimates of the Mineral Reserves. Depending on when production is scheduled, Mineral Reserves and Resources are calculated using a blend of short, medium, or long term metal price assumptions and exchange rates. Raglan: Ni-Cu-Co-PGE mineralisation is located at or near the base of subvolcanic mafic-ultramafic intrusive complexes referred to as the “Raglan Formation”. Economic Ni-Cu-Co- PGE mineralisation is composed of disseminated, net- textured, and massive pyrrhotite – pentlandite – chalcopyrite rich sulphides contained within more than 140 individual sulphide lenses, extending from surface to more than 750m vertical depth. The size of these high-grade sulphide lenses varies significantly from 0.01Mt to 5.2Mt, averaging 0.2Mt. Remaining life of mine is in excess of 20 years. Expiry date of relevant mining leases and exploration licenses: depending on the mine/project, ranging from 30 July 2015 to 17 August 2026. Sudbury: Sulphide deposits sit on broadly defined trends of mineralisation along basal brecciated rocks of the Sudbury Igneous Complex as pentlandite-pyrrhotite-chalcopyrite rich concentrations as well as within the underlying footwall in fractured pathways as chalcopyrite dominated polymetallic (Cu, Ni, Au, Ag, Pt, Pd) vein-style sulphides. The total Mineral Reserve and Resource tonnage decreased from 2013 due to production. A decrease in overall resources was offset by the addition of resources from a newly discovered zone at the Nickel Rim Depth deposit. Cut-off grades are calculated for each individual mine site or resource based on a metal equivalent or net smelter return value taking into account all recoverable metals (Ni, Cu, Co, Au, Ag, Pt and Pd). The current LOM plan based on reserves extends to the end of 2021. Significant undeveloped Mineral Resources and exploration potential provide an opportunity to extend mine life well beyond 2021. All Land holdings in Sudbury covering existing Mineral Reserves and Resources are patented and 100% owned by Glencore with the exception of an area covered by two licences of occupation which are held in perpetuity and one mining lease which expires in 2033.

30 Glencore - Resources & Reserves Report 2014 Metals and Minerals Nickel

Falcondo Mineral Resources Measured Mineral Indicated Mineral Measured and Inferred Mineral Name of Attributable Mining Resources Resources Indicated Resources Resources Competent operation Interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Falcondo 85.3% OC (Mt) 40.5 40.4 31.1 31.1 71.6 71.5 4.9 4.9 ED Nickel (%) 1.42 1.42 1.53 1.53 1.47 1.47 1.4 1.4 Falcondo Ore Reserves Name of Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent operation Interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Falcondo 85.3% OC Ore (Mt) 44.9 44.5 26.3 26.3 71.2 70.8 ED Nickel (%) 1.28 1.28 1.36 1.36 1.31 1.31

Notes Competent Person For the purposes of this statement, the term ‘Ore Reserves’ as ED = Edwin Deveaux, Glencore Nickel, P. Geo. (APGO, Ontario). defined by the JORC Code 2012 has the same meaning as ‘Mineral Reserves’ as defined in the CIM Standards 2014. The resource totals have been restated in compliance with the JORC Code. There are no known environmental, permitting, legal, taxation, political or other relevant issues that would materially affect the estimates of the Mineral Reserves. Depending on when production is scheduled, Mineral Reserves and Resources are calculated using a blend of short, medium, or long term metal price assumptions and exchange rates. Falcondo: Mineralisation consists of nickeliferous laterite deposits developed on a belt of serpentinised peridotites. Mineral Resource estimates are established using 3D modelling with Ordinary Kriging interpolation for all exploited areas. There was no activity at Loma Miranda area and it remains unchanged. Nearest Neighbour interpolation was used for this project. Polygonal methods are used for certain areas and for some Inferred Resources. Cut-off grade is 1.2% Ni. Operations were placed on care and maintenance during 2013 due to low nickel prices. Once reopened, projected mine life is 22 years. There is no time limit on the life of the mining concessions.

31 Glencore - Resources & Reserves Report 2014 Metals and Minerals Nickel

Australia Mineral Resources (Cosmos, Murrin Murrin) Measured Mineral Indicated Mineral Measured and Inferred Mineral Name of Attributable Mining Resources Resources Indicated Resources Resources Competent operation Interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Cosmos 100% UG (Mt) 13.6 13.6 35.1 35.1 48.7 48.7 14 14 SK Nickel (%) 0.78 0.78 0.99 0.99 0.93 0.93 0.8 0.8 Murrin Murrin 100% OC (Mt) 184.1 188.7 72.2 76.5 256.3 265.1 11.5 11.5 SK Nickel (%) 1.03 1.00 0.99 0.99 1.02 0.99 0.94 0.94 Cobalt (%) 0.073 0.071 0.077 0.078 0.074 0.073 0.059 0.058 Total Australia (Mt) 198 202 107 112 305 314 26 26 Nickel (%) 1.01 0.99 0.99 0.99 1.01 0.98 0.9 0.9 Cobalt (%) 0.07 0.07 0.05 0.05 0.06 0.06 0.03 0.03 Australia Ore Reserves (Murrin Murrin) Name of Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent operation Interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Murrin Murrin 100% OC Ore (Mt) 160.4 161.3 40.0 39.4 200.4 200.8 KG/PW Nickel (%) 0.97 0.95 0.96 0.95 0.97 0.95 Cobalt (%) 0.069 0.067 0.067 0.066 0.069 0.067 Koniambo Mineral Resources Measured Mineral Indicated Mineral Measured and Inferred Mineral Name of Attributable Mining Resources Resources Indicated Resources Resources Competent operation Interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Koniambo 49% OC (Mt) 20.0 22.6 46.0 47.4 66.0 70.0 84 83 NF Nickel (%) 2.55 2.54 2.44 2.44 2.48 2.47 2.5 2.5 Koniambo Ore Reserves Name of Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent operation Interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Koniambo 49% OC Ore (Mt) 16.2 17.5 42.5 44.0 58.7 61.5 HD Nickel (%) 2.50 2.50 2.30 2.31 2.35 2.36

Other Nickel Mineral Resources Measured Mineral Indicated Mineral Measured and Inferred Mineral Name of Attributable Mining Resources Resources Indicated Resources Resources Competent operation Interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Kabanga 50% UG (Mt) 13.8 13.8 23.4 23.4 37.2 37.2 21 21 RK Nickel (%) 2.49 2.49 2.72 2.72 2.63 2.63 2.6 2.6 Copper (%) 0.34 0.34 0.36 0.36 0.35 0.35 0.3 0.3 Cobalt (%) 0.21 0.21 0.19 0.19 0.20 0.20 0.2 0.2 Platinum (g/t) 0.16 0.16 0.42 0.42 0.32 0.32 0.3 0.3 Palladium (g/t) 0.19 0.19 0.28 0.28 0.25 0.25 0.3 0.3 Araguaia 100% OC (Mt) 16.1 16.1 89.0 89.0 105.1 105.1 18 18 SEK Nickel (%) 1.44 1.44 1.31 1.31 1.33 1.33 1.3 1.3 Total Other Nickel (Mt) 30 30 112 112 142 142 39 39 Nickel (%) 1.92 1.92 1.60 1.60 1.67 1.67 2.0 2.0 Copper (%) 0.16 0.16 0.07 0.07 0.09 0.09 0.2 0.2 Cobalt (%) 0.10 0.10 0.04 0.04 0.05 0.05 0.1 0.1 Platinum (g/t) 0.07 0.07 0.09 0.09 0.08 0.08 0.2 0.2 Palladium (g/t) 0.09 0.09 0.06 0.06 0.07 0.07 0.2 0.2

32 Glencore - Resources & Reserves Report 2014 Metals and Minerals Nickel

Notes For the purposes of this statement, the term ‘Ore Reserves’ as cut-off grade of 2% Ni and exclude an additional 23.7 million defined by the JORC Code 2012 has the same meaning as tonnes of medium grade material at 1.9% Ni. ‘Mineral Reserves’ as defined in the CIM Standards 2014. The Kabanga: The current delineated Mineral Resource is comprised resource totals have been restated in compliance with the JORC of 88% of contact-style massive sulphide and 12% of Code. ultramafic-hosted disseminated to semi-massive sulphide There are no known environmental, permitting, legal, taxation, mineralisation. The ultramafic bodies are hosted in a political or other relevant issues that would materially affect the sequence of metamorphosed pelitic sediments that are estimates of the Mineral Reserves. overturned, steeply dipping. All resource estimates are done using Ordinary Kriging and are based on block models with Depending on when production is scheduled, Mineral Reserves appropriate variography. A cut-off grade of 1% Ni-equivalent and Resources are calculated using a blend of short, medium, or is used for all resources except ultramafic-hosted long term metal price assumptions and exchange rates. disseminated to semi-massive sulphide (UMIN) mineralisation Cosmos: Nickel mineralisation is ultramafic-hosted disseminated at Tembo (1.1% Ni cut-off grade applied). The contribution to and massive sulphides located at the Cosmos operations. the Ni-equivalent value is provided by copper, cobalt and Cosmos resources include the AM5, AM6, Odysseus, platinum group elements. The last Mineral Resource drilling Odysseus North and Mt Goode deposits. Mineral Resource is campaign was done in 2009 and the latest resource estimate categorised according to drill hole spacing and geological dates from June 2010. The current Kabanga Mineral confidence. Resource estimates apply 1.5% Ni cut off grades Resources are sufficient to support a minimum 30 years mine for all deposits other than the large low-grade Mt Goode life. Discussions are ongoing with the Tanzanian Ministry of deposit (0.4% Ni cut off applied). All resource estimates use Energy and Minerals regarding a Mining Development 3D block models generated using Ordinary Kriging, after Agreement and the granting of a Special Mining Licence. applying geostatistical analysis to domained data sets. Araguaia: Mineralisation is comprised of three laterite deposits: Cosmos operations are under care and maintenance. Serra do Tapa, Vale dos Sonhos, and Pau Preto. Serra do Murrin Murrin: Nickel and cobalt mineralisation at Murrin Murrin Tapa and Vale dos Sonhos deposits were estimated using 3D operation is hosted within a laterite formed from the models interpolated using Ordinary Kriging and then adjusted weathering of ultramafic rocks. The resources are hosted in for selective mining unit size using Change of Support by multiple deposits over three main project areas (North, South Uniform Conditioning. Pau Preto Mineral Resources were and East). Resource and Reserve figures as at 31 December estimated using 3D models interpolated using the nearest 2014 are generated by depletion of the resource models by neighbour technique. No Change of Support was applied. using end-of-period surface surveys as at 30 September Mineral Resources are reported at a 0.90% Ni cut-off grade 2014, with adjustments applied for October to December as per the proposed mine plan from the original scoping production. study. A decision on the development of these deposits awaits improved economic conditions. The property is The Murrin Murrin 2014 Ore Reserve estimate is based on covered by three exploration licenses, namely Vale De the optimised Base Case pit shells for Measured and Sonhos, Serra do Tapa and Pau Preto covering 114 km2 Indicated Mineral Resources, and includes scats and (11,486 hectares). An extension to the licenses has been stockpiles. Updates to process modelling, triennial shutdown granted extending them to 2017. costs and operating costs have been included. Ore Reserve grades have been subject to the application of Competent Persons grade modifying factors. These have been derived from HD = Hubert Dumon, Koniambo Nickel SAS, (AusIMM). analysis of the previous two years mine-to-mill grade KG = Kellie Gill, Minara Resources Pty Ltd., (mining and performance and result in grade modifying factors of 95% and metallurgical costs, reserve optimisation), (AusIMM). 88% for nickel and cobalt respectively. NF = Nic Fenner, Koniambo Nickel SAS, P.Geo (APGO, Ontario). At the forecast throughput capacity of 4.5 million tonnes per annum, the project’s operating life is in excess of 30 years. PW = Paul Wiltshire, Minara Resources Pty Ltd., (process plant Expiry dates for relevant tenements differ for each tenement modelling assumptions), (AusIMM). and range from 2015 to 2032. RK = Ray Kohlsmith, Glencore Nickel, P. Geo (APGO, Ontario). Koniambo: Nickel rich laterite deposits are developed on variably SK = Stephen King, Minara Resources Pty Ltd., (geostatistical serpentinized dunite and harzburgite. The Mineral Reserve analysis, modelling/estimation and resource classification), estimate for the deposit was established as part of the (AusIMM). Bankable Feasibility Study (2005), and has been adjusted to incorporate changes from production and models completed SEK = Steve Kormos, Glencore Nickel, P. Geo (APGO Ontario). in 2014 from eight mine pits, as well as actual completed production and forecasts to 31 December 2014. Mineral Resources for the Life of Mine have been calculated by 3D modelling and Ordinary Kriging geostatistical methods and for those areas outside of this footprint by the plan polygonal method. The reserve cut-off grade used is 2.0% Ni. Expected mine life is 24 years. The expiry date of relevant mining property licences range April 2031 to 31 December 2048. Production began in April 2013 and is currently in the ramp up phase. Ore Reserves stated include an estimated 390kt at 2.30% of stockpiles between the mine and process plant. Ore Reserves also include 9.1Mt of separate medium grade material (1.8% - 2.0% Ni). Resources are reported at a

33 Glencore - Resources & Reserves Report 2014 Metals and Minerals Ferroalloys

Chrome Mineral Resources Measured Mineral Indicated Mineral Measured and Indicated Inferred Mineral Attributable Mining Resources Resources Mineral Resources Resources Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Waterval Mine 79.5% UG Ore (Mt) 16.487 16.556 0.98 0.98 17.47 17.53 0.6 0.6 DR/MM

Cr2O3 (%) 41.3 41.28 42.6 42.6 41.4 41.4 43 43 Marikana West 79.5% UG Ore (Mt) 3.189 3.479 1.60 1.59 4.79 5.07 - - DR/MM

Cr2O3 (%) 42.39 42.39 42.6 42.6 42.5 42.5 - - Kroondal Mine 79.5% UG/OC Ore (Mt) 8.827 9.771 2.16 2.10 10.98 11.87 - - DR/MM

Cr2O3 (%) 42.79 42.77 41.5 42.1 42.5 42.7 - - Kroondal 79.5% UG/OC Ore (Mt) 11.766 12.547 4.99 4.51 16.75 17.06 - 0.2 DR/MM

Gemini Cr2O3 (%) 42.44 42.44 41.6 42.0 42.2 42.3 - 42 Marikana East 79.5% UG Ore (Mt) 4.183 4.570 0.75 0.49 4.93 5.07 - 0.3 DR/MM

Cr2O3 (%) 42.23 42.31 41.7 42.1 42.1 42.3 - 42 Horizon Mine 79.5% UG/OC Ore (Mt) 4.248 4.248 8.04 8.04 12.28 12.28 2.4 2.4 DR/MM

Cr2O3 (%) 44.53 44.53 43.8 43.8 44.1 44.1 44 44 Boshoek Mine 79.5% OC/UG Ore (Mt) - 0.449 17.09 16.64 17.09 17.09 - - DR/MM

Cr2O3 (%) - 39.97 40.5 40.5 40.5 40.5 - - Thorncliffe Mine 79.5% UG/OC Ore (Mt) 41.627 41.904 9.52 11.07 51.14 52.97 34.1 34.2 DR/SV

Cr2O3 (%) 40.59 40.61 41.0 41.1 40.7 40.7 40 40 Helena Mine 79.5% UG/OC Ore (Mt) 22.987 23.669 6.93 6.28 29.92 29.95 85.8 84.2 DR/SV

Cr2O3 (%) 39.96 40.09 38.1 38.9 39.5 39.8 39 39 Wonderkop 79.5% UG Ore (Mt) - - 7.05 7.05 7.05 7.05 - - DR/MM

Cr2O3 (%) - - 40.6 40.6 40.6 40.6 - - Extension 9 79.5% UG Ore (Mt) - - 13.37 13.84 13.37 13.84 - - DR/MM

Cr2O3 (%) - - 41.3 40.9 41.3 40.9 - - De Grooteboom 79.5% UG/OC Ore (Mt) 0.817 0.777 0.64 0.61 1.46 1.39 - - DR/SV

Cr2O3 (%) 40.28 40.26 40.3 40.3 40.3 40.3 - - Klipfontein/ 79.5% UG Ore (Mt) 11.387 9.471 16.82 16.31 28.21 25.78 115.5 117.9 DR/MM

Waterval Cr2O3 (%) 42.12 42.29 42.0 42.3 42.0 42.3 42 42 Total Chrome (Mt) 126 127 90 90 215 217 238 240

Cr2O3 (%) 41.3 41.3 41.2 41.3 41.2 41.3 41 41

Chrome Ore Reserves Attributable Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent Name of operation interest Mining method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Waterval Mine 79.5% UG Ore (Mt) 10.737 10.936 0.91 0.91 11.65 11.85 DR/MM

Cr2O3 (%) 30.93 30.89 26.0 25.9 30.5 30.5 Marikana West 79.5% UG Ore (Mt) 0.777 0.684 - - 0.78 0.68 DR/MM

Cr2O3 (%) 28.87 28.78 - - 28.9 28.8 Kroondal Mine 79.5% UG/OC Ore (Mt) 2.548 2.922 1.90 1.90 4.45 4.82 DR/MM

Cr2O3 (%) 28.87 28.98 28.1 28.7 28.6 28.9 Kroondal Gemini 79.5% UG/OC Ore (Mt) 7.774 8.853 4.70 4.20 12.47 13.9 DR/MM

Cr2O3 (%) 31.00 30.9 28.2 28.5 29.9 30.1 Marikana East 79.5% UG Ore (Mt) 0.005 - - - 0.01 - DR/MM

Cr2O3 (%) 28.89 - - - 28.9 - Horizon Mine 79.5% UG Ore (Mt) 2.102 2.102 - - 2.10 2.10 DR/MM

Cr2O3 (%) 23.91 23.91 - - 23.9 23.9 Boshoek Mine 79.5% UG/OC Ore (Mt) - - 0.58 0.58 0.58 0.58 DR/MM

Cr2O3 (%) - - 26.1 26.1 26.1 26.1 Thorncliffe Mine 79.5% UG/OC Ore (Mt) 24.445 26.360 5.94 6.67 30.39 33.03 DR/SV

Cr2O3 (%) 36.94 36.82 35.5 36.8 36.7 36.8 Helena Mine 79.5% UG/OC Ore (Mt) 3.823 3.913 - - 3.82 3.91 DR/SV

Cr2O3 (%) 36.78 32.69 - - 36.8 32.7 Total Chrome (Mt) 52 56 14 14 66 71

Cr2O3 (%) 33.8 33.4 31.0 32.1 33.2 33.1

34 Glencore - Resources & Reserves Report 2014 Metals and Minerals Ferroalloys

Notes Tonnages are quoted as million metric tonnes. Marikana East: unmined and remnant mining areas have been removed from the 2014 Mineral Resource estimate. The total Grades are quoted as %Cr2O3. tonnages excluded are 0.390Mt. The Measured and Indicated Mineral Resources are inclusive of The tonnage and grade estimations are initiated by the those Mineral Resources modified to produce Ore Reserves. geostatistical analysis of the exploration drill hole data. The The chromitite assets include those owned by Glencore and outcomes of this analysis are used in the construction of block Merafe in different ownership percentages, the attributable interest models for each mine and project area. The analysis of the in such assets remain as reflected. chromitite data indicates a high degree of continuity of grade and thickness of the chromitite layers. The block model estimates are All Glencore Ferroalloys' chrome operations mine the chromitite verified using geostatistical parameters such as Kriging Efficiency deposits developed within the world renowned Bushveld Complex to test the stability of the variograms used and the suitability of the of South Africa. The 2060 Ma year-old Bushveld Complex is the selected cell sizes and Kriging parameters. Tonnages and grades largest known deposit of chrome, vanadium and platinum group are reported from these block models for each mine and project. elements (PGEs) in the world. The Bushveld Complex stretches There is a high degree of confidence in the tonnage and grade 350km east-west and 450km north-south. The chrome ore is estimations derived from the block models. This is confirmed by mined from shallow dipping (10o – 14o) tabular orebodies. the monthly and yearly reconciliation between the block model Although there are numerous chromitite layers developed in the estimates, the monthly survey measurements and the actual mine Bushveld Complex, the chromitite layers targeted for economic production for each operating mine. exploitation are the LG6/LG6A Chromitite Layer package and the MG1 Chromitite Layer. The LOM for the operating chrome mines vary between 3 years and 9 years based on the declared Ore Reserves. The LOM No cut-off grades are applied to the chromitite layers currently periods for the various operating mines, based on all the Mineral being mined due to the exceptional regional grade consistency Resources converted to Ore Reserves vary between 6 years and and continuity. 41 years. The Mining Right expiry dates vary from 2022 to 2039 The chromitite layers are mostly mined underground using for the operating chrome mines. All the chrome mining rights were trackless mechanised mining methods on a board and pillar mine granted for an initial period of 30 years. The production rates for layout design. the various chrome mines vary from 34kt ROM per month to 110kt ROM per month. The Mineral Resources are estimated as chromitite tonnages and grades to reflect the grades of the various individual chromitite The Prospecting Rights are granted for an initial period of 5 years, layers. Both the LG6 and MG1 Chromitite Layers which Glencore extendable for an additional 2 periods of 3 years each. The project currently mine are discrete solid chromitite layers with sharp areas are mostly covered by Prospecting Rights and the current contacts. Prospecting Right periods vary from 1 year to 4 years. The Klipfontein/Waterval Prospecting Right has been converted to a Changes in the year on year Mineral Resource tonnage and grade Mining Right and has been incorporated into the Kroondal Mining estimates are mainly due to mining depletion and changes in Right. The Extension 9 Prospecting Right has been extended for additional geological information gained through exploration, which an additional 3 years. then reflects in the tonnage and grade reports from the grade block models. The most significant changes are noted below. Competent Persons Thorncliffe: the Mineral Resources had a net increase of 1.274Mt. PJG = Pieter-Jan Gräbe, Glencore Ferroalloys, (SACNASP); The main contributor to this change was the annual re- overall responsibility for Mineral Resources and Ore Reserves. estimation which increased the tonnages by 0.645Mt. Mining SV = Solly Vaid, Glencore Ferroalloys, (PLATO); overall depletions have been excluded. responsibility for Mineral Resources and Ore Reserves. the property had a net Mineral Resource tonnage Helena: DR = Dean Richards, Obsidian Consulting Services (SACNASP); increase of 3.018Mt, of which the re-estimation contributed responsible for geostatistical analysis of data, Mineral Resource 2.691Mt. Mining depletions have been excluded. classification and construction of tonnage and grade block models Kroondal Mine: unmined and remnant mining areas have been and reporting of tonnage and grades from block models. removed from the 2014 Mineral Resource estimate. The total MM = Mogomotsi Maputle, Glencore Ferroalloys, (SACNASP), tonnages excluded are 0.768Mt. Responsible for Mineral Resources and Ore Reserves. The Kroondal ore reserves changed mainly as a result of a

change in the mining rate which decreased the Ore Reserves by -0.226Mt.

35 Glencore - Resources & Reserves Report 2014 Metals and Minerals Ferroalloys

Vanadium Mineral Resources Measured Mineral Indicated Mineral Measured and Inferred Mineral Attributable Mining Resources Resources Indicated Resources Resources Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Rhovan 74.0% OC (Mt) 24.89 33.90 20.2 22.9 45.1 56.8 84 79 DR/SM

V2O5 (%) 0.52 0.54 0.5 0.5 0.5 0.5 0.5 0.5

Vanadium Ore Reserves Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Rhovan 74.0% OC Ore (Mt) 6.88 21.56 13.4 10.5 20.3 32.1 DR/SM

V2O5 (%) 0.52 0.53 0.5 0.5 0.5 0.5

Notes Tonnages are quoted as million metric tonnes. The tonnage and grade estimations were done using geo- statistical analysis of the exploration drill hole data. From this Grades are quoted as %V2O5. analysis the most appropriate parameters for the construction of The Measured and Indicated Mineral Resources are inclusive of block models for the various pits were derived. The block model those Mineral Resources modified to produce Ore Reserves. estimates are verified using geostatistical parameters such as Kriging Efficiency and Slope of Regression to test the stability of Glencore Ferroalloys' vanadium mining operations mine the the variograms used and the suitability of the selected cell sizes. vanadiferous magnetite deposits developed within the Bushveld Tonnages and grades are reported from the block models for each Complex, South Africa. The 2060 Ma year-old Bushveld Complex pit. The degree of confidence in the tonnage and grade is the largest known deposit of chrome, vanadium and platinum estimations derived from the block models is reflected in the group elements (PGE’s) in the world. classified resource classes. The magnetite ore is mined from shallow dipping (6o – 25o) The Rhovan LOM based on the declared Ore Reserves is 8.6 stratified magnetite orebodies. Various ore zones with varying years. The LOM based on all the Mineral Resources converted to grades can be identified in the orebody. The ore zones are defined Ore Reserves is 49 years. Rhovan is mining from various open based on their magnetite and vanadium content. cast pits at a mining rate averaging 200kt of ROM per month. The The magnetite ore is mined using open cast mining methods. Mining Right expiry date is 2027. Changes in the year on year tonnage and grade estimates are Competent Persons mainly due to mining depletion, reclassification and changes in the PJG = Pieter-Jan Gräbe, Glencore Ferroalloys, (SACNASP); Mineral Resource and Ore Reserve tonnages and grades due to overall responsibility for Mineral Resources and Ore Reserves. additional geological information gained through exploration. DR = Dean Richards, Obsidian Consulting Services, (SACNASP); Rhovan: There was a net decrease of -4.325Mt in the total responsible for data validation, geo-statistical analysis of data, Mineral Resource estimate after mining depletion. This was construction of tonnage and grade block models and reporting of mainly due to the introduction of new resource constraints tonnage and grades from block models for Mineral Resource and and classification limits brought about by alignment with the Ore Reserve estimates. code. Additions to the tonnage base was due to a lowering of the cut-off grades and an extension of the Mineral Resources SM = Sydney Maseti, Glencore Ferroalloys, (SACNASP); as a result of exploration drilling on strike next to and down- Responsible for Mineral Resources and Ore Reserves. dip of the existing pits.

The Ore Reserves had a net decrease of -10.627Mt after mining depletion. The previous Ore Reserves were reported within pit shells designed in 2012. Rhovan is currently in the process of finalizing a Whittle Pit Optimization exercise based on 2014 input parameters. The optimization will be followed by LOM pit design and short term scheduling which will incorporate the mineralization of the “Lucky Strike”, which was previously not in the pit designs. Obsidian Consulting Services has estimated the Mineral Resources for Pit 1 and Pit 6. An updated grade block model was constructed during October and November 2014, following exploration drilling during the 2013 – 2014 reporting period.

36 Glencore - Resources & Reserves Report 2014 Metals and Minerals Ferroalloys

PGM Mineral Resources Measured Mineral Indicated Mineral Measured and Inferred Mineral Attributable Mining Resources Resources Indicated Resources Resources Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Mototolo JV 37% UG/OC (Mt) 32.394 29.018 - 5.79 32.39 34.81 - 3.0 CL/DR/FF 3PGE + Gold (g/t) 4.13 4.26 - 4.3 4.1 4.3 - 4.4 Eland Platinum 73.99% UG/OC (Mt) 56.884 57.813 16.40 16.43 73.29 74.24 76.3 76.3 DR 3PGE + Gold (g/t) 4.49 4.49 3.5 3.5 4.3 4.3 4.5 4.5 Zilkaatsnek 100% UG/OC (Mt) - - 2.78 2.78 2.78 2.78 - - DR 3PGE + Gold (g/t) - - 2.5 2.5 2.5 2.5 - - Schietfontein 70% UG/OC (Mt) - - 6.41 6.41 6.41 6.41 7.0 7.0 DR 3PGE + Gold (g/t) - - 2.3 2.3 2.3 2.3 2.3 2.3 Total PGM (Mt) 89 87 26 31 115 118 83 86 3PGE + Gold (g/t) 4.36 4.41 3.1 3.3 4.1 4.1 4.3 4.3

PGM Ore Reserves Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Mototolo JV 37% UG/OC Ore (Mt) 16.284 13.857 - 0.60 16.28 14.46 FF/DR 3PGE + Gold (g/t) 3.66 3.86 - 3.5 3.7 3.8 Eland Platinum 73.99% UG/OC Ore (Mt) 9.664 9.659 0.13 - 9.79 9.66 DR/HT 3PGE + Gold (g/t) 2.77 2.94 3.1 - 2.7 2.9 Total PGM (Mt) 26 24 0.1 1 26 24 3PGE + Gold (g/t) 3.33 3.48 3.1 3.5 3.3 3.4

Notes Tonnages are quoted as million metric tonnes. The net change in the year on year Mineral Resources is -2.854Mt. This change is mainly due to the re-estimation and Grades are quoted as 3PGE + Au (Platinum, Palladium, Rhodium adjustment of the oxidised ore boundaries, and the change in and Gold). the thickness of the middling waste parameters. The change The Measured and Indicated Mineral Resources are inclusive is after the mining depletion has been discounted. All the of those Mineral Resources modified to produce Ore Reserves. previously reported Inferred Mineral Resources have been converted and upgraded to the Measured Mineral Resources Glencore Ferroalloys' platinum mining operations mine the category following extensive exploration drilling covering this platinum bearing UG2 Chromitite Layer of the Bushveld Complex, area. South Africa. The 2060 Ma year-old Bushveld Complex is the largest known deposit of chrome, vanadium and platinum group The Ore Reserve changed year on year on a net basis after elements (PGEs), in the world. mining depletion by 1.824Mt. The change was mainly due to an increase in the 5 year mining parameters (widths and The PGE ore at Mototolo Mine is mined from a shallow dipping SG’s) and an increase in the mining production rate. (10o – 14o) tabular ore-body referred to as the UG2 Chromitite Layer. The chromitite layer is mined underground using a The LOM period for Mototolo Platinum Mine is 8.5 years trackless mechanised mining method on a board and pillar based on the declared Ore Reserves. The LOM period based mine layout design. on all the Mineral Resources converted to Ore Reserves is 13.2 years. The Mining Right expiry date is 2039. The The Eland Platinum Mine mines the UG2 Chromitite Layer dipping planned production rate is 209kt ROM per month. at 20o. Eland Platinum Mine is currently in the process of developing one decline shaft to access the underground ore. The Eland, Zilkaatsnek and Schietfontein: Eland, Zilkaatsnek and second shaft has been placed on care and maintenance. Schietfontein are contiguous Mining and Prospecting Right areas, targeting the same orebody and together constitute the Changes in the year on year tonnage and grade estimates are Eland Platinum Mine. The Schietfontein Prospecting Right mainly due to mining depletion, reclassification and changes in the has been incorporated into the Elandsfontein Mining Right Mineral Resource and Ore Reserve tonnages and grades due to during the 2013 – 2014 reporting period. additional geological information gained through exploration. The current Mineral Resource and Ore Reserve estimate contained in this report is based only on mining depletions The tonnage and grade estimations are made using geostatistical during 2014. No exploration activities were carried out during analysis of the exploration drill hole data as well as underground the reporting period. channel sample data, where available. From this analysis the most appropriate parameters are derived for the construction of block The Mineral Resources are constrained by lithological facies. models for the various orebodies. Tonnages and grades are The underground Ore Reserves are constrained by a reported from these block models for each mine and project. minimum mining cut of 2.15m with a maximum of 2.65m. The Confidence limit curves are derived from fitted distributions and open cast Ore Reserves are constrained by the lithological used to classify the resources at various confidence levels. contacts of the UG2 Chromitite Layer or by a 4m mining cut where the Zilkaatsnek facies is developed. Mototolo JV: The structural and grade block model was updated with exploration drill hole data drilled during the 2013 – 2014 No significant year on year changes in the Mineral Resources reporting period. were recorded. The annual Mineral Resource estimation was conducted by There is a net change in the Ore Reserves of 1.360Mt due to Obsidian Consulting Services on behalf of Glencore. an increase in the planned production rate as a result of the 37 Glencore - Resources & Reserves Report 2014 Metals and Minerals Ferroalloys

build-up to steady state production, and an increase in the Competent Persons underground mining cut. PJG = Pieter-Jan Gräbe, Glencore Ferroalloys (SACNASP); The LOM for Eland Platinum Mine is 6 years based on the overall responsibility for Mineral Resources. declared Ore Reserves. The LOM based on all the Mineral FF = Frikkie Fensham, Glencore Ferroalloys, (SACNASP); Resources converted to Ore Reserves is 48 years. The Responsible for Mineral Resources and Ore Reserves. Mining Right expiry date is 2039. The current planned production rate is 140kt ROM per month. DR = Dean Richards, Obsidian Consulting Services (SACNASP); responsible for data validation, construction of tonnage and grade block models and reporting of tonnage and grades from block model. HT = Hugo Tucker, Ukwazi Mining Solutions. (ECSA); responsible for preparation of mine plan and estimation of Ore Reserves. CL = Carina Lemmer, Geological & Geostatistical Services (SACNASP); responsible for geostatistical analysis of data and classification of Mineral Resources.

38 Glencore - Resources & Reserves Report 2014 Metals and Minerals Ferroalloys

Silica Mineral Resources Measured Mineral Indicated Mineral Measured and Inferred Mineral Name of Attributable Mining Resources Resources Indicated Resources Resources Competent operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Rietvly 79.5% OC (Mt) - - 24.34 24.70 24.34 24.70 - - CM

SiO2 (%) - - 91 91 91 91 - -

Silica Ore Reserves Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Rietvly 79.5% OC Ore (Mt) - - 2.38 0.09 2.38 0.09 CM

SiO2 (%) - - 91 91 91 91

Notes Competent Person Tonnages are quoted as thousand metric tonnes. PJG = Pieter-Jan Gräbe, Glencore Ferroalloys (SACNASP); overall responsibility for Mineral Resources and Ore Reserve. Grades are quoted as %SiO2. CM = Mogomotsi Maputle, Glencore Ferroalloys (SACNASP); Glencore Ferroalloys' silica mining operation is an open cast responsible for Mineral Resources and Ore Reserves. mining operation mining a massive quartzite deposit of the Magaliesberg Formation of the Pretoria Group, Transvaal Super Competent Person for Ore Reserve / Competent Person for Group of South Africa. The Magaliesberg Formation forms a Mineral Resource; where only one set of initials is listed, the same prominent quartzite ridge striking north-south along the Competent Person is responsible for all categories quoted. Unless Magaliesberg Mountain Range. The formation is a few hundred otherwise noted all Competent Persons are full time employees of meters thick and dips towards the east at over 20o. The Rietvly Glencore plc subsidiaries. quartzite orebody is a very pure quartzite with a silica content of over 90% SiO2. The ore is mined through open cast mining methods and the ROM ore is crushed, washed and sized on site to produce a final sized and quality graded product. No silica cut-off grades are applied to the Mineral Resource estimation. The quartzite is mainly mined to supply the Glencore Ferroalloys furnaces with silica. No significant changes have been recorded in the year on year Mineral Resource estimation. The Ore Reserves for Rietvly Silica had a substantial increase due to the creation of a LOM mine plan. This statement only covers the Ore Reserves for the initial 5 years. The Ore Reserves have been increased by 2.378Mt. The LOM for Rietvly Silica Mine is 5 years based on the declared Ore Reserves and a production rate of 39.6kt ROM per month. The LOM period based on all the Mineral Resources converted to Ore Reserves is 45 years. The Mining Right expiry date is 2037.

39 Glencore - Resources & Reserves Report 2014 Metals and Minerals Iron Ore

Iron Ore Mineral Resources Measured Indicated Measured and Indicated Inferred Attributable Mining Mineral Resources Mineral Resources Mineral Resources Mineral Resources Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person El Aouj Mining Company S.A. Guelb el Aouj 44.08% OC (Mt) 400 400 1,170 1,170 1,570 1,570 300 300 AM/SvdM East Iron (%) 36 36 36 36 36 36 36 36 DTC wt (%) 45 45 45 45 45 45 45 45 DTC Iron (%) 69.8 69.8 69.2 69.2 69.3 69.3 69.5 69.5 Oxidised (Mt) 70 70 80 80 150 150 30 30 AM/SvdM Iron (%) 34 34 35 35 35 35 35 35 Guelb el Aouj 44.08% (Mt) - - 185 - 185 - 615 225 AM/SvdM Centre Iron (%) - - 34 - 34 - 35 36 DTC wt (%) - - 43 - 43 - 44 46 DTC Iron (%) - - 69.6 - 69.6 - 69.8 70.6 Oxidised (Mt) ------45 - AM/SvdM Iron (%) ------33 - Bou Derga 44.08% (Mt) ------510 510 AM/SvdM Iron (%) ------36 36 DTC wt (%) ------43 43 DTC Iron (%) ------69.7 69.7 Oxidised (Mt) ------130 130 AM/SvdM Iron (%) ------35 35 Tintekrate 44.08% (Mt) ------710 710 AM/SvdM Iron (%) ------36 36 DTC wt (%) ------44 44 DTC Iron (%) ------69.4 69.4 Oxidised (Mt) ------180 180 AM/SvdM Iron (%) ------34 34 Total El Aouj Mining Company S.A. (Mt) 470 470 1,435 1,250 1,905 1,720 2,520 2,085 Iron (%) 36 36 36 36 36 36 35 36 Sphere Mauritania S.A. Askaf North 79.34% OC (Mt) 200 200 160 160 360 360 45 45 AM/SvdM Iron (%) 36 36 35 35 36 36 36 36 DTC wt (%) 47 47 45 45 46 46 45 45 DTC Iron (%) 69.8 69.8 69.4 69.4 69.6 69.6 69.2 69.2 Oxidised (Mt) 15 15 30 30 45 45 15 15 AM/SvdM Iron (%) 35 35 35 35 35 35 35 35 Askaf Centre 79.34% OC (Mt) ------95 - AM/SvdM Iron (%) ------36 - DTC wt (%) ------42 - DTC Iron (%) ------69.9 - Oxidised (Mt) ------13 - AM/SvdM Iron (%) ------37 - Askaf East 79.34% OC (Mt) ------70 - AM/SvdM Iron (%) ------35 - DTC wt (%) ------42 - DTC Iron (%) ------70.3 - Oxidised (Mt) ------13 - AM/SvdM Iron (%) ------31 - Total Sphere Mauritania S.A. (Mt) 215 215 190 190 405 405 251 60 Iron (%) 36 36 35 35 36 36 35 36 Sphere Lebtheinia S.A. Lebtheinia 88.16% (Mt) - - 2,180 2,180 2,180 2,180 350 350 AM/SvdM Centre Iron (%) - - 32 32 32 32 32 32 DTC wt (%) - - 27 27 27 27 27 27 DTC Iron (%) - - 68.6 68.6 68.6 68.6 68.1 68.1 LOZ (Mt) ------210 210 AM/SvdM Iron (%) ------31 31 Total Sphere Lebtheinia S.A. (Mt) - - 2,180 2,180 2,180 2,180 560 560 Iron (%) - - 32 32 32 32 32 32

40 Glencore - Resources & Reserves Report 2014 Metals and Minerals Iron Ore

Measured Indicated Measured and Indicated Inferred Attributable Mining Mineral Resources Mineral Resources Mineral Resources Mineral Resources Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Jumelles Limited Zanaga 50% OC (Mt) 2,300 2,300 2,500 2,500 4,800 4,800 2,100 2,100 MT Iron (%) 34 34 30 30 32 32 31 31

Iron Ore Reserves Attributable Mining Proved Ore Reserves Probable Ore Reserves Total Ore Reserves Competent Name of operation interest method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person El Aouj Mining Company S.A. Guelb el Aouj East 44.08% OC Ore (Mt) 370 150 385 280 755 430 VW Iron (%) 35 36 35 37 35 36 DTC wt (%) 44 45 43 44 43 44 DTC Iron (%) 69.8 70.8 69.6 70.6 69.7 70.7 Sphere Mauritania S.A. Askaf North 79.34% OC Ore (Mt) 140 150 50 100 190 250 MC Iron (%) 36 36 34 34 35 35 DTC wt (%) 46 46 44 43 45 45 DTC Iron (%) 70 70.2 70 70.1 70 70.1 Oxidised Ore (Mt) - - 42 - 42 - MC Iron (%) - - 35 - 35 - DTC wt (%) - - 33 - 33 - DTC Iron (%) - - 69 - 69 - Total Sphere Mauritania S.A. Ore (Mt) 140 150 92 100 232 250 Iron (%) 36 36 34 34 35 35 Jumelles Limited 50% Zanaga OC Ore (Mt) 770 - 1,290 2,500 2,070 2,500 GB Iron (%) 37 - 32 34 34 34

Notes All Mineral Resources are considered suitable for open cut The full release of this reserve update is available on the extraction. Australian Securities Exchange website (www.asx.com.au). Please search for stock code Sphere Minerals (SPH). DTC wt (%) – Davis Tube Concentrate mass recovery. Guelb el Aouj Centre: The El Aouj Centre magnetite-quartzite DTC Iron (%) – Davis Tube Concentrate assay %Fe. (MQ) deposit is a highly metamorphosed banded iron Davis Tube test work has been conducted at a grind size of 95% formation (meta-BIF) unit that ranges in true thickness from passing 80 micron. 50m to over 200m. The geometry of the deposit is defined by a tight synformal structure with a sub-vertical axial plane. The The rounding used for the values in this report reflects the synform outcrops over a strike length of about 2.4km. The confidence in the different levels of resource and reserve thickest accumulation of magnetite-quartzite is found along classifications. the western limb of the synform, pinching out towards the El Aouj Mining Company: Sphere Minerals holds a 50% interest east. A series of stacked recumbent isoclinal folds probably in the El Aouj Mining Company through a Joint Venture controlled the overall geometry of the deposit. The original arrangement with SNIM. bedding has been partially to completely obliterated by recrystallisation, resulting in a coarse-grained texture with Guelb el Aouj East: The “Guelb” deposits are hosted in Banded aggregated magnetite grains. The weathered zone, though Iron Formations (BIF) within the Dorsale Reguibat, an uplifted variable, has an average vertical thickness of approximately part of the Archaean West African Craton, which dominates 40m. In this zone partial to complete oxidation of magnetite to the northern third of Mauritania’s surface geology. hematite has occurred. Recrystallisation and aggregation of the magnetite grains in BIF has resulted in the partial to total destruction of the This resource uses a cut-off grade of 20% DTC wt% for fresh original banded (bedding) texture to produce the Guelb el (unoxidised) mineralisation and a cut-off grade of 20% head Aouj magnetite-quartzite deposits. The geological sequence Fe for oxidised mineralisation. All reported concentrate is overprinted by a reasonably uniform, approximately 80m grades were weighted by DTC wt%. thick weathered zone in which much of the magnetite has The full release of this resource update is available on the oxidised to hematite. Australian Securities Exchange website (www.asx.com.au). This resource uses a cut-off grade of 20% DTC wt% for fresh Please search for stock code Sphere Minerals (SPH). (unoxidised) mineralisation and a cut-off grade of 20% head Bou Derga: The Bou Derga deposit forms part of a larger scale Fe for oxidised mineralisation. All reported concentrate synformal structure defined by an Archean magnetite- grades were weighted by DTC wt%. quartzite (MQ) unit that ranges in true thickness from The Guelb el Aouj East Ore Reserve Statement is based on a approximately 20m to 200m. The thicker parts of the deposit Pre-feasibility Study and uses a 20% DTC wt% cut-off. No are considered to be a result of isoclinal folding. Drilling was oxidised material has been included in the Ore Reserves. restricted to the western fold closure. The deposit dips towards the north-east at about 60°. The deposit contains a

41 Glencore - Resources & Reserves Report 2014 Metals and Minerals Iron Ore

number of internal waste bands (typically 5m to 50m thick) 2012 and FEED planning as part of the commencement of the which have been modelled separately and excluded from the Askaf North project, using a 20% DTC wt% cut-off, to produce Mineral Resource estimation. A north-west – south-east a coarse concentrate from a dry magnetic separation plant, trending fault displaces the mineralisation in the southeastern grading at 65% Fe. The Studies included open cut mine part of the deposit. planning and additional investigations to assess the factors required for a successful iron ore mine development in This resource uses a cut-off grade of 20% DTC wt% for fresh Mauritania. The reserve statement reported is based on the (unoxidised) mineralisation and a cut-off grade of 20% head 2012 Mineral Resource estimate update presented in this Fe for oxidised mineralisation. All reported concentrate report. grades were weighted by DTC wt%. Changes from the previous statement are the result of a re- The Bou Derga Mineral Resource Statement has been evaluation of the mine plan targeting the most economic pit prepared in accordance with the Australasian Code for shell from an investment perspective. The new mine plan Reporting of Exploration Results, Mineral Resources and Ore removed a major waste pushback partway through the life of Reserves (the JORC Code, 2004 Edition). the previous mine schedule which significantly improved the Tintekrate: The Tintekrate deposit is hosted within the investment returns of the project. The new mine plan also Dorsale Reguibat, an uplifted part of the Archaean West includes allowance for processing oxidised ore during the life African Craton, which dominates the northern third of of the mine. Pilot scale test work, and successful processing Mauritania’s surface geology. Recrystallisation and of similar ore at the nearby SNIM El Rhein mine, indicate the aggregation of the magnetite grains in the meta-banded iron plant would successfully process this ore with slightly reduced formation (BIF) units has resulted in partial to total destruction mass recovery compared to the fresh ore. of the original banded (bedding) texture to produce the The full release of this reserve update is available on the Tintekrate and other similar magnetite-quartzite deposits. The Australian Securities Exchange website (www.asx.com.au). Tintekrate deposit is a circular structure defined by a steep Please search for stock code Sphere Minerals (SPH). dipping MQ unit with dips of 50° to 80° (locally overturned) with true mineralised thicknesses of 100m to 150m on the Askaf Centre: The Askaf Centre deposit comprises a northern western side of the structure to 50m to 100m on the eastern body that is exposed over a strike length of 3.5km and a side. The weathered zone averages 70m to 75m vertical southern body that is exposed over a strike length of 1.7km. depth below natural surface and its base tends to mirror the Both bodies form part of a regional scale antiformal structure natural surface profile. In this zone, magnetite has been and each body is also duplicated within itself by outcrop-scale partially to completely oxidised to hematite. tight isoclinal folding. The northern and southern bodies are separated and displaced in a dextral shear sense by a This resource uses a cut-off grade of 20% DTC wt% for fresh regional scale fault/fracture system. The northern body is (unoxidised) mineralisation and a cut-off grade of 20% head generally sub-vertical striking roughly northwest-southeast. Fe for oxidised mineralisation. All reported concentrate The magnetite-quartzite unit ranges in thickness from grades were weighted by DTC wt%. approximately 50m in the west to approximately 70m in the Sphere Minerals: Glencore’s interest in Sphere Minerals stands east, with the magnetite-quartzite mineralisation being at 88.16% as at 31 December 2014. thinnest in the steep dipping middle portion (±10 m). The multiple layers reported is the result of tight isoclinal folding. Askaf North: Askaf North Deposit is an east-west striking The southern body comprises an open synformal structure synformal structure defined by a magnetite-quartzite (MQ) with an undulating sub-horizontal fold axis that plunges at unit that ranges in true thickness from approximately 140m in approximately 25° towards the southwest at the southern part the western hinge zone to approximately 30m along the of the deposit. At this locality the mineralisation is still open- eastern part of the southern limb. The synformal axis plunges ended at depth. The two limbs of the synform are exposed at between 20° to 30° towards the east in the western part of over a strike length of approximately 1km. The northern part the synform, and at about 35° to 45° towards the west at the of the synform is tighter than is the case in the south, with the eastern fold closure, producing a double plunging synform. A eastern limb almost being overturned in some places. dolerite dyke has been emplaced along an east-west fault Magnetite-quartzite ranges in thickness from approximately zone that displaces the northern part of the deposit in a 30m to 35m in the limbs to approximately 45m to 55m in the dextral shear sense. The disruption and emplacement of the synformal keel as a result of structural thickening with dolerite along the northern limb of the synform has not thicknesses of up to 90m reported. The magnetite-quartzite affected the quality of the mineralisation. The MQ unit unit is embedded within an Archaen granitic/gneiss sequence. represents a metamorphosed banded iron-formation (BIF). The weathered zone which, though variable, has an average The precursor BIF was subjected to high-grade metamorphic vertical thickness of approximately 40m and in this zone conditions during the Archaean, which resulted in complete partial to complete oxidation of magnetite to hematite has recrystallisation of the original fine-grained BIF. In most cases occurred. Oxidation significantly reduces the Davis Tube the primary textures have been destroyed by the mass recovery (wt%) in mineralised drill samples. recrystallisation. Coarse-grained (>1mm) MQ is produced as a result, with good Davis Tube liberation characteristics and This resource uses a cut-off grade of 20% DTC wt% for fresh concentrate grades at a liberation grind size of 95% passing (unoxidised) mineralisation and a cut-off grade of 20% head 80 micron. Fe for oxidised mineralisation. All reported concentrate grades were weighted by DTC wt%. The Askaf North Mineral Resource Statement uses a cut-off grade of 20% DTC wt% for fresh (unoxidised) mineralisation The full resource release is available on the Australian and a cut-off grade of 20% head Fe for oxidised Securities Exchange website (www.asx.com.au). Please mineralisation. All reported concentrate grades were weighted search for stock code Sphere Minerals (SPH). by DTC wt%. The Askaf North Ore Reserve Statement for iron ore was prepared following the completion of a Feasibility Study in

42 Glencore - Resources & Reserves Report 2014 Metals and Minerals Iron Ore

Askaf East: The Askaf East deposit occupies the southern limb of Zanaga Project: Zanaga Project is owned 100% by Jumelles an apparent east-west striking synformal structure defined by Limited. The Zanaga ELs are located within a north-south an Archaean magnetite-quartzite unit that ranges in true oriented greenstone belt which extends for over 47km in thickness from approximately 20m at the western end of the length, and vary between 0.5km and 3km in width. The limb to approximately 140m in the central part of the limb. The mineralisation is hosted by metamorphosed volcano- hinge zone is at the eastern end of the deposit. The synformal sedimentary itabirites, and is interbedded with amphibolites axis plunges about 40° towards the west in the eastern part of and mafic schists. The contact with the crystalline basement the synform. The thickening of the sequence in the eastern is typically faulted and sheared. The principal ore lithologies part of the deposit is probably as a result of isoclinal folding consist of itabirites, interbedded with basic lavas, which are within the sequence. The MQ unit is embedded within an later altered to amphibolites. Typically, the itabirites consist of Archaen granitic/gneiss sequence. The weathered zone, layers of iron-rich and quartz rich meta-sediments, on a though variable, has an average vertical thickness of millimetre to centimetre scale. The orebody lithologies are approximately 40m. Partial to complete oxidation of magnetite crosscut by late intrusions and dolerite dykes, oriented north- to hematite has occurred in this zone and this significantly east – south-west. The deposit comprises a sequence of reduces the Davis Tube mass recovery (wt%) in mineralised weathering domains, which overlay an un-weathered protore drill samples. comprising itabirite. The weathered sequence observed at Zanaga is typical of iron ore deposits, where the surficial This resource uses a cut-off grade of 20% DTC wt% for fresh material demonstrates enrichment in iron above the protore (unoxidised) mineralisation and a cut-off grade of 20% head due to a mass reduction and associated leaching of the Fe for oxidised mineralisation. All reported concentrate silicate layers. grades were weighted by DTC wt%. The resource is reported at a 0% Fe cut-off. The full resource release is available on the Australian Securities Exchange website (www.asx.com.au). Please The Zanaga Mineral Resource Statement has been prepared search for stock code Sphere Minerals (SPH). in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves Lebtheinia: The magnetite-rich Banded Iron Formations (BIF) at (the JORC Code, 2004 Edition). Lebtheinia form part of the Archaean Lebzena Group. The BIF units in EL264 are exposed over a total strike length of The Zanaga Project Ore Reserve Statement was prepared by approximately 24km, of which Lebtheinia Centre has a strike SRK Consulting (UK) Limited as part of a Feasibility Study. length of 11.5km. Parts of the main BIF units at Lebtheinia The full reserve release is available on the Zanaga Iron Centre deposit are covered by laterite and colluvium website (www.zanagiron.com). consisting of BIF fragments. Competent Persons The magnetite-BIF at Lebtheinia Centre averages about AM = Alan Miller, Golder Associates Pty Ltd (MAusIMM (CP)), 240m thick. The BIF is characterised by a well-defined responsible for the construction of the geological block model, the banding pattern, with individual bands ("mesobands") grade interpolation and the Mineral Resource estimation (tonnage averaging 5-10mm thick. Drilling shows that mineralisation and grade) and classification. extends to at least 400m vertically below natural surface and is open at depth. The deposit is intruded by a series of sub- MC = Malcolm Cox, Sphere Minerals S.A (FAusIMM). vertical dolerite dykes, striking NE-SW to NNE-SSW. MT = Malcolm Titley, CSA Global (UK) Ltd (MAusIMM (CP)). Lebtheinia Centre has a hanging wall of (variously) quartzite, amphibolite, rhyolite, clay/saprolite (altered amphibolite) and a GB = Gabor Bacsfalusi, SRK Consulting (UK) Limited (MAusIMM footwall of quartzite or amphibolite. (CP)). The depth of weathering (oxidation) of the BIF averages SvdM = Schalk van der Merwe, Sphere Minerals (SACNSP), around 50m. In the lower two thirds of the oxidised zone (the responsible for the geological interpretation for the Mineral Lower Oxidised Zone, "LOZ") the degree of oxidation is less Resource estimation (wireframe model), and the drill hole data set than in the more oxidised upper third. used in these resource estimation. The Lebtheinia Centre Mineral Resource Statement for Fresh VW = Vicki Woodward, Golder Associates Pty Ltd (MAusIMM Ore uses 20% DTC wt% cut-off. For the LOZ unit the cut-off is (CP)). 14 SI x 10-3 units of magnetic susceptibility.

The Lebtheinia Mineral Resource Statement has been prepared in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code, 2004 Edition). Jumelles: Following exercise of its call option in February 2011, Glencore owns 50% plus one share in Jumelles Limited being the ultimate parent company of MPD Congo SA the holder of the Zanaga exploration licences in the Republic of Congo.

43 Glencore - Resources & Reserves Report 2014 Energy Products Coal

Australia Coal Resources – New South Wales Measured Indicated Inferred Attributable Mining Coal Resources Coal Resources Coal Resources Competent Name of operation interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Oakbridge Group Thermal Coal (Mt) 1,183 1,185 683 683 1,040 1,040 Bulga Complex 68.3% OC/UG Thermal Coal (Mt) 1,150 1,150 610 610 800 800 PG CV (kcal/kg) 5,800 6,000 5,750 5,950 5,650 5,800 Baal Bone 74.1% OC/UG Thermal Coal (Mt) 15 16 13 13 90 90 JMB CV (kcal/kg) 5,800 5,750 6,400 6,400 5,150 5,300 Running Stream 78% OC/UG Thermal Coal (Mt) 18 19 60 60 150 150 JMB CV (kcal/kg) 5,050 5,100 5,000 5,000 5,150 4,950 Macquarie Coal JV 80% Thermal Coal (Mt) 60 65 97 122 30 20 West Wallsend UG Thermal Coal (Mt) 60 65 5 25 – – CFP CV (kcal/kg) 5,500 5,500 5,000 4,900 – – Cardiff Borehole UG Thermal Coal (Mt) – – 12 12 30 20 CFP CV (kcal/kg) – – 5,700 5,700 5,700 5,700 Teralba UG Thermal Coal (Mt) – – 80 85 – – CFP CV (kcal/kg) – – 6,000 6,000 – – Mitchells Flat 100% OC/UG Thermal Coal (Mt) – – 120 120 400 400 CFP CV (kcal/kg) – – 5,300 5,300 5,000 5,000 Liddell 67.5% OC/UG Thermal Coal (Mt) 170 100 140 210 350 350 ST CV (kcal/kg) 6,100 6,050 5,900 6,200 5,900 6,450 Mount Owen Complex 100% Thermal Coal (Mt) 295 300 160 148 231 181 Mount Owen OC Thermal Coal (Mt) 150 160 90 95 150 100 RH CV (kcal/kg) 6,150 6,100 6,050 6,050 6,000 5,950 Ravensworth East OC Thermal Coal (Mt) 65 55 30 18 1 1 PH CV (kcal/kg) 5,550 5,550 5,550 5,450 5,800 5,800 Glendell OC Thermal Coal (Mt) 80 85 40 35 80 80 RH CV (kcal/kg) 5,900 5,950 5,700 5,900 5,900 5,900 United 95% OC/UG Thermal Coal (Mt) 250 250 220 220 600 600 RMD CV (kcal/kg) 6,200 6,200 6,100 6,100 6,000 6,000 Ulan Complex 90% Thermal Coal (Mt) 295 310 413 410 720 700 RMD CV (kcal/kg) – 6,350 4,700 5,150 5,100 5,100 Ulan UG UG Thermal Coal (Mt) 250 – 400 – 700 – CV (kcal/kg) 6,650 – 4,650 – 5,100 – Ulan Waratah OC OC Thermal Coal (Mt) 45 – 13 – 20 – CV (kcal/kg) 4,950 – 5,200 – 4,900 – Ravensworth Group Thermal Coal (Mt) 434 446 220 220 150 150 Narama 100% OC Thermal Coal (Mt) 24 26 – – – – ST CV (kcal/kg) 6,000 5,950 – – – – Ravensworth North 90% OC Thermal Coal (Mt) 410 420 220 220 150 150 ST CV (kcal/kg) 6,000 6,100 6,100 6,200 5,700 6,100 Mangoola 100% OC/UG Thermal Coal (Mt) 170 180 65 70 1,100 1,100 ML CV (kcal/kg) 5,150 5,150 4,950 4,950 4,600 4,250 Tahmoor Complex 100% Coking Coal (Mt) 65 65 340 340 250 300 Tahmoor North UG Coking Coal (Mt) 45 45 100 100 150 200 PM Tahmoor South UG Coking Coal (Mt) 20 20 240 240 100 100 KP Ravensworth UG 70% UG Thermal Coal (Mt) 320 320 220 220 250 250 PH CV (kcal/kg) 5,800 5,800 5,400 5,400 5,350 5,350 Coal Resources New South Wales Coking/Thermal Coal (Mt) 3,242 3,221 2,678 2,763 5,121 5,091

44 Glencore - Resources & Reserves Report 2014 Energy Products Coal

Australia Coal Reserves – New South Wales Marketable Total Marketable Coal Reserves Coal Reserves Coal Reserves Attributable Mining Proved Probable Proved Probable Competent Name of operation interest method Coal type 31.12.14 31.12.14 31.12.14 31.12.14 31.12.14 31.12.13 Person Oakbridge Group 68.3% Thermal Coal (Mt) 310 42 201 27 230 230 Bulga OC OC Thermal Coal (Mt) 180 15 110 8 120 120 DL CV (kcal/kg) 6,450 6,650 6,450 6,550 Bulga UG UG Thermal Coal (Mt) 130 27 91 19 110 110 MJ CV (kcal/kg) 6,450 6,450 6,450 6,550 Macquarie Coal JV 80% Thermal Coal (Mt) 6 4 5 3 7 12 West Wallsend UG Thermal Coal (Mt) 6 4 5 3 7 12 REH CV (kcal/kg) 5,950 5,950 5,950 5,950 Liddell 67.5% OC Thermal Coal (Mt) 33 15 22 10 32 36 NB CV (kcal/kg) 6,700 6,700 6,700 5,850 Mount Owen

Complex 100% Thermal Coal (Mt) 134 12 79 7 86 86 Mount Owen OC Thermal Coal (Mt) 85 11 48 6 54 58 STH CV (kcal/kg) 6,500 6,400 6,500 6,750 Ravensworth East OC Thermal Coal (Mt) 18 1 11 0.9 12 5 STH CV (kcal/kg) 6,400 6,300 6,400 6,300 Glendell OC Thermal Coal (Mt) 31 – 20 – 20 23 STH CV (kcal/kg) 6,600 – 6,600 6,650 United 95% Thermal Coal (Mt) – 84 – 56 56 56 United OC OC Thermal Coal (Mt) – 48 – 32 32 32 FA CV (kcal/kg) – 6,850 6,850 6,400 United A444 UG Thermal Coal (Mt) – 36 – 24 24 24 FA CV (kcal/kg) – 6,850 6,850 6,400 Ulan Complex 90% Thermal Coal (Mt) 166 5 154 4 158 166 Ulan #3 UG UG Thermal Coal (Mt) 60 4 53 4 57 61 EMcG CV (kcal/kg) 6,500 6,500 6,500 6,450 Ulan West UG UG Thermal Coal (Mt) 100 – 97 – 97 100 HE CV (kcal/kg) 6,400 – 6,400 6,300 Ulan Waratah OC OC Thermal Coal (Mt) 6.2 0.4 3.7 0.3 4 6 DL CV (kcal/kg) 5,000 5,000 5,000 5,150 Ravensworth Group Thermal Coal (Mt) 240 11 160 7 170 181 Narama 100% OC Thermal Coal (Mt) – – – – – 1 CG CV (kcal/kg) – – – 4,900 Ravensworth North 90% OC Thermal Coal (Mt) 240 11 160 7 170 180 CG CV (kcal/kg) 6,350 6,350 6,350 6,100 Mangoola 100% OC Thermal Coal (Mt) 120 0.9 100 0.7 100 110 MW CV (kcal/kg) 5,300 5,300 5,300 5,300 Tahmoor Complex 100% Coking/Thermal Coal (Mt) 25 38 18 28 46 50 Tahmoor North UG Coking Coal (Mt) 12 7 9 4 13 19 REH Ash (%) 9.3 9.3 9.3 8.5 UG Thermal Coal (Mt) – – 0.6 0.8 1 – CV (kcal/kg) 5,650 5,650 5,650 Tahmoor South UG Coking Coal (Mt) 13 31 8 21 29 31 RO Ash (%) 9.5 9.5 9.5 9.5 UG Thermal Coal (Mt) – – 0.8 2 3 – CV (kcal/kg) 5,850 5,850 5,850 Ravensworth UG 70% UG Thermal Coal (Mt) 40 – 28 – 28 28 SH CV (kcal/kg) 6,950 – 6,950 5,900 Coal Reserves New South Wales Thermal Coal (Mt) 1,049 174 750 118 871 905 Coking Coal (Mt) 25 38 17 25 42 50 Note: Hunter Valley Semisoft coking coal included in Thermal Coal (Mt)

45 Glencore - Resources & Reserves Report 2014 Energy Products Coal

Notes The Australian Coal Resources and Reserves are contained within Tenements for Baal Bone expire up until August 2032. Some the Sydney Basin (New South Wales), the Bowen Basin tenements have expired but Renewal Applications have been (Queensland), the Surat Basin (Wandoan, Queensland) and the submitted. Galilee Basin (Queensland). Running Stream: Running Stream is an undeveloped thermal Coal Resource tonnes have been reported on an in situ moisture coal project. Measured Coal Resource decrease due to review basis while Coal Reserves are reported on an as received of open cut limits for the Glen Davis Seam (-1Mt). Potential moisture basis. Coal Resources are reported inclusive of those mining methods are open cut for the shallow Coal Resources Coal Resources modified to produce Coal Reserves. (less than 50m depth of cover) and underground for Coal Resources in excess of 50m depth of cover. Coal Resources Coal Resources have been re-estimated in 2014 for inclusion in were estimated for coal plies only (i.e. does not include stone this summary table except where otherwise stated. Revision of the parting plies). totals includes changes to classifications of Coal Resource status due to exploration, geological reinterpretation remodelling, change Assessment Lease expired in July 2011 with renewal currently to lease holdings and depletion by mining. under assessment. There is no mine plan currently for this deposit. Thermal Coal Resource qualities are reported on an in situ moisture basis and Thermal Coal Reserve qualities are reported Macquarie JV on a gross as received basis. Coal Resource qualities for coking West Wallsend: Coal Resource decrease due to review of coal are not reported, however Coking Coal Reserve qualities are western area, removing Indicated Coal Resource classification reported on a gross as received basis. from areas that contained limited data, seam thinning and deterioration trends (-19.8Mt). Unless otherwise stated, the product yields used to estimate Marketable Coal Reserves are derived from a simulation package Coal Reserves decreased due to approval conditions (-1.5Mt), applied to sizing and washability data from each deposit, and areas affected by geological structures in the north commonly the "Resource Mastor" software developed by A&B western longwall panels (-2.0Mt). Mylec (unless otherwise stated in the footnotes below). The Tenements for West Wallsend, Cardiff Borehole and Teralba simulation package simulates historical plant performance. expire up until September 2026. Some tenements have Changes and issues material to the estimation of Coal Resources expired but Renewal Applications have been submitted. and Reserves are noted below for specific projects. Reference to Coal Reserves for West Wallsend underground operations are production changes between 31 December 2013 and 31 sufficient to support a mine life of 3 years. December 2014 are detailed for each producing mine site. Cardiff Borehole: Inferred Coal Resource increase due to Tonnages are quoted as million metric tonnes. geological model update including additional data (+10Mt). Oakbridge Group Cardiff Borehole is a potential underground Coal Resource Bulga Complex: Unallocated Coal Resources in ML’s possibly accessible via the existing Teralba Colliery increased due to changes to Bulga Open Cut & Blakefield infrastructure. There is currently no mine plan at Cardiff North LOM plans (+12.9Mt). Borehole. Unallocated Inferred Coal Resources in EL’s have not Teralba: Coal Resource decrease due to non-renewal of sub- changed since JORC 2013. lease from Centennial Newstan Pty Ltd (-0.9Mt) and due to Tenements for the Bulga Complex expire up until March 2033. model update (-1Mt). Some tenements have expired but Renewal Applications have Teralba was a longwall underground that ceased operations in been submitted. 2001. The Coal Resource remains suitable for a potential Bulga open cut: Coal Resource decrease by (-2.9Mt) due to underground mine. There is currently no mine plan at Teralba. changes to LOM plan whilst the CV decreased by Mitchells Flat: No change in Coal Resource. There is currently no (-352kcal/kg) following an update in the raw coal quality mine plan at Mitchells Flat, however, there is potential to model. Coal Resource depletion due to mining (-10.5Mt). extract these Coal Resources by a combination of open cut Marketable Coal Reserve decreased by (-12.7Mt) by depletion and underground methods. due to mining (-9.6Mt) and (-3.1Mt) coal sterilized. Marketable Coal Reserve increase due to corrections and changes to pit Liddell Open Cut: Coal Resource increase due to geology model design (+2.9Mt) and update of yield estimates simulating change, change in ash cut off from 35% to 45% and area of second stage washing through CHPP (+7.4Mt). CL708 excluded from Coal Resource. Bulga underground: Coal Resource decrease due to mine Coal Reserve decrease due to reclassification of (-1.1Mt). CV plan changes (-6Mt) and depletion due to mining (-8Mt). increase (826 kcal/kg) due to change in methodology for CV estimation based on ash regression derived from exploration Coal Reserve increase due to changes to mine planning data. parameters (+6.3Mt). Tenements for Liddell expire between October 2023 and Coal Reserves for Bulga Underground operations are November 2028. sufficient to support a mine life of 32 years. Coal Reserves for Liddell operations are sufficient to support a Baal Bone: Inferred Coal Resource decrease (-5Mt) due to mine life of 8 years. review of open cut limits. Extraction of the remaining Lithgow Seam and Irondale Seam Coal Resources expected to be by underground methods and open cut methods as appropriate. There is no mine plan currently for this deposit.

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Mt Owen Complex Mount Owen: Coal Resource decrease due to correction of Ulan West underground: Coal Resource increase due to estimation methodology (Measured and Indicated -9.5Mt, EL7542 Inferred Coal Resources being upgraded to Indicated Inferred -9Mt). Inferred Coal Resource increased due to the status. Inferred Coal Resource increased due to additional inclusion of additional lease areas (+44Mt). Coal Resource exploration and re-modelling (+6.0Mt). Coal Reserve depletion due to mining (-4.7Mt) and mine plan changes to LW03 and and Reserve depletion due to mining (-8.3Mt). LW04 widths to 400m and narrowing LW12. Coal Reserve increase due to the granting of ML1694 and Coal Reserves for Ulan West underground operations are refinement of Resource polygons (+3.2Mt). sufficient to support a mine life of 12 years. Tenements for Mt Owen expire up until November 2033. Some Ulan #3 underground: Marketable Coal Reserve increase tenements have expired but Renewal Applications have been due to modelling and mine plan changes (+1.1Mt). Coal submitted. Reserve depletion due to mining (-4.5Mt). Coal Reserves for Mt Owen Complex operations (including Mt Coal Reserves for Ulan #3 underground operations are Owen, Glendell and Ravensworth East) are sufficient to sufficient to support a mine life of 12 years. support a mine life of 15 years. Ravensworth Group Ravensworth East: Coal Resource increase due to Narama: Coal Resource decrease due to the Bayswater reclassification of new areas, where the Bayswater Seam was Seam thinning (-0.4Mt) and coal sterilized under southern not previously reported (+22.6Mt). Coal Resource and batter/end wall prestrip ramp system as pit advances to final Reserve depletion due to mining (-2.0Mt). highwall in the east (-0.4Mt). Marketable Coal Reserve increase due to mine plan changes, Tenements for Narama expire between August 2015 and including the addition of the Bayswater North Pit (+20Mt) January 2033. Proven Reserves. Ravensworth North: Coal Resource has had minor changes Tenements for Ravensworth East expire up until November due to a Geological Quality Model update (Measured and 2021. Some tenements have expired but Renewal Indicated: -1.3Mt, Inferred: +1.3Mt). Coal Resource and Applications have been submitted. Reserve depletion due to mining (-10.3Mt). Coal Resource increase as partial area of ML1410 Glendell: Coal Reserve decrease due to update to geological model and was previously not reported (3Mt Inferred), and the Lemington design considerations (-3.6Mt). Seams were upgraded from Inferred to Indicated status (6.6Mt). Correction applied for error in 2013 reconciliation Tenements for Ravensworth North expire between August (Measured and Indicated -2.2Mt). Coal Resource and Reserve 2015 and February 2034. depletion due to mining (-4.2Mt). Coal Reserves for Ravensworth North operations are sufficient Tenements for Glendell expire between July 2020 and October to support a mine life of 21 years. 2034. Sublease CL382 expired in 2011. An application to Mangoola: Coal Resource decrease due to base of weathering transfer Sublease CL382 from Maitland Main Collieries to changes (-2.3Mt). Inferred Coal Resource increase due to Glendell Coal Limited was submitted in 2012 and is anticipated additional drill data allowing the inclusion of UPC & WMB2 to be granted by 2015. seams (+43.1Mt). Coal Resource and Reserve depletion due United: No change in the Coal Resource estimate since 31 to mining (-12.4Mt). December 2013. Tenements for United expire between May Marketable Reserve increased due to the addition of UPB coal 2016 and March 2033. (+7.7Mt). Coal Reserve decreased due to model updates In December 2014 it was announced that the Glencore United (-2.6Mt). Tenements for Mangoola expire up until November project and the Peabody Wambo Project are combining into a 2029. Some tenements have expired but Renewal 50/50 Joint Venture. Beneficial interest and Coal Resources Applications have been submitted. and Reserves will be updated during 2015. Coal Reserves for Mangoola operations are sufficient to United A444 Underground: No change in the reserve support a mine life of 12 years. estimate since 31 December 2013. CV has increased by Ravensworth Underground: Coal Resource decrease due to 450kcal/kg following further evaluation. geological model update of structure and quality (-6.0Mt) offset Coal Reserves for United A444 Underground operations are by reclassification of coal plies (+2.4Mt). Coal Resource and sufficient to support a mine life for 15 years. Reserve depletion due to mining (-2.4Mt). United Open Cut: No change in the Coal Reserve estimate Marketable Coal Reserve increased due to yield increase as a since 31 December 2013. result of updated washability studies (+1.7Mt). CV increase (1057 kcal/kg) due to updated CV regression, based on Coal Reserves for United Open Cut operations are sufficient to additional exploration. support a mine life for 13 years. Tenements for Ravensworth Underground expire up until

Ulan Complex: November 2029. Some tenements have expired but Renewal Tenements for Ulan expire between February 2017 and Applications have been submitted. January 2036. Tahmoor Complex: Ulan Waratah open cut: Coal Resource depletion (-2.3Mt) Tahmoor North: Overall Coal Resource decrease due to and Coal Reserves depletion (-1.7Mt) due to mining. review with respect to 2012 JORC code “reasonable prospects Coal Reserves for Ulan Open Cut operations are sufficient to of economic extraction”. This included review of seam support a mine life of 5 years. thickness to 1.8m and ash cut-off limit to 45% (-76.7Mt). Coal Resource and Reserve depletion due to mining (-1.9Mt).

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Coal Reserves have reduced following the optimisation and Competent Persons redesign of the LOM layout and longwall working section CFP = Charles Parbury, Director, McElroy Bryan Geological during 2014 (+2Mt). Tenements for Tahmoor North expire Services Pty Ltd (AusIMM); between August 2016 and March 2035. CG = Chris Gerard, Senior Mining Engineer, Ravensworth Open Coal Reserves for Tahmoor North underground operations are Cut (AusIMM); sufficient to support a mine life of 8 years. DL = David Lennard, Xenith Consulting/Manager – Hunter Valley Tahmoor South: No change in Coal Resource. (AusIMM); Minor changes in coal reserves due to review of mine planning EMcG = Edward McGonigle, Senior Mining Engineer – Ulan assumptions - increase in Coal Reserves (+1.9Mt) and Underground Mine (AusIMM); (+0.8Mt) of Marketable Reserves. FA = Fiona Abernethy, Technical Services Manager, United Tenements for Tahmoor South expire 2025. Colliery (AusIMM); Coal Reserves for Tahmoor South operations are sufficient to HE = Heath Evans, Senior Mining Engineer, Ulan West Operations support a mine life of 12 years. (AusIMM); JMB = Janet Bartolo, Senior Geologist, McElroy Bryan Geological Services Pty Ltd (AusIMM); KJW = Kerry Whitby, Managing Director, McElroy Bryan Geological Services Pty Ltd (AusIMM); KP = Karol Patino, Senior Project Geologist, McElroy Bryan Geological Services Pty Ltd (AusIMM); MJ = Marc Justen, Technical Services Manager, Bulga Underground Operations (AusIMM); ML = Mark Laycock, Geology Superintendent, Glencore Coal NSW (AusIMM); MW = Mark Williams, Technical Services Manager, Mangoola (AusIMM); NB = Nicole Brook, General Manager – Business Development & Technical Services, Glencore Coal Australia (AUSIMM); PG = Peter Graham, Senior Geologist, Bulga Coal (AusIMM); PH = Paul Harrison, Senior Geologist, McElroy Bryan Geological Services Pty Ltd (AusIMM); PM = Paul Maddocks, Technical Services Manager, Tahmoor Coal (AusIMM); REH = Raymond Howard, Manager Mine Planning & Technical, Glencore Coal Australia (AusIMM); RH = Ruth Henwood, Geologist, McElroy Bryan Geological Services Pty Ltd (AusIMM); RMD = Robert Dyson, Senior Geologist, McElroy Bryan Geological Services Pty Ltd (AusIMM); RO = Rob Oliver, Project Manager, Glencore Coal Assets (AusIMM); SH = Scott Hobden, Technical Services Manager, Ravensworth Underground (AusIMM); STH = Shane Holmes, Technical Services Manager, Mt Owen (AusIMM); ST = Shaun Tamplin, Principal Consultant, Tamplin Resources (AusIMM).

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Australia Coal Resources – Queensland Measured Indicated Inferred Attributable Mining Coal Resources Coal Resources Coal Resources Competent Name of operation interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Oaky Creek 55% OC/UG Coking Coal (Mt) 260 530 340 90 70 70 RJH Red Rock 75% OC/UG Coking/Thermal Coal (Mt) – – 150 2 150 250 RJH CV (kcal/kg) – – 5,950 6,500 5,900 6,350 NCA 55% Coking/Thermal Coal (Mt) 478 489 467 462 880 890 Newlands, Suttor OC/UG Coking Coal (Mt) 13 13 12 12 10 10 JT/BL Eastern (RCM) Thermal Coal (Mt) 330 340 110 110 290 300 JT/BL CV (kcal/kg) 5,700 5,650 5,300 5,250 5,450 5,450 Wollombi (MCM) OC/UG Coking Coal (Mt) 11 11 27 27 70 70 JT Thermal Coal (Mt) 19 20 60 60 90 90 JT CV (kcal/kg) 4,800 4,800 4,650 4,650 4,550 4,550 Sarum OC/UG Coking Coal (Mt) 30 30 8 8 60 60 JT Thermal Coal (Mt) – – 70 70 250 250 JT CV (kcal/kg) – – 5,450 5,450 4,650 4,650 Collinsville OC/UG Coking Coal (Mt) 35 30 60 75 60 40 RJH Thermal Coal (Mt) 40 45 120 100 50 70 RJH CV (kcal/kg) 5,850 5,850 6,300 6,300 5,850 5,850 Cook 95% OC/UG Coking/Thermal Coal (Mt) – – 100 100 900 900 KJW CV (kcal/kg) – – 6,750 6,750 6,700 6,700 Rolleston 75% Thermal Coal (Mt) 235 245 210 210 370 370 Rolleston ML OC Thermal Coal (Mt) 150 160 50 50 20 20 JT CV (kcal/kg) 5,800 5,800 5,550 5,550 5,500 5,500 Rolleston MDL & OC Thermal Coal (Mt) 85 85 160 160 350 350 JT EPCs CV (kcal/kg) 5,700 5,700 5,550 5,550 5,600 5,600 Togara North 70% OC/UG Thermal Coal (Mt) 370 370 250 250 800 800 TP CV (kcal/kg) 6,350 6,350 6,000 6,000 6,000 6,000 Wandoan 75% Thermal Coal (Mt) 1,450 1,470 1,700 1,670 4,400 4,400 Wandoan MDL’s OC/UG Thermal Coal (Mt) 1,450 1,250 1,700 570 4,400 1,300 RJ CV (kcal/kg) 5,200 5,200 5,150 5,050 5,200 5,000 Wandoan EPC’s OC/UG Thermal Coal (Mt) – 220 – 1,100 – 3,100 RJ CV (kcal/kg) – 5,150 – 5,200 – 5,250 Milray 75% OC/UG Thermal Coal (Mt) – – – – 600 600 RJ CV (kcal/kg) – – – – 4,900 4,900 Pentland 75% OC/UG Thermal Coal (Mt) 65 65 12 12 20 20 RJ CV (kcal/kg) 4,450 4,450 4,100 4,100 4,300 4,300 Clermont 25% OC Thermal Coal (Mt) 150 – 5 – – – JT CV (kcal/kg) 6,200 – 6,100 – – – Coal Resources Queensland Coking/Thermal Coal (Mt) 3,008 3,169 3,234 2,796 8,190 8,300

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Australia Coal Reserves – Queensland Marketable Total Marketable Coal Reserves Coal Reserves Coal Reserves Attributable Mining Proved Probable Proved Probable Competent Name of operation interest method Coal type 31.12.14 31.12.14 31.12.14 31.12.14 31.12.14 31.12.13 Person Oaky Creek 55% Coking Coal (Mt) 78 94 52 66 118 124 Oaky No. 1 UG Coking Coal (Mt) 5 6 4 4 8 11 SW Ash (%) 9.4 9.4 9.4 9.4 Oaky North UG Coking Coal (Mt) 73 39 48 23 71 74 SW Ash (%) 9.4 9.4 9.4 9.4 Oaky Acacia OC OC Coking Coal (Mt) – 49 – 39 39 39 LF Ash (%) – 9.4 9.4 9.4 NCA 55% Coking/Thermal Coal (Mt) 103 70 79 53 132 139 Newlands OC OC Coking Coal (Mt) 14 8 10 6 16 16 NB Ash (%) 9.1 9.6 9.3 9.2 OC Thermal Coal (Mt) 40 18 28 11 39 41 NB CV (kcal/kg) 6,150 5,900 6,050 6,050 Newlands UG UG Thermal Coal (Mt) – 3 – 2 2 4 POG CV (kcal/kg) – 6,300 6,300 6,300 Collinsville OC OC Coking Coal (Mt) 24 16 18 12 30 32 AC Ash (%) 10 10 10 10 OC Thermal Coal (Mt) 25 25 23 22 45 46 AC CV (kcal/kg) 6,300 6,300 6,300 6,100 Rolleston 75% OC Thermal Coal (Mt) 180 63 180 63 240 270 RM CV (kcal/kg) 5,700 5,350 5,600 5,600 Togara North 70% OC Thermal Coal (Mt) 150 27 140 22 160 160 SB CV (kcal/kg) 6,400 5,900 6,350 6,300 Wandoan 75% OC Thermal Coal (Mt) 780 240 560 170 740 730 PP CV (kcal/kg) 5,900 5,900 5,900 5,900 Clermont 25% OC Thermal Coal (Mt) 140 5 140 5 150 – NB CV (kcal/kg) 6,350 6,100 6,300 – Coal Reserves Queensland Thermal Coal (Mt) 1,315 381 1,071 295 1,376 1,251 Coking Coal (Mt) 116 118 80 84 164 172

Notes Oaky Creek Complex Coal Reserves are sufficient to support a mine life for 22 Oaky Creek: Overall Coal Resource decrease due to review years. with respect to 2012 JORC code “reasonable prospects of No change in the Coal Reserve economic extraction”. This includes reclassification of existing Oaky Acacia Open cut: estimation since 31 December 2013. areas - Seams PL3, T1, T2 & C1 limited to 150m Depth of cover. All upper seams excluding AQ downgraded to Indicated Red Rock: Coal Resources increased due to additional drilling & where Coal Resources exist above the current and planned re-correlation of all existing boreholes resulted in upgrading German Creek seam workings. Seams more than 300m in Coal Resource classification for the majority of the tenure depth were set to 1.2m seam thickness cut off, significantly (+151.6Mt). reducing the German Creek & Aquila seams (-111.8Mt). Coal Tenements for Red Rock expire March 2019. Resource increased by the introduction of the Fairhill Seams Coal Resources (+40.5Mt). Coal Resource and Reserve NCA depletion due to mining (-11.5Mt). Newlands Open cut: No significant change in the coal Reserve estimation since 31 December 2013. Coal Reserve depletion Tenements for the Oaky Creek Complex expire up until June 2032. Some tenements have expired but Renewal due to mining (-0.5Mt). Applications have been submitted. Newlands, Suttor, Eastern (RCM – Rangal Coal Measure): Oaky Creek No. 1: No significant change in the Coal Reserve Newlands Coal Resource decreased due to minor model estimation since 31 December 2013. Coal Reserve depletion changes (-0.2Mt) as well as coal sterilized and loss and due to mining (-5Mt). Coal Reserves do not include remnant dilution changes (-1.2Mt). pillars such as longwall barrier and chain pillars. Coal Eastern Creek had a minor Coal Resource increase due to Reserves are sufficient to support a mine life for 3-4 years. model update (1Mt). No change to Suttor Creek Coal Oaky Creek North: Marketable Coal Reserve increase due to Resource since 31 December 2013. mine plan changes, modification to longwall panel length in Tenements for Newlands Complex expire between June 2016 500 and 700 districts and an addition of LW309 (0.6Mt). Coal and December 2034. Reserve depletion due to mining (-6.5Mt). Reserves do not include remnant pillars such as longwall barrier and chain Wollombi (MCM – Moranbah Coal Measures): No change in pillars. the Coal Resource or Reserve estimation since 31 December 2013.

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Newlands Underground: Marketable Coal Reserve increase due Wandoan: No net change in Coal Resources, however many of to extension of mine plan (+0.9Mt). Marketable Coal Reserve the Exploration Permits for Coal (EPC) have been converted decrease due to longwall cut height being reduced from 4.2m to Mineral Development Licenses (MDL). All Coal Resources to 4m and product ash increased from 15% to 15.5% (-0.1Mt). now reported within the MDL areas only. No changes to the Coal Reserve estimate since 31 December 2013. Newland’s Coal Reserve depletion due to mining (-3.5Mt). Coal Reserves are sufficient to support a mine life for 1 year. Tenements for Wandoan expire between August 2015 and November 2019. Coal Reserves for Wandoan are sufficient to Sarum: No change in the Coal Resource estimation since 31 support a mine life of 33 years. December 2013. Milray: No change in Coal Resources since 31 December 2013. Tenements for Sarum expired in November 2012. Renewal Applications have been submitted. Current tenements remain Tenement for Milray expires in January 2016. valid while Renewal Application is processed. Estimation is Pentland: No change in Coal Resources since 31 December inclusive of the Gattonvale deposit (4.7Mt). 2013. Collinsville: Coal Resource increase is due to geological model Tenements for Pentland expire between September 2016 and re-correlation of the upper seams that exclude intrusive October 2019. material and an increase of Blake Seam Coal Resources (5.9Mt). Clermont: Newly acquired operating open cut coal mine (2014). Coal Resource and Reserve depletion due to mining (-3.4Mt). Clermont Coal Resources estimated for the extraction of Coal Reserve reallocation from Proved to Probable within thermal coal via open cut methods. Rio Tinto Resource and areas of previous workings for Blake and Bowen seams. Reserve models were re-applied for 2014 reporting period due Coking Coal Reserves was reduced due to re-classification of to timing of the acquisition. Coal Resources, previously Bowen seam to a thermal product (-2.4 Mt) with a reported exclusive of Coal Reserves as per Rio Tinto practice, corresponding increase in thermal Marketable Reserves and are herein reported inclusive of Coal Reserves consistent with quality. Glencore practice. Coal Resources have been reported as extractable via either Tenements for Clermont expire up until November 2027. open cut and/or underground methods of which 100Mt of Coal Tenements that have expired have Renewal Applications Resources is extractable by open cut methods. The Coal submitted. Resource has the potential to produce coking, thermal and/or

low volatile coal. Competent Persons Tenements for Collinsville expire up until September 2035. AC = Andrew Connell, Principal Mining Engineer, Glencore Coal Renewal Applications have been submitted for tenement that (AusIMM); has expired. Coal Reserves at Collinsville are sufficient to BL = Bronwyn Leonard, Senior Resource Geologist, Newlands support a mine life for 16 years. Coal QLD (AusIMM); Cook (Blackrock): No change in Coal Resources since 31 JT = John Terrill, Principal Geologist, Glencore Coal December 2013. QLD (AIG); Tenements for Cook expire between February 2015 and KJW = Kerry Whitby, Managing Director, McElroy Bryan September 2028. Geological Services Pty Ltd (AusIMM); Rolleston: Minor Coal Resource increase due to geology model LF = Lindsay Ford, Technical Services Manager, Glencore Coal update with additional drilling around LOX (1.1Mt). Inferred QLD (AusIMM); Coal Resource increased with the addition of A1 Seam Coal Resource at Rolleston South. Coal Resource and Reserve NB = Nicole Brook, General Manager – Business Development & depletion due to mining (-12.7Mt Reserves, -13.8Mt Technical Services, Glencore Coal Australia (AusIMM); Resources). POG = Paul O'Grady, Group Manager – Mine Planning, Glencore Coal Reserve decreased due to changes in reserve mine plan; Coal (AusIMM); reduction in RW and SC due to long term pricing (-23.6Mt). PP = Phil Price, Operation Manager – Rolleston (AusIMM); Coal Reserves increased due to the inclusion of Spring North reserve north of ML70307 (+13.5Mt). RJ = Rowan Johnson, Senior Geologist, McElroy Bryan Geological Services Pty Ltd (AusIMM); Tenements for Rolleston expire between April 2015 and May 2043. Coal Reserves for Rolleston are sufficient to support a RJH = Richard Hingst, Resource Geologist, Glencore (AusIMM); LOM of 19 years. RM =Rob Molan, Senior Mining Engineer, Glencore Coal Qld Togara North: No change in the Coal Resource or Reserve (AusIMM); estimation since 31 December 2013. SB = Shaun Barker, Senior Mining Engineer, Thiess (formerly of Tenements for Togara North expire up until December 2046. Glencore Coal) (AusIMM); Some tenements have expired but Renewal Applications have SW = Steven Winter, Technical Services Manager, Glencore been submitted. (AusIMM); Coal Reserves are sufficient to support a mine life for 26 TP = Toby Prior, Principal Geologist, Prior Resource Consulting years. Pty Ltd (formerly of Glencore Coal) (AusIMM).

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South Africa Coal Resources Measured Indicated Inferred Attributable Mining Coal Resources Coal Resources Coal Resources Competent Name of operation interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Tweefontein 79.8% Thermal Coal (Mt) 940 980 65 65 40 50 Tweefontein North OC/UG Thermal Coal (Mt) 730 760 – – 10 20 KM CV (kcal/kg) 5,250 5,250 – – 5,500 5,500 Tweefontein South OC/UG Thermal Coal (Mt) 210 220 65 65 30 30 KM CV (kcal/kg) 5,350 5,350 4,350 4,350 4,600 4,600 Goedgevonden 74% OC/UG Thermal Coal (Mt) 530 540 25 25 1 1 MS Complex CV (kcal/kg) 4,800 4,800 5,000 5,000 5,000 5,000 iMpunzi 79.8% Thermal Coal (Mt) 430 430 14 14 3 3 iMpunzi North OC Thermal Coal (Mt) 290 290 4 4 3 3 KM CV (kcal/kg) 5,250 5,250 5,500 5,500 5,600 5,600 iMpunzi East OC Thermal Coal (Mt) 140 140 10 10 – – KM CV (kcal/kg) 5,400 5,400 5,250 5,250 – – Zonnebloem Project 100% OC Thermal Coal (Mt) 200 200 40 35 – 5 MS CV (kcal/kg) 5,150 5,150 4,850 4,850 – 5,400 Oogiesfontein 100% UG Thermal Coal (Mt) 60 60 20 20 – – MS CV (kcal/kg) 4,950 4,950 4,950 4,950 – – Paardekop 100% UG Thermal Coal (Mt) 130 130 640 640 90 90 MS CV (kcal/kg) 5,350 5,350 5,400 5,400 5,350 5,350 Nooitgedacht 100% UG Thermal Coal (Mt) 22 22 40 45 6 10 MS CV (kcal/kg) 4,850 4,850 4,850 4,850 4,850 4,850 Undeveloped 100% OC/UG Thermal Coal (Mt) – – 13 13 250 250 MS Resources CV (kcal/kg) – – 4,750 4,750 5,400 5,400 Shanduka 49.99% Thermal Coal (Mt) 190 190 110 110 16 16 Graspan OC Thermal coal (Mt) 13 14 – – – – KM CV (kcal/kg) 5,350 5,350 – – – – Townlands OC Thermal coal (Mt) 15 17 – – – – KM CV (kcal/kg) 4,850 4,850 – – – – Steelcoal OC Thermal coal (Mt) 10 9 – – – – KM CV (kcal/kg) 4,650 4,650 – – – – Lakeside OC/UG Thermal coal (Mt) 5 5 – – – – KM CV (kcal/kg) 4,500 4,500 – – – – Leeuwfontein OC Thermal coal (Mt) 5 5 – – – – KM CV (kcal/kg) 4,600 4,600 – – – – Springlake UG/OC Thermal coal (Mt) 18 17 10 10 6 6 KM CV (kcal/kg) 6,300 6,300 – – - – Argent OC Thermal coal (Mt) 29 29 – – – – MS CV (kcal/kg) 5,100 5,100 – – – – Springboklaagte* UG/OC Thermal coal (Mt) 86 80 100 100 10 10 MS CV (kcal/kg) 4,500 4,500 4,500 4,500 4,500 4,500 Corobrik OC Thermal coal (Mt) 16 16 – – – – KM CV (kcal/kg) 5,100 5,100 – – – – * Springboklaagte is held as a Joint Venture between Shanduka and Umcebo, 100% of the Springboklaagte resources are included in the table above under Shanduka and excluded from Umcebo.

52 Glencore - Resources & Reserves Report 2014 Energy Products Coal

South Africa Coal Resources (continued)

Measured Indicated Inferred Attributable Mining Coal Resources Coal Resources Coal Resources Competent Name of operation interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Optimum 67.58% Thermal Coal (Mt) 540 560 469 390 11 11 Koornfontein mines UG Thermal coal (Mt) 170 180 100 25 – – KD CV (kcal/kg) 4,650 4,650 4,650 4,650 – – Koornfontein Opencast OC/UG Thermal Coal (Mt) 35 29 45 40 – – MS (KOC) CV (kcal/kg) 5,000 4,700 5,000 4,900 – – Vlakfontein OC/UG Thermal Coal (Mt) 35 35 4 4 1 1 MS CV (kcal/kg) 4,600 4,600 4,550 4,550 4,550 4,550 Optimum Complex OC/UG Thermal Coal (Mt) 300 320 320 320 10 10 KM CV (kcal/kg) 5,550 5,550 5,200 5,200 5,300 5,300 Umcebo 43.66% Thermal Coal (Mt) 414 420 181 181 30 30 Middelkraal OC Thermal Coal (Mt) 2 7 – – – – GC CV (kcal/kg) 4,550 4,550 – – – – Kleinfontein OC Thermal Coal (Mt) 1 1 – – – – GC CV (kcal/kg) 5,250 5,250 – – – – Klippan OC/UG Thermal Coal (Mt) 4 4 1 1 – – GC CV (kcal/kg) 5,800 5,800 5,800 5,800 – – Kleinfontein Jicama Thermal Coal (Mt) 12 13 – – 10 10 GC CV (kcal/kg) 5,200 5,200 – – 5,200 5,200 Wonderfontein OC/UG Thermal Coal (Mt) 100 100 – – – – MS CV (kcal/kg) 5,350 5,350 – – – – Norwesco OC Thermal Coal (Mt) 1 1 – – – – GC CV (kcal/kg) 5,000 5,000 – – – – Doornrug OC Thermal Coal (Mt) 4 4 – – – – GC CV (kcal/kg) 5,000 5,000 – – – – Hendrina UG Thermal Coal (Mt) 180 180 180 180 10 10 GC CV (kcal/kg) 4,250 4,250 4,250 4,250 4,250 4,250 Belfast 21.83% UG Thermal Coal (Mt) 110 110 – – 10 10 GC CV (kcal/kg) 5,100 5,100 – – 5100 5,100 Coal Resources South Africa Thermal Coal (Mt) 3,456 3,532 1,617 1,538 447 466

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South Africa Coal Reserves Extractable Saleable Total Saleable Coal Reserves Coal Reserves Coal Reserves Attributable Mining Proved Probable Proved Probable Competent Name of operation interest method Coal type 31.12.14 31.12.14 31.12.14 31.12.14 31.12.14 31.12.13 Person Tweefontein 79.80% Thermal Coal (Mt) 223 70 133 35 168 180

Tweefontein UG/OC Thermal Coal (Mt) 210 66 123 32 155 160 TH North Export (Mt) – – 93 25 118 120 CV (kcal/kg) – – 5,900 5,900 5,900 5,900 Domestic (Mt) – – 30 7 37 39 CV (kcal/kg) – – 5,100 5,100 5,100 5,100 Tweefontein UG/OC Thermal Coal (Mt) 13 4 10 3 13 16 TH South Export (Mt) – – 9 2 11 10 CV (kcal/kg) – – 5,900 5,900 5,900 6,000 Domestic (Mt) – – 1 1 2 6

CV (kcal/kg) – – 5,100 5,100 5,100 5,100

Goedgevonden 74% OC Thermal Coal (Mt) 320 11 200 6 206 223 CT Export (Mt) – – 86 4 90 96 CV (kcal/kg) – – 6,000 6,000 6,000 6,000 Export (Mt) – – 23 – 23 – CV (kcal/kg) – – 5,100 – 5,100 – Domestic (Mt) – – 91 2 93 130 CV (kcal/kg) – – 5,100 5,100 5,100 5,100 iMpunzi 79.8% Thermal Coal (Mt) 182 6 98 2 100 110 iMpunzi North OC Thermal Coal (Mt) 62 3 34 1 35 43 TH Export (Mt) – – 28 1 29 40 CV (kcal/kg) – – 5,700 5,700 5,700 6,000 Domestic (Mt) – – 6 0 6 3 CV (kcal/kg) – – 5,100 5,100 5,100 5,100 iMpunzi East OC Thermal Coal (Mt) 120 3 64 1 65 71 TH Export (Mt) – – 59 1 60 63 CV (kcal/kg) – – 5,700 5,700 5,700 6,000 Domestic (Mt) – – 5 – 5 8 CV (kcal/kg) – – 5,100 – 5,100 5,100

Zonnebloem 100% OC Thermal Coal (Mt) – 160 – 81 81 112 RR Export (Mt) – – – 42 42 63 CV (kcal/kg) – – – 6,000 6,000 5,800 Domestic (Mt) – – – 39 39 50 CV (kcal/kg) – – – 5,100 5,100 5,100

Nooitgedacht 100% UG Thermal Coal (Mt) – 33 – 22 22 22 MS Export (Mt) – – – 11 11 12 CV (kcal/kg) – – – 5,900 5,900 5,900 Domestic (Mt) – – – 11 11 11 CV (kcal/kg) – – – 5,100 5,100 5,100

Oogiesfontein 100% OC Thermal Coal (Mt) – 8 – 5 5 5 RR Export (Mt) – – – 4 4 4 CV (kcal/kg) – – – 5,900 5,900 5,900 Domestic (Mt) – – – 2 2 2 CV (kcal/kg) – – – 5,100 5,100 5,100

54 Glencore - Resources & Reserves Report 2014 Energy Products Coal

South Africa Coal Reserves (continued)

Extractable Saleable Total Saleable Coal Reserves Coal Reserves Coal Reserves Attributable Mining Proved Probable Proved Probable Competent Name of operation interest method Coal type 31.12.14 31.12.14 31.12.14 31.12.14 31.12.14 31.12.13 Person Shanduka 49.99% Thermal Coal (Mt) 44 74 30 58 88 85

Graspan OC Thermal Coal (Mt) 5 – 4 – 4 7 MC Domestic (Mt) – – 1 – 1 3 CV (kcal/kg) – – 5,900 – 5,900 5,900 Domestic (Mt) – – 3 – 3 4 CV (kcal/kg) – – 4,500 – 4,500 4,500 Townlands OC Thermal Coal (Mt) 6 – 3 – 3 6 MC Export (Mt) – – 1 – 1 2 CV (kcal/kg) – – 5,800 – 5,800 5,800 Domestic (Mt) – – 2 – 2 4 CV (kcal/kg) – – 4,500 – 4,500 4,500

Steelcoal OC Thermal Coal (Mt) 4 – 4 – 4 4 MC Domestic (Mt) – – – – – 2 CV (kcal/kg) – – 5,800 – 5,800 5,800 Domestic (Mt) – – 4 – 4 3 CV (kcal/kg) – – 4,500 – 4,500 5,100

Springlake UG/OC Anthracite (Mt) 14 – 7 – 7 8 MC Export (Mt) – – 6 – 6 4

CV (kcal/kg) – – 6,500 – 6,500 6,500

Domestic (Mt) – – 2 – 2 4

CV (kcal/kg) – – 6,500 – 6,500 6,500

Argent OC Thermal Coal (Mt) – 26 – 25 25 16 MC Export (Mt) – – – – – 10

CV (kcal/kg) – – – – – 6,000

Domestic (Mt) – – – 25 25 6

CV (kcal/kg) – – – 4,500 4,500 4,500

Springboklaagte* UG/OC Thermal Coal (Mt) – 48 – 33 33 33 MC Export (Mt) – – – 18 18 18

CV (kcal/kg) – – – 6,000 6,000 6,000

Domestic (Mt) – – – 15 15 15

CV (kcal/kg) – – – 4,500 4,500 4,500

Corobrik OC Thermal Coal (Mt) 15 – 12 – 12 11 MC

Domestic (Mt) – – 4 – 4 4

CV (kcal/kg) – – 5,800 – 5,800 5,900

Domestic (Mt) – – 8 – 8 7

CV (kcal/kg) – – 4,500 – 4,500 4,500

* Springboklaagte is held as a Joint Venture between Shanduka and Umcebo, 100% of the Springboklaagte reserves are included in the table above under Shanduka and excluded from Umcebo.

55 Glencore - Resources & Reserves Report 2014 Energy Products Coal

South Africa Coal Reserves (continued)

Extractable Saleable Total Saleable Coal Reserves Coal Reserves Coal Reserves Attributable Mining Proved Probable Proved Probable Competent Name of operation interest method Coal type 31.12.14 31.12.14 31.12.14 31.12.14 31.12.14 31.12.13 Person Optimum 67.58% Thermal (Coal Mt) 190 120 130 71 200 200

Koornfontein UG/OC Thermal (Coal Mt) 48 9 39 8 47 43 WH

Mines Export (Mt) – – – – – 3

CV (kcal/kg) – – – – – 5,900

Export (Mt) – – – – – 27

CV (kcal/kg) – – – – – 5,400

Domestic (Mt) – – 39 8 47 13

CV (kcal/kg) – – 4,500 4,500 4,500 4,500

Koornfontein UG/OC Thermal Coal (Mt) – 41 – 23 23 23 HC Opencast (KOC) Export (Mt) – – – 18 18 18 CV (kcal/kg) – – – 5,900 5,900 5,900 Domestic (Mt) – – – 5 5 5 CV (kcal/kg) – – – 4,500 4,500 4,500 Vlakfontein OC Thermal Coal (Mt) 25 1 15 1 16 16 HC Export (Mt) – – 15 1 16 16 CV (kcal/kg) – – 5,800 5,800 5,800 5,800 Domestic (Mt) – – – – – – CV (kcal/kg) – – – – – – Optimum UG Thermal Coal (Mt) 120 65 74 39 114 121 HC Export (Mt) – – 42 22 65 68 CV (kcal/kg) – – 6,000 6,000 6,000 6,000 Domestic (Mt) – – 32 17 49 53 CV (kcal/kg) – – 5,100 5,100 5,100 5,100

56 Glencore - Resources & Reserves Report 2014 Energy Products Coal

South Africa Coal Reserves (continued)

Extractable Saleable Total Saleable Coal Reserves Coal Reserves Coal Reserves Attributable Mining Proved Probable Proved Probable Competent Name of operation interest method Coal type 31.12.14 31.12.14 31.12.14 31.12.14 31.12.14 31.12.13 Person Umcebo 43.66% Thermal Coal (Mt) 46 – 31 – 31 39 Middelkraal OC Thermal Coal (Mt) 1 – 1 – 1 5 HG Export (Mt) – – – – – – CV (kcal/kg) – – – – – – Domestic (Mt) – – 1 – 1 5 CV (kcal/kg) – – 4,500 – 4,500 4,500 Kleinfontein OC Thermal Coal (Mt) – – – – – 0.2 HG Export (Mt) – – – – – 0.05 CV (kcal/kg) – – – – – 6,000 Domestic (Mt) – – – – – 0.2 CV (kcal/kg) – – – – – 5,100 Klippan OC/UG Thermal Coal (Mt) – – – – – 0.4 HG Export (Mt) – – – – – 0.4 CV (kcal/kg) – – – – – 6,000 Domestic (Mt) – – – – – 0.1 CV (kcal/kg) – – – – – 4,500 Kleinfontein OC Thermal Coal (Mt) 0.3 – 0.2 – 0.2 1.2 HG

Jicama Export (Mt) – – 0.1 – 0.1 0.5 CV (kcal/kg) – – 6,000 – 6,000 6,000 Domestic (Mt) – – 0.2 – 0.2 1 CV (kcal/kg) – – 4,500 – 4,500 4,500 Wonderfontein OC/UG Thermal Coal (Mt) 44 – 30 – 30 32 HG

Export (Mt) – – 24 – 24 25 CV (kcal/kg) – – 5,700 – 5,700 5,700 Domestic (Mt) – – 6 – 6 7 CV (kcal/kg) – – 4,500 – 4,500 4,500 Norwesco OC Thermal Coal (Mt) 0.3 – 0.2 – 0.2 0.2 HG

Export (Mt) – – 0.2 – 0.2 0.2 CV (kcal/kg) – – 5,600 – 5,600 5,600 Domestic (Mt) – – 0.05 – 0.05 0.05 CV (kcal/kg) – – 4,500 – 4,500 4,500

Coal Reserves South Africa Thermal Coal (Mt) 1,005 482 622 280 901 976

57 Glencore - Resources & Reserves Report 2014 Energy Products Coal

Notes Valid prospecting rights have been issued for all the undeveloped Triangle area (+0.4Mt). Total yield decreased by 9%, due to Coal Resources. Some prospecting rights are being renewed, lowering export product quality resulting in an increase in while application has been made for a number of mining rights. export saleable, while sacrificing Eskom secondary product (-0.9Mt). Coal Resources have been re-estimated in 2014 for inclusion in this summary table except where otherwise stated. Revision of the Tenements for Tweefontein South expire between August totals includes changes to classifications of Coal Resource status 2024 and August 2040. Coal Reserves for Tweefontein South due to exploration, geological reinterpretation and remodelling, are sufficient to support a mine life of 10 years. and changes to lease holdings. Goedgevonden: The Goedgevonden Complex is situated within Coal Resources and reserve qualities are reported on an air dried the Witbank coal field. Open cast dragline mining operations in moisture basis and Saleable Reserves are reported on a net as the area are extracting the 2, 4 and 5 seams. The 3 seam is received moisture basis. Coal Reserves are reported inclusive of too thin for practical extraction and the 1 seam is not an Coal Resources. economic Coal Resource in the area. Product yields used to estimate Saleable Reserves were derived Coal Resource depletion due to mining (-12.2 Mt). Extractable from the “Limn Model” software. Inputs to this model are coal ply Reserve reduced due to; depletion due to mining (-11.4Mt), and in-seam dilution data, processed in the model. The model selective mining of the upper seams (-1.5Mt), decrease in takes into account plant efficiencies to calculate practical yields. modelled seam thickness (-4.2Mt) and a change to the Eskom The model is calibrated to historical plant performance and where yield cut-off (-19.4Mt). applicable, large diameter borehole data is used. Tenements for Goedgevonden expire between February 2038 Changes and notes relevant to the estimation of Coal Resources and May 2038. Coal Reserves for Goedgevonden are and Reserves are listed below for specific projects. Changes sufficient to support a mine life of 26 years. reported are exclusive of production from 31 December 2013 to 31 iMpunzi December 2014. iMpunzi North: iMpunzi consists of iMpunzi Opencast (open cast Coal Resource and Reserve totals are rounded to appropriate dragline and truck and shovel operations) and iMpunzi Minipits levels of accuracy in accordance with the 2007 SAMREC Code (as (truck and shovel operations). Open cast Coal Resources amended July 2009) and the Glencore Coal rounding process. include the 1, 2 and 4 seams, whilst the Minipit includes only the 4 seam. Tweefontein Complex Coal Resource depletion due to mining (-5.9Mt). Additional Tweefontein North: Coal Resource depletion due to mining was (-11.1Mt). Boschmans Central Pit and North Pit 4 Seam pillars drilling has shown thinning of the 4 seam upper horizon were removed from Coal Resources due to reduction in open resulting in a Coal Resource decrease (-1.2Mt). Seam 5 Coal cast pit shells (-12.8Mt). Makoupan 4 Upper Seam was Resources increased with additional drilling and remodelling removed from Coal Resources due to Makoupan open cast pit (+1.4Mt). shell reduction and low potential for UG extraction due to thin Extractable Reserve depletion due to mining (-6.5Mt). parting above 4 Lower Seam and quality considerations Additional drilling has reduced the mineable thickness of the 4 (-1.6Mt). Additional drilling and remodelling of 1 seam Coal and 2 seams (-5.0Mt). Resources in the Southern Witcons and Waterpan areas have identified areas where 1 seam is less than the 1m minimum Mining tenement for iMpunzi North expires in August 2040. thickness cut-off for UG Coal Resources (-6.5Mt). Coal Reserves for iMpunzi North and East are sufficient to The Tweefontein North development includes all five seams support a mine life of 25 years. present in the Vryheid Formation, however, only the 1, 2, 4 iMpunzi East: Coal Resource depletion due to mining (-2.5Mt). and 5 seams form part of the mineable and economic Coal Mine plan optimization resulted in the expansion of the Resources. The Coal Resources have the potential to be Riverside West and Steenkoolspruit pits (+1.7Mt). extracted via both open cast truck and shovel and underground board and pillar mining methods. Saleable Reserve depletion due to mining (-2.5 Mt). A change to pillar coal extraction resulted in a loss of Extractable and Reserve depletion due to mining (-9.7Mt). Saleable Reserves (-4.5Mt) and a re-mix between export and Mining tenements for Tweefontein North expire in August Eskom. 2020. Extensions will be sought as Coal Reserves for Zonnebloem: Increase in 1, 2 and 4 seam footprints and Tweefontein North are sufficient to support a mine life of 24 thickness with new drilling and remodelling resulting in an years. increase in Coal Resources (+2.7Mt). Change of subcrop with an associated decrease in Seam 2 footprint with new boxcut Tweefontein South: Coal Resource depletion due to mining drilling and remodelling (-5.6Mt). Inferred Coal Resources (-4.0Mt), Measured category decrease (-5.5Mt) due to drilling were reclassified and elevated to Measured Coal Resource and re-modelling: (-3.2Mt) removed due to quality and with additional drilling offset by a redefinition of East Block thickness constraints, (-2.3Mt) loss due to structural subcrop (-4.2Mt) and the West pans being removed for complexity. environmental mitigation purposes (-2.8Mt). Tweefontein South is contained in the Tavistock and Mining tenement for Zonnebloem expires in September 2039. Klippoortje old order mining authorisations, situated within the Coal Reserves for Zonnebloem are sufficient to support a mine Witbank Coalfield. The complex development includes all five life of 24 years. seams, however, only the 1, 2, 4 and 5 seams form part of the potentially mineable and economic Coal Resources. Oogiesfontein: There have been no changes to the Coal Reserve depletion due to mining (-3.4 Mt). Shallower coal Resource or the Reserve since December 2013. The project is included in the underground LOM from the Klippoortjie 4 Seam awaiting environmental licensing and permitting.

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Mining tenement for Oogiesfontein expires in October 2018. Steelcoal: Coal Resource depletion due to mining (-0.6Mt). Coal Resource gain due to better definition of geological Paardekop: There have been no changes to the Coal Resource horizons (+1.4Mt) offset by a reduction due to seam thinning estimate whilst waiting for mining right approval, environmental (-0.2Mt). licensing and permitting. Reserve depletion due to mining (-0.3Mt). Uneconomical The project area comprises underground Coal Resources in a Steelcoal East reserve was removed (-1.5Mt). The mine single seam deposit where the seam is approximately 2.5m stopped production and was placed on care and maintenance. thick, relatively undisturbed and flat lying. The upper section of the seam is of poor CV whilst the lower section has a raw CV Lakeside and Leeuwfontein: No change to Coal Resources greater than 5,300kcal/kg. or Reserves. The mines are on care and maintenance. Undeveloped Coal Resources: Undeveloped Coal Resources Springlake: Coal Resource depletion due to mining (-0.9Mt). include: Coal Resource gain due to addition of Clive Shaft Coal Resource (+1.5Mt), and Bituminous Block Coal Resource Amersfoort; is contained in the southern portion of the Ermelo (+0.5Mt). Coalfield, Mpumalanga Province, southwest of Breyton. Coal Resource estimation for Amersfoort is based on the 2.5m thick Reserve depletion due to mining (-0.6Mt). A yield cut-off of C seam at a depth of approximately 200m; 45% was applied to the C composite seam. Selective extraction is applied where the composite seam does not Boschmanspoort; is located in the Witbank Coalfield of make the cut-off and the bottom seam adhere to a thickness Mpumalanga southeast of Middleburg. Boschmanspoort Coal cut-off of 1.6m, resulting in a loss of Extractable Reserves Resources are based on the 2 seam, which dips towards the (-3.9Mt) offset by yield improvements. Clive Shaft and east, with some potential open cast Coal Resources in the Bituminous Block included in LOM (+1.1Mt). west; and Argent: There have been no changes to the Coal Resources. Trichardsfontein; is located north of Trichard. Trichardsfontein Saleable Reserves have increased due to a plan to bypass mine plan is based on the 4 lower seam at approximately 90m ROM coal as a low grade product (+9.0Mt). depth of cover. The seam has potential for underground extraction. The project is waiting for mining right approval, environmental licensing and permitting. Tenements for the Undeveloped Coal Resources areas expired in December 2013. Currently waiting for approval of Springboklaagte: Springboklaagte is a Joint Venture between mining right applications. Shanduka and Umcebo. 100% of the Springboklaagte Coal Resources and Reserves is included in the table above under Shanduka: The remaining mine life for individual mining Shanduka and excluded from Umcebo. New modelling, operations range from 3 to 12 years. Springboklaagte deposit including an updated structural interpretation and seam is an exception as it could extend Shanduka’s expected life by correlations resulted in an increase in Coal Resources approximately 20 to 25 years. Expiry date of relevant (+10Mt). mining/concession licences are different for each operation, ranging from October 2015 to March 2027 in respect of Corobrik: A mining right application has been submitted for Graspan, Townlands, Steelcoal reserve, Lakeside and this newly acquired Coal Resource which forms a natural Springlake. Leeuwfontein remains an ‘old order right’ or mining extension to Graspan Colliery. Mining is forecast to commence licence, with applications pending for conversion into a ‘new late 2015. order right’ or mining licence. Springboklaagte is a prospecting Optimum: Individual operations have a mine life ranging from 1 to right, which are granted for five year periods and are 17 years. The Kwagga reserve is made up of areas that renewable for a further three years. The main prospecting right include; Kwagga North, Kwagga Central, Kwagga Rail and expired on 3 August 2011 and a renewal application was Kwagga Mini Pits. Mine lives for these areas range from two to lodged on 3 June 2011. Further to this an application for a twelve years. Pullenshope, Zevenfontein and Kromdraai mining right was also lodged in April 2011. Argent had a combined Coal Reserves have an estimated nine years of prospecting right valid until 29 June 2013. An application for a mining remaining. The Eikeboom reserve has a mine life of 15 mining right was also lodged in December 2012. years and is divided into in situ coal and pillar areas. The Springboklaagte is a Joint Venture between Shanduka and Boschmanspoort Underground reserve has a mine life of 11 Umcebo, 100% of the Springboklaagte Coal Resources and years, and the Pullenshope underground reserve has a mine Reserves is included in the table above. life of 17 years. The BMP reserve block has potential as an extension to the Boschmanspoort underground reserve. The Graspan: Coal Resource depletion due to mining (-6.0Mt). Schoonoord reserve currently has not been included in the life Additional drilling and remodelling allowed for better definition of mine plan. of coal horizons resulting in a Coal Resource gain (+5.1Mt). Expiry date of relevant mining/concession licences: June 2028 Reserve depletion due to mining (-4.4Mt). Additional drilling for Optimum and October 2032 for Koornfontein. and geological modelling changes resulted in reduction of the pit shell (-0.1Mt). Optimum Colliery: Coal Resource depletion due to mining (-17.5Mt). Reserve depletion due to mining (-15.3Mt). Townlands: Coal Resource depletion due to mining (-1.5Mt). Extractable Coal Resource reduction due to improved Mining dilution assumption for the open cast was increased definition of washout zones (-0.2Mt) and mining sterilisation from 5% to 9% on all seams resulting in an increase in (-0.2Mt). Extractable Reserves (+4.7Mt) offset by mine plan restrictions at Kwagga North, LA Cass West and East (-0.9Mt) and the Extractable Reserve depletion due to mining (-0.3Mt). Deeper addition of Eikeboom Pillars (+9.2Mt). Pullenshope and uneconomical Coal Reserves have been removed (-6.8Mt), Eikeboom open cut mines were stopped due to high cost of offset by the addition of a portion of road servitude (+0.3Mt). mining (-0.7Mt). Extractable Reserves gained at the Mine has been placed on care and maintenance.

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underground operations due to pillar size changes and layout Reserve depletion due to mining (-0.2Mt). The Saleable changes (+1.2Mt). Reserve is now depleted. Koornfontein Mines: Coal Resource depletion due to mining Klippan: The mine is now closed following depletion of (-2.0Mt) offset by an increase to Indicated Coal Resources due Saleable Reserves. to redefinition of the volatile matter cut-off, based on dry ash Wonderfontein: Coal Resource depletion due to mining free volatile content of 28% (+68.5Mt). (-2.2Mt). Coal Resource gain of additional 2 Upper Seam Coal Reserve depletion due to mining (-2.7 Mt). Loss of Coal identified with latest drilling and remodelling (+0.6Mt). Reserves that could not be extracted due to adverse Reserve depletion due to mining (-2.0Mt). geological conditions (-1.0Mt). New Reserve blocks identified after recent exploration drilling and remodelling (+3.7Mt). Norwesco, Kleinfontein Jicama, Doornrug, Hendrina and Changes in geological cut-off delineation and economic Belfast are future projects and there are no changes in Coal viability of reserve blocks (-16.7Mt). Primary market Resources or Reserves for the current reporting period. requirement changed from export to the low grade domestic

market resulting in an increase in yield and saleable coal Competent Persons: (+17.1Mt). The Koornfontein briquetting plant has commenced CT = Chris Theart, NHD Mining, SAIMM, Group Mining producing briquettes from discard however this is not included Engineer, Glencore Coal South Africa; in the saleable Coal Reserves (0.3Mt per annum). GC = Gerrit Cronjé, BSc Hons Geology; Pr Sc Nat 400128/86, Koornfontein Opencast: Re-modelling including an updated Shanduka Coal; structural interpretation and seam correlations resulting in an increase in Coal Resources (+9.8Mt). Coal quality improved HC = Hlayiseka Chauke; B Tech Mining Engineering; MCC; due to splitting of 2 seam and discarding the low quality top Optimum Coal; portion of the seam. Glencore is waiting for mining right HG = Hugo Grobler B Eng. Mining; MSc Eng. Mining; MCC, approval, and environmental licensing and permitting. SAIMM; Shanduka Coal; Vlakfontein is a future project and there are no changes in KM = Karin van der Merwe; MSc Geochemistry; GSSA 965 Coal Resources or Reserves for the current reporting period. 295, Group Coal Geologist, Glencore Coal South Africa; Umcebo KD = Kedibone Moagi, BSc Hons Geology; Pr Sc Nat The remaining life of the individual mining operations range up 400305/13, GSSA 968 268, Senior Geologist, Optimum Coal; to ten years. The Springboklaagte Coal Resource extends Umcebo’s expected life by approximately 20 to 25 years. MC = Mark Cunney, BEng Hons Mining Engineering, MCC; Pr Expiry date of relevant mining/concession licenses are Cert Eng 2007 0114, Shanduka Coal; different for each mine, ranging from October 2015 to MS = Marius Smith; B Sc. Honours Geology; MBA; Pr Sc Nat December 2021 in respect of Middelkraal, Kleinfontein, 400075/03; Group Coal Geologist, Glencore Coal South Africa; Klippan and Doornrug. Norwesco mining right lapsed on 28 September 2011; however a renewal has been lodged. RR = Rohan Roach; B Com; BTech Mine Engineering; Coal Springboklaagte is a prospecting right, which are granted for Mine Managers Certificate of Competency, Metalliferous Mine five year periods and are renewable for a further three year Managers Certificate of Competency; SAIMM, ECSA; Group period. The main prospecting right expired on 3 August 2011. Mining Engineer, Glencore Coal South Africa; A prospecting right renewal application was lodged on 3 June TH = Trevor Howard; B Eng. Mining; Coal Mine Managers 2011. Further to this an application for a mining right was also Certificate of Competency; SAIMM; Group Mining Engineer, lodged in April 2011. Wonderfontein had a mining right granted Glencore Coal South Africa; in February 2012. WH = Willem Heyneke, B Tech Mining Engineering, MCC; Pr Middelkraal: Resource depletion due to mining (-4.0Mt) and Cert Eng 2008 900 44, Optimum Coal. reduction due to mine planning changes (-1.5Mt).

Reserve depletion due to mining (-3.3Mt). Loss of Coal Reserves in the North pit due to dolerite sill transgressions and de-volatilisation (-0.6Mt). Economical cut-off applied to western end of North pit (-0.3Mt) and the Jicama extension (-0.4Mt). Kleinfontein: Coal Resource depletion due to mining (-0.2Mt). Coal Resource reduction is due to pillar losses and dolerite interference (-0.1Mt).

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Colombia Coal Resources and Reserves

Prodeco Coal Resources Measured Indicated Inferred Attributable Mining Coal Resources Coal Resources Coal Resources Competent Name of operation interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Calenturitas 100% OC Thermal Coal (Mt) 110 160 220 200 70 70 KJW CV (kcal/kg) 6,330 6,400 6,270 6,300 6,200 6,200 La Jagua 100% OC Thermal Coal (Mt) 90 100 20 20 – – KJW CV (kcal/kg) 7,100 7,100 7,060 7,050 – – Coal Resources Prodeco Thermal Coal (Mt) 200 260 240 220 70 70

Prodeco Coal Reserves Marketable Total Marketable Coal Reserves Coal Reserves Coal Reserves Attributable Mining Proved Probable Proved Probable Competent Name of operation interest method Coal type 31.12.14 31.12.14 31.12.14 31.12.14 31.12.14 31.12.13 Person Calenturitas 100% OC Thermal Coal (Mt) 60 110 60 110 170 190 GL CV (kcal/kg) 6,200 6,150 6,200 6,150 6,150 6,150 La Jagua 100% OC Thermal Coal (Mt) 80 20 80 20 100 100 GL CV (kcal/kg) 6,800 6,700 6,800 6,700 6,750 6,750 Coal Reserves Prodeco Thermal Coal (Mt) 140 130 140 130 270 290

Cerrejón Coal Resources Measured Indicated Inferred Attributable Mining Coal Resources Coal Resources Coal Resources Competent Name of operation interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Carbones del 33.3% OC Thermal Coal (Mt) 3,300 3,000 1,100 1,100 700 700 GH Cerrejón CV (kcal/kg) 6,600 6,600 6,550 6,550 6,550 6,550

Cerrejón Coal Reserves Extractable Saleable Total Saleable Coal Reserves Coal Reserves Coal Reserves Attributable Mining Proved Probable Proved Probable Competent Name of operation interest method Coal type 31.12.14 31.12.14 31.12.14 31.12.14 31.12.14 31.12.13 Person Carbones del 33.3% OC Thermal Coal (Mt) 570 90 560 90 650 720 GH Cerrejón CV (kcal/kg) 6,200 6,200 6,200 6,200 6,200 6,200

Notes Glencore’s Colombian coal interests are located in two different Prodeco: coal provinces; in the La Guajira Department (Cerrejón) and the Calenturitas: Coal Resources decrease due to geological Cesar Department (Prodeco). model update with new exploration and mining data, highlighting an increased dip of the coal seams within the Extractable Reserves are as mined Coal Reserves taking into steep dip areas in Sectors A and C/D, update of base of account geological losses, mining losses, contamination and as weathering and removal of coal seams from Coal Resource mined moisture adjustments. Reserves are reported on a ROM estimation in Sector A below C120 Seam due to unlikely moisture basis. Coal Resources are reported on an in situ mining potential (-22.2Mt). moisture basis. Marketable Coal Reserves depletion due to mining (-12.7Mt). Saleable Reserves: As sold basis are Coal Reserves adjusted for Coal Reserves sterilisation in steep dip areas (-7.0Mt). yield losses in the preparation plant (if applicable) and converted to a saleable moisture basis. The Coal Resource and Coal Remaining mine life expected to be 16 years. Expiry date of Reserve estimates tabulated above are stated on a total mine relevant mining/concession licenses: 2035. basis as at 31 December 2014. La Jagua: Coal Resource decreased due to seam thinning Coal Resource qualities are reported on an in situ moisture basis (-2.5Mt) and mining sterilisation of M45 seam (-1.7Mt). and Coal Reserve qualities are reported on a gross as received Marketable Coal Reserves depletion due to mining was basis. Coal Resources are reported inclusive of those Coal (-7.0Mt). Resources modified to produce Coal Reserves. Coal tonnages are quoted as million metric tonnes Remaining mine life expected to be 14 years. Expiry date of relevant mining/concession licenses: Carbones El Tesoro and Changes and issues material to the estimation of Coal Resources Carbones de La Jagua expiring between 2027 and 2038; and Reserves are noted below for specific projects. Reference to Consorcio Minero Unido extended to April 2015, with renewal production changes between 31 December 2013 and 31 considered probable due to the fact that the integrated La December 2014 are detailed for each producing mine site. Jagua mine plan has already been approved. Coal Resource and Coal Reserve totals are rounded to appropriate levels of accuracy in accordance with the 2012 JORC Code and the Glencore Coal Assets rounding procedures.

61 Glencore - Resources & Reserves Report 2014 Energy Products Coal

Cerrejón: Coal Resources are reported as gross tonnes in situ Competent Persons (GTIS), i.e. no geological losses applied. The Coal Resources GL = Guillermo Leon, Senior Mining Engineer, Prodeco, include coal for which the continuity, quality and mineability (AusIMM). are established but are outside the current LOM plan. These KJW = Kerry Whitby, Managing Director, McElroy Bryan Coal Resources comply with current and foreseen mining and Geological Services Pty Ltd (AusIMM). marketing criteria and have economic potential. GH = German Hernandez; BSc, BHPBilliton Certificate of Coal Reserves has reduced by 75Mt due to depletion by Competent Person; GSSA; APS Geology Superintendent, mining (-33.1Mt) and mine design changes associated with the Carbones del Cerrejón. Bruno Creek / La Puente mining area (-42.0Mt).

The estimates of Coal Resources and Coal Reserves presented in this table for Cerrejón have been prepared in accordance with the 2007 SAMREC Code (South African Code for Reporting of Mineral Resources and Mineral Reserves) (as amended July 2009).

62 Glencore - Resources & Reserves Report 2014 Energy Products Coal

Canada Coal Resources Measured Indicated Inferred Attributable Mining Coal Resources Coal Resources Coal Resources Qualified Name of operation interest Method Commodity 31.12.14 31.12.13 31.12.14 31.12.13 31.12.14 31.12.13 Person Donkin* 75% UG Coking/Thermal Coal (Mt) – – – 230 – 250 KJW CV (kcal/kg) – – – 7,400 – 7,200 Suska 75% OC Coking/Thermal Coal (Mt) – – 13 13 90 90 KJW CV (kcal/kg) – – 6,100 6,100 6,100 6,100 Sukunka 75% UG/OC Coking Coal (Mt) 45 40 100 100 40 40 KJW Coal Resources Canada Coking/Thermal Coal (Mt) 45 40 113 343 130 380

Canada Coal Reserves Extractable Saleable Total Saleable Coal Reserves Coal Reserves Coal Reserves Attributable Mining Proved Probable Proved Probable Qualified Name of operation interest method Coal type 31.12.14 31.12.14 31.12.14 31.12.14 31.12.14 31.12.13 Person Donkin Mine* 75% UG Coking/Thermal Coal (Mt) – – – – – 47 LP CV (kcal/kg) – – – – – 7,200

Notes The Canadian Coal Resources and Reserves occur in the Peace Donkin*: The Donkin Project was sold to the Cline Group in River area of the Province of British Columbia (Sukunka, Suska). December 2014. Additional tenements adjacent to these Peace River projects are Suska: No change in Coal Resources from 2013. targeted for exploration potential. These include tenement areas identified as Central South, South Cirque and other tenements that Sukunka: Coal Resource increase due to recent exploration, extend for approximately 50km north of the Pine River. seam correlations and an updated geological model increasing areas of resource confidence in the north of the deposit. Coal Extractable Reserves are as mined Coal Reserves taking into Resources reported include seams from Upper and Lower account geological losses, mining losses, contamination and as Members of the Gething Formation. Open cut and mined moisture adjustments. Reserves are reported on a ROM underground mining studies are in progress for Sukunka. No moisture basis. Coal Resources are reported on an in situ Coal Reserves are reported for Sukunka. moisture basis. Competent Persons Saleable Reserves: As sold basis are Coal Reserves adjusted for KJW = Kerry Whitby, Managing Director, McElroy Bryan yield losses in the preparation plant (if applicable) and converted Geological Services Pty Ltd (AusIMM). to a product moisture basis. The Coal Resource and Coal Reserve estimates tabulated above are stated on a total mine basis as at LP = Lynn Partington, Executive Mining Consultant, Marston and 31 December 2014. Marston, Inc. (APEGGA). Coal Resource qualities are reported on an in situ moisture basis and Coal Reserve qualities are reported on a gross as received basis. Coal Resources are reported inclusive of those Coal Resources modified to produce Coal Reserves. Coal tonnages are quoted as million metric tonnes. Coal Resources and Reserves are reported in accordance with the 2011 NI 43–101, the CIM Definition Standards on Mineral Resources and Mineral Reserves with reference to Paper 88 – 21 guidelines (Donkin) and the JORC Code 2012 Edition (Suska, Sukunka). Changes in Coal Resources and Reserves since 2013 and notes relevant to the estimation of Coal Resources and Reserves are listed below for the specific projects. There has been no production from any of the Canadian coal assets in 2014. Coal Resource and Coal Reserve totals are rounded to appropriate levels of accuracy in accordance with the 2012 JORC Code and the Glencore Coal Assets rounding procedures.

63 Glencore - Resources & Reserves Report 2014 Energy Products Oil

Net Reserves (Proven and Probable)1 Working Interest Basis Equatorial Guinea Chad Cameroon Total Combined Oil mmbbl Gas bcf Oil mmbbl Gas bcf Oil mmbbl Gas bcf Oil mmbbl Gas bcf mmboe 31 December 2013 32 - 55 - - - 87 - 87 Revisions (1) - 5 - - - 3 - 3 Acquisitions/Divestments - - 94 - - - 94 - 94 Discoveries ------Production (6) - (4) - - - (9) - (9) 31 December 2014 25 - 150 - - - 175 - 175

Net Contingent Resources (2C)1 Working Interest Basis Equatorial Guinea Chad Cameroon Total Combined Oil mmbbl Gas bcf Oil mmbbl Gas bcf Oil mmbbl Gas bcf Oil mmbbl Gas bcf mmboe 31 December 2013 28 609 9 - 70 1,010 107 1,619 387 Revisions (5) (47) (5) - (17) (296) (27) (343) (87) Acquisitions/Divestments - - 5 - - - 5 - 5 Discoveries ------31 December 2014 23 562 9 - 53 714 85 1,276 305 1 "Net" reserves or resources are equivalent to Glencore's working interest in the asset/property.

Notes Equatorial Guinea: Equatorial Guinea Reserves and Contingent The Badila field is an onshore development which came on Resources consist of Block O (Glencore 25% WI) and Block I stream in September 2013. Oil is transported through an (Glencore 23.75% WI) Reserves and Resources. export pipeline to the Chad/Cameroon export pipeline (Totco/Cotco pipeline) with off-take at the Marine Terminal in The Aseng field (Block I, 23.75% working Interest) is Cameroon. Average gross 2014 production stands at 11,600 produced from subsea wells tied back to an FPSO. Average barrels per day and year-end field rates reached 16,000 2014 gross production stands at 41,000 barrels per day which barrels per day. Production should significantly increase in is slightly above expectation. Aseng has an anticipated 10 2015 now that permanent processing and water injection year life from first oil. facilities have been commissioned. Badila has an anticipated 13 year life from first oil. The Alen field (95% Block O, 25% working interest and 5% Block I, 23.75% working interest) came on stream in May The Mangara field is an onshore development that has been 2013. Gross production in 2014 averaged 25,700 barrels per producing since late December 2014. Initial field rate was day which is expected to increase in 2015 now that minor ~6,000 barrels per day and will ramp up throughout 2015 as facilities bottlenecks have been resolved. The field is ~20 wells are drilled. Oil is transported through an export produced from subsea wells tied back to a production pipeline to the Totco/Cotco pipeline with off-take at the platform where condensate is stripped and transported to the Marine Terminal in Cameroon. Mangara has an anticipated Aseng FPSO via a subsea pipeline. The produced gas is re- 18 year life from first oil. injected into the field. Alen has an anticipated 12 year life The EXA's have a 25 year exploitation term after the from first oil. authorisation of the EXA. The Aseng and Alen fields have a 25 year exploitation term Reserves for Chad were independently assessed by from approval of a plan of development. McDaniel & Associates (McDaniel), have been prepared in Reserves for Equatorial Guinea were independently accordance with PRMS and have been extracted without assessed by Gaffney, Cline & Associates (GCA), have been material adjustment from the McDaniel report dated 31 prepared in accordance with the Petroleum Resources December 2014. Contingent Resources are based on Management System (PRMS) and have been extracted Glencore estimates and have been prepared in accordance without material adjustment from the GCA report dated 31 with PRMS. December 2014. Contingent Resources are based on Cameroon: Glencore’s appraisal drilling campaign on the Bolongo Glencore and GCA estimates and have been prepared in and Matanda Licenses continued in 2014 with an additional accordance with PRMS. two wells drilled on the Oak Field (Bolongo License, 100% Chad: Chad Reserves and Resources were initially acquired working interest). through a farm-in agreement between Caracal Energy and There are no Reserves currently attributable to Cameroon. Glencore. In July 2014 Glencore completed the acquisition of Contingent Resources are based on Glencore estimates and Caracal and as a result increased its Working Interest (WI) in the DOB/DOI, Doseo/Borogop and DOH production sharing have been prepared in accordance with PRMS. contracts. Glencore now holds an 85% WI in the Badila and Mangara oil field Exclusive Exploitation Authorisations (EXAs). In addition McDaniel have classified parts of the Kibea and Krim fields as Reserves in which Glencore will hold a 75% interest once EXAs are formally approved.

64 Glencore - Resources & Reserves Report 2014