Mincor's Growth Strategy

Mincor's goal is to generate superior long-term Total Shareholder Returns through growing its nickel production and by providing exposure to the outstanding exploration potential of its large Kambalda land holdings, as well as its Australia-wide base metal exploration portfolio.

Thus, Mincor's Growth and Expansion Strategy is aimed at growing its highly successful Kambalda nickel business while simultaneously expanding its interests across the wider minerals industry via base metals exploration and judicious project acquisitions.

In nickel, Mincor's goal is to lift its production to greater than 20,000 tonnes per annum of nickel metal contained in ore, and to maintain that production rate for the long term. While Mincor has temporarily cut production under the impact of the global financial crisis, the Company maintains the capacity to operate at or near a rate of 20,000 tonnes per annum.

In other base metals, Mincor's focus is on exploration targets likely to generate long-life growth assets. A careful process of project acquisition has already generated a strong portfolio, including the Tottenham Copper Project in New South Wales, the Tipperary Zinc Project in Ireland, the Georgina and Bonaparte Zinc-Lead Projects, and the Gascoyne Tungsten-Uranium Project.

CUMULATIVE HALF YEAR PROFITS AND DIVIDENDS 2001 to 2008