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Reserves & Resources

Mineral Reserve

As at December 31, 2013 - using a copper price of $3.00/lb, gold price of $1200/oz and a cut-off grade of 0.25%TCu


Leach Ore

Mixed Float

Sulphide

Class/Pit

Ore (Mt)

TCu (%)

AsCu (%)

Au (g/t)

Ore (Mt)

TCu (%)

AsCu (%)

Au (g/t)

Ore (Mt)

TCu (%)

Au (g/t)

Main Proven
22.3 1.51 0.99 0.17 18.7 0.81

0.19

0.14 27.7 0.64 0.14
Main Probable
47.6 1.19 0.73 0.13 86.3
0.68 0.17 0.12 312.0 0.58 0.11
Total Main Pit
69.9 1.29 0.81 0.14 105.0 0.70 0.17 0.12 339.7 0.59 0.11
NW Proven
 0.7 1.13 0.75 0.35 - -  - - - - -
NW Probable
16.1 1.28 0.79 0.17 19.8 0.72 0.16 0.15 112.7 0.78 0.18
Total NW Pit
16.8 1.28 0.78 0.18 19.8 0.72 0.16 0.15 112.7 0.78 0.18
SE Dome Proven
- - - - - - - - - - -
SE Dome Probable
 0.5 0.94 0.43 0.07 9.7
1.30 0.10 0.22 36.8
0.69 0.12
Total SE Dome
0.5 0.94 0.43 0.07 9.7 1.30 0.10 0.22 36.8 0.69 0.12
Total Proven
23.0 1.50 0.98 0.17 18.7 0.81 0.19 0.14 27.7 0.64 0.14

Total Probable

64.2 1.21 0.74 0.14 115.9 0.73 0.16 0.13 461.6 0.64 0.13

Total Reserve

87.1 1.29 0.81 0.15 134.6 0.75 0.17 0.13 489.2 0.64 0.13

This Mineral Reserve has previously (late 2012) been delineated and verified by independent consulting Mining Engineer, Nick Journet of DumpSolver Pty Ltd. He is a qualified person and holds the following valid qualifications: BSc (Hons) Min.Eng, ARSM, and FAusIMM. The final pit designs and 2013 year end depletion utilized to identify the Mineral Reserve at December 31, 2013, have been developed and verified by independent consulting Mining Engineer, Anthony Cameron of Cameron Mining Consulting Ltd. He is a qualified person and holds the following valid qualifications: BE (Mining), Grad Dip Bus, M Comm. Law, and FAusIMM.

Summary - Combined Mineral Reserves at Kansanshi - Total: 710,930,000 tonnes @ 0.74%TCu, 0.81 %AsCu (leach ore), 0.13 g/t Au. Strip ratio (waste tonnes: ore tonnes): 2.50 – including SE Dome


Current stockpiles are shown as follows:
Oxide: 4.9 Mt @ 1.70% TCu, 1.15% AsCu, 0.15 g/t Au
Mixed: 32.6 Mt @ 0.67% TCu, 0.13 g/t Au
Sulphide: 6.9 Mt @ 0.55% TCu 0.13 g/t Au
Total: 44.3 Mt @ 0.71% TCu, 0.13 g/t Au

Total Mineral Reserves including Stockpiles: 755,200,000 tonnes @ 0.74 %TCu, 0.83 %AsCu (oxide ore only), 0.13 g/t Au.

Mineral Resource

As at December 31, 2013

Cut-off Grade % TCu

Tonnage (Mt)

TCu (%)

AsCu (%)

Au (g/t)

Measured Resource

Main, NW pits & SE Dome

@ 0.3 % Cut-off

64.00

 

1.09

0.48

0.16

Indicated Resource

Main, NW pits & SE Dome

@ 0.3 % Cut-off

618.00 0.82 0.17 0.14

Total Measured/Indicated

Main, NW, SE Dome 0.3 %

682.00 0.84 0.20 0.14

Inferred Resource

Main, NW pits & SE Dome

@ 0.3 % Cut-off

365.00 0.71 0.04 0.12

Total Inferred Resource

365.00 0.71 0.04 0.12

This Mineral Resource at December31, 2013 has been derived and verified by independent geologist Malcolm Titley of the consulting group CSA (Global) London UK, a qualified person and holds the following valid qualifications: BSc (Hons) Geo, MAIG, and FAusIMM. This depleted resource was derived and verified in conjunction with David Gray of First Quantum who is a qualified person and holds the following valid qualifications: BSc(Hons)Geo, MAusIMM, and Pr.Sci.Nat.

Current surface stockpiled ore has been excluded from the resource estimate. Stockpiles have increased during 2013 and at year end totalled 44.3 M tonnes @ 0.70 %TCu, 0.13 g/t Au.

The classification of the Mineral Resource is based on the relative distribution of the copper mineralization. The increased quantity of the gold assays that are now contained within the Kansanshi drill hole database allows for the classification of gold mineralization to be aligned with the copper mineralization.