RESTRUCTURING
o Completed disposal of Ekibastuz GRES-1
Focused on core copper business
o Restructuring delivers transformational change in line with strategy
Cash generative production from current assets
Exceptional growth profile from large scale, low cost, open pit mines
FINANCIAL HIGHLIGHTS
o Successful focus on profit margins and cash management
Net cash cost of copper reduced by 13% to 203 USc/lb
Net cash flow from operations of $200 million, $73 million above the first half of 2013
Improved margins despite lower metal prices
o Net debt of $192 million, benefiting from the disposal of Ekibastuz GRES-1
GROWTH PROJECTS
o Continued progress on growth projects
Bozshakol and Aktogay oxides remain on track for commissioning in the second half of 2015
Production outlook
o Focus on copper production in Continuing Group
Full year cathode equivalent output of 80 to 85 kt
Partly offset by reduced by-product output
