Business models of popular companies in the gold minig business.

1. Gold Mining Industry Cindy Chen Julia Lee Weiwei Sun Patrick Tan Johanne Lee

4. Production Process (Tech.) Exploration Exploration Drilling Open Pit Mining Blasting Underground Mining Ore and Waste Haulage

5. Production Process (Tech.) Heap leaching Milling Oxidization Leaching Stripping Electro-winning

6. Production Process (Tech.) Smelting Gold Bullion Reclamation Refining

16. BARRICK Gold Corporation

27. How It Works Barrick Bullion Bank Central Bank Barrick enters into the spot deferred contract with the Bullion Bank.

28. Barrick Bullion Bank Central Bank Bullion Bank borrows gold from the Central Bank How It Works

29. How It Works Barrick Bullion Bank Central Bank Spot Market Sells the gold in the spot market

30. How It Works Barrick Central Bank Interest earned 4% Bullion Bank 1% lease rate

31. How It Works Barrick Central Bank Bullion Bank At the delivery date Barrick delivers the gold

32. How It Works Barrick Central Bank Bullion Bank Bullion Bank pays Barrick and returns the gold to the Central Bank

34. Newmont Mining Corporation Creating Value with Every Ounce…

44. Fair Values of Instruments (87,200) 600 US$/Gold Swap Contracts n/a 377 Price-Capped Contracts (14,295) 240 Gold Sold Convertible Put Options (125,486) 1,459 Gold Convertible Put Options (22,603) 1,544 Gold Put Option Contracts (209,717) 3,332 Gold Forward Sales Contracts Fair Value (000) Ounces (000) Gold Commodity Contracts

45. Fair Values of Instruments 1,075 Fixed Rate Debt 13,800 Interest Rate Swap contracts (21,924) Currency Swap Contracts (8,500) Cross Currency Swap Contracts Fair Value (000) Other Sales Contracts, Commodity and Derivative Instruments

49. Kinross Gold Corporation “ Timing is Everything”

65. Any Questions?