1. 1
COBRE DEL MAYO
Investor Presentation
September 2014
All amounts in USD million ($M) unless otherwise noted
2. The information contained herein has been prepared to assist interested parties in making their own evaluation of the Company and does not purport to be all
inclusive or to contain all of the information that a prospective purchaser may desire. You should refer to the information in the Preliminary Offering Circular before
making any investment decision to purchase the offered Notes.
Forward Looking Statements
This Investor Presentation and other communication with investors include forward-looking statements. These forward- looking statements include, without
limitation, statements regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, future developments in the
markets in which we participate or are seeking to participate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some
cases, forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,”
“guidance,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should” or “will” or the negative of such terms or other comparable terminology.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur
in the future. We caution potential investors that forward-looking statements are not guarantees of future performance and are based on numerous assumptions
and that our actual results of operations, financial condition and liquidity may differ materially from (and be more negative than) those made in, or suggested by, the
forward-looking statements contained in this Offering Memorandum. In addition, even if our results of operations, financial condition and liquidity and the
development of the industry in which we operate, are consistent with the forward-looking statements contained in this Management Discussion and Analysis Report,
those results or developments may not be indicative of results or developments in subsequent periods. Important factors that could cause these differences include,
but are not limited to:
• risks related to our competitive position;
• risks related to our strategy and expectations about growth in demand for
copper and business operations, financial condition and results of
operations;
• risks related to the revocation, expropriation or termination of our mining
concessions or our water concessions or of the agreements pursuant to
which we explore or exploit mining concessions belonging to third parties;
• the inability to be compensated fairly in the event of termination of our
mining concessions or our water concessions;
• the impact of fluctuations in the market price for copper;
• the impact of changes in the prices of raw materials, labor and our products;
• our relationship with unions and our ability to negotiate collective bargaining
agreements;
• the availability of materials and equipment;
• our access to funding sources, and the cost of the funding;
• changes in regulatory, administrative or economic conditions affecting the
mining industry, including government interpretations and policies;
• the application and enforcement of environmental laws and regulations;
• risks related to Mexico’s social, political or economic environment;
• the impact of changes in the end uses of our products;
• fluctuations in the value of the U.S. dollar against the Mexican peso;
• risks associated with market demand for and liquidity of the notes; and
• changes in the taxation of our business.
In light of these risks, uncertainties and assumptions, the forward-looking events described in this Management Discussion and Analysis Report may not occur. We
undertake no obligation to update or revise any forward-looking statement, whether as a result of new information or future events or developments.
2
Disclaimer and Forward Looking Statements
COBRE DEL MAYO 2
3. 3
Index
I. Company Overview
II. Operational Environment
III. Industry and Commodity Overview
IV. Historical Financial Performance
V. Conclusion
VI. Annexes
4
16
18
23
26
28
COBRE DEL MAYO 3
5. Cobre del Mayo Snapshot
§ Cobre del Mayo is a Mexican mining company that operates the Piedras Verdes (PV) open-pit copper mine in
5
Sonora, Mexico
§ Began commercial production in 2006 and operations stopped during 4Q08 due to low copper prices
§ Purchased by Invecture in mid 2009
§ Produces LME Grade A copper cathode and sells refractory and vein type ore for processing into concentrate
§ Third largest copper mine in Mexico as measured by production
§ Mineral resources of 1.7 M tons with estimated remaining mine life of 17+ years
Piedras Verdes Advantaged Location and Access:
Piedras
Verdes Alamos
Sonora
Ciudad
Obregon
Private Airport
P
COBRE DEL MAYO 5
13
Huatabampo
Chihuahua
Sinaloa
Navojoa
Guaymas
Baja
California
P
C
Deep Water Port
Commercial Airport
Railway
Rail Station
Major Highway
C
§ All infrastructure is in place
§ Easily accessible by air, road, rail and ports
§ Extremely competitive transportation costs for off-takers
given PV’s location and nearby infrastructure
§ Power: Connected to CFE grid to the mine owned
and maintained substation with continuous capacity
of 25 MW; CDM is CFE’s single largest customer in
the area
§ Water: CDM holds 7 titled water concessions for ~3.9
Mm³/yr while the requirement for the operation of the
PV Mine is ~2.0 Mm³/yr
6. 6
Cobre del Mayo Highlights
Reasonable leverage, very strong credit metrics by comparison with other B/B3 rated
companies
Very attractive yield/risk relationship vs. similarly rated mining companies
Cash cost and production enhancement program initiated 2Q’14 with six low
capex initiatives to be completed 1H15
Long life mine of over 17+ years
Located in low risk mining friendly jurisdiction; high quality infrastructure; excellent
environmental safety, community relations, and labor record
COBRE DEL MAYO 6
10
7. 7
Conversion of Piedras Verdes Mine to Stable Operation
Key Initiatives Implemented Post Acquisition
§ Changed from contract mining to owner operation and purchased the former contractor’s equipment fleet
§ Purchased, re-engineered and installed a crushing, screening, conveying and stacking system
§ Conversion from truck dump Run of Mine (ROM) to a primarily crush-conveyor stacked heap leach
§ Undertook the successful re-characterization and modeling of alternative styles of mineralization styles to
facilitate improved ore control and better Cu recovery
§ Developed new mining & processing plans and implemented an effective ore quality and grade control system
§ Implemented selective mining of high grade chalcocite ores and sale of ore to Kupari Metals
Monthly Production Evolution (t)
!6,000!!
!5,000!!
!4,000!!
!3,000!!
!2,000!!
!1,000!!
COBRE DEL MAYO 7
16
!543!!
!%!!!!
Jan!
Feb!
Mar!
Apr!
May!
Jun!
Jul!
Aug!
Sep!
Oct!
Nov!
Dec!
Jan!
Feb!
Mar!
Apr!
May!
Jun!
Jul!
Aug!
Sep!
Oct!
Nov!
Dec!
Jan!
Feb!
Mar!
Apr!
May!
Jun!
Jul!
Aug!
Sep!
Oct!
Nov!
Dec!
Jan!
Feb!
Mar!
Apr!
May!
Jun!
Jul!
Aug!
Sep!
Oct!
Nov!
Dec!
Jan!
Feb!
Mar!
Apr!
May!
Jun!
Jul!
Aug!
Sep!
Oct!
Nov!
Dec!
Jan!
Feb!
Mar!
Apr!
May!
Jun!
Tons!
2009! 2010! 2011! 2012! 2013! 2014!
2,661!
Acquisi'on*by*
Invecture*
8. 8
Stable Low Risk Operations and Processes
Ore for
Flotation
§ $272.7M in capex has been invested since 2009 with limited maintenance capex going forward, estimated at
$13 M/yr LOM
§ Ore processing method is chosen according to grade, mineralization, and leaching and flotation characteristics
to provide the best overall economics using: (i) ROM heap leach (ii) Crushed ore heap leach (iii) Sale of ore for
concentration
COBRE DEL MAYO 8
16
9. Mine Plan & Resource Evolution (Total Cu, Mt) Summary of Estimated Mineral Reserves and Resources
9
17+ Year Mine Life
§ Since the acquisition of CDM by Invecture, Management has increased total mineral resources by %110 to
over 685 Mt and CDM’s mine life has extended from less than 9 years to over 17 years
§ Management has significantly increased mineral resource estimates based on successful exploration and
drilling programs
§ Overall pit shape used to define the minable resources is based on a $2.50/lb copper price
§ 157 additional drill holes will be included in a new model to be completed in Q3, with a new reserve estimate in
4Q. The following table will be updated at that time. Current expectations are that relative to the table below,
there will be a small decrease in ROM ore and an offsetting increase in Crush and Flotation Feed Ore
Estimated Reserves
Resources
1,731
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
COBRE DEL MAYO 9
18
Ore (kt) Grade (%) Total Cu (t)
Ore to ROM 232,292 0.149 345,890
Ore to Crushing 190,487 0.307 584,180
Ore for Concentrate 54,999 0.567 311,587
Proven & Probable 477,778 0.260 1,241,657
Waste 418,540
Strip Ratio 0.90 x
Ore (kt) Grade (%) Total Cu (t)
Measured 210,738 0.264 557,000
Indicated 326,205 0.243 793,404
Total M + I 536,943 0.251 1,350,404
Inferred 147,658 0.246 362,368
Total Resource 684,601 0.250 1,731,042
1,242
0
Mar. '08 Dec. '09 Dec. '11 Sep. '12 /
Current
Reserves Resources
10. 10
Cobre del Mayo Today
§ The PV Mine has been transformed into a high quality copper producing asset
— Since January 2012, PV has been operating at an average of 82.5 tpd of copper cathode
— LTM 2Q14 sales totaled $236.9 M
• Cathode production of 28,834 t generating $207.2 M of sales
• Copper contained in ore totaled 16,066 t generating $29.7 M of sales
— LTM 2Q14 EBITDA of $77.2M
— Strong credit metrics1:
• Leverage is 2.4x Net Debt / LTM EBITDA (2Q14)
• Capitalization is 55.0% Debt / Total Capitalization (2Q14)
— Strip Ratio has declined from 3.2x in FY 2012 to 2.2x during 2Q14
Cu Cathode Production2 and Total Sales EBITDA and EBITDA Margin
33% 33%
$125
$100
$75
$50
$25
30.7 30.4 28.8
$26.8
$29.7
10.9
22.8
$300
$250
$200
$150
$100
$50
36
30
24
18
12
6
1. Considering total debt of $240.5M (weighted average interest rate of 10.35%) and $21.2M of Cash and Equivalents
2. Does not include copper contained in ore sold for concentrate
44%
37%
33%
50%
40%
30%
20%
10%
COBRE DEL MAYO 10
13
$26.0 $65.6 $105.7 $92.0 $77.2
0%
$0
FY 2010 FY 2011 FY 2012 FY 2013 2Q14 LTM
%
$M
EBITDA ($M) EBITDA Margin (%)
$78.2 $197.7 $238.2 $225.2 $207.2
$0
0
FY 2010 FY 2011 FY 2012 FY 2013 2Q14 LTM
$M
kt
Cathode Sales ($M) Sales of Ore ($M) Cathode Production (kt)
11. cathode production (expires Dec14)
— Cathode sold FOB at the mine and paid twice per week against holding certificates
process to select a purchaser for 100% of the copper cathode. In previous processes,
contracts usually have lengths of 6 to 18 months and we have received proposals
from 4 to 6 different trading companies
11
Relevant Agreements and Risk Containment
Copper Cathode
§ Trafigura and CDM have entered into a 18-month agreement for 100% of CDM’s
§ Future Bidding Process: Close to termination date CDM will conduct a competitive
Ore for Concentrate
§ CDM committed to sell copper ore to KM and KM to purchase and process it
— Purchase Price of Ore: Purchase of the ore is a function of the copper recovered
and the current LME copper price with certain freight, handling and operating
charges
— Term: Initial fixed term of 10 years and provides for renewals
— Volume: Since April, 2013, CDM has sold an average of 4,982 tpd with 48 tpd of
copper contained
COBRE DEL MAYO 11
24
Mining Concessions
§ We have the exclusive right to explore and exploit 31 mining concessions with an
initial term of 50 years which terminate on various dates between 2043 and 2062
— 26 mining concessions owned by Minerales Frontera Cobre del Mayo (“MFCDM”)1
— 5 mining concessions owned by Grupo Rexgo. The right to exploit these
concessions is governed by a contract subject to arbitration
§ Royalties: MFCDM and Grupo Rexgo charge a 3.0% over net sales royalty to CDM for
the copper extracted from those concessions
§ Land Ownership: CDM owns all of the land at is mine in addition to a reserve for leach
pad expansion and waste dumps
Notes:
1. Minerales Frontera Cobre del Mayo SA de CV is a Restricted Company for purposes of the Indenture according to the Supplemental Indenture dated February 6, 2014.
12. 12
Relevant Agreements and Risk Containment (cont’d)
COBRE DEL MAYO 12
24
Insurance Policy
§ Insurance policy coverage for commercial loss/operational stoppage
— Policy underwritten by Royal & SunAlliance with general coverage up to $200 M
$100 M Committed
Credit Line
§ $100 M undrawn, unsecured committed credit line with Banco Azteca to reduce
refinancing risk
§ Available through 2021, subject to financial ratio covenants
§ Rate: Libor + 6.50%
Mining Tax
§ Mexican government implemented a special duty on mining concessions roughly
equivalent to 7.5% of EBITDA starting January, 2014
§ As roughly 95% of CDM ore is derived from Grupo Rexgo mining concessions, tax is
payable by the concession holder in respect to its EBITDA
Hedging
Arrangement
§ 12 month forward sale agreement from July 2014 to June 2015
— 600 t per month @ a fixed price of $6,870/t (approx. $3.11/lb)
— Cash settlement, no margin
§ 8 month forward sale agreement from August 2014 to March 2015
— 1,800 t per month @ a fixed price of $7,130/t (approx. $3.23/lb)
— Cash settlement, no margin
Labor /
Environmental
§ Safety, environmental compliance and labor relations are key areas of focus
§ Since Invecture’s acquisition, CDM has had a solid safety track record
— Lowest premium for “Riesgo de Trabajo” (worker risk) as classified by IMSS,
demonstrating high safety standards
§ Approx. 406 of our 940 employees are represented by the Confederación de
Trabajadores de Mexico (“CTM”)
— No work stoppages in the history of CDM
§ Certified as a Socially Responsible company by the Mexican Center for Philanthropy
(Centro Mexicano para la Filantropía) and certified as a Clean Industry by the Mexican
Federal Attorney for Environmental Protection (Procuraduría Federal de Protección al
Ambiente), the enforcement arm of the Mexican environmental ministry
13. 13
Competitive and Stable Cash Cost
Cobre del Mayo Historical C1 Cash Cost
$3.63 $2.69 $2.08 $1.99 $1.98
$4.00
$3.00
$2.00
$1.00
$0.00
FY 2010 FY 2011 FY 2012 FY 2013 2Q14 LTM
$/lb
§ Cobre del Mayo C1 cash costs are currently in the industry’s third quartile
2Q 2014 Estimated Global Copper C1 Cash Cost Curve1
COBRE DEL MAYO 13
16
1. Source: Wood Mackenzie
<$1.36/lb <$2.33/lb <$4.00/lb
C1 Cash Cost + Sustaining
CDM LTM $2.23
<$1.82/lb
C1 Cash Cost:
CDM LTM $1.98
14. Capex /
EBITDA
per yr
$2.5M /
$6.0M
Project Benefit Timing
• Increase Cu contained in 4Q14
concentrate by 3.5 tpd
$0.1M /
$2.0M
4Q14 $2.0M /
$1.5M
14
Significant Combined Opportunity for Low Capex to Achieve Significant
Cash Cost Reduction
Crusher Fines
Classification
(Cathode production
increase)
• Improved recovery from highly
altered fines
• Improved ROM recovery by
eliminating fines
• Increase Cu cathode production by
between 5 - 7 tpd
4Q14
Flotation of Classifier
Slimes
(Concentrate production
increase)
Upgrade High Grade Ore
Crushing
(Cathode production
increase)
• Finer crushing of ore will increase Cu
cathode production by 2 tpd by
leaching more crushed ore with
better kinetics
Description
• Separates 65% of coarse leachable
fines from 35% high clay fines
(slimes) for 2.5 to 4.0 ktpd of ore at
0.40% TCu grade at 80% recovery
• An additional bank of flotation cells
will recover Cu from classifier slimes
• A 75% recovery is expected on 1.0 to
1.5 ktpd ore at 0.50% TCu
• 60 mesh material will produce 4 tpd
of additional Cu in concentrate
• This flotation concentrate will be
upgraded in the existing cleaner
circuit
• Increase throughput from 2.0 ktpd to
4.0 ktpd and reduce p80 to 3/8 inch
with estimated 8% recovery
improvement
COBRE DEL MAYO 14
15. Capex /
EBITDA
per yr
• Reduce unit electricity consumption
by 12% ($0.9M/yr)
• Elimination of the use of cobalt
sulphate ($0.9M/yr)
• Increase in effective nameplate
capacity to 105 tpd
• Increase Cu cathode production by
0.7 tpd ($1.0M/yr)
• Additional sulphuric acid generation
of 90 tpd ($4.0M/yr)
4Q14 to
2Q15
$3.0M /
$1.8M
4Q14 <$1.0M /
$3.5M
• Decrease Opex of $3.4M/yr 4Q14 $2.0M /
$3.4M
15
Significant Combined Opportunity for Low Capex to Achieve Significant
Cash Cost Reduction (cont’d)
Project Benefit Timing
Replace SXEW Lead
Anodes with Titanium
Anodes
(Increase nameplate
capacity & reduce opex)
Heap Leaching Cleaner
Tails
(Cathode production
increase & acid production)
Reduction of Waste Haul
Distance
(Reduce Opex)
Description
• Gradually replace lead anodes with
titanium anodes to increase name
plate capacity
• Cu and pyrite in cleaner tails from
flotation plant will be leached
• Purchase of 400 Ha of adjacent land
east of PV for additional waste
dumps
Note:
* The engineering, analysis and investment cases for each individual project reflect preliminary estimates which will vary when the respective projects are in stable
operation
** Calculations were made considering a copper price of $3.20/lb
COBRE DEL MAYO 15
17. 17
Stable Operating Environment in Mexico1
§ Mexico is an economic leader in Latin America and is the world’s 14th largest economy by GDP (2014E and
2015E real GDP growth of 2.4% and 3.5%, respectively)
— High degree of political stability
— OECD/WTO country and member of 12 free trade agreements, including NAFTA
— Mexican Peso has long history of one of the ten most traded global currencies
§ As a result of mining-supportive governmental policies, stability, OECD tax regime and abundance of
resources, Mexico has attracted extensive investment from international mining companies
— Over 850 mining companies operate in Mexico; 287 of which have foreign investment, and currently
operate 82 producing projects within Mexico
— ~40% of mine production and ~70% of investments in exploration are undertaken by foreign investors
§ Mexico is recognized as a mining friendly jurisdiction
— Largest producer of silver globally (18% of global production)
— 3rd largest producer of copper in Latin America
§ Sonora is among the most prolific mining areas and one of the safest states in Mexico
Others,'27%'
Coahuila,'8%'
San'Luis'
Potosí,'5%'
COBRE DEL MAYO 17
26
Total Mining Production in Mexico2
Sonora,'27%'
Zacatecas,'
24%'
Chihuahua,'
13%'
2014 Copper Production in Mexico3
Sonora,'79%'
Zacatecas,'
10%'
Others,'6%'
Sources:
1 IMF, Brook Hunt, World Bank, U.S. Geological Survey
2 Secretariat of the Economy, 2012
3 National Institute of Statistics & Geography
19. § The market has consistently underestimated the copper price when forecasting long term prices
§ Actual copper prices have been much higher due to continuing shortfalls in supply. Delays in new projects, supply
Jefferies LLC/ August 2013
Actual Copper Price
Broker Consensus (as forecast during Q4 of year indicated)
19
Copper Price Forecasts Over Time
interruption and declining production from existing mines have been the main drivers
Copper Historical Price vs. Forecasts
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
--
2014
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
COBRE DEL MAYO 19
18
Source: Broker Research
1. With the exception of 2014’s forecast which is as of 13 August 2014
2010
2009
2008
Actual
2009 LT 2010 LT
2008 LT
2007 LT
2006 LT
2005 LT
2004 LT
2003 LT
2002 LT
2001 LT
2000 LT
2011 LT
2011
2012
2014 LT: $2.98 /
lb
2012 LT
2013 LT
2013
Long Term Price (as forecast during Q4 of year indicated) (1)
20. § Investment in large projects is very capital intensive
§ The incentive price required to justify investments in the expansion of existing mines and the construction of new
§ Although short term copper prices are unpredictable, the following graph shows that long term copper must trade
Source: Wood Mackenzie
1. Analysis based on long term price required to give a 12.0% risk adjusted IRR on a pre-tax 100% equity basis.
Jefferies LLC/ August 2013
20
Incentive Price Drives the Value of Copper
ones is estimated at $3.50/lb ($7,716/t)
— Incentive price considers required Cu price to achieve specified rate of return on expansion capex(1)
above $3.50/lb for global mine copper supply to be maintained
Incentive Prices for Major Projects
COBRE DEL MAYO 20
18
c / lb
Paid Metal (M lbs)
21. Jefferies LLC/ August 2013
21
Cu Pricing Considerations
§ Copper has traded in the market at a premium to the 90th percentile of the C1 cash cost curve
— C1 cash cost as estimated by Wood Mackenzie
C1 90th Percentile Costs1 vs. Cu Price
$1.67
$3.42
$4.00
$3.61
$3.32
$3.08
$1.11 $1.62 $2.57 $2.55 $2.39 $2.93
$5.00
$4.00
$3.00
$2.00
$1.00
$0.00
2005 2010 2011 2012 2013 2Q14 LTM
$/lb
C1 Cash Cost 90th Percentile ($/lb) Average Cu Price ($/lb)
Source: Wood Mackenzie, LME
1. 90th percentile as estimated by Wood Mackenzie. August, 2014.
COBRE DEL MAYO 21
22. 22
Cobre del Mayo Sensitivity to Variations in Copper Price
§ The following sensitivity analysis is on a pro-forma basis excluding the current hedge and using the
effective average 2Q14 copper price of $3.08/lb for copper cathode sales and for sales of ore for
concentrate. Therefore, the resulting Sales and EBITDA differ from the actual 2Q14 Sales and EBITDA of
$60.8 M and $21.0 M, respectively.
§ A +/-$0.10/lb change in realized Cu price has an effect of +/-$2.20 M in Sales and EBITDA.
Sales / EBITDA Sensitivity to Changes in Copper Price
Average'2Q14'Spot'Cu'Price Pro5forma'Sales Pro5forma'EBITDA
($/lb) ($M) ($M)
+)$0.50 $70.0 $30.2
+)$0.40 $67.8 $27.9
+)$0.30 $65.6 $25.7
+)$0.20 $63.3 $23.4
+)$0.10 $61.1 $21.2
$3.08' $58.8 $19.0
5)$0.10 $56.6 $16.7
5)$0.20 $54.4 $14.5
5)$0.30 $52.1 $12.3
5)$0.40 $49.9 $10.0
5)$0.50 $47.6 $7.8
COBRE DEL MAYO 22
24
Changes'in'Copper'Price
27. 27
§ Operating mine without new project development risk
§ Favorable logistics and infrastructure
§ Good labour relations
§ Long life of mine of 17+ years
§ Implementing low capex program to achieve a significant reduction in C1 cash costs
§ $100 M undrawn, unsecured committed line with Banco Azteca substantially reduces refinancing risk
§ Reasonable leverage, very strong credit metrics by comparison with other B/B3 rated companies
Attractive Yield/Risk Profile vs. Peers: COBREM bonds yield substantially wide of any
Company Ticker Rating YTM1
Cobre del Mayo COBREM 10¾
Comparable Issuers:
(15Nov18) B3/B 9.4%
Hudbay HBMCN 9½
(1Oct20) B3/B 7.7%
Taseko Mines TKOCN 7¾
(15Apr19) B3/B 7.4%
Thompson Creek TCMCN 9¾
(1Dec17) B1/B 5.4%
Conclusion
Thompson Creek TCMCN 7⅜
(1Jun18) Caa2/CCC- 8.6%
Thompson Creek TCMCN 12½
(1May19) Caa2/CCC- 9.4%
COBRE DEL MAYO 27
16
Source:
Bloomberg
1.
As
of
September
22,
2014
reasonable comparable
29. 29
Annex 1: Corporate Structure
Invecture Group,
S.A. de C.V.
(Mexico)
100%
COBRE DEL MAYO 29
8
Represents the guarantors of the notes offered hereby
Lawrie Associates
(United Kingdom)
Frontera Cobre del
Mayo, S.A. de C.V.
(Mexico)
Servicios
Corporativos del
Mayo, S.A. de C.V.
(Mexico)
Mayoson, S.A. de
C.V.
(Mexico)
Compañía Minera
Frontera Cobre del
Mayo, S.A. de C.V.
(Mexico)
Minerales Frontera
Cobre del Mayo,
S.A. de C.V.
(Mexico)
Servicios Frontera
Cobre del Mayo,
S.A. de C.V.
(Mexico)
Cobre del Mayo,
S.A. de C.V.
(Mexico)
Frontera Copper
Corporation
(Mexico)
100%
100%
71.2%
28.8%
Preferred Shares $11.7 million
ISSUER