0 Socit Equatoriale des Mines SEM Company Overview

0 Société Equatoriale des Mines “SEM” Company Overview Prepared for UK – Gabon Investment Forum Fabrice Nze-Bekale, CEO 29 November 2012

Global perspective 1 Gabon’s mining sector shows massive potential for growth n Gabon’s mining sector was about 2. 1% of GDP in 2009 and 4. 6% in 2011, therefore presenting a huge potential for growth through: – Acceleration of exploration – Opening of new mines – Increased local transformation – Development of mining ecosystems 50% 45% 40% 35% 30% 25% In d on es i R a So us ut sia h Af r Au ica st ra lia C hi le Pe C ru an ad a U SA Br az G il ab o G n ui Bo nea ts w an Za a m bi G a ha na 20% 15% 10% 5% 0% Sources: Citi, Mbenzi Industry Contribution as % of GDP Mining Oil & Gas

Corporate Strategy Key points Integrated, three pronged approach: SEM, well aligned with Gabon Industriel n SEM aims to promote: – The local development of raw materials, – The export of products with higher added value, and Mining – The diversification of the national economy n Over 900 mineral indications recorded in the country. Only 30% of the country subject of systematic geological exploration Local transformation n Attract FDI in exploration/exploitation and local processing of natural resources n SEM will seek to promote and support work which relates to and benefits the mining sector Long-term partnerships with the State through SEM such as infrastructure development. This will largely be achieved through interaction with government ministries and agencies 2

History of SEM Key points State’s commercial arm 3 A company created to improve management of mineral wealth n SEM was formed by Presidential decree in August 2011 to facilitate the development of Gabon’s mineral resources: – Manage the shareholdings of the State in the mining sector – Develop alone or in partnership any mining related project in Gabon Privately managed Develop Gabon’s national mineral resources n SEM is wholly owned by the Government of Gabon but privately managed n SEM part of the Office of the President n Initially, SEM’s activities will be focused on expanding and developing strategic national mineral resources within Gabon. Investment and exploration teams will eventually broaden the company’s mineral portfolio outside Gabon

SEM at a glance Key points Create shareholders’ value 4 Company goals and objectives n To be a reliable equity partner for private investors in Gabon – Aligned interests n To help create shareholders’ value For the State… n To become a world-class diversified mining and metals company …and for private investors n To promote local skills transfer, the health and safety of people in communities affected by mining activities and the preservation of the surrounding environment

Roles and responsibilities Key points Ministry: policy and regulations, licences 5 No conflicts of interest n Roles and responsibilities of the ministry and SEM are clearly defined Ministry SEM: commercial activities Prospecting/Exploration Commencement of Exploitation/Mining During Exploitation/Mining Transformation • Grant licenses in efficient manner • Award mining licenses • Regulate mining activities • Create fiscal and economic incentives to attract more FDI • Negotiate the best commercial deal for the State • Advocate for industry • Identify and partner with downstream users • Regulate and collate geological information from prospectors • Policy making: mining code SEM • Encourage as many companies as possible to conduct exploration for key, strategic minerals • Determine appropriate structure and optimum financing • Responsibly manage State’s participation • Encourage skills transfer

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