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Economist Maria Alzira Duarte– 3º Distrito/DNPM/MG - Tel.: (31) 3227-2232 - E-mail: ... - page 2 / 3

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IV – EXPORTS

The Brazilian exports of gold in 2006 recorded an increase of 44.3% in value and an increase of 10.0% in the volume exported, totalling US$ 663 million FOB, corresponding to 33 tonnes. Semi-manufactured commodities: gold in bars, wires, profiles of massive section, gilded bullion (NCM 71081310) represented 99.9% of the total value of the export schedule of gold in 2006, recording an increase of  33.0% in the average price (from 15.091,28 US$/kg FOB in 2005, to 20,044.85 US$/kg in 2006). The main countries of destination of these exports (in values) of this commodity were: he United States (92.0%); the United Kingdom (6.0%); Canada and the United Arab Emirates (2.0%, each).

V - DOMESTIC CONSUMPTION

In 2006 the consumer market demanded 34.900 kg of the gold supplied by the mining companies that operate on the national territory, recording an increase of 19.3% as compared to the previous fiscal year. The main international buyers were the Japanese conglomerate Mitsui & Co Precious Metals Inc, which absorbed 9.026 kg of gold, followed by the American Bank of Nova Scotia, which purchased 8.932 kg, the Standard Bank bought 4.240kg, and HSBC 3.410kg.

The industry of jewellery bought from the gold-producing companies in Brazil 3.104 kg of gold in 2006, according to data obtained in the Annual Extraction Report presented by the producers, corresponding to 8.9%.

The national market absorbed only 1.5% (442 kg) of the total of the gold produced by the Brazilian companies in the fiscal year of 2006, as financial assets, and the main clients were Ourominas DTVM Ltda (35.1%), Umicore Metals Brazil S/A (34.8%), DILLON S/A DTVM (24.5%) and others (5.6%).

Salient Statistics - Brazil

Specification

2004 (r)

2005 (r)

2006 (p)

Production

TOTAL

(kg)

47,596

38,293

40,075

Mines (Companies)

(kg)

28,508

29,942

34,900

Artisan-extraction sites (1)

(kg)

19,088

8,351

5,175

Import (2)

Semi-manufactured goods

NCM’s 71081100 + 71081290 + 71081310 + 71081390

(kg)

587

897

1,669

(US$ FOB)

198,757

126,165

206,025

Chemical Compounds

NCM’s 28433010 + 28433090

(kg)

2,024

811

9

(US$ FOB)

145,524

96,317

          54,496

Export (2)

            Semi-manufactured goods

NCM’s 71081100 + 71081290 + 71081310 + 71081390

(kg)

31,495

30,406

32,857

(US$ FOB)

412,813,238

458,879,984

658,603,722

            Manufactured goods

NCM 71189000

(kg)

307

422

145

(US$ FOB)

592,406

496,781

1,279,187

Chemical Compounds

NCM 28433090

(kg)

103

4

250

(US$ FOB)

935,054

41,204

3,079,185

Consumption (3)

Official Data

(kg)

29,459

29,026

34,668

Average Prices

New York Spot Gold (4) (5)

(US$/oz)

412.24

448.23

612.26

London Gold PM FIX (4) (5)

(US$/oz)

412.16

448.94

614.17

Brazilian Mercantile and Futures Exchange - BM&F (5) (6)

(R$/g)

38.20

34.84

44.03

(US$/oz)*

408.61

450.43

629.35

Sources: DNPM/DIDEM, SECEX/MDIC, GFMS, World Gold Council, BM&F, BACEN. (r) Reviewed. (p) Preliminary. 1 troy ounce = 31.1034 grams. Notes: (1) Production that paid Tax on Financial Operations – IOF.  (2) Description of commodities: NCM 71081100 – Gold powder; NCM 71081290 – Gold in other crude forms, for non-monetary use, NCM 71081310 – Gold in bars, wires, massive-section profiles, golden bullion; NCM 71081390 – Gold in other semi-manufactured forms, golden bullion, non-monetary use; NCM 28433010 – Gold sulphide in gelatine dispersion; NCM 28433090 – Other gold compounds, exclusively auranofine, etc. (3) Data compiled based on  information on the consumer market declared in the Annual Extraction Report  (RAL) by companies that produce gold and operated on the national territory during the respective fiscal years. (4) Source: KITCO Bullion Dealers (http://www.kitco.com/). (5) Price concerning the arithmetic average at the end of the monthly period of the respective fiscal years. (6) System of Auction: Merchandise OZ1 – Gold (contract = 250 grams). * Values converted based upon the arithmetic average of the rate of the commercial dollar (purchase) during the last working days of each month of the respective fiscal years.

VI - ONGOING AND/OR FORCAST PROJECTS

The Joint Venture entered into  between the Canadian group Eldorado Gold Corporation and Aurizona Goldfields Corp. is developing  Projeto Piaba, located in the State of Maranhão, featuring measured + indicated reserves  of 6.3 million tonnes with contents of 1.27 g/t containing 256 thousand ounces. Eldorado also implements projects in the State of Amapá, with forecast investments for 2006, of about US$ 3.8 million to be allocated to Projeto Vila Nova, in addition to the alveoli of Cassiporé and Tartarugalzinho.

The Canadian company Yamana Gold Inc. is developing several projects: in the State of Mato Grosso, Projects São Francisco (measured + indicated reserves of 79.9 million tonnes with contents of  0.64 g/t containing 1.65 million ounces of gold), and São Vicente (reserve of 37 million tonnes with contents  of 0.56 g/t containing 660.5 thousand ounces). The company will allocate US$ 12 million per annum to mineral research in the coming years. The mine of Chapada (reserve of 421.4 million tonnes with contents of 0.22 g/t containing 3.05 million ounce/Au) has an estimated useful life of  19 (nineteen) years and may produce, starting from 2007, at least  4.2 tonnes of gold. In the State of  Bahia, Projeto C1-Santa Luz (reserve of 18,4 million tonnes with contents of 1,. 6 g/t containing 982,4 thousand ounces). In

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