Performance

US$m	2010	2009	2008
Revenue
Codemin	195	157	198
Loma de Níquel	231	191	210
Projects and corporate	–	–	–
Total revenue	426	348	408

EBITDA
Codemin	83	49	132
Loma de Níquel	82	11	48
Projects and corporate	(43)	(32)	(30)
Total EBITDA	122	28	150

Depreciation and amortisation	26	26	27
Operating profit before special items and remeasurements
Codemin	76	41	123
Loma de Níquel	65	(7)	30
Projects and corporate	(45)	(32)	(30)
Total operating profit before special items and remeasurements	96	2	123
Operating special items and remeasurements	(51)	(88)	(130)
Operating profit after special items and remeasurements	45	(86)	(7)

Net interest, tax and non-controlling interests	(21)	(15)	(158)

Underlying earnings
Codemin	48	24	94
Loma de Níquel	55	17	(97)
Projects and corporate	(28)	(54)	(32)
Total underlying earnings	75	(13)	(35)

Net operating assets	2,334	1,787	1,401

Capital expenditure	525	554	530

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