B E H RE DO L B E AR G RO UP I NC.

S T AT E ME NT O F Q UAL I FI CAT I O NS
T E CH NI CAL AND E CO NO MI C
DUE DI L I G E NCE RE VI E W S AND
I NDE PE NDE NT E NG I NE E RI NG S E RVI CE S

Behre Dolbear Group Inc.

Statement of Qualifications
Corporate Overview
Behre Dolbear Group Inc. (Behre Dolbear or the Company) is one of the oldest, continuously
operating, mineral industry advisory firms in the world. Since 1911, we have specialized in
studies for commercial and multilateral financial institutions, mining companies, governments
and governmental agencies, legal firms, and other parties with interests in the minerals industry.
Behre Dolbears global experience covers the full spectrum of technical, operational, and
financial issues in a broad range of commodities including base and precious metals, coal,
industrial minerals, diamonds and gemstones, ferrous metals, and construction materials.
Our worldwide network of offices allows us to be a truly global company. Behre Dolbear
operates from offices in 12 of the mining worlds most important cities:
Denver
New York

Chicago
Santiago

Beijing
Sydney

Guadalajara
Hong Kong
London
Toronto
Ulaanbaatar
Vancouver

We design each project team to specifically meet our clients needs, using professionals with the
specific experience needed to successfully complete assignments. For this reason, each office can
draw upon personnel from the other offices to assure that the best-qualified professionals are
assigned to a client.
Behre Dolbear is known internationally as a businessmans consultant. Our people have firsthand experience in senior management and executive-level positions, giving them practical and
insightful knowledge and skills. They are commercially experienced mineral industry
professionals.
The Company possesses unparalleled credibility with the worlds major finance organizations
and is familiar with the intricacies of project development, financing, mergers, acquisitions, and
privatizations. The international mining and financial communities recognize our reports as
being among the most accurate and reliable documents in the industry. By engaging Behre
Dolbear, our clients gain access to a world-class consulting group, whose studies and reports
have international credibility and acceptability.

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Behre Dolbear Group Inc.

Statement of Qualifications
Corporate Overview
Behre Dolbear brings to every project a breadth and depth of experience that encompasses the
technical, financial, and managerial aspects of the industry. Some examples of Behre Dolbears
advisory and consulting services follow:
Technical Advisory
Services

Conceptual, scoping,
prefeasibility, and feasibility
studies

Financial Advisory
Services

Planning and monitoring of

mineral exploration programs

Technical evaluations and

consulting for:

Resource and reserve

reports

Mine plans, including

equipment selection

Metallurgical and
mineral processing flow
sheets and equipment

Chemical facilities

Environmental and
sustainability program
development and evaluation
Optimization reviews of
operations to identify
opportunities for productivity
improvements and cost
reductions

Expert witness testimony for

technical issues

Due diligence reviews in

support of financings,
investment decisions,
acquisitions, dispositions,
and mergers
Valuation of mineral
properties, reserves,
mines, mineral processing
facilities, and chemical
plants

Management and Business

Advisory Services

Independent and owners

engineer services
Preparation of technical
documents required for
listings on the various
global stock exchanges,
including the U.S.,
Canadian, London, AIM,
Australian, and Hong
Kong stock exchanges
Preparation of pro-forma
cash flow projections
Risk assessments,
including political,
financial, and technical

Privatization of
government-owned
mining companies
Strategic business plans
for mining companies and
individual operations
Development of
corporate, operating,
engineering, and human
resource policies,
procedures, and
organizational structures
Development and
restructuring of national
mining laws
Market surveys for
mineral products
Strategy formulation in
connection with
preparation or negotiation
of contractual
agreements, such as
mergers, acquisitions, and
mineral sales contracts

We Know the Business of Mining

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Behre Dolbear Group Inc.

Statement of Qualifications
Due Diligence Reviews and
I ndependent E ngineering Services
One of Behre Dolbears most significant activities is that of its role as Independent Engineer in
independent technical and economic due diligence and in project reviews for international
financial institutions, government agencies, equity investors, and major mining companies.
Behre Dolbear generally provides Independent Engineering services during the following three
phases of project financing and development:
1)

2)
3)

The pre-financing technical and economic review and due diligence phase our
services include provision of independent advice as to measures required to
achieve bankability during the pre-feasibility study stage as well as full
independent technical reviews of bankable feasibility studies.
The project construction phase our services include construction monitoring,
certification of drawdowns to the financiers, advice in preparing the completion
test criteria, and certifying the satisfaction of the completion test criteria.
The operations and production phase our services include operations monitoring
for the term of the financing.

Our due diligence and Independent Engineer services have been used for a number of
applications:

Assessment of risk associated with the financing, acquisition, privatization, or

general evaluation of mineral projects;
Support of public offerings on international stock markets;
Independent monitoring of the activities of engineering and construction
companies in all phases of a mineral project from inception, through start up and
acceptance, including performance testing and acceptance criteria;
Fairness opinions and investigative work for Federal and State governmental
agencies (e.g., Securities and Exchange Commission, Internal Revenue Service,
Department of Justice) in support of independent expert testimony; and
Impartial evaluator and arbitrator in mineral negotiations, valuations,
privatizations, and law suits and settlements for international governmental
agencies (The World Bank, International Monetary Fund, United Nations) or
foreign governments.

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Behre Dolbear Group Inc.

Statement of Qualifications
Due Diligence Reviews and
I ndependent E ngineering Services
Following is a select list of recent projects that demonstrates Behre Dolbears ability to perform
technical due diligence reviews and Independent Engineering services on an international basis.
This is not a complete list. It is intended to show the nature of Behre Dolbears breadth and depth
of experience.
Project:
Due Diligence Study
Commodity: Gold, Copper
Location:
Australia
Behre Dolbear was engaged to carry out a due diligence study, for financing purposes, on the
current exploration, assay results, mine plans, and metal recovery proposals for Bulgan Alts
Tayan Nuur iron project in Mongolia. (903470)
Project:
Due Diligence and Fatal Flaw Analysis
Commodity: Copper, Cobalt, Zinc, Manganese
Location:
Mexico
Behre Dolbear was engaged to conduct a due diligence and fatal flaw assessment of the El Boleo
copper mine and facilities in Baja Mexico. The proposed mine consists of 31 independent room
and pillar operations with pillaring extraction on retreat. The mining method is dictated by the
special nature of the marine-deposited manto ore bodies and by significant fracturing and
faulting in the region. For a potential investor, Behre Dolbear reviewed mining, geology,
environmental and social sustainability, processing, reserves and resources, marketing, and
economics of the property. (903633)
Project:
Due Diligence and Fatal Flaw Analysis
Commodity: Gilsonite
Location:
United States
Behre Dolbear was engaged to conduct a review of the Utah operations of American Gilsonite
for an acquiring firm. The gilsonite deposits are worked in a series of narrow vertical veins
which extend from the surface to depths below 1,000 feet. Mining is conducted using a
pneumatic chipping method specifically developed for this application. Behre Dolbears review
of the gilsonite operations included geology, reserves, mining operations, processing, and
marketing. (855034)

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Behre Dolbear Group Inc.

Statement of Qualifications
Due Diligence Reviews and
I ndependent E ngineering Services
Project:
Due Diligence, Market Study, and Independent Engineer Services
Commodity: Nickel, Cobalt
Location:
Cameroon
Behre Dolbear was engaged by the projects financier to conduct a due diligence of Washington
Group Internationals feasibility study on the Geovic nickel-cobalt project in Cameroon.
Additionally, Behre Dolbear provided a current market analysis for nickel and cobalt. During the
construction phase of the project, Behre Dolbears personnel will act as the Independent
Engineer for the EPCM contract through completion and payback. (854974)
Project:
Independent Engineer
Commodity: Gold, Copper
Location:
Australia
Behre Dolbear was engaged to act as Independent Engineer for the monitoring of the
construction, commissioning, completion tests, and operations for the Prominent Hill copper
mine. (903958)
Project:
Due Diligence and Fatal Flaw Analysis
Commodity: Base Metals
Location:
United States
Behre Dolbear was engaged to conduct a fatal flaw and due diligence review of a steel dust
recycling plant in the state of Alabama. The recycling process recovered various zinc byproducts as well as iron units. Behre Dolbear subsequently provided Independent Engineering
services to monitor project progress, agreement compliance, and project completion criteria.
(856245)
Project:
Independent Technical Due Diligence
Commodity: Coal
Location:
Philippines, Indonesia
Behre Dolbear was commissioned to prepare an independent technical due diligence review of
the Indonesian and Philippine coal interests of Straits Resources Limited. These included the
Jembaylan Coal Project in the Philippines, for acquisition, and the currently owned Sebuku open
pit coal mining operation in Indonesia. The assignment included a review of the resources and
reserves, mining plans, coal washing, transport, and environmental aspects, as well as the capital
and operating cost estimates and the combined production from the two operations. (853577)

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Behre Dolbear Group Inc.

Statement of Qualifications
Due Diligence Reviews and
I ndependent E ngineering Services
Project:
Due Diligence Review
Commodity: Coal
Location:
United States
Behre Dolbear was engaged by a financial institution to perform a brief but incisive report on
critical aspects of the Midland Trail coal holdings in the state of West Virginia. The objective of
the analysis was to determine the existence of any heretofore undiscovered fatal flaws in the
operating companys operations and business plans; such that the clients financial objectives
might not be achieved. Behre Dolbears report included a risk analysis to highlight any aspects of
the operating company and its projects that should be monitored during the term of the
companys loan from the client and the term of the companys coal sales contract. (852297)
Project:
Independent Engineer
Commodity: Gold
Location:
Philippines
Behre Dolbear was retained to conduct an Independent Engineer review of the bankable
feasibility study of the Siana gold project currently under development in the Philippines. The
assignment included a review of resources and reserves estimates, mine plans and schedules, life
of mine plans, metallurgical test work and process plant design, environmental and Equator
Principles aspects, capital and operating cost estimates, project construction and implementation
plans, financial models, and risk assessment. The project is near Surigao City, in the northern
part of the island of Mindanao. (855519)
Project:

Century, Rosebery, and Dugald River Projects Technical Review and

Independent Engineer
Commodity: Zinc
Location:
Australia
Behre Dolbear was engaged as Independent Engineer to review the Century and Rosebery Zinc
mining and processing operations and the Dugald River project feasibility study. Behre
Dolbears assignment included an audit of the resources and reserves and associated mining
studies and plans. The final product was used to determine whether previous Behre Dolbear
recommendations had been implemented and whether additional operational issues required
remedial actions. (849726)

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Behre Dolbear Group Inc.

Statement of Qualifications
Due Diligence Reviews and
I ndependent E ngineering Services
Project:
Ambatovy Project Due Diligence of Feasibility Study and Operating Plan
Commodity: Nickel
Location:
Madagascar
Behre Dolbear conducted an independent technical due diligence of the Ambatovy Project
preliminary feasibility study and operating plans in support of the proposed financing for project
construction. The assignment included a review of the resources and reserves, mine plans,
metallurgical processing, environmental factors, capital and operating cost estimates, and
construction contracts and budgets. (850217)
Project:

Oyu Tolgoi Copper and Gold Project Technical Due Diligence and
Valuation
Commodity: Copper, Gold
Location:
Mongolia
Behre Dolbear was selected to perform the technical review and valuation of the Oyu Tolgoi
copper-gold project in Mongolia, including reviews of reserves and resources, infrastructure,
proposed mining and processing plans, and final product sales. The review initially focused on
the open-pit mining phase, followed by a technical review of the underground mine plan. The
reports were prepared to assist the client in an analysis of the risks that might be inherent in the
project in the context of proposed financing. (780533)
Project:
Due Diligence Evaluation of Bankable Feasibility Study
Commodity: Phosphate
Location:
Saudi Arabia
Behre Dolbear was engaged to conduct a due diligence evaluation of the bankable feasibility
study (BFS) of the Maaden phosphate project in Saudi Arabia. The BFS was prepared by SCNLavalin in 2005 for the Saudi Arabian Mining Company (Maaden), and Behre Dolbears review
included subsequent updates to the study, as carried out by Maaden through June 2006. The
BFS for the Maaden phosphate project consisted of 21 volumes and the review was organized to
correspond to the BFS. The project consisted of a phosphate mine and beneficiation plant at
Al Jalamid, in northern Saudi Arabia, and a fertilizer production complex at Ras Az Zawr, on the
shore of the Arabian Gulf. Behre Dolbear employed a team of nine professionals and engaged in
both field visits and technical document reviews, including the BFS by SNC Lavalin. The
findings, conclusions, and recommendations of Behre Dolbears due diligence review was
summarized in a report. Behre Dolbear also acted as a technical advisor to Maaden on this
assignment. (782902)

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Behre Dolbear Group Inc.

Statement of Qualifications
Due Diligence Reviews and
I ndependent E ngineering Services
Project:
Kyelekera Project Technical Review and Independent Engineer
Commodity: Uranium
Location:
Africa
A leading financial institution engaged Behre Dolbear to complete a review of resources and
reserves estimates, mine plans, metallurgical test work and process plant design, environmental
and Equator Principles issues, capital and operating cost estimates, project construction and
implementation plans, financial model inputs, and risk assessment. (848559)
Project:

Gallatin Materials Chemical Lime Plant Technical Due Diligence and

Construction Monitoring
Commodity: Lime
Location:
United States
Behre Dolbear prepared an independent technical review of the proposed Gallatin Materials
chemical lime plant in support of project financing. The review included the geology, mine plan,
lime plant facilities, infrastructure, permitting, and financial model. Behre Dolbear was then
engaged as the Independent Engineer to monitor the construction of the plant. (845470)
Project:
Pebble Project Technical Due Diligence
Commodity: Copper, Gold
Location:
United States
Behre Dolbear was engaged by a consortium of smelting companies to provide technical and
business consulting services related to a potential acquisition of an interest in the Pebble coppergold project controlled by Northern Dynasty Minerals Ltd. (NDML). NDML was proposing to
develop the project, located in southwestern Alaska, into a major copper and gold operation.
Behre Dolbear prepared two reports, one consisting of a technical evaluation of the property and
the second addressing property valuation. (783189)
Project:
Phu Kham Project Independent Engineer Construction Monitoring
Commodity: Copper
Location
Laos
Behre Dolbear was engaged by a financial institution as the Independent Engineer monitoring
Stage 2 of the development of the 12 Mtpa Phu Kham open-pit copper mining project in Laos.
Project construction and commissioning were being performed by Pan Australian Resources Ltd.
and Ausenco (the EPCM Contractor). Behre Dolbears assignment included review of monthly
reports, mining plans, construction, environmental aspects, capital expenditure against

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Behre Dolbear Group Inc.

Statement of Qualifications
Due Diligence Reviews and
I ndependent E ngineering Services
construction budgets, operating costs, and construction contracts during construction,
commissioning, and ramp up to full production. (845408)
Project:
Fortescue Project Independent Engineer Construction Monitoring
Commodity: Iron Ore
Location
Australia
Behre Dolbear was selected by a financial institution in New York as the Independent Engineer
to the Trustee for the construction of the Fortescue Iron Ore Mine and off-site infrastructure in
Western Australia. The assignment included a review of the mine-site facilities and operations,
an associated 260 kilometer rail link, a 45 Mtpa port-based train unloading, stockpiling, and
ship-loading facility, and all other associated infrastructure. Additionally, Behre Dolbear
monitored the construction activities, expenditures, and progress to determine if there was any
adverse material event or effect that would delay completion or that would materially increase
the capital cost of the project. (787602)
Project:

EMAG Project Technical Due Diligence and Independent Engineer for

Construction Monitoring, Commissioning, and Completion Tests
Commodity: Magnesium
Location
Egypt
Behre Dolbear was selected as the Independent Engineer to the banking consortium for the
design, construction, commissioning, and completion test phases of the EMAG magnesium
project in Egypt. Phase 1 of the assignment included a technical due diligence of the project prior
to committing to construction and implementation. The review involved all technical aspects of
the project, including resources and reserves, feed product transport, process design,
infrastructure, and environmental issues. (782544)
Project:

Langer Heinrich Project Independent Engineer for Construction

Monitoring and Commissioning
Commodity: Uranium
Location
Africa
Behre Dolbear was engaged as an Independent Engineer to monitor construction and
commissioning of the Langer Heinrich uranium project. Services included establishment of
contractual reporting protocols and Completion Test (CT) criteria, commissioning, satisfaction of
CT, start up confirmation, and monitoring of ongoing operations. (781540)

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Behre Dolbear Group Inc.

Statement of Qualifications
Due Diligence Reviews and
I ndependent E ngineering Services
Project:
El Triangulo-La Franca II Resource Properties Technical Due Diligence
Commodity: Coal
Location:
South America
Behre Dolbear was engaged to conduct a due diligence study of the El Triangulo-La Franca II
coal property resources. The El Triangulo-La Franca II coal property is an undeveloped property
situated among surrounding coal producing properties or holdings. The purpose of the
engagement was an audit of the resource estimation and a critical overview of the property as to
its potential to commercially produce an annual 2,000,000 tonnes of thermal coal to be utilized to
produce electricity. (787460)
Project:

Nui Phao Project Independent Engineer for Construction and

Commissioning
Commodity: Tungsten, Fluorspar
Location
Vietnam
Behre Dolbear acted as the Independent Engineer on the construction and commissioning of the
Nui Phao Project in Vietnam. The report included a review of all construction contracts, budgets,
ramp up to full production, definition of Completion Tests (CT), satisfaction of CT criteria
commissioning activities, and ongoing monitoring of operations. (781468)
Project:
Pikes River Project Technical Review of Feasibility Study
Commodity: Coal
Location
Australia
Behre Dolbear conducted an Independent Engineers review of the Pikes River project
feasibility study. The review included the technical aspects of the underground longwall
operation and associated wash plant, with particular emphasis on the issues associated with the
longwall and product coal shipping options. Behre Dolbear was further engaged to prepare an
independent review of the underground hydraulic mining operations and associated wash plant at
Greymouth on the west coast of the South Island of New Zealand. (778585)
Project:
Maaden Phosphate Lenders Technical Advisor
Commodity: Phosphate
Location:
Saudi Arabia
Behre Dolbear conducted a due diligence study of Maadens phosphate operations in Saudi
Arabia in support of the project financing for and privatization of the government-owned
companys operation. Behre Dolbear also prepared a Competent Persons Report (CPR) in
support of the privatization efforts and listing on the Saudi Arabia stock exchange. (779885)

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