Our Environmental Policy is based on our objective to be compliant with laws and regulations and to minimize environmental impacts using risk management strategies based on valid data and sound science. It requires that we and our subsidiaries review and take account of the environmental effects of each activity, whether exploration, mining or processing; and that we plan and conduct the design, development, operation and closure of each facility in a manner that optimizes the economic use of resources while reducing adverse environmental effects.

Our operations maintain Environmental Management Systems certified to ISO 14001 standards (TFM and Climax are expected to receive ISO 14001 certification in 2012/2013). All operations undergo annual independent audits of ISO 14001 Environmental Management Systems to ensure standards are met. During 2011, we completed internal environmental compliance audits at nine facilities in accordance with our
Environmental Auditing Policy and our operations are routinely inspected by regulatory agencies. All sites have corrective and preventive action management systems for audit findings.