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FLUJO DE CAJA

Aos 2007 2008


Produccin (cu, lbs,)
Precio del Cu (c/lb)
Costo Operacional (c/lb)
Ingreso bruto
Costo Operacional
Depreciacin
Amortizacin
Amortizacin Prestriping
Utilidad Operacional
Impuesto Especifico de la Mineria
Intereses (8%)
Utilidad antes de Impuesto antes de perd. De Arrastre
Prdidas de Arrastre
Utilidad tributable
Impuesto a la Renta (17%)
Renta Neta despus de impuesto a la Renta y Adicional
+Depreciacin
+Amortizacin Honorarios Exploracin
+ Amort. Prestriping
+ Prdida de Arrastre
Gasto de Capital
Planta -268,850,000
Equipos -42,444,500
Infraestructura -5,891,550
Prestripping -15,013,950
Administracion -8,950,000
Otros -55,428,000
Costo de capital de trabajo
Costo Cierre del Proyecto
Prstamo 0
-Amort. Prstamo
-Impuesto sobre intereses (4%) 0
Flujo de Caja 0 -396,578,000

VAN @ 10% $ 62,522,292


TIR 11.6%
IVAN 0.091

341,150,000

396578000
17% SIN FINANCIAMIENTO

2009 2010 2011 2012 2013


330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97
55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750
-39,725,731 -77,661,747 -77,661,747 -77,661,747 -77,661,747
0 0 0 0 0
-2,502,325 -5,004,650 -5,004,650 -5,004,650 -5,004,650
-42,228,056 55,256,353 55,256,353 55,256,353 55,256,353
0 -2,762,818 -2,762,818 -2,762,818 -2,762,818
0 0 0 0 0
-42,228,056 52,493,535 52,493,535 52,493,535 52,493,535
0 -42,228,056 0 0 0
-42,228,056 10,265,480 52,493,535 52,493,535 52,493,535
0 1,745,132 8,923,901 8,923,901 8,923,901
-42,228,056 8,520,348 43,569,634 43,569,634 43,569,634
39,725,731 77,661,747 77,661,747 77,661,747 77,661,747
0 0 0 0
2,502,325 5,004,650 5,004,650 5,004,650 5,004,650
42,228,056 0 0 0

-268,850,000
-42,444,500
-5,891,550
-15,013,950
-8,950,000
-30,372,000
-20,000,000

0 0
0 0 0 0 0
0 0 0 0 0
-391,522,000 133,414,801 126,236,031 126,236,031 126,236,031

mina administracion
126,700,000

pre 30,027,900 15,013,950 17,900,000


equi 84,889,000 42,444,500 8,950,000
infra 11,783,100 5,891,550

126,700,000 63,350,000
planta
537,700,000

268,850,000
DEPRECIACION LINEAL CON IMPUESTO ESPECIFICO DE LA MINERIA

2014 2015 2016 2017 2018 2019


330,750,000 330,750,000 330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97 97 97
55.3 55.3 55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750
-76,483,437 -75,305,127 -75,305,127 -75,305,127 -40,716,849 -6,128,571
0 0 0 0 0 0
-5,004,650 -2,502,325
56,434,663 60,115,298 62,617,623 62,617,623 97,205,901 131,794,179
-2,821,733 -3,005,765 -3,130,881 -3,130,881 -4,860,295 -6,589,709
0 0 0 0
53,612,930 57,109,533 59,486,742 59,486,742 92,345,606 125,204,470
0 0 0 0 0 0
53,612,930 57,109,533 59,486,742 59,486,742 92,345,606 125,204,470
9,114,198 9,708,621 10,112,746 10,112,746 15,698,753 21,284,760
44,498,732 47,400,912 49,373,996 49,373,996 76,646,853 103,919,710
76,483,437 75,305,127 75,305,127 75,305,127 40,716,849 6,128,571
0 0 0 0 0 0
5,004,650 2,502,325 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
125,986,819 125,208,364 124,679,123 124,679,123 117,363,702 110,048,281
O DE LA MINERIA

2020 2021 2022 2023 Acumulado


330,750,000 330,750,000 330,750,000 330,750,000 4,630,500,000
97 97 97 97
55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 4,491,585,000
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -2,560,666,500
-6,128,571 -6,128,571 -6,128,571 - 2,169,429 -720,172,100
0 0 0 0 0
-30,027,900
131,794,179 131,794,179 131,794,179 135,753,321 1,180,718,500
-6,589,709 -6,589,709 -6,589,709 -6,787,666 -61,147,328
0
125,204,470 125,204,470 125,204,470 128,965,655 1,119,571,172
0 0 0 0 -42,228,056
125,204,470 125,204,470 125,204,470 128,965,655 1,077,343,117
21,284,760 21,284,760 21,284,760 21,924,161 190,327,099
103,919,710 103,919,710 103,919,710 107,041,494 887,016,017
6,128,571 6,128,571 6,128,571 2,169,429 720,172,100
0 0 0 0 0
0 0 0 0 30,027,900
0 0 0 0 42,228,056
0
-537,700,000
-84,889,000
-11,783,100
-30,027,900
-17,900,000
-85,800,000
20,000,000 0
-23,000,000 -23,000,000
0
0 0 0 0 0
0 0 0 0 0
110,048,281 110,048,281 110,048,281 106,210,923 888,344,073
FLUJO DE CAJA

Aos 2007 2006


Produccin (cu, lbs,)
Precio del Cu (c/lb)
Costo Operacional (c/lb)
Ingreso bruto
Costo Operacional
Depreciacin
Amortizacin
Amortizacin Prestriping
Utilidad Operacional
Impuesto Especifico de la Mineria
Intereses (8%)
Utilidad antes de Impuesto antes de perd. De Arrastre
Prdidas de Arrastre
Utilidad tributable
Impuesto a la Renta (17%)
Renta Neta despus de impuesto a la Renta y Adicional
+Depreciacin
+Amortizacin Honorarios Exploracin
+ Amort. Prestriping
+ Prdida de Arrastre
Gasto de Capital
Planta -268,850,000
Equipos -42,444,500
Infraestructura -5,891,550
Prestripping -15,013,950
Administracion -8,950,000
Otros -55,428,000
Costo de capital de trabajo
Costo Cierre del Proyecto
Prstamo 0
-Amort. Prstamo
-Impuesto sobre intereses (4%) 0
Flujo de Caja 0 -396,578,000

VAN @ 10% $ 70,889,646


TIR 11.8%
IVAN 0.104

Aos 2,006
Ingreso bruto 0
Costo Operacional 0
Depreciacin 0
Amortizacin 0
Amortizacin Prestriping 0
Utilidad Operacional 0
Impuesto Especifico de la Mineria 0
17% SIN FINANCIAMIENTO

2007 2008 2009 2010 2011


330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97
55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750
-118,894,383 -227,721,217 -221,829,667 -118,064,833 -14,300,000
0 0 0 0 0
-2,502,325 -5,004,650 -5,004,650 -5,004,650 -5,004,650
-121,396,708 -94,803,117 -88,911,567 14,853,267 118,618,100
0 -2,762,818 -2,762,818 -2,762,818 -2,762,818
0 0 0 0 0
-121,396,708 -97,565,934 -91,674,384 12,090,449 115,855,282
0 -121,396,708 -218,962,643 -310,637,027 -298,546,578
-121,396,708 -218,962,643 -310,637,027 -298,546,578 -182,691,296
0 0 0 0 0
-121,396,708 -218,962,643 -310,637,027 -298,546,578 -182,691,296
118,894,383 227,721,217 221,829,667 118,064,833 14,300,000
0 0 0 0 0
2,502,325 5,004,650 5,004,650 5,004,650 5,004,650
0 121,396,708 218,962,643 310,637,027 298,546,578

-268,850,000
-42,444,500
-5,891,550
-15,013,950
-8,950,000
-30,372,000
-20,000,000

0 0
0 0 0 0 0
0 0 0 0 0
-391,522,000 135,159,932 135,159,932 135,159,932 135,159,932

mina 2 administracion

2,007 2,008 2,009 2,010 2,011


0 320,827,500 320,827,500 320,827,500 320,827,500
0 -182,904,750 -182,904,750 -182,904,750 -182,904,750
-39,725,731 -77,661,747 -77,661,747 -77,661,747 -77,661,747
0 0 0 0 0
-2,502,325 -5,004,650 -5,004,650 -5,004,650 -5,004,650
-42,228,056 55,256,353 55,256,353 55,256,353 55,256,353
0 -2,762,818 -2,762,818 -2,762,818 -2,762,818
DEPRECIACION ACELERADA CON IMPUESTO ESPECIFICO DE LA MINERIA

2012 2013 2014 2015 2016


330,750,000 330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97 97
55.3 55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750
-14,300,000 -5,062,000 0 0 0
0 0 0 0 0
-5,004,650 -2,502,325
118,618,100 130,358,425 137,922,750 137,922,750 137,922,750
-2,821,733 -3,005,765 -3,130,881 -3,130,881 -4,860,295
0 0 0 0
115,796,367 127,352,660 134,791,869 134,791,869 133,062,455
-182,691,296 -66,894,929 0 0 0
-66,894,929 60,457,731 134,791,869 134,791,869 133,062,455
0 10,277,814 22,914,618 22,914,618 22,620,617
-66,894,929 50,179,917 111,877,251 111,877,251 110,441,838
14,300,000 5,062,000 0 0 0
0 0 0 0 0
5,004,650 2,502,325 0 0 0
182,691,296 66,894,929 0 0 0

0 0 0 0 0
0 0 0 0 0
135,101,017 124,639,171 111,877,251 111,877,251 110,441,838

2,012 2,013 2,014 2,015 2,016


320,827,500 320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750
-76,483,437 -75,305,127 -75,305,127 -75,305,127 -40,716,849
0 0 0 0 0
-5,004,650 -2,502,325 0 0 0
56,434,663 60,115,298 62,617,623 62,617,623 97,205,901
-2,821,733 -3,005,765 -3,130,881 -3,130,881 -4,860,295
STO ESPECIFICO DE LA MINERIA

2017 2018 2019 2020 2021 Acumulado


330,750,000 330,750,000 330,750,000 330,750,000 330,750,000 4,630,500,000
97 97 97 97 97
55.3 55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 320,827,500 4,491,585,000
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750 -2,560,666,500
0 0 0 0 0 -720,172,100
0 0 0 0 0 0
-30,027,900
137,922,750 137,922,750 137,922,750 137,922,750 137,922,750 1,180,718,500
-6,589,709 -6,589,709 -6,589,709 -6,589,709 -6,787,666 -61,147,328
0
131,333,041 131,333,041 131,333,041 131,333,041 131,135,084 1,119,571,172
0 0 0 0 0 -1,199,129,180
131,333,041 131,333,041 131,333,041 131,333,041 131,135,084 -79,558,008
22,326,617 22,326,617 22,326,617 22,326,617 22,292,964 190,327,099
109,006,424 109,006,424 109,006,424 109,006,424 108,842,120 -269,885,107
0 0 0 0 0 720,172,100
0 0 0 0 0 0
0 0 0 0 0 30,027,900
0 0 0 0 0 1,199,129,180

-537,700,000
-84,889,000
-11,783,100
-30,027,900
-17,900,000
-85,800,000
20,000,000 0
-23,000,000 -23,000,000
0
0 0 0 0 0 0
0 0 0 0 0 0
109,006,424 109,006,424 109,006,424 109,006,424 105,842,120 888,344,073

2,017 2,018 2,019 2,020 2,021


320,827,500 320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750
-6,128,571 -6,128,571 -6,128,571 -6,128,571 -2,169,429
0 0 0 0 0
0 0 0 0 0
131,794,179 131,794,179 131,794,179 131,794,179 135,753,321
-6,589,709 -6,589,709 -6,589,709 -6,589,709 -6,787,666
FLUJO DE CAJA

Aos 2007 2008


Produccin (cu, lbs,)
Precio del Cu (c/lb)
Costo Operacional (c/lb)
Ingreso bruto
Costo Operacional
Depreciacin
Amortizacin
Amortizacin Prestriping
Utilidad Operacional
Impuesto Especifico de la Mineria
Intereses (10%)
Utilidad antes de Impuesto antes de perd. De Arrastre
Prdidas de Arrastre
Utilidad tributable
Impuesto a la Renta (17%)
Renta Neta despus de impuesto a la Renta y Adicional
+Depreciacin
+Amortizacin Honorarios Exploracin
+ Amort. Desarrollo
+ Prdida de Arrastre
Gasto de Capital
Planta -268,850,000
Equipos -42,444,500
Infraestructura -5,891,550
Prestripping -15,013,950
Administracion -8,950,000
Otros -55,428,000
Costo de capital de trabajo
Costo Cierre del Proyecto
Prstamo 198,289,000
-Amort. Prstamo
-Impuesto sobre intereses (4%) 0
Flujo de Caja 0 -198,289,000

VAN @ 10% $ 84,916,998


TIR 13.9%
IVAN 0.228

341,150,000

396578000
INVERSION TOTAL 396,578,000
50% FINANCIADO 198,289,000
INTERES 10%
AMORTIZACION FIJA

371522000
INVERSION TOTAL 371,522,000
50% FINANCIADO 185,761,000
INTERES 10%
AMORTIZACION FIJA
17% CON FINANCIAMIENTO 50%

2009 2010 2011 2012 2013


330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97
55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750
-39,725,731 -77,661,747 -77,661,747 -77,661,747 -77,661,747
0 0 0 0 0
-2,502,325 -5,004,650 -5,004,650 -5,004,650 -5,004,650
-42,228,056 55,256,353 55,256,353 55,256,353 55,256,353
0 -2,762,818 -2,762,818 -2,762,818 -2,762,818
-19,828,900 -37,696,192 -36,252,477 -34,664,391 -32,917,497
-62,056,956 14,797,344 16,241,058 17,829,144 19,576,039
-62,056,956 -47,259,612 -31,018,554 -13,189,410
-62,056,956 -47,259,612 -31,018,554 -13,189,410 6,386,629
0 0 0 0 1,085,727
-62,056,956 -47,259,612 -31,018,554 -13,189,410 5,300,902
39,725,731 77,661,747 77,661,747 77,661,747 77,661,747
0 0 0 0 0
2,502,325 5,004,650 5,004,650 5,004,650 5,004,650
62,056,956 47,259,612 31,018,554 13,189,410

-268,850,000
-42,444,500
-5,891,550
-15,013,950
-8,950,000
-30,372,000
-20,000,000

185,761,000
-7,088,083 -14,437,145 -15,880,860 -17,468,946 -19,215,840
-793,156 -1,507,848 -1,450,099 -1,386,576 -1,316,700
-233,471,139 81,518,748 81,576,496 81,640,020 80,624,169

mina administracion
-371,522,000 126,700,000
-793156
pre 30,027,900 15,013,950 17,900,000
equi 84,889,000 42,444,500 8,950,000
infra 11,783,100 5,891,550

126,700,000 63,350,000

planta
537,700,000
268,850,000

AO DEUDA AMORTIZACION INTERES CUOTA


- 198,289,000
1 191,200,917 7,088,083 19,828,900 26,916,983
2 183,404,026 7,796,891 19,120,092 26,916,983
3 174,827,446 8,576,580 18,340,403 26,916,983
4 165,393,207 9,434,238 17,482,745 26,916,983
5 155,015,545 10,377,662 16,539,321 26,916,983
6 143,600,117 11,415,428 15,501,555 26,916,983
7 131,043,146 12,556,971 14,360,012 26,916,983
8 117,230,478 13,812,668 13,104,315 26,916,983
9 102,036,542 15,193,935 11,723,048 26,916,983
10 85,323,214 16,713,329 10,203,654 26,916,983
11 66,938,552 18,384,661 8,532,321 26,916,983
12 46,715,425 20,223,128 6,693,855 26,916,983
13 24,469,984 22,245,440 4,671,542 26,916,983
14 - 0 24,469,984 2,446,998 26,916,983

AO DEUDA AMORTIZACION INTERES CUOTA


- 185,761,000
1 179,120,746 6,640,254 18,576,100 25,216,354
2 171,816,466 7,304,280 17,912,075 25,216,354
3 163,781,759 8,034,708 17,181,647 25,216,354
4 154,943,580 8,838,178 16,378,176 25,216,354
5 145,221,584 9,721,996 15,494,358 25,216,354
6 134,527,388 10,694,196 14,522,158 25,216,354
7 122,763,773 11,763,615 13,452,739 25,216,354
8 109,823,796 12,939,977 12,276,377 25,216,354
9 95,589,822 14,233,975 10,982,380 25,216,354
10 79,932,450 15,657,372 9,558,982 25,216,354
11 62,709,341 17,223,109 7,993,245 25,216,354
12 43,763,920 18,945,420 6,270,934 25,216,354
13 22,923,958 20,839,962 4,376,392 25,216,354
14 0 22,923,958 2,292,396 25,216,354
DEPRECIACION LINEAL CON IMPUESTO ESPECIFICO DE LA MINERIA

2014 2015 2016 2017 2018 2019


330,750,000 330,750,000 330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97 97 97
55.3 55.3 55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750
-76,483,437 -75,305,127 -75,305,127 -75,305,127 -40,716,849 -6,128,571
0 0 0 0 0 0
-5,004,650 -2,502,325 0 0 0 0
56,434,663 60,115,298 62,617,623 62,617,623 97,205,901 131,794,179
-2,821,733 -3,005,765 -3,130,881 -3,130,881 -4,860,295 -6,589,709
-30,995,913 -28,882,170 -26,557,053 -23,999,425 -21,186,034 -18,091,304
22,617,017 28,227,363 32,929,688 35,487,317 71,159,572 107,113,166
0 0 0 0 0 0
22,617,017 28,227,363 32,929,688 35,487,317 71,159,572 107,113,166
3,844,893 4,798,652 5,598,047 6,032,844 12,097,127 18,209,238
18,772,124 23,428,711 27,331,641 29,454,473 59,062,445 88,903,928
76,483,437 75,305,127 75,305,127 75,305,127 40,716,849 6,128,571
0 0 0 0 0 0
5,004,650 2,502,325 0 0 0 0
0 0 0 0 0 0

-21,137,424 -23,251,167 -25,576,284 -28,133,912 -30,947,303 -34,042,033


-1,239,837 -1,155,287 -1,062,282 -959,977 -847,441 -723,652
77,882,950 76,829,710 75,998,203 75,665,711 67,984,549 60,266,814
O DE LA MINERIA

2020 2021 2022 2023 Acumulado


330,750,000 330,750,000 330,750,000 330,750,000 4,630,500,000
97 97 97 97
55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 4,491,585,000
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -2,560,666,500
-6,128,571 -6,128,571 -6,128,571 -2,169,429 -720,172,100
0 0 0 0 0
0 0 0 0 -30,027,900
131,794,179 131,794,179 131,794,179 135,753,321 1,180,718,500
-6,589,709 -6,589,709 -6,589,709 -6,787,666 -61,147,328
-14,687,100 -10,942,477 -6,823,390 -2,292,396 -345,816,718
110,517,369 114,261,993 118,381,079 126,673,260 773,754,454
0 0 0 0 -153,524,531
110,517,369 114,261,993 118,381,079 126,673,260 620,229,923
18,787,953 19,424,539 20,124,783 21,534,454 131,538,257
91,729,417 94,837,454 98,256,296 105,138,805 488,691,666
6,128,571 6,128,571 6,128,571 2,169,429 720,172,100
0 0 0 0 0
0 0 0 0 30,027,900
0 0 0 0 153,524,531

-537,700,000
-84,889,000
-11,783,100
-30,027,900
-17,900,000
-85,800,000
20,000,000 0
-23,000,000 -23,000,000
384,050,000
-37,446,237 -41,190,860 -45,309,947 -22,923,958 -384,050,000
-587,484 -437,699 -272,936 -91,696 -13,832,669
59,824,267 59,337,466 58,801,985 81,292,580 587,483,528
FLUJO DE CAJA

Aos 2007 2008


Produccin (cu, lbs,)
Precio del Cu (c/lb)
Costo Operacional (c/lb)
Ingreso bruto
Costo Operacional
Depreciacin
Amortizacin
Amortizacin Prestriping
Utilidad Operacional
Impuesto Especifico de la Mineria
Intereses (10%)
Utilidad antes de Impuesto antes de perd. De Arrastre
Prdidas de Arrastre
Utilidad tributable
Impuesto a la Renta (17%)
Renta Neta despus de impuesto a la Renta y Adicional
+Depreciacin
+Amortizacin Honorarios Exploracin
+ Amort. Desarrollo
+ Prdida de Arrastre
Gasto de Capital
Planta -268,850,000
Equipos -42,444,500
Infraestructura -5,891,550
Prestripping -15,013,950
Administracion -8,950,000
Otros -55,428,000
Costo de capital de trabajo
Costo Cierre del Proyecto
Prstamo 198,289,000
-Amort. Prstamo
-Impuesto sobre intereses (4%) 0
Flujo de Caja 0 -198,289,000

VAN @ 10% $ 86,960,016


TIR 14.0%
IVAN 0.233

341,150,000

396578000
INVERSION TOTAL 396,578,000
100% FINANCIADO 396,578,000
INTERES 10%
AMORTIZACION FIJA

371522000
INVERSION TOTAL 371,522,000
100% FINANCIADO 371,522,000
INTERES 10%
AMORTIZACION FIJA
17% CON FINANCIAMIENTO 50%

2009 2010 2011 2012 2013


330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97
55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750
-118,894,383 -227,721,217 -221,829,667 -118,064,833 -14,300,000
0 0 0 0 0
-2,502,325 -5,004,650 -5,004,650 -5,004,650 -5,004,650
-121,396,708 -94,803,117 -88,911,567 14,853,267 118,618,100
0 -2,762,818 -2,762,818 -2,762,818 -2,762,818
-19,828,900 -37,696,192 -36,252,477 -34,664,391 -32,917,497
-141,225,608 -135,262,126 -127,926,861 -22,573,942 82,937,786
-141,225,608 -276,487,734 -404,414,596 -426,988,538
-141,225,608 -276,487,734 -404,414,596 -426,988,538 -344,050,752
0 0 0 0 0
-141,225,608 -276,487,734 -404,414,596 -426,988,538 -344,050,752
118,894,383 227,721,217 221,829,667 118,064,833 14,300,000
0 0 0 0
2,502,325 5,004,650 5,004,650 5,004,650 5,004,650
141,225,608 276,487,734 404,414,596 426,988,538

-268,850,000
-42,444,500
-5,891,550
-15,013,950
-8,950,000
-30,372,000
-20,000,000

185,761,000
-7,088,083 -14,437,145 -15,880,860 -17,468,946 -19,215,840
-793,156 -1,507,848 -1,450,099 -1,386,576 -1,316,700
-233,471,139 81,518,748 81,576,496 81,640,020 81,709,895

mina administracion
-371,522,000 126,700,000
-793156
pre 30,027,900 15,013,950 17,900,000
equi 84,889,000 42,444,500 8,950,000
infra 11,783,100 5,891,550

126,700,000 63,350,000

planta
537,700,000
268,850,000

AO DEUDA AMORTIZACION INTERES CUOTA


- 396,578,000
1 382,401,834 14,176,166 39,657,800 53,833,966
2 366,808,052 15,593,782 38,240,183 53,833,966
3 349,654,891 17,153,161 36,680,805 53,833,966
4 330,786,415 18,868,477 34,965,489 53,833,966
5 310,031,091 20,755,324 33,078,641 53,833,966
6 287,200,234 22,830,857 31,003,109 53,833,966
7 262,086,292 25,113,942 28,720,023 53,833,966
8 234,460,955 27,625,337 26,208,629 53,833,966
9 204,073,085 30,387,870 23,446,096 53,833,966
10 170,646,428 33,426,657 20,407,308 53,833,966
11 133,877,105 36,769,323 17,064,643 53,833,966
12 93,430,850 40,446,255 13,387,710 53,833,966
13 48,939,969 44,490,881 9,343,085 53,833,966
14 - 0 48,939,969 4,893,997 53,833,966

AO DEUDA AMORTIZACION INTERES CUOTA


- 371,522,000
1 358,241,492 13,280,508 37,152,200 50,432,708
2 343,632,932 14,608,559 35,824,149 50,432,708
3 327,563,517 16,069,415 34,363,293 50,432,708
4 309,887,161 17,676,357 32,756,352 50,432,708
5 290,443,168 19,443,992 30,988,716 50,432,708
6 269,054,777 21,388,391 29,044,317 50,432,708
7 245,527,546 23,527,231 26,905,478 50,432,708
8 219,647,593 25,879,954 24,552,755 50,432,708
9 191,179,644 28,467,949 21,964,759 50,432,708
10 159,864,900 31,314,744 19,117,964 50,432,708
11 125,418,681 34,446,218 15,986,490 50,432,708
12 87,527,841 37,890,840 12,541,868 50,432,708
13 45,847,917 41,679,924 8,752,784 50,432,708
14 - 0 45,847,917 4,584,792 50,432,708
DEPRECIACION ACELERADA CON IMPUESTO ESPECIFICO DE LA MINERIA

2014 2015 2016 2017 2018


330,750,000 330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97 97
55.3 55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750
-14,300,000 -5,062,000 0 0 0
0 0 0 0 0
-5,004,650 -2,502,325 0 0 0
118,618,100 130,358,425 137,922,750 137,922,750 137,922,750
-2,821,733 -3,005,765 -3,130,881 -3,130,881 -4,860,295
-30,995,913 -28,882,170 -26,557,053 -23,999,425 -21,186,034
84,800,454 98,470,490 108,234,815 110,792,444 111,876,421
-344,050,752 -259,250,298 -160,779,808 -52,544,993 0
-259,250,298 -160,779,808 -52,544,993 58,247,451 111,876,421
0 0 0 9,902,067 19,018,992
-259,250,298 -160,779,808 -52,544,993 48,345,384 92,857,429
14,300,000 5,062,000 0 0 0
0 0 0 0 0
5,004,650 2,502,325 0 0 0
344,050,752 259,250,298 160,779,808 52,544,993 0

-21,137,424 -23,251,167 -25,576,284 -28,133,912 -30,947,303


-1,239,837 -1,155,287 -1,062,282 -959,977 -847,441
81,727,843 81,628,361 81,596,250 71,796,488 61,062,685
ESTO ESPECIFICO DE LA MINERIA

2019 2020 2021 2022 2023 Acumulado


330,750,000 330,750,000 330,750,000 330,750,000 330,750,000 4,630,500,000
97 97 97 97 97
55.3 55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 320,827,500 4,491,585,000
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750 -2,560,666,500
0 0 0 0 0 -720,172,100
0 0 0 0 0 0
0 0 0 0 0 -30,027,900
137,922,750 137,922,750 137,922,750 137,922,750 137,922,750 1,180,718,500
-6,589,709 -6,589,709 -6,589,709 -6,589,709 -6,787,666 -61,147,328
-18,091,304 -14,687,100 -10,942,477 -6,823,390 -2,292,396 -345,816,718
113,241,738 116,645,941 120,390,565 124,509,651 128,842,688 773,754,454
0 0 0 0 0 -2,065,742,328
113,241,738 116,645,941 120,390,565 124,509,651 128,842,688 -1,291,987,874
19,251,095 19,829,810 20,466,396 21,166,641 21,903,257 131,538,257
93,990,642 96,816,131 99,924,169 103,343,010 106,939,431 -1,423,526,131
0 0 0 0 0 720,172,100
0 0 0 0 0 0
0 0 0 0 0 30,027,900
0 0 0 0 0 2,065,742,328
0
-537,700,000
-84,889,000
-11,783,100
-30,027,900
-17,900,000
-85,800,000
20,000,000 0
-23,000,000 -23,000,000
384,050,000
-34,042,033 -37,446,237 -41,190,860 -45,309,947 -22,923,958 -384,050,000
-723,652 -587,484 -437,699 -272,936 -91,696 -13,832,669
59,224,957 58,782,410 58,295,609 57,760,128 80,923,777 587,483,528
FLUJO DE CAJA

Aos 2007 2008


Produccin (cu, lbs,)
Precio del Cu (c/lb)
Costo Operacional (c/lb)
Ingreso bruto
Costo Operacional
Depreciacin
Amortizacin
Amortizacin Prestriping
Utilidad Operacional
Impuesto Especifico de la Mineria
Intereses (8%)
Utilidad antes de Impuesto antes de perd. De Arrastre
Prdidas de Arrastre
Utilidad tributable
Impuesto a la Renta (17%)
Renta Neta despus de impuesto a la Renta y Adicional
+Depreciacin
+Amortizacin Honorarios Exploracin
+ Amort. Prestriping
+ Prdida de Arrastre
Gasto de Capital
Planta -268,850,000
Equipos -42,444,500
Infraestructura -5,891,550
Prestripping -15,013,950
Administracion -8,950,000
Otros -55,428,000
Costo de capital de trabajo
Costo Cierre del Proyecto
Prstamo 0
-Amort. Prstamo
-Impuesto sobre intereses (4%) 0
Flujo de Caja 0 -396,578,000

VAN @ 10% $ 81,715,959


TIR 12.0%
IVAN 0.119

341,150,000

396578000
17% SIN FINANCIAMIENTO DEPRECIACION

2009 2010 2011 2012 2013 2014


330,750,000 330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97 97
55.3 55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750
-39,725,731 -77,661,747 -77,661,747 -77,661,747 -77,661,747 -76,483,437
0 0 0 0 0 0
-2,502,325 -5,004,650 -5,004,650 -5,004,650 -5,004,650 -5,004,650
-42,228,056 55,256,353 55,256,353 55,256,353 55,256,353 56,434,663
0 0 0 0 0 0
0 0 0 0 0 0
-42,228,056 55,256,353 55,256,353 55,256,353 55,256,353 56,434,663
0 -42,228,056 0 0 0 0
-42,228,056 13,028,297 55,256,353 55,256,353 55,256,353 56,434,663
0 2,214,811 9,393,580 9,393,580 9,393,580 9,593,893
-42,228,056 10,813,487 45,862,773 45,862,773 45,862,773 46,840,770
39,725,731 77,661,747 77,661,747 77,661,747 77,661,747 76,483,437
0 0 0 0 0
2,502,325 5,004,650 5,004,650 5,004,650 5,004,650 5,004,650
42,228,056 0 0 0 0

-268,850,000
-42,444,500
-5,891,550
-15,013,950
-8,950,000
-30,372,000
-20,000,000

0 0
0 0 0 0 0 0
0 0 0 0 0 0
-391,522,000 135,707,939 128,529,170 128,529,170 128,529,170 128,328,857

mina administracion
126,700,000

pre 30,027,900 15,013,950 17,900,000


equi 84,889,000 42,444,500 8,950,000
infra 11,783,100 5,891,550

126,700,000 63,350,000

planta
537,700,000
268,850,000
DEPRECIACION LINEAL SIN IMPUESTO ESPECIFICO DE LA MINERIA

2015 2016 2017 2018 2019 2020


330,750,000 330,750,000 330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97 97 97
55.3 55.3 55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750
-75,305,127 -75,305,127 -75,305,127 -40,716,849 -6,128,571 -6,128,571
0 0 0 0 0 0
-2,502,325
60,115,298 62,617,623 62,617,623 97,205,901 131,794,179 131,794,179
0 0 0 0 0 0
0 0 0
60,115,298 62,617,623 62,617,623 97,205,901 131,794,179 131,794,179
0 0 0 0 0 0
60,115,298 62,617,623 62,617,623 97,205,901 131,794,179 131,794,179
10,219,601 10,644,996 10,644,996 16,525,003 22,405,010 22,405,010
49,895,697 51,972,627 51,972,627 80,680,898 109,389,168 109,389,168
75,305,127 75,305,127 75,305,127 40,716,849 6,128,571 6,128,571
0 0 0 0 0 0
2,502,325 0 0 0 0 0
0 0 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
127,703,149 127,277,754 127,277,754 121,397,747 115,517,740 115,517,740
2021 2022 2023 Acumulado
330,750,000 330,750,000 330,750,000 4,630,500,000
97 97 97
55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 4,491,585,000
-182,904,750 -182,904,750 -182,904,750 -2,560,666,500
-6,128,571 -6,128,571 - 2,169,429 -720,172,100
0 0 0 0
-30,027,900
131,794,179 131,794,179 135,753,321 1,180,718,500
0 0 0 0
0
131,794,179 131,794,179 135,753,321 1,180,718,500
0 0 0 -42,228,056
131,794,179 131,794,179 135,753,321 1,138,490,444
22,405,010 22,405,010 23,078,065 200,722,145
109,389,168 109,389,168 112,675,257 937,768,299
6,128,571 6,128,571 2,169,429 720,172,100
0 0 0 0
0 0 0 30,027,900
0 0 0 42,228,056

-537,700,000
-84,889,000
-11,783,100
-30,027,900
-17,900,000
-85,800,000
20,000,000 0
-23,000,000 -23,000,000
0
0 0 0 0
0 0 0 0
115,517,740 115,517,740 111,844,685 939,096,355
FLUJO DE CAJA

Aos 2007 2008


Produccin (cu, lbs,)
Precio del Cu (c/lb)
Costo Operacional (c/lb)
Ingreso bruto
Costo Operacional
Depreciacin
Amortizacin
Amortizacin Prestriping
Utilidad Operacional
Impuesto Especifico de la Mineria
Intereses (8%)
Utilidad antes de Impuesto antes de perd. De Arrastre
Prdidas de Arrastre
Utilidad tributable
Impuesto a la Renta (17%)
Renta Neta despus de impuesto a la Renta y Adicional
+Depreciacin
+Amortizacin Honorarios Exploracin
+ Amort. Prestriping
+ Prdida de Arrastre
Gasto de Capital
Planta -268,850,000
Equipos -42,444,500
Infraestructura -5,891,550
Prestripping -15,013,950
Administracion -8,950,000
Otros -55,428,000
Costo de capital de trabajo
Costo Cierre del Proyecto
Prstamo 0
-Amort. Prstamo
-Impuesto sobre intereses (4%) 0
Flujo de Caja 0 -396,578,000

VAN @ 10% $ 90,459,686


TIR 12.3%
IVAN 0.132

Aos 2,008
Ingreso bruto 0
Costo Operacional 0
Depreciacin 0
Amortizacin 0
Amortizacin Prestriping 0
Utilidad Operacional 0
Impuesto Especifico de la Mineria 0
17% SIN FINANCIAMIENTO

2009 2010 2011 2012 2013


330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97
55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750
-118,894,383 -227,721,217 -221,829,667 -118,064,833 -14,300,000
0 0 0 0 0
-2,502,325 -5,004,650 -5,004,650 -5,004,650 -5,004,650
-121,396,708 -94,803,117 -88,911,567 14,853,267 118,618,100
0 0 0 0 0
0 0 0 0 0
-121,396,708 -94,803,117 -88,911,567 14,853,267 118,618,100
0 -121,396,708 -216,199,825 -305,111,392 -290,258,125
-121,396,708 -216,199,825 -305,111,392 -290,258,125 -171,640,025
0 0 0 0 0
-121,396,708 -216,199,825 -305,111,392 -290,258,125 -171,640,025
118,894,383 227,721,217 221,829,667 118,064,833 14,300,000
0 0 0 0 0
2,502,325 5,004,650 5,004,650 5,004,650 5,004,650
0 121,396,708 216,199,825 305,111,392 290,258,125

-268,850,000
-42,444,500
-5,891,550
-15,013,950
-8,950,000
-30,372,000
-20,000,000

0 0
0 0 0 0 0
0 0 0 0 0
-391,522,000 137,922,750 137,922,750 137,922,750 137,922,750

mina 2 administracion

2,009 2,010 2,011 2,012 2,013


0 320,827,500 320,827,500 320,827,500 320,827,500
0 -182,904,750 -182,904,750 -182,904,750 -182,904,750
-39,725,731 -77,661,747 -77,661,747 -77,661,747 -77,661,747
0 0 0 0 0
-2,502,325 -5,004,650 -5,004,650 -5,004,650 -5,004,650
-42,228,056 55,256,353 55,256,353 55,256,353 55,256,353
0 -2,762,818 -2,762,818 -2,762,818 -2,762,818
DEPRECIACION ACELERADA SIN IMPUESTO ESPECIFICO DE LA MINERIA

2014 2015 2016 2017 2018 2019


330,750,000 330,750,000 330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97 97 97
55.3 55.3 55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750
-14,300,000 -5,062,000 0 0 0 0
0 0 0 0 0 0
-5,004,650 -2,502,325
118,618,100 130,358,425 137,922,750 137,922,750 137,922,750 137,922,750
0 0 0 0 0 0
0 0 0 0 0 0
118,618,100 130,358,425 137,922,750 137,922,750 137,922,750 137,922,750
-171,640,025 -53,021,925 0 0 0 0
-53,021,925 77,336,500 137,922,750 137,922,750 137,922,750 137,922,750
0 13,147,205 23,446,868 23,446,868 23,446,868 23,446,868
-53,021,925 64,189,295 114,475,883 114,475,883 114,475,883 114,475,883
14,300,000 5,062,000 0 0 0 0
0 0 0 0 0 0
5,004,650 2,502,325 0 0 0 0
171,640,025 53,021,925 0 0 0 0

0 0 0 0 0 0
0 0 0 0 0 0
137,922,750 124,775,545 114,475,883 114,475,883 114,475,883 114,475,883

2,014 2,015 2,016 2,017 2,018 2,019


320,827,500 320,827,500 320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750
-76,483,437 -75,305,127 -75,305,127 -75,305,127 -40,716,849 -6,128,571
0 0 0 0 0 0
-5,004,650 -2,502,325 0 0 0 0
56,434,663 60,115,298 62,617,623 62,617,623 97,205,901 131,794,179
-2,821,733 -3,005,765 -3,130,881 -3,130,881 -4,860,295 -6,589,709
O DE LA MINERIA

2020 2021 2022 2023 Acumulado


330,750,000 330,750,000 330,750,000 330,750,000 4,630,500,000
97 97 97 97
55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 4,491,585,000
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -2,560,666,500
0 0 0 0 -720,172,100
0 0 0 0 0
-30,027,900
137,922,750 137,922,750 137,922,750 137,922,750 1,180,718,500
0 0 0 0 0
0 0 0 0 0
137,922,750 137,922,750 137,922,750 137,922,750 1,180,718,500
0 0 0 0 -1,157,628,000
137,922,750 137,922,750 137,922,750 137,922,750 23,090,500
23,446,868 23,446,868 23,446,868 23,446,868 200,722,145
114,475,883 114,475,883 114,475,883 114,475,883 -177,631,645
0 0 0 0 720,172,100
0 0 0 0 0
0 0 0 0 30,027,900
0 0 0 0 1,157,628,000

-537,700,000
-84,889,000
-11,783,100
-30,027,900
-17,900,000
-85,800,000
20,000,000 0
-23,000,000 -23,000,000
0
0 0 0 0 0
0 0 0 0 0
114,475,883 114,475,883 114,475,883 111,475,883 939,096,355

2,020 2,021 2,022 2,023


320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750
-6,128,571 -6,128,571 -6,128,571 -2,169,429
0 0 0 0
0 0 0 0
131,794,179 131,794,179 131,794,179 135,753,321
-6,589,709 -6,589,709 -6,589,709 -6,787,666
FLUJO DE CAJA

Aos 2007 2008


Produccin (cu, lbs,)
Precio del Cu (c/lb)
Costo Operacional (c/lb)
Ingreso bruto
Costo Operacional
Depreciacin
Amortizacin
Amortizacin Prestriping
Utilidad Operacional
Impuesto Especifico de la Mineria
Intereses (10%)
Utilidad antes de Impuesto antes de perd. De Arrastre
Prdidas de Arrastre
Utilidad tributable
Impuesto a la Renta (17%)
Renta Neta despus de impuesto a la Renta y Adicional
+Depreciacin
+Amortizacin Honorarios Exploracin
+ Amort. Desarrollo
+ Prdida de Arrastre
Gasto de Capital
Planta -268,850,000
Equipos -42,444,500
Infraestructura -5,891,550
Prestripping -15,013,950
Administracion -8,950,000
Otros -55,428,000
Costo de capital de trabajo
Costo Cierre del Proyecto
Prstamo 198,289,000
-Amort. Prstamo
-Impuesto sobre intereses (4%) 0
Flujo de Caja 0 -198,289,000

VAN @ 10% $ 104,280,608


TIR 14.7%
IVAN 0.279

341,150,000

396578000
INVERSION TOTAL 396,578,000
50% FINANCIADO 198,289,000
INTERES 10%
AMORTIZACION FIJA

371522000
INVERSION TOTAL 371,522,000
50% FINANCIADO 185,761,000
INTERES 10%
AMORTIZACION FIJA
17% CON FINANCIAMIENTO 50%

2009 2010 2011 2012 2013


330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97
55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750
-39,725,731 -77,661,747 -77,661,747 -77,661,747 -77,661,747
0 0 0 0 0
-2,502,325 -5,004,650 -5,004,650 -5,004,650 -5,004,650
-42,228,056 55,256,353 55,256,353 55,256,353 55,256,353
0 0 0 0 0
-19,828,900 -37,696,192 -36,252,477 -34,664,391 -32,917,497
-62,056,956 17,560,161 19,003,876 20,591,962 22,338,856
-62,056,956 -44,496,794 -25,492,918 -4,900,957
-62,056,956 -44,496,794 -25,492,918 -4,900,957 17,437,900
0 0 0 0 2,964,443
-62,056,956 -44,496,794 -25,492,918 -4,900,957 14,473,457
39,725,731 77,661,747 77,661,747 77,661,747 77,661,747
0 0 0 0 0
2,502,325 5,004,650 5,004,650 5,004,650 5,004,650
62,056,956 44,496,794 25,492,918 4,900,957

-268,850,000
-42,444,500
-5,891,550
-15,013,950
-8,950,000
-30,372,000
-20,000,000

185,761,000
-7,088,083 -14,437,145 -15,880,860 -17,468,946 -19,215,840
-793,156 -1,507,848 -1,450,099 -1,386,576 -1,316,700
-233,471,139 84,281,565 84,339,314 84,402,837 81,508,270

mina administracion
-371,522,000 126,700,000
-793156
pre 30,027,900 15,013,950 17,900,000
equi 84,889,000 42,444,500 8,950,000
infra 11,783,100 5,891,550

126,700,000 63,350,000

planta
537,700,000
268,850,000

AO DEUDA AMORTIZACION INTERES CUOTA


- 198,289,000
1 191,200,917 7,088,083 19,828,900 26,916,983
2 183,404,026 7,796,891 19,120,092 26,916,983
3 174,827,446 8,576,580 18,340,403 26,916,983
4 165,393,207 9,434,238 17,482,745 26,916,983
5 155,015,545 10,377,662 16,539,321 26,916,983
6 143,600,117 11,415,428 15,501,555 26,916,983
7 131,043,146 12,556,971 14,360,012 26,916,983
8 117,230,478 13,812,668 13,104,315 26,916,983
9 102,036,542 15,193,935 11,723,048 26,916,983
10 85,323,214 16,713,329 10,203,654 26,916,983
11 66,938,552 18,384,661 8,532,321 26,916,983
12 46,715,425 20,223,128 6,693,855 26,916,983
13 24,469,984 22,245,440 4,671,542 26,916,983
14 - 0 24,469,984 2,446,998 26,916,983

AO DEUDA AMORTIZACION INTERES CUOTA


- 185,761,000
1 179,120,746 6,640,254 18,576,100 25,216,354
2 171,816,466 7,304,280 17,912,075 25,216,354
3 163,781,759 8,034,708 17,181,647 25,216,354
4 154,943,580 8,838,178 16,378,176 25,216,354
5 145,221,584 9,721,996 15,494,358 25,216,354
6 134,527,388 10,694,196 14,522,158 25,216,354
7 122,763,773 11,763,615 13,452,739 25,216,354
8 109,823,796 12,939,977 12,276,377 25,216,354
9 95,589,822 14,233,975 10,982,380 25,216,354
10 79,932,450 15,657,372 9,558,982 25,216,354
11 62,709,341 17,223,109 7,993,245 25,216,354
12 43,763,920 18,945,420 6,270,934 25,216,354
13 22,923,958 20,839,962 4,376,392 25,216,354
14 0 22,923,958 2,292,396 25,216,354
DEPRECIACION LINEAL SIN IMPUESTO ESPECIFICO DE LA MINERIA

2014 2015 2016 2017 2018 2019


330,750,000 330,750,000 330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97 97 97
55.3 55.3 55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750
-76,483,437 -75,305,127 -75,305,127 -75,305,127 -40,716,849 -6,128,571
0 0 0 0 0 0
-5,004,650 -2,502,325 0 0 0 0
56,434,663 60,115,298 62,617,623 62,617,623 97,205,901 131,794,179
0 0 0 0 0 0
-30,995,913 -28,882,170 -26,557,053 -23,999,425 -21,186,034 -18,091,304
25,438,750 31,233,128 36,060,570 38,618,198 76,019,867 113,702,875
0 0 0 0 0 0
25,438,750 31,233,128 36,060,570 38,618,198 76,019,867 113,702,875
4,324,588 5,309,632 6,130,297 6,565,094 12,923,377 19,329,489
21,114,163 25,923,496 29,930,273 32,053,104 63,096,490 94,373,386
76,483,437 75,305,127 75,305,127 75,305,127 40,716,849 6,128,571
0 0 0 0 0 0
5,004,650 2,502,325 0 0 0 0
0 0 0 0 0 0

-21,137,424 -23,251,167 -25,576,284 -28,133,912 -30,947,303 -34,042,033


-1,239,837 -1,155,287 -1,062,282 -959,977 -847,441 -723,652
80,224,989 79,324,494 78,596,834 78,264,342 72,018,594 65,736,272
O DE LA MINERIA

2020 2021 2022 2023 Acumulado


330,750,000 330,750,000 330,750,000 330,750,000 4,630,500,000
97 97 97 97
55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 4,491,585,000
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -2,560,666,500
-6,128,571 -6,128,571 -6,128,571 -2,169,429 -720,172,100
0 0 0 0 0
0 0 0 0 -30,027,900
131,794,179 131,794,179 131,794,179 135,753,321 1,180,718,500
0 0 0 0 0
-14,687,100 -10,942,477 -6,823,390 -2,292,396 -345,816,718
117,107,078 120,851,702 124,970,788 133,460,926 834,901,782
0 0 0 0 -136,947,625
117,107,078 120,851,702 124,970,788 133,460,926 697,954,156
19,908,203 20,544,789 21,245,034 22,688,357 141,933,303
97,198,875 100,306,913 103,725,754 110,772,568 556,020,854
6,128,571 6,128,571 6,128,571 2,169,429 720,172,100
0 0 0 0 0
0 0 0 0 30,027,900
0 0 0 0 136,947,625

-537,700,000
-84,889,000
-11,783,100
-30,027,900
-17,900,000
-85,800,000
20,000,000 0
-23,000,000 -23,000,000
384,050,000
-37,446,237 -41,190,860 -45,309,947 -22,923,958 -384,050,000
-587,484 -437,699 -272,936 -91,696 -13,832,669
65,293,726 64,806,925 64,271,443 86,926,343 638,235,810
FLUJO DE CAJA

Aos 2007 2008


Produccin (cu, lbs,)
Precio del Cu (c/lb)
Costo Operacional (c/lb)
Ingreso bruto
Costo Operacional
Depreciacin
Amortizacin
Amortizacin Prestriping
Utilidad Operacional
Impuesto Especifico de la Mineria
Intereses (10%)
Utilidad antes de Impuesto antes de perd. De Arrastre
Prdidas de Arrastre
Utilidad tributable
Impuesto a la Renta (17%)
Renta Neta despus de impuesto a la Renta y Adicional
+Depreciacin
+Amortizacin Honorarios Exploracin
+ Amort. Desarrollo
+ Prdida de Arrastre
Gasto de Capital
Planta -268,850,000
Equipos -42,444,500
Infraestructura -5,891,550
Prestripping -15,013,950
Administracion -8,950,000
Otros -55,428,000
Costo de capital de trabajo
Costo Cierre del Proyecto
Prstamo 198,289,000
-Amort. Prstamo
-Impuesto sobre intereses (4%) 0
Flujo de Caja 0 -198,289,000

VAN @ 10% $ 106,782,894


TIR 14.8%
IVAN 0.286

341,150,000

396578000
INVERSION TOTAL 396,578,000
100% FINANCIADO 396,578,000
INTERES 10%
AMORTIZACION FIJA

371522000
INVERSION TOTAL 371,522,000
100% FINANCIADO 371,522,000
INTERES 10%
AMORTIZACION FIJA
17% CON FINANCIAMIENTO 50%

2009 2010 2011 2012 2013


330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97
55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750
-118,894,383 -227,721,217 -221,829,667 -118,064,833 -14,300,000
0 0 0 0 0
-2,502,325 -5,004,650 -5,004,650 -5,004,650 -5,004,650
-121,396,708 -94,803,117 -88,911,567 14,853,267 118,618,100
0 0 0 0 0
-19,828,900 -37,696,192 -36,252,477 -34,664,391 -32,917,497
-141,225,608 -132,499,308 -125,164,044 -19,811,125 85,700,603
-141,225,608 -273,724,917 -398,888,961 -418,700,085
-141,225,608 -273,724,917 -398,888,961 -418,700,085 -332,999,482
0 0 0 0 0
-141,225,608 -273,724,917 -398,888,961 -418,700,085 -332,999,482
118,894,383 227,721,217 221,829,667 118,064,833 14,300,000
0 0 0 0
2,502,325 5,004,650 5,004,650 5,004,650 5,004,650
141,225,608 273,724,917 398,888,961 418,700,085

-268,850,000
-42,444,500
-5,891,550
-15,013,950
-8,950,000
-30,372,000
-20,000,000

185,761,000
-7,088,083 -14,437,145 -15,880,860 -17,468,946 -19,215,840
-793,156 -1,507,848 -1,450,099 -1,386,576 -1,316,700
-233,471,139 84,281,565 84,339,314 84,402,837 84,472,713

mina administracion
-371,522,000 126,700,000
-793156
pre 30,027,900 15,013,950 17,900,000
equi 84,889,000 42,444,500 8,950,000
infra 11,783,100 5,891,550

126,700,000 63,350,000

planta
537,700,000
268,850,000

AO DEUDA AMORTIZACION INTERES CUOTA


- 396,578,000
1 382,401,834 14,176,166 39,657,800 53,833,966
2 366,808,052 15,593,782 38,240,183 53,833,966
3 349,654,891 17,153,161 36,680,805 53,833,966
4 330,786,415 18,868,477 34,965,489 53,833,966
5 310,031,091 20,755,324 33,078,641 53,833,966
6 287,200,234 22,830,857 31,003,109 53,833,966
7 262,086,292 25,113,942 28,720,023 53,833,966
8 234,460,955 27,625,337 26,208,629 53,833,966
9 204,073,085 30,387,870 23,446,096 53,833,966
10 170,646,428 33,426,657 20,407,308 53,833,966
11 133,877,105 36,769,323 17,064,643 53,833,966
12 93,430,850 40,446,255 13,387,710 53,833,966
13 48,939,969 44,490,881 9,343,085 53,833,966
14 - 0 48,939,969 4,893,997 53,833,966

AO DEUDA AMORTIZACION INTERES CUOTA


- 371,522,000
1 358,241,492 13,280,508 37,152,200 50,432,708
2 343,632,932 14,608,559 35,824,149 50,432,708
3 327,563,517 16,069,415 34,363,293 50,432,708
4 309,887,161 17,676,357 32,756,352 50,432,708
5 290,443,168 19,443,992 30,988,716 50,432,708
6 269,054,777 21,388,391 29,044,317 50,432,708
7 245,527,546 23,527,231 26,905,478 50,432,708
8 219,647,593 25,879,954 24,552,755 50,432,708
9 191,179,644 28,467,949 21,964,759 50,432,708
10 159,864,900 31,314,744 19,117,964 50,432,708
11 125,418,681 34,446,218 15,986,490 50,432,708
12 87,527,841 37,890,840 12,541,868 50,432,708
13 45,847,917 41,679,924 8,752,784 50,432,708
14 - 0 45,847,917 4,584,792 50,432,708
DEPRECIACION ACELERADA SIN IMPUESTO ESPECIFICO DE LA MINERIA

2014 2015 2016 2017 2018


330,750,000 330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97 97
55.3 55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750
-14,300,000 -5,062,000 0 0 0
0 0 0 0 0
-5,004,650 -2,502,325 0 0 0
118,618,100 130,358,425 137,922,750 137,922,750 137,922,750
0 0 0 0 0
-30,995,913 -28,882,170 -26,557,053 -23,999,425 -21,186,034
87,622,187 101,476,255 111,365,697 113,923,325 116,736,716
-332,999,482 -245,377,294 -143,901,039 -32,535,343 0
-245,377,294 -143,901,039 -32,535,343 81,387,982 116,736,716
0 0 0 13,835,957 19,845,242
-245,377,294 -143,901,039 -32,535,343 67,552,025 96,891,474
14,300,000 5,062,000 0 0 0
0 0 0 0 0
5,004,650 2,502,325 0 0 0
332,999,482 245,377,294 143,901,039 32,535,343 0

-21,137,424 -23,251,167 -25,576,284 -28,133,912 -30,947,303


-1,239,837 -1,155,287 -1,062,282 -959,977 -847,441
84,549,576 84,634,126 84,727,131 70,993,479 65,096,730
STO ESPECIFICO DE LA MINERIA

2019 2020 2021 2022 2023


330,750,000 330,750,000 330,750,000 330,750,000 330,750,000
97 97 97 97 97
55.3 55.3 55.3 55.3 55.3
320,827,500 320,827,500 320,827,500 320,827,500 320,827,500
-182,904,750 -182,904,750 -182,904,750 -182,904,750 -182,904,750
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
137,922,750 137,922,750 137,922,750 137,922,750 137,922,750
0 0 0 0 0
-18,091,304 -14,687,100 -10,942,477 -6,823,390 -2,292,396
119,831,446 123,235,650 126,980,273 131,099,360 135,630,354
0 0 0 0 0
119,831,446 123,235,650 126,980,273 131,099,360 135,630,354
20,371,346 20,950,060 21,586,646 22,286,891 23,057,160
99,460,101 102,285,589 105,393,627 108,812,468 112,573,194
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0

20,000,000
-23,000,000

-34,042,033 -37,446,237 -41,190,860 -45,309,947 -22,923,958


-723,652 -587,484 -437,699 -272,936 -91,696
64,694,415 64,251,868 63,765,067 63,229,586 86,557,540
Acumulado
4,630,500,000

4,491,585,000
-2,560,666,500
-720,172,100
0
-30,027,900
1,180,718,500
0
-345,816,718
834,901,782
-1,987,352,729
-1,152,450,947
141,933,303
-1,294,384,250
720,172,100
0
30,027,900
1,987,352,729

-537,700,000
-84,889,000
-11,783,100
-30,027,900
-17,900,000
-85,800,000
0
-23,000,000
384,050,000
-384,050,000
-13,832,669
638,235,810
Especificaciones de los Casos

Caso 1 Sin Fincinanciamiento Depreciacion Lineal


Caso 2 Sin Fincinanciamiento Depreciacion Acelerada
Caso 3 Con 50% Financiamiento Depreciacion Lineal
Caso 4 Con 50% Financiamiento Depreciacion Acelerada
Caso 5 Sin Fincinanciamiento Depreciacion Lineal
Caso 6 Sin Fincinanciamiento Depreciacion Acelerada
Caso 7 Con 50% Financiamiento Depreciacion Lineal
Caso 8 Con 50% Financiamiento Depreciacion Acelerada

VAN PROYECTO

$ 120,000,000

$ 100,000,000

$ 80,000,000

$ 60,000,000

$ 40,000,000

$ 20,000,000

$0
Caso 1 Caso 2 Caso 3 Caso 4 Caso 5 Caso 6 Caso 7 C

IVAN PROYECTO

0.350

0.300

0.250

0.200

0.150

0.100

0.050

0.000
Caso 1 Caso 2 Caso 3 Caso 4 Caso 5 Caso 6 Caso 7 C
0.200

0.150

0.100

0.050

0.000
Caso 1 Caso 2 Caso 3 Caso 4 Caso 5 Caso 6 Caso 7 C
caciones de los Casos VAN TIR IVAN

Con Impuesto Especifico de la Mineria $ 62,522,292 11.56% 0.091


Con Impuesto Especifico de la Mineria $ 70,889,646 11.80% 0.104
Con Impuesto Especifico de la Mineria $ 84,916,998 13.88% 0.228
Con Impuesto Especifico de la Mineria $ 86,960,016 13.99% 0.233
Sin Impuesto Especifico de la Mineria $ 81,715,959 12.02% 0.119
Sin Impuesto Especifico de la Mineria $ 90,459,686 12.27% 0.132
Sin Impuesto Especifico de la Mineria $ 104,280,608 14.67% 0.279
Sin Impuesto Especifico de la Mineria $ 106,782,894 14.81% 0.286

N PROYECTO TIR PROYECTO

16.00%

14.00%

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%
Caso 4 Caso 5 Caso 6 Caso 7 Caso 8 Caso 1 Caso 2 Caso 3 Caso 4 Caso 5

N PROYECTO

so 4 Caso 5 Caso 6 Caso 7 Caso 8


so 4 Caso 5 Caso 6 Caso 7 Caso 8
TIR PROYECTO

aso 3 Caso 4 Caso 5 Caso 6 Caso 7 Caso 8