Natural Resources >> Analyst Interviews >> June 28, 2004

INVESTING IN GOLD STOCKS: J.ARIAS / J.COPLAND – GOLDMAN SACHS & CO

JAMES COPLAND, Vice President, joined Goldman Sachs in April 1999. He works in the Metals and Mining Group, covering gold and gold mining companies. Prior to joining Goldman Sachs, Mr. Copland obtained industry experience as an underground mine geologist in WMC Limited's gold operations in western Australia for two years before joining the legal profession in 1997. He worked at Clayton Utz, a commercial litigation firm, specializing in mining-related cases. Mr. Copland received a BS in geology and a Bachelor of Laws degree (honors) from the University of Sydney. Profile
J. ALBERTO ARIAS is a Managing Director at Goldman, Sachs & Co. responsible for the metals and mining sector research. Mr. Arias joined Goldman Sachs in July 1998 as a senior analyst and expanded its focus coverage from metals in Emerging Markets to US and Canada covering non- ferrous metals companies in 2001 and global gold mining companies in 2003. He has been following metals and mining companies for 11 years and for five consecutive years was voted first team metals and mining analyst in the Latin American Institutional Investor poll. Prior to research, Mr. Arias worked as an engineer for three Peruvian mining companies. He earned an MBA in Finance and International Business from Columbia Business School in 1993; a Master in Science Mining Engineering, Mineral Economics, in 1993 from the Henry Krumb School of Mines, Columbia University; a Master in Science Mineral Engineering, Chemical Metallurgy, in 1991,from the Henry Krumb School of Mines, Columbia University; and a BS in Science Metallurgical Engineering in 1988 from the Colorado School of Mines. He lives in New York City. Profile
TWST: Alberto, can you give us a quick overview of your coverage in the

precious metals area?

Mr. Arias: We cover seven gold stocks in our metals research universe.

They are: Newmont (NEM),