AUDITORS' REPORT ON SCHEDULE OF COBALT SALES

To the Management of WMC Resources Marketing Limited

We have audited the schedule of cobalt sales of WMC Resources Marketing Limited ("WRML") for the period from January 1, 2005 to June 30, 2005 which has been compiled on the basis detailed in Note 1 to the schedule. This financial information is the responsibility of the management of WRML. Our responsibility is to express an opinion on this financial information based on our audit.

We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial information is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial information. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial information.

In our opinion, this schedule presents fairly, in all material respects, the cobalt sales of WRML for the period from January 1, 2005 to June 30, 2005 in accordance with the basis of presentation as detailed in Note 1 to the schedule.

PricewaterhouseCoopers LLP
Chartered Accountants
Toronto, Ontario
23 August 2005

SCHEDULE OF COBALT SALES
For the period from January 1, 2005 to June 30, 2005

Note 1. Basis of Presentation

The schedule of cobalt sales has been compiled to provide information on recent WRML transactions in cobalt as per WRML's specifications detailed on the Cobalt Web site, cobalt.bhpbilliton.com.

The schedule of cobalt sales to arm's length parties includes sales contracted during the period January 1, 2005 to June 30, 2005 and those sales contracted as of June 30, 2005 which will be delivered subsequent to that date.