July 24, 2007-

Background

Innovest has recently completed its global Metals and Mining Sector Report which analyzes the environment, social and governance (ESG) strategies and performance of the world's largest 57 mining companies (based on market capitalization).

The report is an extensive 77 page analysis that draws on the findings of Innovest's global review of the industry and its companies, based on the key pillars of strategic governance, human capital, stakeholder capital and environmental performance. The report assigns Innovest's Intangible Value Assessment (IVA) ratings on all companies using its seven tier rating scale ranging from AAA (highest) to CCC (lowest).

Downloadable reports for companies in the sector and more are available for purchase through Innovest's partner www.csrwire.com/reports/independent

Selected Findings

Key ESG risk themes prevalent for this industry at this time and analyzed in depth in this year's Report include climate change, emerging markets expansion, HIV/AIDS, industry consolidation and skills shortages. The Report profiles and benchmarks all 57 companies on their performance on these significant issues along with best practice examples.

"Climate change is a certainly major issue for the industry" states Simon O'Connor Senior Analyst and co-author of the Report. "Our analysis included normalizing each company's GHG emissions by sales data. The results are interesting as the largest absolute emitters may not be the most exposed on climate change risks. Additionally, issues such as the carbon content of various minerals and the geographic location of the mines are also critical to fully understand. It is therefore also crucial to examine each company's management strategy and opportunity positioning in regards climate change risks"

"Overall we allocated 7 AAA (highest) rating and 5 CCC (lowest) ratings to companies in the sector, with Alcan finishing first" stated Innovest Managing Director Asia Pacific Bill Hartnett. "We also undertook quantitative analysis of company ratings versus their share price. We found there was a correlation between above average ratings and lower stock beta - meaning that the Innovest ratings could be used as a risk management tool for investment portfolios. Furthermore our allocations of ratings are not positively correlated to the size of the companies - the Innovest methodology means that even smaller companies can gain good ratings if their management strategies are sound."

Innovest Strategic Value Advisors, Inc.

Innovest Strategic Value Advisors, Inc.

Innovest Strategic Value Advisors is an internationally recognized investment research and advisory firm specializing in analyzing companies’ performance on environmental, social, and strategic governance issues, with a particular focus on their impact on competitiveness, profitability, and share price performance. Innovest currently has offices in New York City, Toronto, San Francisco, London, Paris, Sydney, and Tokyo.

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