ITRI Tin Industry Review 2014

New reports to answer all your questions on the global tin industry outlook.

Two complementary reports for tin users, producers, explorers and investors.

New Tin Supply

Buy bo

th re

ports

at a

disco

unte

d

pack

age

price

IntroductionITRI is the main source of global tin industry statistical and market information, based on its networks of member companies and regular large-scale industry surveys.

In recent years it has expanded its representative office in China, giving first-hand access to the world’s largest market and producing country.

Its long history in applications technology provides unique insights into market opportunities and substitution threats.

ITRI and Greenfields Research have worked together since 2010, collaborating first on the development of the ITRI Tin Production Costs Model and more recently in surveying and analysing tin exploration and development activity worldwide.

The completely updated mine costs model is an important building block for both these new reports, providing a guide to the long-term equilibrium price for tin (as well as the short-term floor price in times of cyclical oversupply) and allowing us to position mine projects along the future industry supply curve.

Tin Industry Review 2014Available immediately

This is the fourth edition of a series of major studies on the tin outlook published by ITRI since 2008. The 100 page printed report and electronic PDF file is backed up by data tables in Excel and charts in PowerPoint format.

All of the key questions which will determine the outlook for the industry are considered in depth and answered objectively:

• After the growth spurt of the early 2000s, will substitution and economisation drag down tin demand or can new applications more than offset these negative factors?

• Will mine supply from the established big producing countries, China and Indonesia, be maintained or decline?

• While some big companies are investing heavily, can juniors with new projects obtain financing to get them off the ground?

• Will recycling play an increasing role in balancing supply and demand?• Are known stocks of tin sufficient to cover expected supply deficits in the coming years?• How do mine operating and capital costs define the likely tin price range in the next five

years and beyond?

The main contributors to the report are all senior ITRI staff with many decades of combined experience in tin. They are available to subscribers to present and discuss their findings as part of the service package. Additional confidential consulting work for individual customers can also be provided on request.

For further information on the Tin Industry Review contact Peter Kettle on +44 1727 871347, e-mail peter.kettle@itri.co.uk

Tin Industry Review 2014 Order your copy today: +44 (0) 1727 871 347

Don’t delay!Order this essential report from the experts now.

Price UK£7,500(or at a discount when ordered with the ‘New Tin Supply’ report)

EXECUTIVE SUMMARYManaging the Next Tin Crisis

The Outlook for Tin Usage

Tin Production and Investment

Supply/Demand and Price Outlook

Chapter 1 : Outlook for Tin UsageOverview

Intensity of Use

Recent Market Trends

Technology Threats and Opportunities

Forecast to 2018 and Beyond

CHAPTER 2 : Tin Production and InvestmentOverview of Recent Trends

The Top Ten Producers

The World’s Leading Tin Mines

Trends and Prospects in China

Indonesia Tightens Control

Slow South American Revival

Conflict Minerals Issues

The Global Project Pipeline

Production Costs and Returns on Investment

Capital Costs and Investment

Secondary Refined Tin Production

The Outlook for Tin Production to 2018 and Beyond

CHAPTER 3 : Supply/Demand and Price OutlookTin Price History

The Supply/Demand Position and Stock Levels

Floor and Equilibrium Prices

Critical Regional Developments

Forecast Supply/Demand Position and Prices

Appendix I:Statistical data

Appendix II:Cost model definitions and production data

Tin Industry Review 2014 Order your copy today: +44 (0) 1727 871 347

The Review includes...

Who will benefit from the report?Tin users. The report helps inform pricing and hedging decisions as well as underpinning long-term planning of product development.

Investors in new mine projects. The report identifies the need for increased investment in sustainable mine supply. Using the ITRI Tin Production Costs Model we can identify where new projects fit into the future industry costs distribution, while the price forecast scenarios can be used to calculate IRRs.

Investment funds. Tin has out-performed other commodity assets in the last decade, but appears to be losing its favoured status recently. Investors may be deterred by the lack of transparency in the market, but this report helps plug the information gap compared to larger commodity markets.

New Tin SupplyAvailable end-July 2014

The core of this report is provided by 69 one-page detailed profiles of mine projects which enable efficient comparative analysis of strengths and weaknesses. Each profile contains published information or ITRI/Greenfields estimates on the following:

• General information: geology, project type, product, mine type, production capacity

• Owners and operators: company details and contact information

• Background description: a short summary on the history of the project and key points on its current status

• Reserves and resources: depending on the stage of exploration, compliant reserves or resources, historical resources or exploration targets, with ore tonnages and Sn, co-product and Sn equivalent grades

• Operating Costs: estimated or company reported cash, corporate and full operating costs, with and without by-product credits

• Capital costs: capex, capex per annual tonne of capacity and life-of-mine capex

• Production rates: open pit and/or underground ore tonnage, strip ratio, feed grade, recovery, concentrate production and grade, by-product and tin-equivalent production

• Start-up and mine life: actual, company reported or estimated timings from reporting of maiden resource through scoping, feasibility, permitting, financing and construction

• Investment suitability: Rankings based on country ratings by Tranparency International, World Bank, Fraser Institute and WEF

• Project Comparison: summary rose diagram ranking key project attributes into quartiles

The project profiles are backed up by a series of appendices providing explanations of the profiles, cost definitions, information on other known projects, a bibliography and references and details of latest developments since end-April 2014, the cut-off point for inclusion of data into the main profiles.

For further information on the New Tin Supply report contact: Peter Kettle (UK) on +44 1727 871347, e-mail peter.kettle@itri.co.uk or John Sykes (Australia) on +61 (8) 9467 1860, email john.sykes@greenfieldsresearch.com

New Tin Supply Pre-order your copy today: +44 (0) 1727 871 347

Don’t delay – pre-order today!

A unique, objective and detailed review of new tin mine projects around the world.

Price UK£6,000(or at a specially discounted price when ordered with the ‘Tin Industry Review 2014’ report - available now.)

New Tin Supply Pre-order your copy today: +44 (0) 1727 871 347

Project Name Country

Aberfoyle Australia

Abu Dabbab Egypt

Achmmach Morocco

Anchor Australia

Arara Brazil

Ardlethan Tailings Australia

Ardlethan UG Australia

Baal Gammon Australia

Bisie DR Congo

Catavi Tailings Bolivia

Cinovec Czech Republic

Cleveland Tailings Australia

Cleveland Tin Australia

Coal Creek USA

Collingwood Australia

Colquiri Tailings Bolivia

Conrad Australia

Cooperativa Multi-Activa Bolivia

Deputatskoye Russia

Deputatskoye Tailings Russia

Doradilla Australia

El Carmen Bolivia

El Kenko Lamas Bolivia

Geyer Germany

Gottesberg Germany

Great Pyramid Australia

Heemskirk Australia

Hemerdon Ball United Kingdom

JC (Smart) Canada

Khartoum Australia

Maranboy Australia

Moina Australia

Mokopane South Africa

Mount Bischoff Australia

Mount Garnet Australia

Project Name Country

Mount Lindsay Australia

Mount Pleasant Canada

Mount Veteran Australia

Mount Wells Australia

Narsiin Khundlen Mongolia

Oonah Australia

Oortsog Ovoo Mongolia

Oropesa Spain

Pirquitas Argentina

Pravourmiyskoe Russia

Prospect Hill Australia

Pucro Bolivia

Pyrkakay Russia

Redmoor United Kingdom

Rentails Australia

Ringarooma Bay Australia

Rio Andavillque Bolivia

Rio Centenario Bolivia

Sakholovo-Cherpunya Russia

Sakholovo-Terekhtyakh Russia

Santa Maria Spain

Sao Lourenco Hard Rock Brazil

Siglo XX Bolivia

Sink & Float Descartes Bolivia

Sleitat Mountain USA

Sobolinoye Russia

Solnechny Tailings Russia

Solnechny-Festivalnoye Russia

Solnechny-Perevalnoye Russia

South Crofty United Kingdom

Syrymbet Kazakhstan

Taronga Australia

Treliver United Kingdom

Westerzgebirge Germany

e-mail your order to info@itri.co.uk or fax to +44 1727 871341

Tin Industry Review (2014 edition)

and New Tin Supply report

Name: ............................................................................................................................................. Organisation Name: .............................................................................................................

Organisation Address: .............................................................................................................................................................................................................................................................................

...............................................................................................................................................................................................................................................................................................................................

...............................................................................................................................................................................................................................................................................................................................

...............................................................................................................................................................................................................................................................................................................................

Telephone: .................................................................................................................................. Fax: ................................................................................................................................................

Email: ............................................................................................................................................... VAT No (where applicable): .............................................................................................

☐ I would like to order the ITRI Tin Industry Review 2014 at £7,500 (plus VAT in UK)

☐ I would like to order the ITRI-Greenfields Research New Tin Supply report at £6,000 (plus VAT in UK)

☐ I would like to order both reports at a discounted package price of £11,000 (plus VAT in UK)

By signing this order form I agree to the Terms and Conditions below

Signed by (please print name): ........................................................................................ Signature: ...................................................................................................................................

Please indicate payment method:

☐ I enclose a cheque for ……….……....................................................... made payable to ITRI Ltd

☐ Bank transfer (bank details supplied on invoice)

☐ Please invoice me – Purchase Order No………………………..............................................................

TERMS AND CONDITIONS OF PURCHASE1. Deliverables

1.1 The Tin Industry Review (hereafter “the Review”) will consist of a report in hard copy and electronic format and is available immediately. The New Tin Supply Project Profiles report (hereafter “the Report”) is due to be completed by end-July 2014 and will be forwarded to the purchaser as soon as it is completed.

2. Use of information2.1 The contents of the Review and the Report (collectively known as “the Material”) supplied to the purchaser is confidential and is provided solely for the use of the

purchaser. Internal circulation of the Material within the purchaser’s organisation is permitted, subject to the Material being reproduced accurately, in full, and with no part taken out of context. ITRI Ltd/Greenfields Research must be identified as the source of the Material and the copyright status acknowledged. Copyright notices on any of the Material must not be removed, concealed or modified.

2.2 Distribution of the contents of the Material outside of the purchaser’s organisation is strictly prohibited.2.3 Purchasers are responsible for compliance with these Terms and Conditions and for proper use by their organisation and employees of all the Material provided by ITRI Ltd.

3. Liability3.1 Although great care is taken in the compilation and preparation of the Material to ensure accuracy, ITRI Ltd cannot in any circumstances accept responsibility for any errors

or omissions. ITRI Ltd gives no condition, warranty or representation, express or implied, as to the accuracy or completeness of the content of the Material supplied to the purchaser and the purchaser should make their own determination of the suitability of any Material provided, and shall be responsible for the proper adaptation and evaluation of the Material to their own circumstances. Under no circumstances will ITRI Ltd be liable for any loss or claim whatsoever arising as a result of the purchaser’s use of, or reliance upon, the Material provided.

3.2 No licence under any patent or other proprietary rights is granted or to be inferred from the provision of the Material to the purchaser.

4. Privacy Policy4.1 By disclosing your personal information to ITRI Ltd using this form, you consent to the collection, storage and processing of your personal information by ITRI Ltd in the

manner set out in these Terms and Conditions.4.2 ITRI Ltd may use this information to occasionally notify you about products and services which may be of interest to you. If you would rather not receive this information,

please tick this box. ☐4.3 ITRI Ltd will not sell, rent or trade your personal information to third parties for marketing purposes without your express consent.

5. Law and Jurisdiction5.1 These Terms and Conditions shall be governed by English law and the parties submit to the exclusive jurisdiction of the English courts.

Unit 3, Curo Park Tel: +44 (0) 1727 875 544Frogmore Fax: +44 (0) 1727 871 341St. Albans Email: info@itri.co.ukHertfordshire Web: www.itri.co.ukAL2 2DDUK