Chinese Zinc and Copper Market Analysis

19 Zinc Mine Projects Increasingly Delayed. Impacted by inspections and low zinc ore grades Future Mine Growth Heavily Dependent On One Single Project¹ Mine Depletion & Low Grades of Projects² Thousand Tonnes 1000 2017 2018 800 145kt 136kt 600 400 200 Chaihe-Erdaohe stage 2 0 Niukutou Panlong Biliyagu Aerhada stage Baoshan engpan Bachagou West Kouhezi Wolitu Beishan 8 2019-2020 7 886kt 3 6 Changba Chagan Jiawula olajier Bangzhong Lijia Jinshi Yaojialing Wenshan Dulong Ore Grade, Zinc % 5 + 2 1 0 ■Existing mines ■New projects Teck

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