Chinese Zinc and Copper Market Analysis

Environmental/Safety Inspections & Depletions Constraining zinc mine production Most Regions Reporting Negative Growth1 Estimated Zinc Mine Growth Rarely Achieved² -43kt, -22% +36kt, +6% -50kt, Huoshaoyun -15% 28kt, -33kt, 9% -31% -58kt, -25% -4kt, -1% -144kt, +8kt, -17kt, -20% +3% -12% . Entire country under environmental & work safety inspections Blue regions are also suffering from depletion • 2017 mine production down 1% YoY 18 Thousand Tonnes 600 400 360 350 270 300 250 200 200 180 135 100 60 0 -50 -200 -400 -600 -630 -800 2013 2014 2015 2016 2017 2018E Early-year estimate Adjusted estimate Teck

View entire presentation