Investor Presentaiton
kt Cu
Global Refined Metal Market Balance
Copper market moves into a supply deficit
starting in 2017, signaling a near-term
recovery in copper prices
COPPER
HUDBAY
• Zinc market in deficit over the next few years,
but supply-side response from high prices.
expected to cause surplus in 2018+
ZINC
Refined Surplus (Deficit)
Refined Surplus (Deficit)
Copper Price
700
450
1200
600
400
1000
500
800
350
400
600
300
300
~500kt lower
250
200
than previous
forecasts
200
100
150
-100
-200
-300
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
100
LME Cu Price Real c/lb
400
kt Zn
200
0
-200
-400
50
-600
0
-800
2010
2011
2012
2013
Source: Wood Mackenzie, Global Copper Long-Term Outlook Q4 2016 dated December 2016, Global Zinc Long-Term Outlook Q4 2016 dated December 2016
2014
2015
2016
-Zinc Price
200
180
2017
2018
2019
2020
2021
2022
160
140
120
100
༄ ༄ ༄ ༅ 8 8
80
40
20
20
21
21
LME Zn Price Real c/lbView entire presentation