Optimising Costs from a Stable Base

FERRONICKEL DEMAND Class 1 (LME grade) Nickel Applications include stainless & speciality steel, electronics, EV batteries, plating & coating, castings Class 2 Ferronickel & nickel pig iron Mainly used for stainless & specialty steel Ferronickel is Class 2 ~95% of supply used in the manufacture of stainless steel Nickel enhances properties of stainless steel: corrosion resistance, weldability, formability & ductility Attractive to stainless steel producers as alloy with pure iron Stainless steel demand for nickel World class ferronickel producer <~70% Global nickel demand ~95% Ferronickel demand Low carbon Low phosphorus Low sulphur Highest quality product ~45kt Production AngloAmerican 19

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