Chinese Zinc and Copper Market Analysis

26 Thousand Tonnes China More Important in Global Copper Market Buying more copper from the rest of the world Substantial Concentrate Imports Growth1 Continuous Growth of Imported Copper Units 2 10,000 45% 12,000 40% 37% 40% 10,000 8,000 33% 35% 29% 30% 30% 8,000 6,000 24% 22% 25% 19% 15% 20% 4,000 14% 15% 2,000 10% Thousand Tonnes 6,000 4,000 2,000 5% 0 0 0% Scope for Concentrate Imports Chinese Mine Production 2019E 2020E Demand for imported cathodes shifting towards concentrate and scrap; Copper scrap imports to drop 300-400 kt under China's ban ■Copper anode imports ■Copper cathodes Imports ■Copper scrap imports ■Copper concs Imports Teck

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