1. Statistical and Forecasting Committee LEAD AND ZINC MARKET OUTLOOK FOR 2007 AND 2008 Paul White Head of Forecasting and Statistics, ILZSG 4 October 2007, Lisbon

2. www.ilzsg.orgInternational Lead and Zinc Study Group 2 Further Zinc Industry Consolidation in 2007 Umicore and Zinifex zinc smelting and alloying businesses merged to form world’s largest producer of zinc metal, Nyrstar

3. www.ilzsg.orgInternational Lead and Zinc Study Group 3 Lead Stocks and Prices

4. www.ilzsg.orgInternational Lead and Zinc Study Group 4 World Lead Metal Usage Annual Change: 2007+4.1% 2008+4.1%

5. www.ilzsg.orgInternational Lead and Zinc Study Group 5 Chinese Lead Demand Growth Increases in vehicle production and population Electric bicycles Rising demand for back-up power Battery exports

6. www.ilzsg.orgInternational Lead and Zinc Study Group 6 Lead Demand Growth - China vs Rest of the World 2002-2008f

7. www.ilzsg.orgInternational Lead and Zinc Study Group 7 World Lead Mine Output Annual Change: 2007+5.5% 2008+10.4%

8. www.ilzsg.orgInternational Lead and Zinc Study Group 8 World Lead Mine Output Opening of San Cristobal, Bolivia Increases in China, Macedonia, Portugal, Russia, Sweden Australian output affected by Magellan closure

9. www.ilzsg.orgInternational Lead and Zinc Study Group 9 World Lead Metal Output Annual Change: 2007+3.9% 2008+5.4%

10. www.ilzsg.orgInternational Lead and Zinc Study Group 10 World Lead Metal Output New plants in Henan and Inner Mongolia, China Higher production in Canada, Russia, U.K. and U.S.

11. www.ilzsg.orgInternational Lead and Zinc Study Group 11 Chinese Lead Trade

12. www.ilzsg.orgInternational Lead and Zinc Study Group 12 Lead Metal World Balance

13. www.ilzsg.orgInternational Lead and Zinc Study Group 13 Zinc Stocks and Prices

14. www.ilzsg.orgInternational Lead and Zinc Study Group 14 World Zinc Metal Usage Annual Change: 2007+3.0 % 2008+5.1 %

15. www.ilzsg.orgInternational Lead and Zinc Study Group 15 Zinc Demand Growth - China vs Rest of the World 2002-2008f

16. www.ilzsg.orgInternational Lead and Zinc Study Group 16 China’s Infrastructure Requirements USACHINA Per million people Motorways (km) 21,8621,080 Roads (km) 14,157242 Railways (km) 78054 Per 000 km 2 Motorways (km) 699150 Roads (km) 45334 Railways (km) 258 Source: China Metals

17. www.ilzsg.orgInternational Lead and Zinc Study Group 17 World Zinc Mine Output Annual Change: 2007+7.4% 2008+9. 5%

18. www.ilzsg.orgInternational Lead and Zinc Study Group 18 World Zinc Mine Output San Cristobal in Bolivia is 8 th largest zinc mine in world Number of new operations in Australia and Canada in 2007 and 2008 Higher output at Antamina, Peru Increases in China, Brazil, India, Ireland, Kazakhstan, Macedonia, Mexico, Portugal, U.S. and others

19. www.ilzsg.orgInternational Lead and Zinc Study Group 19 World Zinc Metal Output Annual Change: 2007+5.9% 2008+7.8%

20. www.ilzsg.orgInternational Lead and Zinc Study Group 20 World Zinc Metal Output 2nd 170mt plant to open at Chanderiya, India Higher European output Modified Big River Zinc in U.S. to reopen in 2008 Increases in Australia, Kazakhstan, Korea, Mexico and Thailand

21. www.ilzsg.orgInternational Lead and Zinc Study Group 21 Chinese Zinc Trade

22. www.ilzsg.orgInternational Lead and Zinc Study Group 22 Zinc Metal World Balance

23. Statistical and Forecasting Committee LEAD AND ZINC MARKET OUTLOOK FOR 2007 AND 2008 Paul White Head of Forecasting and Statistics, ILZSG 4 October 2007, Lisbon