Post on 16-May-2015
transcript
© Greenfields Research
Ltd & ITRI Ltd 2013
RESOURCE COST AND CAPITAL
602
TIN MINE COSTS
John P. Sykes (on behalf of ITRI)
Director, Greenfields Research
Provisional PhD Candidate,
Centre for Exploration Targeting & Curtin Graduate School of Business
john.sykes@greenfieldsresearch.com
johnpaul.sykes@postgrad.curtin.edu.au
© Greenfields Research
Ltd & ITRI Ltd 2013
Tin mine costs: Contents
1 Introducing the ITRI Tin Production Cost Model
2 Mine type – costly alluvial production
3 Geography – decline in Asia, Peru & Africa?
4 By-products – dependent on other riches
5 Company type – dealing with capital costs
6 Interpretation – identifying future competitive tin
supply
7 Review – thinking about “Black Swans”
© Greenfields Research
Ltd & ITRI Ltd 2013
602 Resource Cost & Capital: Tin Mine Costs
Introducing the ITRI Tin Production
Cost Model Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7
© Greenfields Research
Ltd & ITRI Ltd 2013
The Objectives
ITRI is hoping to acquire a user-friendly simple Excel-based
costs “model” which could be used to produce:
– Operating cost curve for existing mines (approx. 30)
– Future cost curve including new projects (additional 20
projects)
– Flexed results dependent on different explicit assumptions:
» Exchange rates
» Energy costs
» General inflation
» By-product/co-product revenues
– Easy to add additional operations/projects.
– Cost definitions (treatment of capital costs, depreciation
etc)?
– How to include small-scale and artisanal operations?
© Greenfields Research
Ltd & ITRI Ltd 2013
Designed to analyse
• Custom cost model designed for tin
market studies.
• Input from the ITRI network in the tin
mining industry.
• Explicit costs provided or published by a
mine owner or
• Estimated using the Infomine Mining Cost
Service.
© Greenfields Research
Ltd & ITRI Ltd 2013
What do the costs mean?
ITRI Cash Cost
• Mining + Processing + Realisation + Royalties
• Essentially the cost of operating the mine
• Realisation for custom miners:
– Marketing + Freight + Treatment Charge
• Realisation costs for integrated miners:
– Smelting + Refining + Freight
• Similar to other “cash costs” (eg Brook Hunt C1)
ITRI Central Cost
• Cash Cost + Corporate Admin & Responsibility
• Includes admin, exploration, mine closure allowances etc.
• Essentially the cost of operating the mine and the cost of
running the company which owns the mine.
© Greenfields Research
Ltd & ITRI Ltd 2013
What do the costs mean?
ITRI Full Cost
• Central Cost + Cost of Financing a Mine
• Amortisation of start-up capital over the life of the mine
• Depreciation in value of the mine equipment
• Effectively the full cost of building and operating a mine and
administering the company in charge of it.
• Work on capital costs is still at the experimental stage.
Net of By-Product Costs
• Corresponding “net of by-product” cost for each of the costs
• By-product revenues subtracted pro-rata off tin production
• Negative cost means the tin itself is the by-product
© Greenfields Research
Ltd & ITRI Ltd 2013
Which cost to use?
• “ITRI Net of By-Product Cash Cost” reflects an
individual mine’s competitiveness in any given
year.
• Good indication of floor price.
• “ITRI Net of By-Product Full Cost” better for
understanding the cost to bring a new mine on
stream,
• More useful for understanding long run marginal
costs and the equilibrium price to which the
market might gravitate.
© Greenfields Research
Ltd & ITRI Ltd 2013
What are the variables that
can be adjusted? • Many different variables to help analyse different future
scenarios.
Mine types
• Alluvial, underground and open pit.
• Custom or integrated with a smelter.
• The new tailings re-treatment technology is approximately
modelled using a low stripping ratio alluvial mining cost for
the mining stage and a typical hard-rock processing cost for
the processing stage.
• ITRI is looking to improve the analysis of this type of
operation, as more technical information becomes
available.
© Greenfields Research
Ltd & ITRI Ltd 2013
What are the variables that
can be adjusted?
Technical variables • Ore grade & processing recovery for tin and by-products can
be adjusted for each year in the model
• Strip ratio for open pit and alluvial operations of either 1, 2, 4 or 8
• Guidance from mine owners, past performance, knowledge of
reserves or resources and knowledge of similar operations all
used for estimates.
• “Taylor Rule” is used for very early stage projects.
Cost inputs • Fuel, electricity and labour components for each of the mining,
processing and smelting stages
• Fuel costs track global oil prices
• Labour cost tracks Gross National Income Per Capita
• Electricity costs tracks inflation in the host nation.
© Greenfields Research
Ltd & ITRI Ltd 2013
What are the variables that
can be adjusted?
Economic variables • Local fuel costs based on GTZ (Transport Policy Advisory
Services) International Fuel Prices 2009 (6th Edition) survey,
produced for the German government.
• The Baltic Dry Index for shipping freight cost estimates.
• Land and sea freight costs use Infomine Mining Cost Service
data.
• Labour costs are estimated using the Gross National Income
Per Capita from the World Bank.
• Power costs are based on the relative cost of diesel in each
country (giving an idea of how much “fossil fuels” in each country
cost).
• Inflation data from the World Bank is forecasted forward for each
country and is used to forecast central costs and the “other” costs.
© Greenfields Research
Ltd & ITRI Ltd 2013
What are the variables that
can be adjusted?
Capital costs and exchange rates • Capital costs (unless already known) estimated using the
Infomine Mining Cost Service.
• Capital cost index from Infomine used for past and future costs.
• Lending interest rates (from the World Bank) used to estimate
financing conditions.
• Exchange rate data from World Bank and CIA World Factbook.
Timeframe • Covers 100% of production from 2006-2011.
• Individual mines where possible
• Or groups of similar operations are lumped together.
• Attempts to cover 100% of future production.
• The model covers the period 2006 to 2030, though beyond 2015
the information becomes very speculative.
© Greenfields Research
Ltd & ITRI Ltd 2013
What production does the
model cover?
Countries • Argentina, Australia, Bolivia, Brazil, Burundi, Canada, China,
Czech Republic, DR Congo, Egypt, Germany, Indonesia,
Kazakhstan, Laos, Malaysia, Mongolia, Morocco, Myanmar,
Nigeria, Peru, Portugal, Russia, Rwanda, South Africa, Spain,
Thailand, the United Kingdom, the USA and Vietnam.
Mine/project profiles • Profile for each mine/project or group of production
• Includes:
– Resources and reserves;
– Operating costs – 2006 to 2020;
– Various inputs – fuel, labour and power costs, royalties etc.
© Greenfields Research
Ltd & ITRI Ltd 2013
Outputs available
Cost Curves
• “Block” cost curve
– Each mine as a block.
– Volume of production versus cost in any given year.
– Arranged in order of cost
– Allows analysis of highest and lowest cost producers and the marginal
cost
• “Line” cost curve
– Traces over the tops of the block cost curve.
– More useful in comparing cost scenarios.
– Up to three different line curves can be compared at once.
Data tables
• Volume and cost of production for each operation, in each year, grouped
into the six different cost types.
• Production and each of the six different types of cost over time, for each
mine operation.
© Greenfields Research
Ltd & ITRI Ltd 2013
602 Resource Cost & Capital: Tin Mine Costs
Mine type – costly alluvial
production Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7
© Greenfields Research
Ltd & ITRI Ltd 2013
Alluvial and artisanal
important for tin mining in
contrast to other base metals
Photos: Greenfields Research
© Greenfields Research
Ltd & ITRI Ltd 2013
Unregulated alluvial and
artisanal mining occurs in
short cycles Global tin production (Kt)
0.0
50.0
100.0
150.0
200.0
250.0
300.0
350.01
97
0
197
3
197
6
197
9
198
2
198
5
198
8
199
1
199
4
199
7
200
0
200
3
200
6
200
9
201
2China Indonesia Malaysia Thailand
Peru Brazil Bolivia Australia
CIS/USSR Africa Other
Index of alluvial mining
booms
0.0
100.0
200.0
300.0
400.0
500.0
600.0
Ye
ar
1
Ye
ar
3
Ye
ar
5
Ye
ar
7
Ye
ar
9
Ye
ar
11
Ye
ar
13
Ye
ar
15
Ye
ar
17
Ye
ar
19
Year
21
Ye
ar
23
Ye
ar
25
Ye
ar
27
Ye
ar
29
Malaysia 1958-1987
Thailand 1962-1991
Brazil 1977-2006
Indonesia 1992-20112
Indonesia 2012-2017???
?
?
?
Data: ITRI/Greenfields Research
© Greenfields Research
Ltd & ITRI Ltd 2013
Alluvial & artisanal mining
dominate marginal
production
Hard rock
Alluvial
Artisanal (non-
alluvial)
Data: ITRI/Greenfields Research
270,600t (est.)
2012 Cash Tin Cash Price (US$21,094)
© Greenfields Research
Ltd & ITRI Ltd 2013
Hard or soft: Grade is king!
Theoretical change in cost due to changes in ore grade for a primary tin,
alluvial mine in Indonesia, producing 7,500 tonnes of tin per year, from a
team of gravel pumps, with a 100% recovery.
Data: ITRI/Greenfields Research
Approximate
grade of S.E.
Asian alluvial ores
Mining
Processing
Other
© Greenfields Research
Ltd & ITRI Ltd 2013
Hard or soft: Grade is king!
Data: ITRI/Greenfields Research
Underground mine is a theoretical primary tin, underground mine in Australia,
producing 7,500 tonnes of tin per year, with a processing recovery of 75%.
Open pit mine is a theoretical primary tin, open pit mine in Australia, producing 7,500
tonnes of tin per year, with a processing recovery of 75%.
Approximate grade
of new hard rock
projects Mining
Processing
Other
© Greenfields Research
Ltd & ITRI Ltd 2013
Alluvial mining vulnerable to
oil prices
Theoretical cost breakdown for a primary tin, open pit mine in Australia grading 0.490%,
producing 7,500 tonnes of tin per year, with a 75% recovery.
Theoretical cost breakdown for a primary tin, alluvial mine in Indonesia grading 0.215kg/m3,
producing 7,500 tonnes of tin per year, from a team of gravel pumps, with a 100% recovery.
Theoretical cost breakdown for a primary tin, underground mine in Australia grading 1.700%,
producing 7,500 tonnes of tin per year, with a 75% recovery.
Data: ITRI/Greenfields Research
Fuel
Electricity
Labour
Other
Vulnerable to labour
costs
Vulnerable to fuel costs
© Greenfields Research
Ltd & ITRI Ltd 2013
Alluvial & artisanal mining in
decline Data: ITRI/Greenfields Research
341,400t (est.)
Hard rock
Alluvial
Artisanal (non-
alluvial)
© Greenfields Research
Ltd & ITRI Ltd 2013
Tailings retreatment to the
rescue?
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
0.0
5.0
10.0
15.0
20.0
25.0
30.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Tin from tailings (Kt) Tin from tailings (%)
Data: ITRI/Greenfields Research
© Greenfields Research
Ltd & ITRI Ltd 2013
602 Resource Cost & Capital: Tin Mine Costs
Geography – decline in Asia, Peru
& Africa? Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7
© Greenfields Research
Ltd & ITRI Ltd 2013
Asian countries dominate
production, very few
developed world tin miners World Tin Mine Production (2012 est.)
Data: ITRI/Greenfields Research
© Greenfields Research
Ltd & ITRI Ltd 2013
Marginal alluvial and artisanal
mining in Asia & South
America vulnerable
Asia
Africa
Australasia
South America
Europe/Russia
Data: ITRI/Greenfields Research
270,600t (est.)
© Greenfields Research
Ltd & ITRI Ltd 2013
Developed versus developing
world labour rates versus fuel
prices? Data: ITRI/Greenfields Research
© Greenfields Research
Ltd & ITRI Ltd 2013
Developed nations a safer
investment, important for
large capital projects Country Ranking (of 181)
Canada 4th
Australia 5th
- -
USA 10th
- -
Germany 20th
- -
UK 25th
- -
Spain 27th
Country Ranking (of 181)
Peru 56th
- -
China 71st
Brazil 72nd
- -
Indonesia 111th
- -
Bolivia 125th
- -
DR Congo 159th
Rankings based on Greenfields Research’s proprietary mining political risk ranking system. The ranking system correlates
economic data sets that cover most of the world’s countries (such as the Transparency International Corruption Index, the World
Bank Doing Business dataset and GDP/land area) with well known mining industry political risk surveys, including the Fraser
Institute, Behre Dolbear and ResourceStocks, to get a system which ranks all countries by their suitability for mining, not just those
in the mining industry surveys.
Data: Greenfields Research
© Greenfields Research
Ltd & ITRI Ltd 2013
Exchange rates important, a
stronger Rupiah raises
marginal costs
0.70
0.75
0.80
0.85
0.90
0.95
1.00
1.05
1.10
1.15
2006 2007 2008 2009 2010 2011
Exchange rates (to US dollar) indexed to 2006
Indonesian Rupiah (IDR) Chinese Renminbi (CYN)
Bolivian Bolivano (BOB) Brazilian Real (BRL)
Australian Dollar (AUD)
Weaker
Stronger
Indonesian Rupiah affects marginal costs
in tin. A stronger Rupiah means higher long
term tin prices
Data: ITRI/Greenfields Research
© Greenfields Research
Ltd & ITRI Ltd 2013
Exchange rates important, a
stronger Rupiah raises
marginal costs
IDR8,000:USD1.00
IDR10,000:USD1.00
IDR12,000:USD1.00
Data: ITRI/Greenfields Research
312,600t (est.)
© Greenfields Research
Ltd & ITRI Ltd 2013
San Rafael closure will jolt
marginal tin costs
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Median Cost 4th Quartile Cost 10th Decile Cost
000’s tonnes of
refined tin
Closure of
San Rafael
Data: ITRI/Greenfields Research
© Greenfields Research
Ltd & ITRI Ltd 2013
Conflict minerals in the DRC
• https://www.itri.co.uk/index.
php?option=com_zoo&view
=frontpage&Itemid=60
Data: ITRI/Greenfields Research
Image: Shutterstock
© Greenfields Research
Ltd & ITRI Ltd 2013
Asian mining in decline,
replaced by developed world
production World Tin Mine Production (2017 est.)
Data: ITRI/Greenfields Research
© Greenfields Research
Ltd & ITRI Ltd 2013
More developed world
production coming on-stream Data: ITRI/Greenfields Research
Asia
Africa
Australasia
South America
North America
Europe & Russia
341,400t (est.)
© Greenfields Research
Ltd & ITRI Ltd 2013
602 Resource Cost & Capital: Tin Mine Costs
By-products – dependent on other
riches Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7
12th September 2012
Metal Pages Electronic Metals (Guangzhou,
China)
Slide 35 of
36
© Greenfields Research
Ltd & ITRI Ltd 2013
Tin mining is dependent
on a wide variety of by-
products
Copper
Australia & China
Silver
China
Data: ITRI/Greenfields Research
Images: Shutterstock,
www.csksg.com,
www.tradekorea.com,
www.cdves.com, American
Elements, Wikipedia
Lead
China
Zinc
Bolivia, China
Antimony
China Indium
China
Gallium
China
Tungsten
Egypt, Mongolia,
Myanmar
Tantalum
Burundi, Congo,
Rwanda
Niobium
Brazil,
Burundi,
Nigeria
World Tin Mine By-Products (2012 est.)
© Greenfields Research
Ltd & ITRI Ltd 2013
By-products complicate
economics
None
Copper
Tantalum
Tungsten
Zinc
Polymetallic
Other
Data: ITRI/Greenfields Research
270,600t (est.)
© Greenfields Research
Ltd & ITRI Ltd 2013
Tin industry uneconomic
without by-products Data: ITRI/Greenfields Research
Cash Cost
NBP Cash Cost
270,600t (est.)
© Greenfields Research
Ltd & ITRI Ltd 2013
Tin industry uneconomic
without by-products
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2016 estimates of revenue shares for tin producing mines and mine projects
Tin Aggregates Copper Iron Ore Mineral Sands
Niobium Silver Tantalum Tungsten Lead/Zinc
Data: ITRI/Greenfields Research
© Greenfields Research
Ltd & ITRI Ltd 2013
Tin mining will become
more dependent on by-
products
Copper
Australia, China,
Germany,
Kazakhstan,
Peru, UK
Silver
Australia,
Canada, China,
Kazakhstan,
USA
Data: ITRI/Greenfields Research
Images: Shutterstock,
www.csksg.com,
www.tradekorea.com,
www.cdves.com, American
Elements, Wikipedia,
www.made-in-china.com
Lead
China
Zinc
Australia, Bolivia,
Canada, China,
Germany, UK, USA
Antimony
China
Indium
Australia, Canada,
China, Germany
Gallium
China,
Germany
Tungsten
Australia, Canada,
Egypt, Kazakhstan,
Mongolia, Myanmar,
Portugal, Russia,
Spain, UK, USA
Tantalum
Australia, Burundi,
Congo, Egypt,
Kazakhstan,
Rwanda
Niobium
Brazil, Burundi,
Nigeria
Iron Ore
Australia,
Kazakhstan
Molybdenum
Canada
Titanium
Kazakhstan Zirconium
Brazil
World Tin Mine By-Products (2017 est.)
© Greenfields Research
Ltd & ITRI Ltd 2013
By-products will increasingly
complicate economics
Data: ITRI/Greenfields Research
None
Copper
Tantalum
Tungsten
Zinc
Polymetallic
Other
341,400t (est.)
© Greenfields Research
Ltd & ITRI Ltd 2013
602 Resource Cost & Capital: Tin Mine Costs
Company type – dealing with
capital costs Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7
12th September 2012
Metal Pages Electronic Metals (Guangzhou,
China)
Slide 42 of
36
© Greenfields Research
Ltd & ITRI Ltd 2013
Dominated by small, private
companies and state miners
~32,000t, 11.0%,
Private/Public, Peru
~39,400t, 13.6%,
State/Public, Indonesia
~27,200t, 9.4%,
State/Public, China
~11,600t, 4.0%,
State, Bolivia
~10,500t, 3.6%,
Private, China
~3,200t, 1.1%, Public,
Australia
~7,125t, 2.5%, Public,
Malaysia/Indonesia
~3,500t, 1.2%, State,
Vietnam
~2,500t, 0.8%, Private,
China
~2,000t, 0.7%, Co-op,
Brazil
Data: ITRI/Greenfields Research
Images: Company websites, ITRI,
Wikipedia
© Greenfields Research
Ltd & ITRI Ltd 2013
Some privately-owned
marginal alluvial & artisanal
mines vulnerable
Private
Public
State
Data: ITRI/Greenfields Research
270,600t (est.)
© Greenfields Research
Ltd & ITRI Ltd 2013
Financing adds to operating
costs, bigger companies may
be required Data: ITRI/Greenfields Research
NBP Full Cost
NBP Cash Cost
270,600t (est.)
© Greenfields Research
Ltd & ITRI Ltd 2013
Substantial investment
required in new tin supply,
bigger companies required Company Project Capex
(US$M)
Capacity
(t/y Sn)
Capex
(US$/t/y)
Source
Consolidated Tin Mines Mt Garnet 124.0 3,050 40,700 Scoping 2010
Kasbah Resources Achmmach 167.0 6,880 24,300 PFS 2012
Metals X Rentails 173.2 5,300 32,700 Feasibility 2009
Stellar Resources Heemskirk 108.0 3,900 27,700 Scoping 2011
Venture Minerals Mount Lindsay 144.6* 3,700 39,100 PFS 2011
Total & average 716.8 22,830 31,397
• Total new mine supply required 2011-15: 70,000t/y
• Average capital cost per tonne new capacity: $31,400
• Total investment required in new supply $2.2 B
Data: ITRI/Greenfields Research
* Mount Lindsay is a tin-tungsten-magnetite project. The tungsten
plant in particular greatly adds to capital costs.
© Greenfields Research
Ltd & ITRI Ltd 2013
Increasing role for public
listed companies and larger
companies Data: ITRI/Greenfields Research
Private
Public
State
341,400t (est.)
© Greenfields Research
Ltd & ITRI Ltd 2013
602 Resource Cost & Capital: Tin Mine Costs
Interpretation – identifying future
competitive tin supply Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7
© Greenfields Research
Ltd & ITRI Ltd 2013
High marginal tin costs, mean
high long term prices
High and rising
marginal costs dictate
long term prices –
currently ~$25,000/t,
rising to $40,000/t ???
Data: ITRI/Greenfields Research
Hard rock
Alluvial
Artisanal (non-
alluvial)
© Greenfields Research
Ltd & ITRI Ltd 2013
Generally rising costs mean
that even floor prices are
quite high
Recent price lows versus marginal cash costs Copper Zinc Nickel Tin
2011 Cash Costs (US$/tonne)
Median 2,250 922 6,505 8,686
10th Decile 4,000 1,530 16,048 13,327
Recent price history (monthly average LME 3-months prices)
GFC low 3,108 1,119 9,791 10,465
2011 peak 9,854 2,489 28,266 32,464
GFC low versus:
Median 138% 121% 151% 120%
10th Decile 78% 73% 61% 79%
Floor (100%)
seems to be
about ¾ the
marginal cost for
base metals,
currently about
$18,000/t, rising
to about
$25,000/t ???
Data: ITRI, Barclays Capital, Brook Hunt
© Greenfields Research
Ltd & ITRI Ltd 2013
Alternative price forecasts
are all high
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
50,000
Price history and forecast scenarios (US$/tonne)
Historical price (real 2010) Central Forecast
Double Dip Scenario Robust Growth Scenario
High demand growth,
significant new supply
required, prices will
trends towards a high
& rising marginal cost
No demand growth, new supply will struggle to
come on stream, prices will trend towards a high &
rising floor price
Future price
range:
$20,000-
40,000/t ???
Floor price: $20,000/t
???
Marginal cost:
$40,000/t ???
Data: ITRI
© Greenfields Research
Ltd & ITRI Ltd 2013
Plenty of projects in the
pipeline: time and money
needed to develop them
~130 known
projects
~60 with historical
resources
10 with compliant
resources
4 at scoping
stage
1 at feasibility stage
~4.8Mt of estimated
reserves (USGS)
~3.2Mt as
historical
resources
824Kt as compliant
resources
310Kt
at
scoping
stage
90Kt at feasibility
stage
Data: ITRI, Greenfields Research,
USGS, Infomine, company
websites
© Greenfields Research
Ltd & ITRI Ltd 2013
New supply will have to enter
the cost curve lower than
marginal alluvials Data: ITRI/Greenfields Research
Operating (2012)
Brownfields
Greyfields
Greenfields
New projects need to
enter the cost curve here!
These projects
currently
uneconomic!
341,400t (est.)
© Greenfields Research
Ltd & ITRI Ltd 2013
Absorbing capital costs will
be a challenge for the
industry Data: ITRI/Greenfields Research
Operating (2012)
Brownfields
Greyfields
Greenfields
341,400t (est.)
© Greenfields Research
Ltd & ITRI Ltd 2013
602 Resource Cost & Capital: Tin Mine Costs
Review – thinking about “Black
Swans” Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7
© Greenfields Research
Ltd & ITRI Ltd 2013
Spotting black swans
Tailings
mining?
Conflict tin? Myanmar
democracy?
San Rafael
closure?
Data: ITRI/Greenfields Research
New Brazilian
supply?
Tin in
Colombia?
Bolivian
expansion
slows
New
Russian
supply?
China?
SE Asia
revival?
New African
supply?
New
European
supply?
Australian
slowdown?
© Greenfields Research
Ltd & ITRI Ltd 2013
Tin mine costs: Conclusions
1 The ITRI Tin Production Cost Model is designed to
analyse future scenarios and competitive supply
2 Alluvial tin supply falling to be replaced by hard rock
mining.
3 Declining Asian mining, new supply from elsewhere in the
world.
4 Increasing reliance on by-products as grades decline.
5 Future supply will have much higher capital costs.
6 High medium term prices, will encourage new supply on-
stream
7 Much uncertainty still remains in this analysis and the
work is under constant review
© Greenfields Research
Ltd & ITRI Ltd 2013
References
• All data in this presentation is
sourced from the ITRI Tin Industry
Review, 2011
• And based on the following
presentations:
• http://www.slideshare.net/JohnSykes
/new-sources-of-tin-mine-supply
• http://www.slideshare.net/JohnSykes
/supply-shortages-in-tin-mine-supply
• http://www.slideshare.net/JohnSykes
/defining-the-future-of-tin-mining-
apr-2012
© Greenfields Research
Ltd & ITRI Ltd 2013
Contact details
John P. Sykes MSci (Hons) MSc ARSM MAusIMM FGS
Director, Greenfields Research Ltd (UK)
Provisional PhD Candidate, Centre for Exploration Targeting
Australia Mobile: +61 448 658 656
Australia Office: +61 8 9467 1860
Email: john.sykes@greenfieldsresearch.com
Web: www.greenfieldsresearch.com
Linkedin: http://www.linkedin.com/in/johnpsykes
Peter Kettle
Manager – Statistics & Market Studies, ITRI Ltd
UK Office: +44 1727 871 347
Email: peter.kettle@itri.co.uk
Web: www.itri.co.uk