Traders and the Current Zinc Concentrate Market

1

• Traders and the Current Zinc Concentrate Market
• You Better Not be Short.
• And Now for My Next Trick

AZA Conference
February 2006
2
The Role of the Trader

• Quietly execute the strategy of the producer when
  discretion is required
• Provide superior treatment charges, payables and
  penalties
• Assume credit, country and performance risk
• Provide and/or arrange project or structured
  financing
• Optimize miner/smelter sales/purchase positions
• Re-balance market inequities
• Provide technical and commercial information for
  feasibility studies
• Full service sales and/or purchase agencies from
  contract to final payment

3

• Traders and the Current Zinc Concentrate Market
• You Better Not be Short.
• And Now for My Next Trick

AZA Conference
February 2006