Capabilities and Experience

in Nickel

United Kingdom China Chile USA India

Chancery House, 517, Tower 2, Bright China Chang Augusto Legua Norte PO Box 1269, B-407, Level 4, Citi Point Building,
5364 Chancery Lane, An Building, N 100 of.506, Langley, J.B. Nagar, Next to Kohinoor Hotel,
London WC2A 1QS, 7 Jianguomennei Avenue, Beijing Las Condes, WA 98260 Andheri Kurla Road, Andheri (East).
UK 100005, China Santiago, Chile USA Mumbai 400059, India

Tel +44 20 7903 2000 Tel: +86 10 6510 2206 Tel +56 2 231 3900 Tel +1 360 321 4707 Tel +91 22 3953 7395
Fax +44 20 7278 0003 Fax: +86 10 6510 2207 Fax +56 2 231 4314 Fax +1 360 321 4709 Fax +91 22 3953 7200

CRU Strategies a division of CRU Group www.crugroup.com

Nickel Research at CRU

CRU Analysis CRU

A team of dedicated analysts for the Nickel market Strategies

Nickel Chrome Nickel Cobalt

Nickel Nickel Costs Metals and
Molybdenum Intermediates
Market Outlook Data Service Mining
Monitor Monitor
(Quarterly) (Quarterly) Consultancy
(Monthly) (Monthly)

Industry-Focused Customized Solutions

Strategy / Valuation / Negotiation Support / Market Decisions

CRU Strategies a division of CRU Group www.crugroup.com

In-depth multi-commodity coverage that is consistent
across the value chain... We see the whole picture
Nickel-containing scrap

Nickel Oxide
Other Speciality
FerroNickel
Metals & Chemicals
Nickel Pig Iron

Nickel
Stainless Steel

Cobalt

Vanadium

Chrome FerroChrome Steel

Silicon FerroSilicon

Silicon Metal
Speciality Steel
Molybdenum

CRU Strategies a division of CRU Group www.crugroup.com

CRU Strategies provides reports, datasheets, workshops
and presentations tailored to the clients needs

n 40 years of industry experience

Industry knowledge n Mine-by-mine supply data
n Dedicated teams of analysts per commodity

n In-depth bottom up cost analysis

Robust methodology n Interactive, scenario driven models
n Macroeconomic forecasts by country

n Independent and objective consultancy

Strategic perspective
n Transparent, comprehensive and valuable advice

CRU Strategies a division of CRU Group www.crugroup.com

We track and forecast mine production by operation
as well as FeNi, refined Ni , Ni Oxide and NPI
production by operation...
Mine FeNi
Phoenix New Caledonia Eramet/SLN-Doniambo
Selebi-Phikw e New Caledonia Xstrata-Koniambo
Ambatovy Austria Treibacher-Treibacher
Nkomati Greece Larco-Larymna
BRPM Serbia Ferronikeli - Kosovo
Implats Various Macedonia Fenimak-Kavadarci
Palabora Russia Ufaley Nickel
Bokoni Platinum Russia Yuzhuralnikel
Dishaba & Tumela Russia Buruktalski
Mogalakw ena Ukraine Pobuzhsky
Rustenburg Indonesia A. Tambang-Pomalaa
Union Section Japan Nippon Yakin-Oeyama
Other AngloPlats Japan Pac. Metals-Hachinohe
Enterprise Japan Sumitomo-Hyuga
Ngezi S.Korea Posco/SMSP
Shangani Myanmar Tagaung Taung
Trojan Brazil Codemin
Brazil Onca-Puma
Brazil Barro Alto
Brazil Niquelandia
Colombia Cerro Matoso
Dom. Republic Falcondo
Venezuela Loma de Niquel
Further details
on over 60 mines
Refined Ni Ni Oxide Nickel Pig Iron
Madagascar Ambatovy Canada Vale Sudbury Baonie Industry
S.Africa Impala-Springs China Jilin Haorong Borui Special Steel
S.Africa Amplats-Rustenburg Cuba Punta Gorda - Cuba Niquel Century Aokai
Zimbabwe Bindura Cuba Nicaro - Cuba Niquel Chengfu Smelting
Zimbabwe Rio Tinto-Gatooma Japan Tokyo Nickel Chuanmin Ferroalloy
Australia Ni West-Kw inana Hengxin Ferroalloy
Australia Minara-Murrin Murrin Hengsheng Special Steel
Australia Yabulu Honghao Steel Raw Materials
New Caledonia Vale-VNC Huaguang Smelting
Finland Harjavalta Huachen Pig Iron
France Eramet-Sandouville Hugo Dragon Metal
Norway Xstrata-Nikkleverk Xinanjiang Nickel Alloy
Russia Norilsk - Kola Jiangfeng Special Alloys
Russia Norilsk - Polar Jingang Minmetal
UK Vale-Clydach Jinguang
China Jinchuan Jinnie Industry & Trade
China Xinjiang Yingtong Nickel
China Jiangxi Jiangli Jinsheng Nickel
China Jiangxi Rare Earth Jinsheng Ferroalloy
Japan Sumitomo-Niihama Jinxiang Metallurgy
Canada Vale - Copper Clif f1 & Jinxiang Metallurgy
Thompson
Canada Sherritt-Ft Saskatchew an
Brazil Niquel Tocantins Further details on 230
NPI producers in China

CRU Strategies a division of CRU Group www.crugroup.com

...building up an accurate picture of supply/demand
balance by country, by region and globally.
Detailed coverage of the stainless steel market allows us to cover the Ni market from all angles.

CRU Strategies a division of CRU Group www.crugroup.com

Bottom-up supply and cost modelling allow CRU
Strategies to benchmark the competitiveness
of new projects.
Detailed coverage of the
stainless steel market allows us
to cover the Ni market from all
angles.

CRU Strategies a division of CRU Group www.crugroup.com

CRU Strategies has strong experience in global markets

Value-in-use for
a Magnetite by- Stainless Steel Due
product at Canadian Diligence Report for a
Nickel mine Private Equity Investor

LT Nickel supply/
demand/price forecasts
Consolidation in the Ni industry in New for a Japanese Trader
Nickel industry Caledonia for a utility
A strategic report for a major company
diversified miner
Nickel Industry
Overview for
Chinese Nickel Pig
Iron Producers Hong
Kong IPO
Review of strategic
alternatives for a major PAL
nickel project owned by a Nickel Industry Overview
Brazilian miner focussing on New
Caledonia and SE Asia for
a Philippine Ni producer

CRU Strategies a division of CRU Group www.crugroup.com

Our team has extensive experience in CRU Strategies
four core practice areas

Market decisions n Specialised market studies for any part of the world.

Negotiation support n Assistance for contract review and negotiation, and risk assessment.

n General business strategy, growth and acquisitions, market entry

Strategy business plan review; risk analysis; marketing and purchasing strategy,
government policy issues, infrastructure implications.

n From pre-feasibility and bankable feasibility studies, to mergers and

Valuation acquisitions, asset transfers (IPO support documents), credit decisions,
project finance, and specialized valuation of business elements.

CRU Strategies a division of CRU Group www.crugroup.com

Meet our high calibre team

n John McNeill, Consultant, CRU Strategies, London

John is the Business Unit Manager in CRU Strategies for consultancy in Nickel, Stainless Steel, Special Alloys and Si Metal.
John has managed several reports reviewing nickel market strategy with particular focus on ferronickel and nickel pig iron.
Over the past two years he has specialized on ferroalloys consultancy projects including ferrochrome market reviews and
long-term costs modelling, competitiveness studies for ferronickel projects, trade modelling, manganese ore producer profiles,
ferromanganese demand forecasts, vanadium and ferrovandium outlooks, molybdenum marketing reports, ferrosilicon cost
models and high-purity ferrosilicon pricing reports. Most recently John has worked on a ferronickel pricing mechanism and
forecasts as well as negotiation support regarding nickel royalties.

n Peter Simon, Managing Consultant, CRU Strategies, London

Peter joined CRU in 1981 and has a broad-based background covering downstream markets for steel finished products,
markets for semi-finished products and raw materials including coking coal, iron ore and ferroalloys. He has also led studies in
the area of stainless steel, including markets for nickel, cobalt, chromium and molybdenum. He has a wide range of experience
in regional studies, including but not limited to North America, Europe, the CIS, the Middle East and China. Peter is also
responsible for creating many of the models by which CRU international steel industry forecasts are calculated.

n Ilona Sildme, Consultant, CRU Strategies, London

Priot to moving over to CRU Strategies in October 2012 Ilona joined CRU Analysis, specifically the Nickel, Stainless Steel &
Special Alloys Team, in 2010. She has worked on a variety of metals, initially mostly concentrating on the demand side analysis
for stainless steel, ferrochrome and nickel publications, but also taking on responsibility for the supply side analysis and cost
modelling for nickel, ferrochrome and cobalt markets. During her time in CRU Analysis Ilona was the main analyst in charge of
Ferrochrome Market and Cost Services as well as the monthly ferrochrome editorial in the Nickel/Chrome/Molybdenum Monitor.

Contact: John McNeill john.mcneill@crugroup.com +44 (0)20 7903 2063

CRU Strategies a division of CRU Group www.crugroup.com