http://www.kasbahresources.com/cms/attachments/812_Peter%20Kettle%20of%20ITRI%20talks%20Tin.pdf

1. Tin for tomorrow
New sources for new applications
Peter Kettle - Manager, Markets, ITRI Ltd
ITRI Explorers & Developers Group Australian Tin Tour, September 2012

2. Leading companies’ 2011 production
’000 tonnes
Yunnan Tin
MSC Group
PT Timah
Minsur
ITRI represents most
Thaisarco leading tin producers,
which account for two-
Guangxi China Tin thirds of world refined
Yunnan Chengfeng metal production. Its main
objective over 80 years
EM Vinto has been to support tin
usage
Metallo Chimique
Gejiu Zi-Li Refined tin production in blue, mine output in red
0 10 20 30 40 50 60
Data: ITRI

3. 5 things to remember about tin
Small but serious - and traded on the world’s
1
largest metals exchange
Strong price outlook, based on supply
2
constraints
3 A vital ingredient in a wide range of products
New applications should offset substitution
4
and economisation
5 Investment in new mines needed

4. The price roller-coaster
CRU Commodity Heat Chart 2Q2012 to 2016
Long-term tin price history Four Year Outlook % Change Climate
Palladium 88% Hot
US$/tonne, inflation adjusted 2010 prices
Tin 56% Hot
40,000 Zinc 53% Hot
Uranium 45% Hot
Alumina 42% Hot
35,000
Aluminium 38% Hot
Platinum 28% Hot
30,000 Lead 21% Hot
Nickel 18% Hot
Met Coke 18% Hot
25,000 Vanadium 9% Warm
Phosphate DAP 7% Warm
20,000 Cobalt 5% Warm
Iron Ore -4% Cool
Manganese -5% Cold
15,000 Gold -6% Cold
Copper -6% Cold
10,000 Coking Coal -7% Cold
Potash -16% Freezing
Ammonia -17% Freezing
5,000 Urea -17% Freezing
Silver -42% Freezing
0 Sulphuric Acid -48% Freezing
1900 1920 1940 1960 1980 2000 Sulphur -56% Freezing

5. Asia drives growth in tin use
Tin usage by country/region, 1980-2011
Other Europe Other Americas USA Other Asia Japan China
400
‘000 tonnes
300
200
100
0
Data: ITRI
1980 1985 1990 1995 2000 2005 2010

6. Global tin use by industry sector
120,000
Others
100,000
Float Glass
80,000 Brass & Bronze
60,000 Chemicals
40,000 Tinplate
20,000 Solder - industrial
0 Solder - electronic
Estimates based on
ITRI annual surveys
since 2005 as part of
our Sustainability
Project

7. Potential new markets

8. Potential new markets - 2

9. World tin supply – major producers
’000t Leading tin producing countries – long term trends
300
250
China
200
Indonesia
150
Malaysia
Bolivia
100 Peru
ROW
50
0
1950 1960 1970 1980 1990 2000 2010 Data: ITRI

10. China refined tin and mine output
160
’000 tonnes
140
Gap between
120 mine and refined
tin production
100 filled by raw
material imports
80 and secondary
production
60
40
20
0
1970 1975 1980 1985 1990 1995 2000 2005 2010

11. Indonesian production falls
Output of tin-in-concentrate, tonnes

12. Surveys of tin resources and reserves
40
World Resources
New reserves will
World Reserves continue to be
30 discovered and
Western World developed. Reserves
Million tonnes tin
Reserves today are the same
as 60 years ago –
20 although 14 million
37.0 tonnes has been
mined since then.
10
17.0
7.7
5.0 5.1 4.8
0
Paley 1952 Robertson Sainsbury USDI 1973 USGS 1990 USGS 2012
1965 1969

13. Many deposits – few real projects
1 at feasibility stage 90Kt at feasibility stage
4 at scoping
stage 310Kt at
scoping 824Kt as compliant
10 with compliant stage resources
resources
~ 60 with historical
resources
~3.2Mt as historical
resources
~130 known
deposits ~4.8Mt of estimated reserves
(USGS)
Data: ITRI, Greenfields
Research, USGS, Infomine,
company websites

14. World undeveloped tin resources
Pyrkakay
Catavi Tailings
Achmmach
Gottesberg Projects controlled
Pravourmiyskoe by ITRI Explorers
Cinovec and Developers
Syrymbet Group members
San Rafael Tailings shown in red. Many
Kuala Langat of the others are
Rentails inactive or
Mount Lindsay uneconomic at
Sleitat current prices
Colquiri Tailings
Taronga JORC or
Narsiin Khundlen NI43-101
Mount Pleasant Compliant
Heemskirk Known larger undeveloped
Geyer-Southwest
deposits – ’000 tonnes Sn
Mt Garnet
Data: ITRI
0 50,000 100,000 150,000 200,000 250,000

15. Major global tin projects
Syrymbet
Geyer
Cinovec
Santa Maria Gottesberg Narsiin Khundlen
Oropesa
Achmmach
AbuDabbab
Kuala Langat
San Rafael Tailings Mt Garnet
Major tin mine project
Mt Lindsay
Rentails
Non-tin mining country (2011)
Heemskirk
Tin mining country (2011)

16. New locations for safer projects
Country Ranking (of 181) Country Ranking (of 181)
Canada 4th Peru 56th
Australia 5th - -
- - China 71st
USA 10th Brazil 72nd
- - - -
Germany 20th Indonesia 111th
- - - -
UK 25th Bolivia 125th
Data: Greenfields Research
- - - -
Spain 27th DR Congo 159th
Country risk rankings combine inter-
governmental and industry data sets

17. The evolving tin supply curve
Operating (2012)
Brownfields
These projects
currently not
Greenfields
New projects economic
Greyfields need to enter the
cost curve here!
Data: ITRI/Greenfields Research

18. Forecast changes in mine production
Forecast change from 2011 – 2016, ’000 tpy
Australia
Other Countries
Africa
Brazil
Malaysia
Peru
Bolivia
Russia
China
Indonesia
-35 -30 -25 -20 -15 -10 -5 0 5 10 15 20 25

19. Forecast weeks’ supply and prices
Weeks’ supply, price in US$/tonne
14.0 Forecast 40,000
Weeks' supply Prices
12.0 35,000
30,000
10.0
25,000
8.0
20,000
6.0
15,000
4.0
10,000
2.0 5,000
0.0 0
1990 1995 2000 2005 2010 2015

20. 5 things to remember about tin
1 Small but serious
2 Strong price outlook
3 A vital ingredient
4 New applications
5 Investment needed