The document is an issue of Oz Metals, a report published by Terra Studio, that provides information on base and precious metal markets and mining industry news. It includes a disclaimer, and discusses zinc treatment charges being 23% lower in 2016, Fortescue Metals looking to invest in lithium, graphite and copper, and updates on various mining projects and companies around the world.

1. Oz Metals
48th
Edition – 27th
March 2016
DISCLAIMER
This report is provided in good faith from sources believed to be accurate and reliable. Terra Studio Pty Ltd directors and employees do not accept
liability for the results of any action taken on the basis of the information provided or for any errors or omissions contained therein. Readers should
seek investment advice from their professional advisors before acting upon information contained herein.
Page 1 / 3
TerraStudio
2016 ZINC TREATMENT CHARGES 23% LOWER
Base Metals & Precious Metals Fundamentals
Source: COMEX, LME, Metal Prices, RBA, SHFE, Terra Studio
$1,000
$1,100
$1,200
$1,300
$1,400
$1,500
$1,600
$1,700
$1,800
Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
Gold
$1.75
$2.00
$2.25
$2.50
$2.75
$3.00
$3.25
$3.50
$3.75
0
250
500
750
1,000
Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
kt
Copper
SHFE COMEX LME
US$/lb A$/lb
$6
$7
$8
$9
$10
$11
0
2
4
6
8
10
Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
kt
Tin
Inventory US$ A$
$3
$4
$5
$6
$7
$8
$9
0
100
200
300
400
500
600
Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
kt
Nickel
LME US$/lb A$/lb
$0.30
$0.50
$0.70
$0.90
$1.10
$1.30
$1.50
0
200
400
600
800
Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
kt
Lead
SHFE (kt) LME (kt) US$ A$
$0.50
$0.75
$1.00
$1.25
$1.50
0
250
500
750
1,000
Mar-15 Jun-15 Sep-15 Dec-15 Mar-16
$/lb
kt
Zinc
SHFE (kt) LME (kt) US$/lb A$/lb

2. Oz Metals
48th
Edition – 27th
March 2016
DISCLAIMER
This report is provided in good faith from sources believed to be accurate and reliable. Terra Studio Pty Ltd directors and employees do not accept
liability for the results of any action taken on the basis of the information provided or for any errors or omissions contained therein. Readers should
seek investment advice from their professional advisors before acting upon information contained herein.
Page 2 / 3
TerraStudio
Markets & Majors
Mining Journal - World steel output contracted in
February as the downturn in the sector, led by China,
continued to play out, according to statistics from the
World Steel Association. Global crude steel
production fell 3.3% to 120 million tonnes in
February from the same month a year ago.
Thomson Reuters - The global world refined copper
market showed a 47,000 tonnes deficit in December,
compared with a 31,000 tonnes deficit in November,
the International Copper Study Group (ICSG) said in
its latest monthly bulletin. For the first 12 months of
the year, the market was in a 57,000 tonnes deficit
compared with a 420,000 tonnes deficit in the same
period a year earlier, the ICSG said.
Thomson Reuters - Benchmark zinc treatment
charges for 2016 have been settled 23% lower for
2016 at $188/t between Canada's Teck Resources
and commodities group Glencore, as mine supply
shrinks, according to a report by Metal Bulletin. The
charges fell from $245/t for 2015 and suggest a
shortfall in mine output, supporting prices as
smelters charge less to process diminishing
concentrate supply.
Fortescue Metals Group Chairman Andrew Forrest
said that the iron ore giant is looking into
investments in lithium, graphite, copper and
renewable energy as China's infrastructure
investment boom fades and the economy shifts
toward the consumer, Bloomberg News reported.
Jiangxi Copper is in talks with global mining majors
for possible acquisition or cooperation opportunities,
chairman Li Baoming told reporters at a March 23
media briefing in Hong Kong for its 2015 results,
despite posting a 76.21% year-on-year slump in full-
year net profit. "We have been in discussion with
some major mining companies around the globe," Li
said. "A lot of preparation work has been done in the
past years and we are looking to close some deals
over the next five years."
Mali has upgraded its estimated below ground gold
reserves by a third to 800 tonnes, enough to
maintain current levels of output for the next 15
years, Mines Minister Cheickna Seydi Diawara said.
The West African nation, Africa's third-biggest gold
producer behind South Africa and Ghana, achieved
gold output of 50 tonnes last year. The government
is seeking to increase production to 60 t in 2017.
Canada has extended the 15% mineral exploration
tax credit until March 31, 2017, which was due to
expire by the end of this month, Financial Post
reported citing the country's budget documents for
this year. "Given this is a challenging time for junior
mining companies, the government proposes to
support their mineral exploration efforts by extending
the credit for an additional year."
Mining companies operating in Peru reinvest most of
their profits as they expect a further recovery of the
price of copper by 2017, Andina news agency
reported, citing the president of the country's central
bank, Julio Velarde.
In a bid to bolster foreign currency reserves in the
Democratic Republic of the Congo, the Central Bank
of the Congo said that mining and oil companies in
the African country must pay taxes and import duties
in U.S. dollars instead of Congolese francs, effective
March 19, Reuters reported.
The Queensland government's push to end 100%
fly-in fly-out, or FIFO, workforces rattled the industry
because of the possible threat to investment and
employment in an already struggling sector. "The
planned legislation risks blanketing the entire sector
with punitive new regulatory measures that increase
the risk of investing and employing in Queensland
and will not improve outcomes for local jobseekers,
FIFO employees or local communities," said
Australian Mines and Metals Association executive
director of policy and public affairs Scott Barklamb.

3. Oz Metals
48th
Edition – 27th
March 2016
DISCLAIMER
This report is provided in good faith from sources believed to be accurate and reliable. Terra Studio Pty Ltd directors and employees do not accept
liability for the results of any action taken on the basis of the information provided or for any errors or omissions contained therein. Readers should
seek investment advice from their professional advisors before acting upon information contained herein.
Page 3 / 3
TerraStudio
Base Metals
Perilya Managing Director Paul Arndt said the
company will lay off up to 100 workers at its Broken
Hill zinc-lead-silver operations in New South Wales,
as part of a major restructure, ABC reported.
RTG Mining said an independent feasibility study for
the Mabilo copper-gold project in the Philippines
indicated a net present value of US$125 million,
using a discount rate of 8%, and an internal rate of
return of 33.45%. The payback period is 2.5 years.
The development of a large nickel deposit in the
Solomon Islands is back to square one this week, as
the nation's highest court ruled that neither of the
two firms in Japan (Sumitomo Metal Mining) and
Australia (Axiom Mining) fighting over the discovery
were entitled to the license. The Solomon Islands
Court of Appeal rejected a portion of Sumitomo
Metal Mining's appeal that the country's government
should not have cancelled in 2011 Sumitomo's
license to develop the Isabel nickel laterite discovery.
Specialty Metals
Metals of Africa announced a maiden JORC 2012
mineral resource estimate for its Balama Central
graphite project in Mozambique of 16.3 million
tonnes at 10.4% total graphitic carbon and 0.21%
vanadium oxide for 1.7 million tonnes of graphite
and 34,000 tonnes of V2O5, at a 6% TGC cutoff.
Talga Resources is tapping into the potential of the
"wonder material of the new age," more commonly
known as graphene, with ambitions of becoming a
major supplier of the product. The company
estimates it can produce between 1,000 tonnes and
2,000 tonnes of graphene each year from its
graphite deposits in Sweden.
TNG Ltd reached agreement and signed a binding
term sheet with the global commodities trader
Gunvor for the life-of-mine off-take of a minimum of
60% of the iron products from its flagship 100%-
owned Mount Peake vanadium-titanium-iron project
in the Northern Territory.
Administrators of ASX-listed Triton Minerals Ltd plan
to apply to the Supreme Court of Western Australia
to extend the second meeting of creditors for up to
60 days. The extra time will allow it to conduct a
sales campaign, allow for the submission of offers,
and give the administrators sufficient time to review
offers and make a recommendation to creditors prior
to the second meeting. Argonaut has been
appointed to assist with the recapitalization and/or
restructuring process for the company.
For further information, please contact: J-François Bertincourt, +61 406 998 779, jf@terrastudio.biz
First quartile
Second Quartile
Third Quartile
DugaldRiver
McArthurRiver
GeorgeFisher
Cannington
Century
Skorpion
Mehdiabad
Antamina
0
0
ZincEquivalentGrade(%)
Zinc Equivalent Metal Content (million tonnes)
Polymetallic Mines and Projects: Grade vs. Size
Epithermal, CRD/Mantos, MVT, SEDEX, VMS
Mines
Projects