ITRI is the main source of global tin industry statistical and market information, based on its networks of member companies and regular large-scale industry surveys. In recent years it has expanded its representative office in China, giving first-hand access to the world’s largest market and producing country. Its long history in applications technology provides unique insights into market opportunities and substitution threats. ITRI and Greenfields Research have worked together since 2010, collaborating first on the development of the ITRI Tin Production Costs Model and more recently in surveying and analysing tin exploration and development activity worldwide. The completely updated mine costs model is an important building block for both these new reports, providing a guide to the long-term equilibrium price for tin (as well as the short-term floor price in times of cyclical oversupply) and allowing us to position mine projects along the future industry supply curve.

1. ITRI Tin Industry Review 2014
New reports to answer all your questions on the global tin industry outlook.
Two complementary reports for tin users, producers, explorers and investors.
New Tin Supply
Buy both reports
at a discounted
package
price

2. Introduction
ITRI is the main source of global tin industry statistical and market information, based on its networks of member companies and regular large-scale industry surveys.
In recent years it has expanded its representative office in China, giving first-hand access to the world’s largest market and producing country.
Its long history in applications technology provides unique insights into market opportunities and substitution threats.
ITRI and Greenfields Research have worked together since 2010, collaborating first on the development of the ITRI Tin Production Costs Model and more recently in surveying and analysing tin exploration and development activity worldwide.
The completely updated mine costs model is an important building block for both these new reports, providing a guide to the long-term equilibrium price for tin (as well as the short-term floor price in times of cyclical oversupply) and allowing us to position mine projects along the future industry supply curve.
Tin Industry Review 2014
Available immediately
This is the fourth edition of a series of major studies on the tin outlook published by ITRI since 2008. The 100 page printed report and electronic PDF file is backed up by data tables in Excel and charts in PowerPoint format.
All of the key questions which will determine the outlook for the industry are considered in depth and answered objectively:
• After the growth spurt of the early 2000s, will substitution and economisation drag down tin demand or can new applications more than offset these negative factors?
• Will mine supply from the established big producing countries, China and Indonesia, be maintained or decline?
• While some big companies are investing heavily, can juniors with new projects obtain financing to get them off the ground?
• Will recycling play an increasing role in balancing supply and demand?
• Are known stocks of tin sufficient to cover expected supply deficits in the coming years?
• How do mine operating and capital costs define the likely tin price range in the next five years and beyond?
The main contributors to the report are all senior ITRI staff with many decades of combined experience in tin. They are available to subscribers to present and discuss their findings as part of the service package. Additional confidential consulting work for individual customers can also be provided on request.
For further information on the Tin Industry Review contact
Peter Kettle on +44 1727 871347, e-mail peter.kettle@itri.co.uk
Tin Industry Review 2014 Order your copy today: +44 (0) 1727 871 347
Don’t delay!
Order this essential report from the experts now.
Price UK£7,500
(or at a discount when ordered with the ‘New Tin Supply’ report)

3. EXECUTIVE SUMMARY
Managing the Next Tin Crisis
The Outlook for Tin Usage
Tin Production and Investment
Supply/Demand and Price Outlook
Chapter 1 :
Outlook for Tin Usage
Overview
Intensity of Use
Recent Market Trends
Technology Threats and Opportunities
Forecast to 2018 and Beyond
CHAPTER 2 :
Tin Production and Investment
Overview of Recent Trends
The Top Ten Producers
The World’s Leading Tin Mines
Trends and Prospects in China
Indonesia Tightens Control
Slow South American Revival
Conflict Minerals Issues
The Global Project Pipeline
Production Costs and Returns on Investment
Capital Costs and Investment
Secondary Refined Tin Production
The Outlook for Tin Production to 2018 and Beyond
CHAPTER 3 :
Supply/Demand and Price Outlook
Tin Price History
The Supply/Demand Position and Stock Levels
Floor and Equilibrium Prices
Critical Regional Developments
Forecast Supply/Demand Position and Prices
Appendix I:
Statistical data
Appendix II:
Cost model definitions and production data
Tin Industry Review 2014 Order your copy today: +44 (0) 1727 871 347
The Review includes...
Who will benefit from the report?
Tin users. The report helps inform pricing and hedging decisions as well as underpinning long- term planning of product development.
Investors in new mine projects. The report identifies the need for increased investment in sustainable mine supply. Using the ITRI Tin Production Costs Model we can identify where new projects fit into the future industry costs distribution, while the price forecast scenarios can be used to calculate IRRs.
Investment funds. Tin has out-performed other commodity assets in the last decade, but appears to be losing its favoured status recently. Investors may be deterred by the lack of transparency in the market, but this report helps plug the information gap compared to larger commodity markets.

4. New Tin Supply
Available end-July 2014
The core of this report is provided by 69 one-page detailed profiles of mine projects which enable efficient comparative analysis of strengths and weaknesses. Each profile contains published information or ITRI/ Greenfields estimates on the following:
• General information: geology, project type, product, mine type, production capacity
• Owners and operators: company details and contact information
• Background description: a short summary on the history of the project and key points on its current status
• Reserves and resources: depending on the stage of exploration, compliant reserves or resources, historical resources or exploration targets, with ore tonnages and Sn, co-product and Sn equivalent grades
• Operating Costs: estimated or company reported cash, corporate and full operating costs, with and without by-product credits
• Capital costs: capex, capex per annual tonne of capacity and life-of-mine capex
• Production rates: open pit and/or underground ore tonnage, strip ratio, feed grade, recovery, concentrate production and grade, by-product and tin-equivalent production
• Start-up and mine life: actual, company reported or estimated timings from reporting of maiden resource through scoping, feasibility, permitting, financing and construction
• Investment suitability: Rankings based on country ratings by Tranparency International, World Bank, Fraser Institute and WEF
• Project Comparison: summary rose diagram ranking key project attributes into quartiles
The project profiles are backed up by a series of appendices providing explanations of the profiles, cost definitions, information on other known projects, a bibliography and references and details of latest developments since end-April 2014, the cut-off point for inclusion of data into the main profiles.
For further information on the New Tin Supply report contact:
Peter Kettle (UK) on +44 1727 871347, e-mail peter.kettle@itri.co.uk
or John Sykes (Australia) on +61 (8) 9467 1860, email john.sykes@greenfieldsresearch.com
New Tin Supply Pre-order your copy today: +44 (0) 1727 871 347
Don’t delay – pre-order today!
A unique, objective and detailed review of new tin mine projects around the world.
Price UK£6,000
(or at a specially discounted price when ordered with the ‘Tin Industry Review 2014’ report - available now.)

5. New Tin Supply Pre-order your copy today: +44 (0) 1727 871 347
Project Name Country
Aberfoyle Australia
Abu Dabbab Egypt
Achmmach Morocco
Anchor Australia
Arara Brazil
Ardlethan Tailings Australia
Ardlethan UG Australia
Baal Gammon Australia
Bisie DR Congo
Catavi Tailings Bolivia
Cinovec Czech Republic
Cleveland Tailings Australia
Cleveland Tin Australia
Coal Creek USA
Collingwood Australia
Colquiri Tailings Bolivia
Conrad Australia
Cooperativa Multi-Activa Bolivia
Deputatskoye Russia
Deputatskoye Tailings Russia
Doradilla Australia
El Carmen Bolivia
El Kenko Lamas Bolivia
Geyer Germany
Gottesberg Germany
Great Pyramid Australia
Heemskirk Australia
Hemerdon Ball United Kingdom
JC (Smart) Canada
Khartoum Australia
Maranboy Australia
Moina Australia
Mokopane South Africa
Mount Bischoff Australia
Mount Garnet Australia
Project Name Country
Mount Lindsay Australia
Mount Pleasant Canada
Mount Veteran Australia
Mount Wells Australia
Narsiin Khundlen Mongolia
Oonah Australia
Oortsog Ovoo Mongolia
Oropesa Spain
Pirquitas Argentina
Pravourmiyskoe Russia
Prospect Hill Australia
Pucro Bolivia
Pyrkakay Russia
Redmoor United Kingdom
Rentails Australia
Ringarooma Bay Australia
Rio Andavillque Bolivia
Rio Centenario Bolivia
Sakholovo-Cherpunya Russia
Sakholovo-Terekhtyakh Russia
Santa Maria Spain
Sao Lourenco Hard Rock Brazil
Siglo XX Bolivia
Sink & Float Descartes Bolivia
Sleitat Mountain USA
Sobolinoye Russia
Solnechny Tailings Russia
Solnechny-Festivalnoye Russia
Solnechny-Perevalnoye Russia
South Crofty United Kingdom
Syrymbet Kazakhstan
Taronga Australia
Treliver United Kingdom
Westerzgebirge Germany

6. e-mail your order to info@itri.co.uk or fax to +44 1727 871341
Tin Industry Review
(2014 edition)
and New Tin Supply report
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1. Deliverables
1.1 The Tin Industry Review (hereafter “the Review”) will consist of a report in hard copy and electronic format and is available immediately. The New Tin Supply Project Profiles report (hereafter “the Report”) is due to be completed by end-July 2014 and will be forwarded to the purchaser as soon as it is completed.
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2.1 The contents of the Review and the Report (collectively known as “the Material”) supplied to the purchaser is confidential and is provided solely for the use of the purchaser. Internal circulation of the Material within the purchaser’s organisation is permitted, subject to the Material being reproduced accurately, in full, and with no part taken out of context. ITRI Ltd/Greenfields Research must be identified as the source of the Material and the copyright status acknowledged. Copyright notices on any of the Material must not be removed, concealed or modified.
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