No Slide Title - Umicore
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Metal scarcity issues<br />
Temporary metal scarcity<br />
Temporary supply-demand imbalances<br />
10<br />
•<br />
•<br />
•<br />
Investments in mining capacity requires cash<br />
and time<br />
Creates spikes and collapses in metal prices<br />
Speculation on the commodities markets<br />
enhances the effects<br />
Geo-political issues, based on concentrated<br />
sources, similar to oil, e.g.:<br />
•<br />
•<br />
•<br />
•<br />
•<br />
Rare Earth Elements (REE) in China<br />
Platinum in Southern Africa<br />
Palladium in Russia<br />
Lithium in the Andes<br />
Cobalt in DRC (Congo)<br />
1,250<br />
1,000<br />
750<br />
500<br />
250<br />
0<br />
1,250<br />
1,000<br />
750<br />
500<br />
250<br />
0<br />
1988<br />
1988<br />
1990<br />
1990<br />
1992<br />
1992<br />
1994<br />
1994<br />
Ru price<br />
1996<br />
$ / tr. oz.<br />
New application in<br />
hard disc drives<br />
Hoarding<br />
in Russia<br />
1998<br />
2001<br />
2003<br />
Pd price<br />
1996<br />
$ / tr.oz<br />
1998<br />
2001<br />
2003<br />
2005<br />
2005<br />
2007<br />
2007<br />
2009<br />
2009
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