Pulacayo Project Feasibility Study - Apogee Silver

Pulacayo 1 000 t/d Phase I Feasibility Study - NI 43-101 Technical Report
090644-3-0000-20-IFI-100
Although further detailed discussions of lead supply-demand projections will not be undertaken
for this report, Credit Suisse shows a four-year outlook for lead per Table 19.3, which is
consistent with views generally shared by most market analysts.
Table 19.3: Lead Market Outlook (‘000 Mt Contained Pb)
Source: Credit Suisse
Accordingly, while the market is forecast to remain in a balanced to surplus position in 2012 and
2013, it is forecast to trend towards deficit starting in 2014 and widen thereafter as demand
growth continues to outpace supply.
As with zinc, in an effort to attain lead price projections independent of individual views and
opinions, lead price forecasts were drawn from different sources to form a consensus outlook.
Detailed data is set out in Appendix II of this report however, year by year projected consensus
lead prices can be summarized as set out in Table 19.4 above.
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