I.1.1 - CitiBank: Michael N. Cramer

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Citi Corporate and Investment Banking
Society of Mining, Metallurgy, and Exploration | Current Trends in Mining Finance | New York | April 2013
Trends and Alternatives in Metals & Mining
Resource Funding
Michael N. Cramer, P. Engr.
Managing and Technical Director
Global Industrials | Metals and Mining
michael.n.cramer@citi.com
Christopher Elizondo
Analyst
Global Industrials | Metals and Mining
christopher.elizondo@citi.com
Table of Contents
1. Global Industry Trends
1
2. Capital Raising Activities
6
3. Capital Raisings Takeaways
Appendix
16
1. Global Industry Trends
Fewer Base Metals Companies
1980-1985
1986-1990
1990-95
1996-98
1999-01
2001-03
2004-06
2007-09
Codelco
Empresa Nacional (Ventanas)
2010-12
Codelco
Freeport-McMoran
Rio Tinto Minera
Penzoil (Duval)
Cyprus Minerals
Inspiration Copper
Amax
Cerro (Cerro Verde)
Phelps Dodge
Kennecott (Chino)
Freeport-McMoran
Freeport-McMoran
Cyprus Amax
Phelps Dodge
Phelps Dodge
Cobre Mining
Minorco (Copebras Carbon)
Plains Exploration Oil & Gas
McMoRan Exploration
Glencore International
Viterra of Canada
Xstrata
M.I.M. Holding
BHP Billiton (Tintaya)
Falconbridge
Noranda
Falconbridge
Minorco
Anglo American Properties
Anglo American (S. Africa)
Exxon (Disputada)
Anglo American
ASARCO
Kennecott (Ray, Hayden)
Southern Copper Corp.
Grupo Mexico
Minera Mexico
Peru Copper (Toromocho)
Frontera Copper
Anglo American
ASARCO
Grupo Mexico / Southern Copper
Grupo Mexico
KGHM
Quadra FNX
KGHM
Norilsk Nickel
Norilsk Nickel
Kazakhmys Corp.
Mansfelder Kupfer
Kazakhmys Corp.
BHP
Magma Copper
Cerro Corp. (Tintaya)
Billiton
Rio Algom
WMC Resources
BHP Billiton
BHP Billiton
Magma Copper
Billiton
Rio Tinto
Newmont (Palabora)
Kennecott (Bingham C.)
Freeport (Expansion)
CRA
Alcan
Rio Tinto
50 Companies
1
Global Industry Trends
10 Companies
Fewer Coal Companies
1980-1985
1986-1990
1990-95
MAPCO / Alliance Coal
Hopkins County Coal
Warrior Coal
White Oak
Green River
First Reserve Corp
Alpha Mgmt
Coastal Coal
Mears Enterprises
Nicewonder Coal Group
Getty Coal
Texaco Coal
Amoco (Coal)
Amax Coal
Bunn Mines
Costain East
Pittston
Beth Energy
Fluor Corporation
Horizon Natural Resources
Big Elk Mining
Great Western Coal
Peachtree Ridge Mining
Belle Coal
Dal Tex Coal Corp
Ashland Coal
Arch Mineral
Atlantic Richfield Coal
Vulcan (N. Rochelle)
Canyon Holdings
Shell Coal
BP / Old Ben
Zeigler
Nerco / East
Addington
Anker
1999-01
2001-03
2010-12
Alpha Natural Resources
Texaco Coal
Cyprus Minerals
RAG Intr.
Foundation Coal
Pittston
Massey Energy
Massey Energy
Ashland Coal
Arch Coal
Arch Coal
Zeigler
Horizon
ICG
Pinn Oak
Consol Energy
Consol Energy
Consol Energy
Magnum Coal
Patriot Coal
Arc Light
Patriot Coal
Peabody Holding Co
Eastern Associated
Exxon (Rawhide, Caballo)
Beaver Dam Coal
Arclar
Black Beauty Coal
Shand Mining
Excel Coal
Macarthur
Peabody Energy Corp.
Peabody
Black Beauty
Kennecott
PacifiCorp/Antlpe/SprgCk
Sun Co./Cordero Rojo
Exxon/Caballo Rojo
Kerr-McGee/Jcb Ranch
Rio Tinto Energy
Drummond
68 Companies
Global Industry Trends
2007-09
Alliance Resource Partners
Arch East (Union)
Campbells Creek Mining
Cline Resources
Peabody East
2
2004-06
Alliance Coal
Cliffs Natural Resources
Centennial Asset Amapa
U.S. Steel Met
United Taconite
Portman Limited
Consolidation Coal
U.S. Steel Steam
S.E. Coal Company
Inland Steel Coal
Island Creek Coal
Signalfern
R&P
Calumet Distribution
AMVEST Corp
1996-98
8 Companies
Fewer Traditional Financial Institutions
1990-95
Citibank
Travelers
Smith Barney
Salomon Brothers
Schroder
Associates First Capital
Banacci
Handlowy
Golden State Bancorp
KorAm Bank
Intra S.A. Corretora
BankAmerica
Continental Bank
Security Pacific
NCNB
Citizens & Southern
Sovran
Barnett
BankBoston
Bay Bank
RIHT National Bank
Fleet
Summit Bank
MBNA
LaSalle Bank
Countrywide
Merrill Lynch
Manufacturers Hanover
Chemical
Chase Manhattan
J.P. Morgan
Bank One
First Commerce
First Chicago
NBD Bancorp
Bear Stearns
Washington Mutual
Travelers/
SB
1996-98
Travelers/SSB
1999-01
Citigroup
BankAmerica
Citigroup
2001-03
Citigroup
2007-09
2010-12
Citi
Citigroup
Bank of America
NationsBank
NationsBank
Bank of America
Bank of America
BankBoston
FleetBoston
FleetBoston
Chemical
First Interstate
Wells Fargo
Norwest
First Security
CoreStates
First Union
Wachovia
SouthTrust
Golden West
Chase Manhattan
JPMorgan
JP Morgan
JP Morgan
Bank One
1st Chicago/NBD
Wells Fargo
Wells Fargo
Wells Fargo
Wells Fargo
First Union
Wachovia
Wachovia
Wachovia
SunTrust
Crestar
National Commerce
GB&T
SunTrust
SunTrust
PNC
United National Bancorp
Riggs National
Mercantile Bancshares
National City
PNC
U.S. Bancorp
59 Companies
Global Industry Trends
SunTrust
PNC
PNC
First Bank
U.S. Bancorp
Firstar
Downey
3
2004-06
U.S. Bancorp
PNC
US Bancorp
7 Companies
Near-term Industry Fundamentals
 Demand – Uncertainty
– GDP-dependency
– China – Infrastructure to consumer
– Global stimulus packages – ongoing?
– Eurozone – recovery?
Updated 2013 GDP Forecasts
USA
Brazil
Russia 3.00%
Japan
India
5.70%
China
7.80%
1.40%
Global GDP 2.70%
Source: CIRA Global Economic Outlook & Stratehy Feb. 27, 2013
12,000
10,000
$ / MT
8,000
6,000
4,000
 Financing Trends – Traditional and Alternatives
–
–
–
–
–
4
Financing markets have changed
Access for major players exists, but
Junior producers remain challenged
Trend towards “proactive and rescue M&A’s”
Growing relevance of alternative and non-traditional
funding sources
Global Industry Trends
3.10%
Eurozone -0.50%
Australia 2.40%
 Supply – Constrained
– Increasing costs, currency volatility, and lower
grades
– Capital expenditure discipline and skills shortages
– Financial discipline for liquidity, cash flows, and
dividends
– Government influence: windfall taxes, including
royalties and export controls
 Prices – Volatility
– Supply and demand issues as per above
– Effects of restocking and inventory levels
– Influence of speculation (ETFs and Hedge Funds)
2.00%
2,000
0
COPPER
LEAD
ZINC
ALUMINUM
Global Metals & Mining Mergers & Acquisitions Activity
Excluding 2009, mining enjoyed a “Golden Period” of M&A activity from 2006 - 2011, while 2012 ushered in a more
subdued deal environment. Write-downs of recent acquisitions have highlighted the acute relationship of price cycles and
M&A activity.
Dollar Volume: Global Metals & Mining
300,000
280,718
251,555
239,876
250,000
205,194
USD (MM)
200,000
203,751
177,526
$49Bn Glencore Xstrata
PLC transaction
150,000
103,942
91,167
100,000
82,323
63,297
58,252
37,009
50,000
2000
2001
2002
2003
43,527
2004
2005
2006
2007
2008
2009
2010
2011
2012
Deal Frequency: Global Metals & Mining
5,000
4,410
4,500
4,000
3,694
3,936
3,691
3,464
Volume
3,500
3,098
2,711
3,000
2,500
2,000
1,674
1,468
1,543
2001
2002
2,097
1,999
2004
2005
1,778
1,500
1,000
500
2000
Source: Thomson Financial as of January 2013.
5
Global Industry Trends
2003
2006
2007
2008
2009
2010
2011
2012
2. Capital Raising Activities
Mining Company Life Cycle and Capital Evolution
The type of financing available to a mining company is linked to the stage of its properties, assets, and projects.
Life-Cycle Stage
Exploration
Development
Emerging
Producer
Established
Producer
By Market
Equity
Hybrid Capital
Convertible Bond
Bond
Bank - Project
Finance
Bank - Revolving
Credit Facility
Commodity / Trade
Transaction
Services
Alternative or NonTraditional Funding
Ready Access /
Execution
6
Capital Raising Activities
Intermediate Access /
Execution
No Access
Traditional Capital Raising
The global bank, equity, and public debt market have historically been the leading sources of finance for this industry.
Indications are that they will now share the space with non-traditional sources.
 Syndicated Bank Loan Market – Revolving Credit Facilities, Term Loans, Pre-Export Financing, etc.
 Project Finance – Recourse, Limited Recourse, etc.
 Debt Capital Markets – Public Bonds, 144A’s, High Yield Notes, Secured Export Notes (SENs), etc.
 Equity Capital Markets – Common, Preferred, Convertibles, Hybrid Capital, etc.
7
Capital Raising Activities
Syndicated Loans Dollar Volume
Syndicated loans were a consistent source of liquidity until the financial crisis of 2008 / 2009, recovered during 2010/2011, but
significantly slowed again in 2012. Reasons include: refinancings peaked in 2011; commodity price pullbacks caused rationalization
of capex budgets and a decline in M&A activity; and new capital adequacy regulations (Basel III).
Dollar Volume: Global Metals & Mining
300,000
249,371
USD (MM)
250,000
188,623
182,808
200,000
182,128
133,232
150,000
115,189
100,220
100,000
61,623
50,000
43,046
2000
2001
49,434
2002
64,621
71,626
2003
2004
72,595
2005
2006
343
350
2007
2008
2009
2010
2011
2012
Deal Frequency: Global Metals & Mining
350
321
303
300
291
263
252
250
Volume
206
200
150
164
192
176
136
100
50
2000
2001
Source: Thomson Financial as of January 2013
8
Capital Raising Activities
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Project Finance (PF) Dollar Volume
PF was a traditionally ‘classic’ funding source, the overall activity of which not only remains sensitive to the commodity
price environment, but also to the increasing efficiency of public debt markets (as a lower cost of funding.)
Dollar Volume: Global Metals & Mining
30,000
24,543
25,000
USD (MM)
20,851
20,000
15,000
9,564
10,000
6,290
5,000
4,446
3,483
1,615
6,169
7,060
7,288
2009
2010
5,468
4,600
1,317
0
2000
2001
2002
2003
2004
2005
2006
2007
2008
2011
2012
Deal Frequency: Global Metals & Mining
35
29
30
30
25
Volume
25
21
19
20
15
17
15
14
16
14
10
10
7
5
5
0
2000
2001
Source: Thomson Financial as of January 2013
9
Capital Raising Activities
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Equity Capital (EC) Markets Dollar Volume
While equity volumes stabilized post the financial crisis, issuance activity in 2012 highlighted a correlation between
geopolitical and economic disruptions and reduced commodity prices which had a combined impact on equity values.
Dollar Volume: Global Metals & Mining
90,000
79,575
80,000
72,708
USD (MM)
70,000
55,858
60,000
50,047
50,000
54,339
40,771
40,000
30,000
20,000
10,000
12,397
5,067
5,884
2000
2001
2002
22,325
20,087
2004
2005
21,677
15,321
2003
2006
2007
2008
2009
2010
2011
2012
Deal Frequency: Global Metals & Mining
90,000
79,575
80,000
72,708
70,000
55,858
Volume
60,000
50,047
50,000
40,771
40,000
30,000
20,000
10,000
12,397
5,067
5,884
2000
2001
Source: Thomson Financial as of January 2013
10
54,339
Capital Raising Activities
2002
22,325
20,087
2004
2005
15,321
2003
21,677
2006
2007
2008
2009
2010
2011
2012
Debt Capital Markets (DC) Dollar Volume
Companies have successfully accessed the fixed income market as a means to both refinance and diversify away from
the use of bank capital. The unprecedented and prevailing low yield environment has supported this funding migration.
Dollar Volume: Global Metals & Mining
90,000
84,025
80,000
71,520
USD (MM)
70,000
62,178
60,000
50,974
50,000
40,000
30,000
22,632
20,000
10,000
14,247
12,342
2001
2002
16,640
16,398
15,329
2003
2004
2005
25,330
29,721
7,414
2000
2006
2007
2008
2009
2010
2011
204
199
2010
2011
2012
Deal Frequency: Global Metals & Mining
300
275
Volume
250
225
200
175
150
125
100
75
50
189
136
126
93
103
91
67
90
87
95
2006
2007
2008
67
25
2000
2001
Source: Thomson Financial as of 12/31/09.
11
Capital Raising Activities
2002
2003
2004
2005
2009
2012
Global Metals & Mining Dollar Financing Activity
When viewed as a whole, it can be seen that there are some challenges from traditional sources of mine finance. Trends
in dollar volume in the industry are due to the following key drivers: capital liquidity from traditional investors, the
commodity price cycle, corporate credit quality, and cost of funds.
Aggregate Dollar Volume: Global Metals & Mining
400,000
350,000
300,000
USD (MM)
250,000
200,000
150,000
100,000
50,000
0
P ublic Debt
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
7,414
14,247
12,342
16,640
16,398
15,329
22,632
25,330
29,721
50,974
62,178
71,520
84,025
Equity
5,067
5,884
12,397
15,321
22,325
20,087
40,771
79,575
55,858
72,708
50,047
54,339
21,677
Syndicated Lo ans
43,046
61,623
49,434
64,621
71,626
133,232
182,808
249,371
188,623
72,595
100,220
182,128
115,189
1,615
3,483
1,317
4,446
6,290
6,169
4,600
24,543
9,564
7,060
7,288
20,851
5,468
P ro ject Finance
Source: Thomson Financial as of 12/31/09.
12
Capital Raising Activities
Alternative and Non-Traditional Capital Raising
Alternative Funding Sources:
Non-Traditional Funding Sources:
 Export Credit Agencies
 Institutional / Financial Investors
 Industrial Development Institutions
 Sovereign Wealth Funds
 Asset-Based Finance
 Resource Funds and Hedge Funds
 Private Placements
 Product Funding: Presale of Assets
 Commodity / Trade Finance
 Vendor / Equipment Finance
13
Capital Raising Activities
Alternative Funding Sources include:
 Export Credit Agency Funding:
 Industrial Development Banks:
 Asset Base Finance:
 Private Placements:
 Commodity / Trade Financing:
 Vendor / Equipment Finance:
14
Capital Raising Activities
And Non-Traditional Sources include:
 Institutional / Financial Investors:
 Sovereign Wealth Funds:
 Resource Funds and Hedge Funds:
 Product Funding: Presale of Assets
Copper Concentrate
15
Capital Raising Activities
Coal Reserves
Metals Streams
Uranium Sales
3. Capital Raisings Takeaways
Capital Raising Takeaways
 Metals & Mining finance has and will continue to grow alongside event-driven activities (i.e. M&A,
restructurings) but uncertainty and volatility could continue through 2013
 Consolidations and acquisitions are expected to continue, albeit at a much slower rate
 Emerging Market companies have become viable global consolidators
 Access to financing windows can open and close rapidly, hence agility and preparation are key to
accessing the right opportunities
 Junior mining and exploration companies will be challenged in the current financial environment
 Syndicated bank loans have historically been a consistent source of cost effective committed capital,
although this has been impacted by increasing regulatory guidelines
 Most importantly, new sources of investors, financial options, and funding partnerships have surfaced to
help fill the capital liquidity gap and all options need to be explored
16
Capital Raisings Takeaways
Appendix
Historical Metals Prices
17
Appendix
Type
GOLD
SILVER
COPPER
1978-1985 LME Cathode
Cash, 1986-Present LME
Grade A Cash
($/Tonne)
(Cents/Lb.)
LEAD
Price Quoted
Measure
London Final
($/Troy Oz.)
London Spot
($/Troy Oz.)
1978
195.05
-
1,241.94
56.33
658.47
29.87
683.73
31.01
1979
306.69
7.33
1,943.44
88.15
1,211.67
54.96
822.23
37.30
1,634.14
74.12
2,491.09
1.13
-
1980
612.56
20.87
2,113.20
95.85
904.99
41.05
843.66
38.27
1,805.13
81.88
6,393.05
2.90
9.36
1981
459.72
10.52
1,730.24
78.48
726.09
32.94
982.26
44.56
1,293.00
58.65
5,952.15
2.70
6.40
1982
375.79
7.92
1,445.51
65.57
545.09
24.73
848.18
38.47
1,021.83
46.35
4,827.86
2.19
4.10
1983
424.18
11.45
1,550.67
70.34
423.31
19.20
912.40
41.39
1,468.26
66.60
4,673.54
2.12
3.64
1984
360.44
8.14
1,377.50
62.48
441.74
20.04
1,071.46
48.60
1,281.75
58.14
4,739.68
2.15
3.56
1985
317.27
6.13
1,393.04
63.19
390.41
17.71
889.91
40.37
1,071.66
48.61
4,893.99
2.22
3.25
1986
367.51
5.47
1,324.52
60.08
405.69
18.40
837.75
38.00
1,180.78
53.56
3,879.92
1.76
2.87
1987
446.47
7.03
1,780.44
80.08
596.32
27.05
960.96
43.59
1,590.84
72.16
4,364.91
1.98
2.90
1988
437.05
6.54
2,599.64
117.92
653.77
29.66
1,345.47
61.03
2,586.88
117.34
13,469.50
6.11
3.44
1989
381.43
5.50
2,841.95
128.97
672.14
30.49
1,711.44
77.63
1,951.29
88.51
13,315.18
6.04
3.34
1990
383.47
4.88
2,667.94
121.02
810.06
36.74
1,517.88
68.85
1,639.44
74.37
8,862.09
4.02
2.81
1991
362.18
4.07
2,342.30
106.05
557.08
25.27
1,117.10
50.67
1,302.19
59.07
8,156.65
3.70
2.35
1992
343.73
3.95
2,286.39
103.71
540.88
24.53
1,239.77
56.24
1,254.28
56.89
7,010.31
3.18
2.18
1993
359.77
4.31
1,789.10
81.15
406.02
18.42
961.99
43.64
1,139.05
51.67
5,290.80
2.40
2.28
1994
384.01
5.29
2,306.92
104.64
547.38
24.83
997.70
45.26
1,476.78
66.99
6,348.96
2.88
4.50
1995
384.16
5.20
2,934.83
133.12
630.54
28.60
1,031.12
46.77
1,805.65
81.90
8,222.79
3.73
7.42
1996
387.70
5.20
2,293.80
104.05
773.87
35.10
1,025.14
46.50
1,505.66
68.30
7,495.30
3.40
3.61
1997
331.49
4.90
2,276.16
103.25
623.74
28.29
1,316.09
59.70
1,599.33
72.55
6,922.13
3.14
4.18
1998
294.16
5.55
1,653.65
75.01
528.22
23.96
1,024.11
46.45
1,357.47
61.57
4,629.45
2.10
3.31
1999
278.77
5.22
1,572.47
71.33
502.23
22.78
1,075.96
48.81
1,361.09
61.74
6,040.33
2.74
2.59
2000
279.81
4.95
1,813.07
82.23
454.40
20.61
1,127.50
51.13
1,549.33
69.48
8,663.69
3.93
2.58
2001
270.96
4.37
1,578.29
71.59
476.40
21.60
885.79
40.18
1,444.05
65.50
5,952.42
2.70
2.33
2002
310.01
4.60
1,559.47
70.74
452.67
20.53
777.28
35.32
1,350.24
61.25
6,775.18
3.07
4.04
2003
363.68
4.88
1,779.15
80.70
515.03
23.44
827.70
37.54
1,431.64
64.93
9,633.41
4.37
5.32
2004
409.21
6.65
2,865.89
129.99
886.55
39.99
1,047.75
47.52
1,715.76
77.82
13,830.76
6.27
17.14
2005
444.46
7.31
3,678.89
166.87
976.52
44.29
1,381.67
62.68
1,861.39
84.43
14,743.91
6.68
32.15
2006
604.34
11.57
6,722.14
304.91
1,289.72
58.50
3,276.31
148.61
2,541.32
115.27
24,921.08
11.30
25.10
2007
696.66
13.39
7,118.53
322.89
2,580.07
117.03
3,242.42
147.07
2,638.42
120.22
37,229.81
16.89
30.36
2008
871.71
15.02
6,955.88
315.52
2,090.66
94.90
1,874.71
85.03
2,572.79
116.70
21,110.65
9.57
29.08
2009
973.72
14.67
5,149.74
233.59
1,726.60
77.98
1,655.11
75.07
1,640.38
75.51
14,654.65
6.65
20.36
2010
1,233.19
20.25
7,534.72
341.75
2,148.42
97.49
2,160.74
98.01
2,173.09
98.57
21,808.85
9.89
15.93
2011
1,568.57
35.11
8,820.94
400.12
2,401.83
108.52
2,193.34
99.48
2,398.29
108.78
23,221.27
10.53
15.63
LME Cash
($/Tonne)
(Cents/Lb.)
ZINC
1980-1988 MW US
HG,1989-Present LME
SHG Cash
($/Tonne)
(Cents/Lb.)
ALUMINUM
NICKEL
LME Cash
($/Tonne)
(Cents/Lb.)
MOLYBDENUM
MW Dealer
Oxide,2001
LME Cash
MO3 West
($/Tonne)
($/Lb.)
($/Lb.)
-
-
-
Jan-12
1,656.12
30.77
8,043.45
364.85
2,094.07
94.99
1,980.69
89.84
2,144.14
97.26
19,826.90
8.99
14.09
Feb-12
1,742.62
34.14
8,422.69
382.05
2,126.12
96.44
2,058.21
93.36
2,203.88
99.97
20,465.00
9.28
14.68
Mar-12
1,673.77
32.95
8,457.05
383.61
2,061.45
93.51
2,034.55
92.29
2,182.89
99.01
18,709.55
8.49
14.36
Apr-12
1,650.07
31.55
8,259.63
374.65
2,063.05
93.58
1,996.74
90.57
2,046.53
92.83
17,897.37
8.10
14.38
May-12
1,585.50
28.67
7,919.93
359.18
1,998.91
90.65
1,930.02
87.53
2,000.45
90.72
17,020.00
7.72
13.92
Jun-12
1,596.70
28.04
7,420.11
336.57
1,854.74
84.13
1,855.79
84.18
1,884.76
85.49
16,539.21
7.50
13.37
Jul-12
1,593.91
27.43
7,589.39
344.25
1,876.39
85.11
1,851.18
83.97
1,874.14
85.01
16,159.09
7.33
12.65
Aug-12
1,626.03
28.70
7,492.45
339.86
1,895.75
85.99
1,813.80
82.27
1,838.07
83.37
15,657.73
7.10
11.68
Sep-12
1,744.45
33.61
8,068.38
365.98
2,169.28
98.40
2,002.10
90.81
2,053.88
93.16
17,215.50
7.81
11.00
Oct-12
1,747.01
33.19
8,069.52
366.03
2,153.30
97.67
1,911.78
86.72
1,975.17
89.59
17,245.43
7.82
11.01
Nov-12
1,721.14
32.77
7,694.20
349.00
2,179.48
98.86
1,904.30
86.38
1,943.05
88.14
16,297.50
7.39
11.26
Dec-12
YTD Average
1,688.53
1,668.82
31.96
31.15
7,962.58
7,949.95
361.18
360.60
2,275.50
2,062.34
103.22
93.55
2,037.19
1,948.03
92.41
88.36
2,086.63
2,019.47
94.65
91.60
17,406.58
17,536.66
7.90
7.95
11.57
12.83
Jan-13
1,670.96
Au
31.11
Ag
8,049.27
Cu
366.11
Cu
2,340.27
Pb
106.15
Pb
2,033.16
Zn
92.22
Zn
2,037.98
Al
92.44
Al
17,464.77
Ni
7.92
Ni
11.86
Mo
Source: London Metals Exchange, London Bouillon Market Association and London Platinum & Palladium Association.
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