Page 16 - ANC20-Proceedings-Presentations-Full

The rise and rise of NPI – reassessed after ore ban – massive

number of new Indo projects since mid-2019 – the net differences

emerge post 2021

Nickel pig iron production (kt Ni) How our total NPI forecasts have changed - China + Indonesia
1,600
1,500
1,400 1,331 1,366
1,300 1,300
1,251
1,210
1,200 1,160 1,135
1,100
1,060 1,079
1,009
1,000
900
1,006 1,091 1,205
360 568 800 926 800
700 '000t Ni
261
600
500 185
28 90
400
300 584
475 492
400 381 408 360 325 325
100 275 250 200

2015 2016 2017 2018 2019 2020F 2021F 2022F 2023F 2024F 2025F 0
-100
2020F 2021F 2022F 2023F 2024F
China Indonesia July-19 Oct-20

Note: 2020 onwards is before any disruption allowance.
Source: Company data, SMM, Antaike, Macquarie Commodities Strategy, October 2020
PAGE 15