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Table_MainInfo Table_Title / Table_Summary 201730 52.52012 20181335 70 1341 62017820181370 1389 19 2018 201826000 / 201724000 / 2018 26000 /2018 15 5%460017000 / 70%4000 / 5000 20%Table_CompanyFinance EPS P/E 2016A 2017E 2018E 2016A 2017E 2018E 7.07 -0.41 0.23 0.31 -17.24 30.74 22.8 10.15 0.15 0.46 0.58 67.67 22.06 17.5 Table_Invest Table_PicQuote -16%-7%2%11%20%2017/22017/32017/42017/52017/62017/72017/82017/92017/102017/112017/122018/1Table_Trend % 1M 3M 12M -4.73% -2.51% 2.42% 1.81% 1.62% -13.72% Table_IndustryMarket 123 17874 12835 50.02 2.64 12489 257 % 56.30 Table_Report 2018-02-11 2018-02-04 2018-01-28 2018-01-22 Table_Author S0550511020007 17621255426 qiupynesc 2018-02-25 2 / 36Table_PageTop 1. 2015 . 6 2. . 8 2.1. .8 2.2. 2018 .10 2.3. .17 2.4. .21 2.5. .22 2.6. .23 3. . 28 4. . 30 5. . 32 5.1 .32 5.2 .33 3 / 36Table_PageTop 1 % . 7 2 2015-2017 . 8 3 2017 . 9 4 2017 1-10 . 9 5 . 10 6 . 10 7 .11 8 15 .11 9 2015 . 12 10 1-11 2% . 14 11 1-11 4.02%. 14 12 ( ) . 15 13 . 15 14 1-12 21.75%. 17 15 / TC. 17 16 2017 . 18 17 1-11 0.54%. 18 18 1-10 2.25% . 19 19 . 20 20 1-12 59.34%. 20 21 . 20 22 LME . 21 23 SHFE . 21 24 . 22 25 . 22 26 . 22 27 . 23 28 1-11 0.10%. 23 29 . 24 30 ( ) . 24 31 . 25 32 . 25 33 2016 . 26 34 . 26 35 . 26 36 . 27 37 8% . 27 38 16% . 27 39 . 27 40 2008-2010 . 28 41 2015 -2017 . 28 4 / 36Table_PageTop 42 . 29 43 2004-2007 . 31 44 2009-2010 . 31 45 . 32 5 / 36Table_PageTop 1 2015-2016 . 6 2 2017 2-4 . 7 3 . 8 4 . 9 5 . 9 6 2017 . 10 7 . 12 8 2015 10 . 13 9 . 13 10 . 13 11 2017-2018 . 15 12 2016-2018 . 16 13 2017 . 19 14 2017 5 . 19 15 2017 10 . 20 16 2016-2020 . 21 17 . 22 18 2017 . 24 19 2017 . 25 20 2014 . 29 21 . 30 22 . 30 23 LME . 31 24 2018 2 21 . 32 6 / 36Table_PageTop 1. 2015 2015 LisheenDuck Pond 51.82014 2015201520151 2015-2016 century 51 Yukon Wolverine 6 Vandata Lishen 17.5 Naica Naica 2.3 pallca 1.5 Teck red dog 4.5 Duck poud 2.5 Antamina 3.5 Nystar Middle Tennessee 2.5 Campo Morado 2.5 Myra Falls 3 Mount Isa 42 Mcarthur River Iscaycruz Kazzinc 5 143.8 20162016 50 Trecora 4.6 54.63.5%5000 / 2016 2015112016LME63.91% 7 / 36Table_PageTop 1 % Bloomberg 2015 2016 20172017 LME 3288.5 /2892.54 / 28.96% 2017 25655/ , 23604 / 21.39% 201620172 2017 2-4 ( ) 2-4( ) 3 1 26500 7000 30 3 25 15 15000 3000 24 3 24 23000 7000 30 3 22 4 20-30 ( 17000 6000 20 4 19000 7000 20 4 15 7000 3000 9 2 1 7000 10000 12 2 40000 25000 50 2 18 1 2000 3000 2 2016 12 10500 12000 12.5 2 8000 10000 10 2016 11 4500 3500 6 4 1 20000 7000 25 3 1 2000 7000 25 3 2 1000 2000 6 8 / 36Table_PageTop 3 2016 7 14 8 16 2016 11 24 12 30 2017 4 24 5 28 2017 8 7 2 2015-2017 Wind 2. 2.1. 64004100 2017430831.7 20171328 580 20171382.3 663 9 / 36Table_PageTop 3 2017 4 2017 1-10 18%28%12%4%6%32%Wind Wind ILZSG 2017 3052.5 8.8 1620162017 4 2015 2016 2017e 2018f 1278.1 1208 1265 1335 1329.2 1298.6 1295 1341.2 -51.1 -90.6 -30 -6.2 2015 2016 2017e 2018f 1365.6 1337.6 1330 1370 1357.6 1369.9 1375.3 1389 8 -32.3 -45.3 -19 5 2015 2016 2017e 2018f 425 440 430 445 564.9 569.1 563.8 579.8 161.4 99.7 125 130 21.5 -29.4 -8.8 -4.8 2015 2016 2017e 2018f 586 590 580 600 628 657 661 665 55.6 50.5 65 60 13.6 -16.5 -16 -5 10 / 36Table_PageTop 5 6 01020304050602017 - 01 2017 - 02 2017 - 04 2017 - 06 2017 - 07 2017 - 08 2017 - 09 2017 - 10- 15- 10- 505101520253035402017 - 02 2017 - 03 2017 - 06 2017 - 07 2017 - 08 2017 - 09 2017 - 10ILZSG ILZSG 2.2. 2018 6 2017 Rampura-Agucha 2018 32030 2020 2018 32019 3 Red Dog 1989-2032 Mount lsa Black Star 2016 Lady Loretta: 2021 George Fisher: 2029 George Fisher Black Star Lady LorettaLady Loretta 2017 12 14 Black Star 2016 9 George FisherMcArthur River 20432034 Antamina 2001-2029 Goldcorp Penasquito 2009-2029 2019 SMM) San Cristobal 2007-2024 Cerro Lindo 2007-2028 Dugald 2013-2040 Dugald River 34 11 / 36Table_PageTop River Dugald RiverGamsberg 13 Gamsberg 13 20189-12 25Lisheen 7 10989663327 26252215 14121070204060801001208 15 145812031064946764551512489365 350344295265 263246RampuraAgucha(Hindustan ZincLtd)Red Dog (Teck)Mt. IsaZinc(Glencore)Taylor (Arizona)San Cristobal (Sumitomo Corp)Gamsberg (Vedanta)McArthurRiver (Glencore)Yauli (Volcan)Bisha(NevsunRsrcLtd)Dugald River (MMG)Tara(Boliden)Broken Hill (Zhongjin Lingnan)Zinkgruvan (Lundin Mining)Chungar (Volcan)Skorpion(VedantaLtd)Taylor 2020 SNL Metals & Mining 12 / 36Table_PageTop +35% 10% 9%Black Star 201612 Iscaycruz 20152-3 2014 8.77% 2015 4.9% AguilarIIIapa 2-5 9 2015 9%6 . 6 1 %5 . 7 6 %2 9 . 5 3 %0%5%10%15%20%25%30%35%7 2016 Kazzinc 69.7% 373 5-20 Mount Isa Black Star Open Cut 100% 0 0 George Fisher 100% 526 20 Lady Loretta 100% 111 10 McArthur River 1100 27 Kidd Creek 100% 34 5. 3 Matagami Bracemac-McLeod 100% 27 17 Los Quenuales Iscaycruz 97.6% 3 2-3 Yauliyacu 97.6% 17 3-4 IIIapa Bolivar 45% 16 2. 5 Porco 45% 4 2. 5 Sinchi Wayra Caballo Blanco 100% 3 Aguilar 100% 11 3 Perkoa 90% 38 5 Rosh Pinah 80.1% 45 7. 6-7. 8 2011-2015A2015 24.86% 67600 13 / 36Table_PageTop 139.30%Cosmos Tampakan FalcondoSipilou Katanga Mopani 18Eland 2015 10 9 504% 2017 122018 Lady Loretta 2018109 3 20182017 8Trevali Mining Trevali 25%20189 8 2015 10 George Fisher 24.5 Lady Loretta Mt lsa McArthur River 13.5 Kazznic 8 Iscaycruz 50 9 2014 138.7 2015 144.5 2016 109.4 2017 109.0 2018 109 3 10 2017 2016 Kazzinc 21.05 18.76 12.21% Australia(Mount Isa, McArthur River) 43.6 48.84 -10.73% North America(Matagami, Kidd) 12.37 13.01 -4.92% South America(Argentina, Bolivia, Peru) 9.98 9.9 0.81% Africa(Rosh Pinah, Perkoa) 9.21 12.22 -24.63% 96.21 102.73 -6.35% ILZSG 1-11 1205 2%Rampura Agucha 2016 Bisha2016 2017 Antamina2017 14 / 36Table_PageTop 10 1-11 2% - 10%- 5%0%5%10%15%20%0204060801001201401 2 3 4 5 6 7 8 9 10 112016 2017ILZSG 60%2017 2017 1-11464 4.02% 11 1-11 4.02% - 30%- 20%- 10%0%10%20%30%40%0102030405060701 2 3 4 5 6 7 8 9 10 112016 2017ILZSG 4-74-72012 2018 15 / 36Table_PageTop 12 ( ) - 40%- 20%0%20%40%60%80%02004006008001000120014002006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016%Bloomberg 13 &1 5 6 72 43Arizona Mining 2018 201767.622.1 18.1 6 5.311.2 2017 12652015 20182018 133511 2017-2018 2017 2018 Lady Loretta Mineral Securities 4.7 3 4.7 Naica Industrias Penoles 2.5 1 2.5 Olympias Eldorado Gold 2.0 0.9 1.5 16 / 36Table_PageTop Tlialanga Red River Resources 2.1 0.5 2.1 Halfinile Lake Trevali Mining 5.5 1 4 Middle Tennessee 5 3 5 Myra Falls 3 2 3 Mt Isa 24.5 8 24.5 McArthur River 13.5 4 13.5 Kazzinc 4 2 4 Iscaycruz 8 3 8 Pallca Santa Luisa 1 1 1 59 23 59 Gamsberg Vedanta 25 0 6 Dugald River 17 0 8 Hilarion Votorantim 25 0 5 Rey de Plata Industrias Penoles 3.4 0 2 Shalkiya Tau-Ken Samruk 12 0 4 82.4 0 25 201718.9 12 2016-2018 2016 2017 2018 3 0 2 1 2 0 0 2 3 0 2 1 0.5 0 0.4 0.1 0.7 0 0.2 0.5 17 5 6 6 0.9 0 0.8 0.1 7 3 4 0 10 0 2 8 3 0 1 2 1 0.5 0.5 0 48.1 8.5 18.9 20.7 2017 244.39 21.75%2017 17 / 36Table_PageTop 2017 12 3500 /11 5900 / 10 400 /12 12.5 /TC 14 1-12 21.75% 15 / TC - 40%- 20%0%20%40%60%80%100%120%140%160%051015202530351 2 3 4 5 6 7 8 9 10
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