Ann: Macy Scoping Study Update, page-42

Zinc inventories are stabilising, as they have done this time every year for the past while, and prices reflect this, however the 5 year inventories trend is still down IMO. Can't see that turning given that the global economy is not slowing down at this stage. The size of the Zinc market is large enough that Symbol at this point can come online and barely register as a blip on the radar, so I don't think there will be any problem getting a sale on delivery. I'm happy to hold and wait, not phased by the recent negative sentiment which really has no strong basis. SP is very attractive now.