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Agenda Overview

Day one: Wednesday 11th May 2016

8:00 Registration desk opens

9:00 Chairperson’s opening remarks
Krisztina Kalman-Schueler, Managing Partner, DMM Advisory Group

Session I: Market outlook and trading

09:10 Global trends in the commodities markets and the outlook for nickel
• Nickel in context: current dynamics in global commodities markets
- The slowdown of China and drivers for long term recovery
- The commodities climate in other markets and factors impacting capacity and demand
• The short, medium and long term outlook for nickel:
- Another year of oversupply?
- For how long will the bear market continue?
- When are production cuts likely to take place, and where?
- NPI vs. ferronickel and cathodes
• Forecasting stainless steel demand, and the knock-on effect on nickel
• Assessing the viability of emerging new technologies and growth opportunities, such as non-stainless applications

Barry Jackson, Market Intelligence Manager Nickel, AngloAmerican
Jim Lennon
, Senior Consultant, Macquarie Securities (Europe) Ltd
Salvatore Pinizzotto, Director of Market Research and Statistics, International Nickel Study Group
Nicholas Snowdon
, Metals Analyst, Global Research, Standard Chartered Bank


11:10 Networking refreshment break


11:50 Nickel trading strategies in the low price climate
• Macro-economic drivers to take into consideration for nickel trading:
- Chinese investment in infrastructure and fixed assets
- Currency fluctuations
• Analytical tools for hedging nickel trades in a volatile pricing climate
• Managing upside and downside risk
• Preparing for potential new changes in nickel trading conditions

David Wilson, Director - Metals Research and Strategy, Citi Research


Session II: Demand trends

12:20 Global demand trends for stainless steel and implications for the nickel supply chain
• Examining current levels of demand and consumption:
- China
- The Americas
- Europe
- Other markets
• How does the supply side need to prepare for future changes in demand?

Dr. Thomas Windberger, Market Analyst, SMR (Steel & Metals Market Research)


12:50 Networking lunch

Session III: Supply trends

14:20 Supply trends: how are nickel producers faring in the current low price climate? When will production be cut, where, and by whom?
• Examining the current roadmap of global nickel production
• Factors impacting the outlook for production:
- The future of HPAL and ferronickel capacity
- The NPI ramp-up in Indonesia
- The NPI ramp-down in China
• What are the reasons for the delays in production cuts?
• For how long will ferronickel stocks stay locked up?
• Perspectives from nickel producers on future challenges, developments and opportunities

Dmitry Kuznetsov, Chief Analyst, Norilsk Nickel
Mark Selby
, CEO, Royal Nickel Corporation


15:20 Networking refreshment break

Session IV: China

15:50 China: The reality on the ground
• The state of the Chinese NPI market: production and consumption
- Is the NPI slowdown due to less availability of ore, or less demand?
- Destocking and the movement of stocks
- What has been the impact of announcements by Chinese producers to reduce overcapacity
by slashing NPI output?
- How and when might prices recover?
- Will the state intervene by buying up surplus?
• How are Chinese NPI smelters raising the grade of products to increase profitability? Examining growth in imports and capacity of:
- Nickel cathode
- FeNi
• The state of China’s domestic stainless steel market: how are stainless steel producers remaining competitive?

San-Ho (Jerry) Cheng, President, Big Wave Resources PTE Ltd, China


Session V: New projects and products


16:20 New project developments and acquisitions: case study – Horizonte Minerals Plc, Brazil
Presentation on the recent consolidation of Horizonte’s 'Araguaia’ project with Glencore’s adjacent nickel project in Brazil, set to be a leading global nickel laterite project.
• Project overview
• Process technology and product
• Project economics and development timeline
Jeremy Martin, Chief Executive Officer, Horizonte Minerals Plc

16:50 Risk Management in a low price environment

  • Analysing volumes and users of the nickel contract
  • Difficulties with alloy surcharging and the advantage of LME exchange hedging
  • Enhancing nickel liquidity through market making and liquidity provider schemes
  • The new warehouse receipt project LMEshield, and how this supports the financing of off spec metal

Robert Fig, Head of Physical Market Sales, London Metal Exchange, UK


17:00 End of day one


Day two: Thursday 12 May 2016

08:15 Registration desk opens

08:50 Chairperson’s opening remarks
Krisztina Kalman-Schueler, Managing Partner, DMM Advisory Group

Session VI: Pricing

09:00 Pricing outlook: when will prices tighten and the long-awaited deficit arrive?
• What lessons can be drawn from previous bullish pricing forecasts?
• For how long will reduced demand from China continue to put downwards pressure on nickel pricing?
• Assessing the scale of the current inventory overhang:
- To what extent do stocks need to be drawn down for prices to rally?
- Will production cuts have an instant effect on pricing?
- What other factors should be considered?
• How could the drop in oil prices impact nickel?
• Discussing the impact of QBRP (Queue-Based Rent Capping) on nickel prices
• Pricing mechanisms in nickel and ferro-alloys

Janie Davies, Ores and Alloys Editor, Metal Bulletin (moderator)
Robin Bhar, Head of Metals Research, Societe Generale Corporate & Investment Banking
Alistair Ramsay
, Research Manager, Metal Bulletin Research

Session VII: Indonesia

10:00 Indonesia update: progress of the NPI ramp-up, barriers to market growth and outlook for future production
• To what extent has the export ban achieved its aim of stimulating more downstream investment within Indonesia?
• What has been the impact on the global nickel supply chain?
• Reviewing the progress of NPI projects:
- Current capacity levels
- How many new projects are likely to come onstream, and when?
• Understanding the barriers to growth and how these can be overcome:
- infrastructure challenges
- availability of power plants
- access to financing
- slump in global demand for nickel/stainless steel
• What is the outlook for future production in Indonesia and further potential regulatory developments?

Faisal Emzita
, Executive Director, Indonesian Nickel Association
Radius Suhendra
, President, PT Indoferro

Session VIII: Philippines

11:00 Philippines update: regulatory insights and the sustainability of its future as an export market
• Grade profile of Filipino nickel ore and current export levels
• The outlook for the Philippines as a viable export market
• Drivers impacting levels of future exports
• Regulatory insights on the feasibility of an export ban

Martin Antonio G. Zamora, Senior Vice President, Nickel Asia Corporation, Philippines


11:30 Networking refreshment break

Session IX: Stainless steel scrap

12:00 Trends and developments in the stainless steel scrap market
• The state of the global stainless steel scrap market, including the availability of raw materials
• Outlook for stainless steel scrap in terms of stainless steel demand and capacity
• How are low nickel prices impacting stainless steel scrap?
- How sustainable are these low prices?
• NPI production levels and the impact on stainless steel scrap
Anil Shah, President, Ni-Met Metals Inc.
Session X: Batteries and non-stainless applications
12:30 New market growth opportunities for nickel: batteries and other non-stainless products
• Car batteries as an opportunity for nickel:
- Consumption trends, outlook for end user demand and future growth
• Assessing the potential demand for nickel in other non-stainless products:
- Plating
- Chemicals
• How can nickel producers leverage these opportunities?

Thomas Höhne-Sparborth, Senior Economic Analyst, Roskill Information Services
13:00 Close of conference and networking lunch