PROFILE AND CAPABILITIES TZMI.COM TZ MINERALS INTERNATIONAL PTY LTD ABOUT TZMI TZ MINERALS INTERNATIONAL PTY LTD (TZMI) is a global Consulting Specialists for: consulting and publishing company, established in 1994, which specialises in all aspects of the mineral sands, titanium dioxide, - Heavy mineral deposits titanium metal and coatings industries. The strength of TZMI’s consulting services stems from extensive - Recovery and processing practical experience in the various industries in chief executive, of mineral sands senior operational, analytical and marketing roles. - TiO2 pigment plants TZMI’s publications and data services support the consulting activities and ensure up-to-date, high quality and comprehensive - Titanium sponge production data, analysis and information is available, supported by a the most globally comprehensive and current database of - High level strategic M&A production and market data which has been built up over 20 years. decision support At TZMI, professional research analysts collect and analyse data - Operationally focused plant of industry production, market information and best practices in optimisation the world, including supply and demand models, technical data and operating cost data for all major producers. - Feasibility studies incorporating TZMI services are also complemented by Allied Mineral mining, processing and Laboratories (AML). AML is 100% owned by TZMI and is a testing beneficiation up to and facility located in Western Australia that specialises in resource assessment and flowsheet development for mineral sands, iron including basic engineering, ore and other heavy mineral deposits. suitable for use in IPOs or This combination of services provided globally ensures that every private equity raising. assignment and offering is one that takes into consideration all aspects across the value chain – a very important factor which leads to successful results for our clients. In the last three years TZMI has worked with clients from: Current experience since 2010: - Australia - Netherlands - 30+ bespoke studies for project - Belgium - New Zealand development and feasibility - Brazil - Norway assistance delivered. - Canada - Poland - China - Russia - 50+ market studies delivered - Czech Republic - Saudi Arabia to various participants including - Egypt - Slovenia mineral sands producers, TiO2 - Finland - South Africa pigment producers, product - France - South Korea end-users and financial - Germany - Spain institutions. - Hong Kong - Sweden - India - Switzerland - 50+ technical due diligence/ - Ireland - Tunisia merger and acquisition - Japan - Ukraine assignments delivered. - Kazakhstan - United Arab Emirates - Various strategic, technical - Korea - United Kingdom and market related bespoke - Mexico - USA - Netherlands - Vietnam consulting activities for clients across mineral sands, TiO2 The assignment locations are usually confidential and located pigment, titanium metal and around the globe. rare earths. CONSULTING SERVICES TZMI is globally recognised as the leading independent INDUSTRY ANALYSIS professional services provider in the titanium and zircon industries TZMI provides bespoke reports on productive costs and markets and works with clients to provide knowledge and solutions with specific industry analysis, ranging from feedstock to across technical, market and strategic capacities. We specialise pigment production costs and detail such as markets for specific in providing confidential consulting services across all aspects of pigment grades. the industries, including to banks and financial services. The vast majority of TZMI work is confidential and involves participants DUE DILIGENCE from all aspects of the titanium and zircon value chains. TZMI provides due diligence studies and independent expert PROJECT DEVELOPMENT reports for both titanium feedstock and zircon producers through to pigment plants. Much of this work is confidential and TZMI has extensive experience in evaluating new projects includes outcomes where the opportunity has proceeded or not, including assessments of potential products, quality based on the result of the study or report. requirements, likely consumers, product pricing; plus market entry strategies. TZMI assists in developing potential projects MERGERS AND ACQUISITIONS with scoping studies, prefeasibility studies and bankable TZMI is regularly involved in due diligence studies and feasibility studies. This includes management of process testwork independent expert reports for both industry participants and flowsheet development, leading to estimates of capital and and potential new entrants as well as for other feedstock and operating costs and providing a realistic assessment of cost pigment transactions. TZMI has provided high level strategic competitiveness compared to existing producers and potential M&A decision support in many large transactions, however, the new projects. majority of this work is confidential. TECHNICAL CONSULTING MARKET ASSESSMENTS A diverse operating experience across nearly all titanium TZMI prepares long-term projections of supply and demand mineral and pigment operations around the world allows TZMI price forecasts prepared on a confidential single client basis. to efficiently identify areas for improvement in cost and quality These independent forecasts for all mineral sands, pigment and can assist with flowsheet development, physical separation and titanium sponge products are widely used throughout the testwork, resource assessments, technical reviews and audits, manufacturing and financial sectors and are provided in addition benchmarking exercises and economic evaluation of projects. to the general industry data in TZMI’s publications. COMPETITIVE COST ANALYSIS (BENCHMARKING) TZMI has developed a proprietary methodology that allows for a realistic comparison of projects with widely differing product profiles to assess competitiveness and to provide benchmarking Mineral Sands criteria. REPORT PUBLICATIONS & DATA SERVICES China: Outlook 2013 TZMI’s publications provide a comprehensive range of authoritative data and informed commentary on all aspects of the titanium minerals, zircon and pigment industries. Full Weather forecasting and the mineral sands time research staff are engaged in the collection, analysis and distribution of data. sector: what’s next? TZMI Editiorial p1 Macroeconomic view from IHS Global Insight p19 New entrants TZMI’s publications include: to boost production - Monthly publications of production trade Feature p13 and market data “Offtake volumes subdued” Feedstock quarterly update p17 - Detailed annual reviews and market Issue 204 MSR / forecasts DATA AND ANALYSIS ON OCTOBER THE GLOBAL 2012 TITANIUM MINERAL, TIO - Quarterly price forecasts 2 PIGMENT AND ZIRCON INDUSTRIES. - Customised multi client studies addressing supply and demand and relative economic 2012 2012 2012 2012 2012 2012 values. ANNUAL REVIEW METAL TITANIUM T Z M I T Z M I T Z M I T Z M I - Comparative cost studies and trade data ZIRCON TiO2 FEEDSTOCK TiO2 PIGMENT TITANIUM METAL matrices ANNUAL REVIEW ANNUAL REVIEW ANNUAL REVIEW ANNUAL REVIEW - Customised key industry data reports tailored to specific needs - Free weekly news updates on latest developments within the industry. All publications can be ordered directly from the TZMI website at www.tzmi.com TZMI KEY PERSONNEL Eric Bender, Senior Consultant (BSc Eng) a metallurgist in 1976, Steve has had senior roles including General Eric re-joined TZMI in October 2012 to develop Manager for RGC’s operations in Florida, General Manager of the business in the Americas region as well as add to Eneabba operations, and Group Operations Manager for RGC Mineral TZMI’s technical and business capabilities. Eric holds a Sands Limited. Bachelors of Science degree in Chemical Engineering Tracey Kelly, Marketing and Business Development from Mississippi State University. He is based in the Manager (BCom) US in the Houston, Texas area. Prior to re-joining TZMI, Eric worked for Momentive Specialty Chemicals as a Global Tracey joined TZMI in 2010 and holds a Bachelor New Business Space Development Leader, responsible for originating, Degree in Economics and Marketing. Tracey has developing, and leading global new business concepts for the had a diverse career in marketing and business company. Eric’s TiO2 pigment experience came from Tronox, where he development over the past 10 years and now focuses held numerous positions from Engineering to Strategic Sourcing to on ensuring TZMI’s clients receive the service and Business Development / M&A. products which they require to ensure their needs are met. She is also responsible for strategic market and product development and the Barend (Ben) Coetzee, Managing Consultant coordination of the annual TZMI Congress. (M Eng MBL) Pedro Liberal, Senior Consultant Ben joined TZMI in May 2006 as the TiO2 Pigment (BSc Technical Mining Eng. and Master Degree in Specialist and is based in Durban, South Africa. He development of innovative companies) has a Bachelors degree in Electrical & Electronic Engineering, a Masters degree in Electrical Pedro joins TZMI following 14 years in the ceramic Engineering and a Masters of Business Leadership. industry with Torrecid Group, bringing extensive Ben enjoyed an extensive career with Huntsman Tioxide spanning experience in the mineral sands industry, particularly more than 12 years. In 1992, he joined the Tioxide JV at its South in the zircon sector. He has technical and business African TiO2 plant holding various