www.metalbulletinresearch.com

l Will Chinese bauxite imports continue to grow in the coming years?

l How will the shift in alumina pricing affect the bauxite industry?

l Where will the new sources of bauxite come from?

A Strategic Outlook for theBauxite Industry out to 2020

NEW

www.metalbulletinresearch.com

A Strategic Outlook for theBauxite Industry out to 2020

NEW

How will Australia’spolitical and legalsituation affect bauxitemining in Queenslandand Western Australia?

How will the politicalsituation regardingbauxite miningdevelop in Guinea?

What are the keytrends for themetallurgical and non-metallurgical bauxiteindustry out to 2020?

Metal Bulletin Research hasundertaken a comprehensive in-depth study into the bauxitesector, to provide an up-to-date,detailed and independent viewon this market and where it is heading out to 2020.

Aluminium has not experienced the sameraw material supply issues that manyother base metals have. However, issuesremain within the sector, not least the factthat the world’s vast bauxite reserves havehistorically been controlled by relativelyfew companies. Who they choose to sellto, and also importantly which grade ofmaterial they choose to sell, will haverepercussions for independent aluminarefineries in coming years.

How will Southeast Asian bauxitemining and consumption changein the coming years?

Over the last 20 years the global supply ofbauxite has been dominated by mines inAustralia, South America and West Africa.However, with increasing demand fromindependent Asian alumina refineries it isunlikely that their needs will, or even can,continue to be met by existing industryplayers. The successful development of

new mines within China and elsewhere inSoutheast Asia will be vital in comingyears to ensure that demand is met.

Metal Bulletin Research’s in-depth study,A Strategic Outlook for the Metallurgicaland Non-Metallurgical Grade BauxiteIndustry out to 2020, provides coverageby region and major markets for supply,demand and pricing out to 2020.

For the full year of 2011, MetalBulletin Research secured a Top 5position on the leaderboard for theApex survey, the Metal Bulletinservice that tracks performance ofmore than 20 top base metal priceforecasters, with an accuracy rate of 95.9%.

A Strategic Outlook for the Bauxite Industryout to 2020 is a timely study providing crucialanalysis and long-term independent forecasts.

This study offers expert analysis,forecasting and independent guidance including:

l A review of the supply-demand situation by regionand major markets, past, present and future;

l An overview and outlook for global bauxite miningand consumption;

l Discussion on the Chinese bauxite mining sector andunderlying reserve quality issues;

l Details and forecasts of Chinese bauxite imports bycountry of origin;

l A review of future supply sources for bauxite, and theimplications this will have for refining capacity;

l Analysis of the economics and political situation ofbauxite mining in the key mining regions, SouthAmerica, West Africa and Australia.

Why, and for whom, is this studyessential reading?

l Chairman, Managing Director, President, CEOAssists with, strategic planning, investment planning,and development of regional strategies, assetmanagement and long term planning, through anexpanded understanding of the industry.

l Analysts, consultants, researchers,industry organisations, NGOSProvides a valuable insight to assist in gaining anunderstanding of the industry.

l FinanceAssists with income/cash flow modelling and longterm planning.

l Trader/brokerProvides industry knowledge and the discovery oflong and short term opportunities.

l Marketing, SalesAssists with short and long term sales and marketingplans and the development of regional strategies, andthe forecasting of sales.

To order please call the hotline +44 (0) 20 7779 7999 or email enquiries@metalbulletin.com

This study is essential reading and offers a global coverage including:l Guayanal USAl Francel Spainl Romanial Kazakhstanl Iran

l Ghanal Madagascarl Malaysial Vietnaml Fijil Venezuelal Canada

l Germanyl Montenegrol Hungaryl Russial Saudi Arabial Cameroonl India

l Chinal Indonesial Brazill Jamaical Irelandl Italyl Bosnia

l Azerbajanl Turkeyl Guineal Tanzanial Pakistanl Laosl Australia

Historic Global Bauxite Mine Output

Source: Metal Bulletin Research

250000

200000

150000

100000

50000

02005 2006 2007 2008 2009 2010

Bauxite Output Share by Region 2011 Share of Bauxite Demand in 2011

OceaniaSouth and East AsiaWestern EuropeEastern EuropeNorth AmericaSouth America and the CaribbeanCentral AsiaAfricaMiddle east

OceaniaSouth and East AsiaWestern EuropeEastern EuropeNorth AmericaSouth America and the CaribbeanCentral AsiaAfricaMiddle east

Source: Metal Bulletin Research Source: Metal Bulletin Research

(2011-2020 data provided in the study)Between 2005 and 2010 important developments occurred in the global bauxite sector. The Chinese aluminium industry exploded which forced theexploitation of untapped bauxite sources to feed this surge in demand. There was a near doubling of Chinese bauxite output; more than a tenfoldincrease in Indonesian bauxite output and smaller magnitude increases in Indian and Australian output.

In 2010 Southern and Eastern Asian production exceeded Oceania production by 27.7m tonnes due to rapid increases in Indonesian, Chinese and toa lesser extent Indian bauxite output. Bauxite demand over the last six or so years has been a story of rapidly rising Chinese demand, and just whereChina will source its future bauxite needs from is the key to the bauxite outlook.

Table of contents

www.metalbulletinresearch.com

NEW

1: Introduction1.1 Bauxite History

FormationTypes of Bauxite

1.2 Bauxite Mining and Usage

1.3 Metalurgical Bauxite and the Aluminium Industry Supply Chain

Alumina Refining Process

2: Bauxite Market 2005 to 20202.1 Overview

Historic SupplyHistoric DemandCapacityBauxite Supply Between 2011 and 2020Bauxite Demand Between 2011 and 2020Capacity Forecast

2.2 North America

SupplyDemand

2.3 Europe

Western Europe by major marketSupplyDemandEastern Europe by major marketSupplyDemand

2.4 Northern, Central and Western Asia

RussiaSupplyDemandKazakhstanSupplyDemandOther Northern, Central and Western Asia by major marketSupplyDemand

2.5 Southern and Eastern Asia

ChinaSupplyDemandIndiaSupplyDemandIndonesiaSupplyDemandOther Southern and Eastern Asia by major marketSupplyDemand

2.6 Africa

GuineaSupplyDemandOther West Africa by major marketSupplyDemandOther Africa by major marketSupplyDemand

2.7 Middle EastSaudi ArabiaSupplyDemandOther Middle East by major marketSupplyDemand

2.8. South America and the CaribbeanBrazilSupplyDemandGuyanaSupplyDemandSuriname SupplyDemandJamaicaSupplyDemandVenezuelaSupplyDemandOther South American and the Caribbean by major marketSupplyDemand

2.9 OceaniaAustraliaSupplyDemandFijiSupplyDemand

3: Metallurgical Grade Bauxite Trade Forecasts3.1 Bauxite Pricing3.2 Historic Trends3.3 Future Trends

Chinese ImportsImpact of independent alumina pricing

4: Non-Metallurgical Grade Bauxite4.1 Chemical grade aluminas4.2 Non-aluminas grade bauxites4.3 Pricing of non-metallurgical bauxite and aluminas4.4 Refractory demand forecast

5: Key Bauxite Mining Corporations5.1 Rio Tinto Alcan5.2 Alcoa5.3 Rusal5.4 Norsk Hydro5.5 Chalco5.6 Others5.7 Metallurgical grade bauxite exploratory firms

6: Appendix6.1 Bauxite Reserves and Extraction

HistoricForecasted

6.2 Bauxite Demand6.3 Global Alumina Refinery Projects

ROW $8,200 UK £4,995 Europe €5,705

For more information please visit www.metalbulletinresearch.com or call +44 (0) 20 7779 7999or email enquiries@metalbulletin.com

Other relevant Metal Bulletin Research publications include:• Base Metals: Weekly Market Tracker • Aluminium and Raw Materials: Weekly Market Tracker• Aluminium Sheet and Extrusion: Weekly Market Tracker• Aluminium’s Future Under A New Power Market Paradigm:Costs, Location & Prices

• The Global Outlook for Aluminium in Transportation • Aluminium in MENA Outlook to 2020

• The Ten Year Outlook for Alumina• A Five Year Outlook for China’s Aluminium Industry • The Future for China’s Aluminium Fluoride Industry • The Global Aluminium Flat Rolled Products Outlook to 2020• The Global Recycled Aluminium Market Outlook to 2020• The Chinese Copper Market – Prospects for 2012• Aluminium’s Future Under A New Power Market Paradigm:Costs, Location & Prices

FIVE EASY WAYS TO ORDERTel: +44 (0) 20 7779 7999Fax: +44 (0) 20 7779 8090E-mail: enquiries@metalbulletin.comOnline: www.metalbulletinstore.comMail: Metal Bulletin Research Special Reports, TDS,

Pegasus Drive, Stratton Business Park, Biggleswade,Bedfordshire SG18 8TQ, UK

If you have any questions you can also contact your regional office

Customers in Asia please contact:Tel: +61 3 5229 5445E-mail: marketing@metalbulletinresearch.com

Customers in North America please contact:Tel: +1 (212) 224 3577Fax: +1 (212) 224 3671

Family Name

Mr/Miss/Mrs/Ms/Dr

First/Given Name

E-mail

Company Name

Job Title

Address

Post/Zip Code

Country

Tel +( )

Fax +( )

Use of your informationThe information you provide on this form will be used by Euromoney Institutional Investor PLC and its group companies (“we” or“us”) to process your order and/or deliver relevant products/services and content. We may also monitor your use of our website(s),including information you post and actions you take, to improve our services to you and track compliance with our terms of use.Except to the extent you indicate your objection below, we may also use your data (including data obtained from monitoring) (a) tokeep you informed of our products and services; (b) occasionally to allow companies outside our group to contact you with detailsof their products/services; or (c) for our journalists to contact you for research purposes. As an international group, we may transfer your data on a global basis for the purposes indicated above, including to countries whichmay not provide the same level of protection to personal data as within the European Union.By submitting your details, you will be indicating your consent to the use of your data as identified above. Further information on ouruse of your personal data is set out in our privacy policy, which is available at www.euromoneyplc.com or can be provided to youseparately upon request.Marketing choicesIf you object to contact as identified above by telephone q, fax q, or email q, or post q, please tick the relevant box. If you do notwant us to share your information with our journalists q, or other companies q please tick the relevant box.

www.metalbulletinresearch.com

YOUR COMPANY TYPERaw Material Supply (0003)Metal/Steel Production/Processing (0027)Fabrication/Manufacturing(0055)Distribution (0095)Services/Products for theIndustry (0111)End-User Sector (0167)

Finance Companies (0271)Production (0275)Processing & Equipment (0279)Trading (0287)Transport – Ports (0291)Non-Ferrous Foundry (0303)Extruding (0311)Other Primary Metal Products(0315)

Ferrous Traders (0319)Non-Ferrous Traders (0323)Resource/Asset Recovery(0327)Library/Research (0321)Trade Association (0525)Legal/Regulations (0155)Government (0253)

YOUR METALS INTERESTBase Metals (11001)Aluminium (11002)Downstream Aluminium (11157)Precious Metals (11160)Minor Metal (11267)Light Metals (11360)Steel (12001)

Steel Tube & Pipe – Seamless(12042)Steel Tube & Pipe – Welded(12043)Stainless Steel (12159)Steel Wire (12230)Galvanising & Coated Coil(12226)

Ferro Alloys (13000)Scrap & Secondary Metals(14000)Steelmaking Raw Materials(12231)Iron Ore (12232)

DATA PROTECTION NOTICE

PROMO CODE

Study published February 2012

Yes I would like to order

A Strategic Outlook for the Bauxite Industry out to 2020Please select:

I wish to pay by the following method (please tick appropriate box):

CREDIT CARD – I wish to pay by credit card.Please call the Metal Bulletin Research hotline on +44 (0) 20 7779 7999.Please do not fax or email credit card details.

INVOICE – Please invoice me for US$/£/€ ______________I understand my report will not be sent until the invoice hasbeen paid.

CHEQUE – I enclose a cheque for US$/£/€ _____________made payable to Metal Bulletin.

BANK TRANSFER – A bank transfer has beenmade payable to Metal Bulletin for US$/£/€ _____________

Please provide a copy of the transfer document with your order quoting code MBR0091

US$: A/C No. 11474448 Sort Code: 30-12-18SWIFT CODE: LOYDGB2LCTY IBAN number: GB80LOYD30121811474448

£: A/C No. 0900023 Sort Code 30-00-02SWIFT CODE: LOYDGB2LCTY IBAN number: GB86LOYD30000200900023

€: A/C No. 86221460 Sort Code: 30-12-18SWIFT CODE: LOYDGB2LCTY IBAN number: GB80LOYD30121886221460

Lloyds TSB Bank plc, City Office, PO Box 72, Bailey Drive, Gillingham Business Park,Gillingham, Kent, ME8 0LS, UK