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!!a•ru���u,uu <br />Market: Oyerylew <br />2004 <br />Western wand mvamory Issues remain tight <br />Production upsets, even when minor in nature, caused Increased <br />supply related concerns mmuglwut the year <br />• ey trial anal Weaucer loam lssuea lsu a (c mp Cg cmpo) <br />• er.uanues to have pretlunion mi immpup octave. auagry I : :e.q <br />cmna continues rl nom oNauamn Mace lasuns <br />- snabmeanenocerammnmmrunmenul <br />Demand continues to outpace supply <br />Potential bottleneck in yeasting capacity <br />High prices are raising substitution and lost application concerns In <br />the value -addled markets <br />Market: Overview <br />2004 <br />• Molybdenum prices increased throughout the year with <br />published prices reaching their highest level since 1980 <br />• Demand Increased 11 %(35 million lbs.) <br />• Mateninn ical: 410%(27 million tbs.) <br />• Chemical: H] %(8 million loss.) <br />• Supply Increased 11 %(35 million lbs.) <br />• Primary (incluaos Chinal: +5% 17 million lbs.) <br />• Henderson IK million tbs.) <br />• eyyroducC +16% (20 million tbs.) <br />• win... Resources (•a million lbs.) <br />• Codelco (a20 million Iba.) <br />• PDMC N1 million lbs.) <br />Indexed Prices - Other Metals <br />o <br />w <br />to m m vs® <br />w <br />w is w <br />.elnW Nn4LnL <br />lnk <br />�LYkvsMcryWnuun <br />