Molybdenum

SUMMARY

This report analyzes the worldwide markets for Molybdenum in Metric Tons. The Major end-use Segments Analyzed are Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, and Catalysts. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, China, Asia-Pacific, and Rest of World. Annual forecasts are provided for each region for the period of 2001 through 2010. The report profiles 40 companies including many key and niche players worldwide such as Antamina, Antofagasta Plc, Brush Engineered Materials, Inc., Codelco, Collahuasi Copper Mine, Endako Mines, Eureka Mining, Golden Phoenix, Highland Valley, Imperial Metals Corporation, Molycorp Inc., Molymet (Molybdenos y Metales), Phelps Dodge Corporation, Henderson Mine, Rio Tinto Plc, Rio's Bingham Canyon, Roca Mines Inc., Sierrita, Southern Peru Copper Corporation, Taseko Mines Limited, and Thompson Creek Mining Company. Market data and analytics are derived from primary and secondary research. Company profiles are mostly extracted from URL research and reported select online sources.

TABLE OF CONTENTS

I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

• Study Reliability And Reporting Limitations I-1
• Disclaimers I-2
• Data Interpretation & Reporting Level I-2
• Quantitative Techniques & Analytics I-3
• Product Definitions And Scope of Study I-3
• Stainless Steels I-4
• High Strength Low Alloy (HSLA) Steel I-4
• Tool Steel I-4
• Molybdenum Base Alloys I-4
• Super & Nickel Base Alloys I-4
• Lubricants I-4
• Pigments I-5
• Catalysts I-5

II. EXECUTIVE SUMMARY

1. Industry Overview II-1

• Molybdenum Demand on a New High II-1

2. Current & Future/ Historic Analysis II-2

• Analysis by Geographic Region II-2
• Analysis by End-Use Segment II-2
• Historic Review II-2

3. Product Overview II-3

• Definition II-3
• Description and Features II-3
• Uses of Molybdenum II-3
• Table 1: World Molybdenum Market - Use by Major Application Industries (In %) (includes corresponding Graph/Chart) II-4
• Molybdenum Products II-4
• Ferromolybdenum II-4
• Molybdenum Oxide II-4
• Molybdic Oxide II-5
• Molybdenum Trioxide II-5
• History II-5
• Properties of Molybdenum II-5
• Physical Properties II-5
• Solubility Factor II-6
• Advantages of Molybdenum over Other Metals II-6
• Limitations II-6
• Extraction Process II-6
• Mining II-6
• Milling II-6
• Roasting II-6
• Production Scenario II-7
• Table 2: World Molybdenum Mine Production by Country in Metric Tons for Years 2004, 2005 and 2006 (includes corresponding Graph/Chart) II-7
• Table 3: World Molybdenum Mine Production by Country in Metric Tons for Years 2001, 2002 and 2003 (includes corresponding Graph/Chart) II-8
• Molybdenum Reserves II-9
• Table 4: World Molybdenum Reserves and Reserve Base by Country in Thousand Metric Tons for 2005(includes corresponding Graph/Chart) II-9

4. End-Use Applications II-10

• Stainless Steels II-10
• High Strength Low Alloy (HSLA) Steel II-10
• Tool Steel II-10
• Molybdenum Base Alloys II-10
• Super & Nickel Base Alloys II-11
• Titanium Base Alloys II-11
• Molybdenum Metal II-11
• Molybdenum Compounds II-11
• Catalysts II-11
• Metal Products (Sinter) II-12
• Lubricants II-12
• Corrosion Inhibition II-12
• Smoke Suppressants II-12
• Pigments II-12

5. Price Issues II-13

• Rising Demand Push Global Prices II-13

6. Recent Industry Activity II-14

• Golden Phoenix Acquires Molybdenum Property of Northern Champion II-14
• Marifil to Acquire Araucana Molybdenum Property II-14
• Largo to Acquire Northern Dancer Tungsten-Molybdenum Project II-14
• Galway Obtains Victorio Molybdenum Tungsten Project II-14
• Roca Establishes Molybdenum Mine in British Columbia II-15
• Michigan Gold Enters into Agreement with Broker for Sale of Copper/Molybdenum Mine II-15
• Mega Acquires Maureen Uranium-Molybdenum Property II-15
• Radisson Acquires Dryden Molybdenum Showing II-15
• PEARL Changes Name and Acquires Davidson Molybdenum Property II-15
• Globex Obtains Gayhurst Molybdenum Property II-16
• Eureka Signs Joint Venture Agreement with Kazatomprom II-16
• Falconbridge's Altonorte Commences Molybdenum Production II-16
• Climax to Expand Henderson Mine's Production Capacity II-16
• Golden Phoenix Signs Agreement with Derek Raphael II-16

7. Focus on Select Global Players II-17

• Antamina (Peru) II-17
• Antofagasta Plc (Chile) II-17
• Brush Engineered Materials, Inc. (USA) II-17
• Codelco (Chile) II-18
• Collahuasi Copper Mine (Chile) II-18
• Endako Mines (Canada) II-18
• Eureka Mining (UK) II-18
• Golden Phoenix (USA) II-19
• Highland Valley (Chile) II-19
• Imperial Metals Corporation (Canada) II-19
• Molycorp Inc. (USA) II-20
• Molymet (Molybdenos y Metales) (Chile) II-20
• Phelps Dodge Corporation (USA) II-20
• Henderson Mine (USA) II-21
• Rio Tinto Plc (UK) II-21
• Rio's Bingham Canyon (USA) II-21
• Roca Mines Inc. (Canada) II-21
• Sierrita (USA) II-22
• Southern Peru Copper Corporation (USA) II-22
• Taseko Mines Limited (Canada) II-22
• Thompson Creek Mining Company (USA) II-22

8. Global Market Perspective II-23

• Table 5: World Recent Past, Current & Future Analysis for Molybdenum by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) andRest of World Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 2001 through 2010 (includes corresponding Graph/Chart) II-23
• Table 6: World Historic Review for Molybdenum by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) II-23
• Table 7: World 15-Year Perspective for Molybdenum by Geographic Region - Percentage Breakdown of Consumption for USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets for Years 1995, 2001, 2006 and 2010 (includes corresponding Graph/Chart) II-24
• Market Analysis by End-Use Segment II-25
• Table 8: World Recent Past, Current & Future Analysis for Application of Molybdenum in Stainless Steel by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 2001 through 2010 (includes corresponding Graph/Chart) II-25
• Table 9: World Historic Review for Application of Molybdenum in Stainless Steel by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) II-25
• Table 10: World 15-Year Perspective for Application of Molybdenum in Stainless Steel by Geographic Region - Percentage Breakdown of Consumption for USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan &China) and Rest of World Markets for Years 1995, 2001, 2006 and 2010 (includes corresponding Graph/Chart) II-26
• Table 11: World Recent Past, Current & Future Analysis for Application of Molybdenum in Alloy Steel/ Low Alloy Steel by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 2001 through 2010 (includes corresponding Graph/Chart) II-27
• Table 12: World Historic Review for Application of Molybdenum in Alloy Steel/ Low Alloy Steel by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) II-27
• Table 13: World 15-Year Perspective for Application of Molybdenum in Alloy Steel/ Low Alloy Steel by Geographic Region - Percentage Breakdown of Consumption for USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets for Years 1995, 2001, 2006 and 2010 (includes corresponding Graph/Chart) II-28
• Table 14: World Recent Past, Current & Future Analysis for Application of Molybdenum in Tool & High Speed Steel by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 2001 through 2010 (includes corresponding Graph/Chart) II-29
• Table 15: World Historic Review for Application of Molybdenum in Tool & High Speed Steel by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excludingJapan & China) and Rest of World MarketsIndependently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) II-29
• Table 16: World 15-Year Perspective for Application of Molybdenum in Tool & High Speed Steel by GeographicRegion - Percentage Breakdown of Consumption for USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets for Years 1995, 2001, 2006 and 2010 (includes corresponding Graph/Chart) II-30
• Table 17: World Recent Past, Current & Future Analysis for Application of Molybdenum in Super Alloys & Other Metallurgical Applications by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 2001 through 2010 (includes correspondingGraph/Chart) II-31
• Table 18: World Historic Review for Application of Molybdenum in Super Alloys & Other Metallurgical Applications by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) II-31
• Table 19: World 15-Year Perspective for Application of Molybdenum in Super Alloys & Other Metallurgical Applications by Geographic Region - Percentage Breakdown of Consumption for USA, Canada, Europe,Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets for Years 1995, 2001, 2006 and 2010 (includes corresponding Graph/Chart) II-32
• Table 20: World Recent Past, Current & Future Analysis for Application of Molybdenum in Lubricant & Pigments by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 2001 through 2010 (includes corresponding Graph/Chart) II-33
• Table 21: World Historic Review for Application of Molybdenum in Lubricant & Pigments by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) II-33
• Table 22: World 15-Year Perspective for Application of Molybdenum in Lubricant & Pigments by Geographic Region - Percentage Breakdown of Consumption for USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets for Years 1995, 2001, 2006 and 2010 (includes corresponding Graph/Chart) II-34
• Table 23: World Recent Past, Current & Future Analysis for Application of Molybdenum in Catalysts by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 2001 through 2010 (includes corresponding Graph/Chart) II-35
• Table 24: World Historic Review for Application of Molybdenum in Catalysts by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) II-35
• Table 25: World 15-Year Perspective for Application of Molybdenum in Catalysts by Geographic Region - Percentage Breakdown of Consumption for USA, Canada, Europe,Japan, China, Asia-Pacific (excluding Japan & China) andRest of World Markets for Years 1995, 2001, 2006 and 2010 (includes corresponding Graph/Chart) II-36
• Table 26: World Recent Past, Current & Future Analysis for Application of Molybdenum in Other Uses by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets Independently Analyzed with Annual Consumption inMetric Tons for Years 2001 through 2010(includes corresponding Graph/Chart) II-37
• Table 27: World Historic Review for Application of Molybdenum in Other Uses by Geographic Region - USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) II-37
• Table 28: World 15-Year Perspective for Application of Molybdenum in Other Uses by Geographic Region - Percentage Breakdown of Consumption for USA, Canada, Europe, Japan, China, Asia-Pacific (excluding Japan & China) and Rest of World Markets for Years 1995, 2001, 2006 and 2010 (includes corresponding Graph/Chart) II-38

III. MARKET

1. The United States III-1

• A. Market Analysis III-1
• Strong US Demand for Molybdenum III-1
• Production Scenario III-1
• Table 29: US Molybdenum Mine Production in Metric Tons for Years 2004, 2005 and 2006 (1Q) III-1
• Table 30: US Molybdenum Mine Production in Metric Tons for Years 2001 through 2003 III-1
• Imports III-1
• Table 31: US Molybdenum Market (2004): Percentage Share Breakdown of Volume Imports (Molybdenum Ore and Concentrates (Including Roasted and Other Concentrates)) by Country (includes corresponding Graph/Chart) III-1
• Exports III-2
• Table 32: US Molybdenum Market (2005): Percentage Share Breakdown of Volume Exports (Molybdenum Ore and Concentrates (Including Roasted and Other Concentrates)) by Country (includes corresponding Graph/Chart) III-2
• The Price Factor III-2
• Current and Future Analysis III-2
• Historic Review III-3
• Strategic Corporate Developments III-3
• Focus on Select Players III-3
• B. Market Analytics III-7
• Table 33: US Recent Past, Current & Future Analysis for Molybdenum by End-Use Segment - Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 2001 through 2010 (includes corresponding Graph/Chart) III-7
• Table 34: US Historic Review for Molybdenum by End-Use Segment - Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) III-7
• Table 35: US 15-Year Perspective for Molybdenum by End-Use Segment - Percentage Breakdown of Consumption for Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets for 1995, 2001, 2006 & 2010 (includes corresponding Graph/Chart) III-8

2. Canada III-9

• A. Market Analysis III-9
• Current and Future Analysis III-9
• Historic Review III-9
• Strategic Corporate Developments III-9
• Focus on Select Players III-10
• B. Market Analytics III-11
• Table 36: Canadian Recent Past, Current & Future Analysis for Molybdenum by End-Use Segment - Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 2001 through 2010 (includes corresponding Graph/Chart) III-11
• Table 37: Canadian Historic Review for Molybdenum by End-Use Segment - Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) III-12
• Table 38: Canadian 15-Year Perspective for Molybdenum by End-Use Segment - Percentage Breakdown of Consumption for Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets for 1995, 2001, 2006 & 2010 (includes corresponding Graph/Chart) III-13

3. Europe III-14

• A. Market Analysis III-14
• Current and Future Analysis III-14
• Historic Review III-14
• Strategic Corporate Development III-14
• Focus on Select Players III-14
• B. Market Analytics III-15
• Table 39: European Recent Past, Current & Future Analysis for Molybdenum by End-Use Segment - Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 2001 through 2010 (includes corresponding Graph/Chart) III-15
• Table 40: European Historic Review for Molybdenum by End-Use Segment - Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) III-16
• Table 41: European 15-Year Perspective for Molybdenum by End-Use Segment - Percentage Breakdown of Consumption for Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets for 1995, 2001, 2006 & 2010 (includes corresponding Graph/Chart) III-17

4. Japan III-18

• A. Market Analysis III-18
• Current and Future Analysis III-18
• Historic Review III-18
• B. Market Analytics III-19
• Table 42: Japanese Recent Past, Current & Future Analysis for Molybdenum by End-Use Segment - Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 2001 through 2010 (includes corresponding Graph/Chart) III-19
• Table 43: Japanese Historic Review for Molybdenum by End-Use Segment - Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys& Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) III-19
• Table 44: Japanese 15-Year Perspective for Molybdenum by End-Use Segment - Percentage Breakdown of Consumption for Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets for 1995, 2001, 2006 & 2010 (includes corresponding Graph/Chart) III-20

5. China III-21

• A. Market Analysis III-21
• Increased Consumption of Molybdenum Concentrate Drives Demand for Molybdenum in China III-21
• Current and Future Analysis III-21
• Historic Review III-21
• B. Market Analytics III-22
• Table 45: Chinese Recent Past, Current & Future Analysis for Molybdenum by End-Use Segment - Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 2001 through 2010 (includes corresponding Graph/Chart) III-22
• Table 46: Chinese Historic Review for Molybdenum by End-Use Segment - Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) III-22
• Table 47: Chinese 15-Year Perspective for Molybdenum by End-Use Segment - Percentage Breakdown of Consumption for Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets for 1995, 2001, 2006 & 2010 (includes corresponding Graph/Chart) III-23

6. Asia-Pacific III-24

• A. Market Analysis III-24
• Current and Future Analysis III-24
• Historic Review III-24
• Australia - A Market Review III-24
• Strategic Corporate Development III-24
• B. Market Analytics III-25
• Table 48: Asia-Pacific Recent Past, Current & Future Analysis for Molybdenum by End-Use Segment - Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts andOther Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 2001 through2010 (includes corresponding Graph/Chart) III-25
• Table 49: Asia-Pacific Historic Review for Molybdenum by End-Use Segment - Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) III-26
• Table 50: Asia-Pacific 15-Year Perspective for Molybdenum by End-Use Segment - Percentage Breakdown of Consumption for Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets for 1995, 2001,2006 & 2010 (includes corresponding Graph/Chart) III-27

7. Rest of World III-28

• A. Market Analysis III-28
• Current and Future Analysis III-28
• Historic Review III-28
• Strategic Corporate Developments III-28
• Focus on Select Players III-30
• B. Market Analytics III-32
• Table 51: Rest of World Recent Past, Current & Future Analysis for Molybdenum by End-Use Segment - Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts andOther Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 2001 through2010 (includes corresponding Graph/Chart) III-32
• Table 52: Rest of World Historic Review for Molybdenum by End-Use Segment - Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets Independently Analyzed with Annual Consumption in Metric Tons for Years 1995 through 2000 (includes corresponding Graph/Chart) III-32
• Table 53: Rest of World 15-Year Perspective for Molybdenum by End-Use Segment - Percentage Breakdown of Consumption for Stainless Steel, Alloy Steel/ Low Alloy Steel, Tool & High Speed Steel, Super Alloys & Other Metallurgical Applications, Lubricant & Pigments, Catalysts and Other Markets for 1995, 2001, 2006 & 2010 (includes corresponding Graph/Chart) III-33

IV. COMPETITION

• 1. Adanac Moly Corporation (Canada) IV-1
• 2. Amerigo Resources Ltd. (Canada) IV-3
• Table 54: Annual Sales Analysis: 2004-2005(In Can$ million) IV-3
• Table 55: Annual Sales Analysis by Quarter:2004-2005 (In Can$ million) IV-4
• 3. Antofagasta Minerals SA (Chile) IV-4
• 4. Blue Pearl Mining Limited (Canada) IV-5
• 5. Brush Engineered Materials, Inc. (USA) IV-7
• Table 56: Half Yearly Sales Analysis: 2005-2006 (H1)(In US$ million) IV-8
• Table 57: Annual Sales Analysis: 2004-2005(In US$ million) IV-8
• Table 58: Annual Sales Analysis by Segment:2004-2005 (In US$ million) IV-8
• 6. Cameco Corporation (Canada) IV-10
• 7. Central Metals & Alloys Ltd. (UK) IV-12
• 8. CM Chemistry Metal (Germany) IV-13
• 9. CODELCO - Corporación Nacional Del Cobre De Chile(Chile) IV-14
• Table 59: Annual Sales Analysis: 2004-2005(In US$ million) IV-15
• 10. Compañía Minera Antamina SA (Peru) IV-17
• 11. Endako Mines (Canada) IV-18
• 12. Eramet Group (France) IV-19
• 13. Ernst B. Westman Ltd. (UK) IV-21
• 14. Eureka Mining PLC (UK) IV-22
• 15. Falconbridge Ltd. (Canada) IV-24
• Table 60: First Quarter Sales Analysis:2005-2006 (Q1) (In US$ million) IV-27
• Table 61: First Quarter Sales Analysis by Segment:2005-2006 (Q1) (In US$ million) IV-27
• Table 62: Annual Sales Analysis: 2004-2005(In US$ million) IV-28
• Table 63: Annual Sales Analysis by Segment:2004-2005 (In US$ million) IV-28
• Table 64: Annual Sales Analysis by GeographicRegion: 2004-2005 (In US$ million) IV-28
• Antamina (Chile) IV-31
• Collahuasi Copper Mine (Chile) IV-32
• 16. Galway Resources Limited (Canada) IV-33
• 17. Globex Mining Enterprises, Inc. (Canada) IV-34
• Table 65: Half Yearly Sales Analysis:2005-2006 (H1) (In Cdn$ thousands) IV-35
• Table 66: Six Months Sales Analysis by Quarter:2005-2006 (H1) (In Cdn$ thousands) IV-35
• Table 67: Annual Sales Analysis: 2004-2005(In Cdn$ thousands) IV-35
• Gayhurst Molybdenum Property (Canada) IV-37
• 18. Golden Phoenix Minerals, Inc. (USA) IV-38
• Table 68: Annual Sales Analysis: 2004-2005(In US$ million) IV-39
• 19. Highland Valley Copper (Canada) IV-40
• 20. Huludao Hongda Moly Co., Ltd. (China) IV-40
• 21. Imperial Metals Corporation (Canada) IV-41
• Table 69: Half Yearly Sales Analysis:2005-2006 (H1) (In US$ million) IV-42
• Table 70: Annual Sales Analysis: 2004-2005(In US$ million) IV-42
• 22. International Molybdenum PLC (UK) IV-43
• 23. Jinduicheng Molybdenum Mining Guangming(Shandong) Co., Ltd. (China) IV-44
• 24. Largo Resources Ltd. (Canada) IV-44
• 25. Marifil Mines Limited (Canada) IV-45
• 26. Mega Uranium Ltd. (Canada) IV-46
• Table 71: Nine Months Sales Analysis: 2005-2006(Nine Months ended, June) (In Can$ thousands) IV-46
• Table 72: Nine Months Sales Analysis by Quarter:2005-2006 (Nine Months ended, June)(In Can$ thousands) IV-46
• Table 73: Annual Sales Analysis: 2004-2005(In Can$ thousands) IV-47
• 27. Michigan Gold Mining Investments, Inc. (USA) IV-49
• 28. Molibdenos Y Metales SA (Molymet) (Chile) IV-50
• Sadaci NV (Belgium) IV-51
• 29. Molycorp, Inc. (USA) IV-52
• Molycorp Sarl (France) IV-53
• 30. NAC Kazatomprom (Kazakhstan) IV-54
• 31. Phelps Dodge Corporation (USA) IV-56
• Table 74: First Quarter Sales Analysis:2005-2006 (Q1) (In US$ million) IV-57
• Table 75: Annual Sales Analysis: 2004-2005(In US$ million) IV-58
• Table 76: Quarterly Sales Analysis: 2004-2005(In US$ million) IV-58
• Table 77: Annual Sales Analysis by GeographicRegion: 2004-2005 (In US$ million) IV-58
• Climax Molybdenum Company (USA) IV-61
• Henderson Mine (USA) IV-61
• Sierrita (USA) IV-62
• 32. Radisson Mining Resources, Inc. (Canada) IV-63
• Table 78: Annual Sales Analysis: 2004-2005(In US$ million) IV-63
• 33. Rio Tinto Limited (Australia) IV-65
• Table 79: Annual Sales Analysis: 2004-2005(In US$ million) IV-66
• Table 80: Annual Sales by Segment: 2004-2005(In US$ million) IV-66
• Table 81: Annual Sales Analysis by GeographicRegion: 2004-2005 (In US$ million) IV-67
• Rio Tinto PLC (UK) IV-68
• Kennecott Utah Corporation (USA) IV-69
• Rio's Bingham Canyon (USA) IV-70
• 34. Roca Mines, Inc. (Canada) IV-71
• 35. Southern Copper Corporation (USA) IV-73
• Table 82: Half Yearly Sales Analysis:2005-2006 (H1) (In US$ million) IV-74
• Table 83: Half Yearly Sales Analysis by Segment:2005-2006 (H1) (In US$ million) IV-74
• Table 84: Half Yearly Sales Analysis by GeographicRegion: 2005-2006 (H1) (In US$ million) IV-75
• Table 85: Annual Sales Analysis: 2004-2005(In US$ million) IV-75
• Table 86: Annual Sales Analysis by Quarter:2004-2005 (In US$ million) IV-75
• Table 87: Annual Sales Analysis by Segment:2004-2005 (In US$ million) IV-75
• Table 88: Annual Sales Analysis by GeographicRegion: 2004-2005 (In US$ million) IV-76
• 36. Taseko Mines Limited (Canada) IV-77
• 37. Teck Cominco Limited (Canada) IV-78
• Table 89: Annual Sales Analysis: 2004-2005(In Can$ million) IV-80
• Table 90: Annual Sales Analysis by Segment:2004-2005 (In Can$ million) IV-80
• Table 91: Annual Sales Analysis by GeographicRegion: 2004-2005 (In Can$ million) IV-81
• 38. Thompson Creek Mining Co. (USA) IV-82
• 39. U.S. Energy Corporation (USA) IV-83
• Table 92: Half Yearly Sales Analysis:2005-2006 (H1) (In US$ million) IV-83
• Table 93: Half Yearly Sales Analysis by BusinessOperation: 2005-2006 (H1) (In US$ thousand) IV-84
• Table 94: Annual Sales Analysis: 2004-2005(In US$ thousand) IV-84
• Table 95: Annual Sales Analysis by BusinessOperation: 2004-2005 (In US$ thousand) IV-84
• 40. Ultimate Metals (UK) IV-86