多金属加工的经济与战略重要性

The economic and strategicimportance of multi-metalsprocessing Commissioned by Nyrstar MAY 2025 Contents This document is intended for general informationalpurposes only. The analysis in this report wascommissioned by Nyrstar Australia and preparedby Mandala. All data and information is as of 25 March2025. Executive summary Mandala is an economics research and advisory firm.Mandala specialises in combining cutting-edge data andadvanced analytical techniques to generate new insightsand fresh perspectives on the challenges facingbusinesses and governments. Australia’s existing zinc and lead capabilities are a gatewayto critical minerals processing 5 Views and opinions expressed in this documentare prepared in good faith and based on Mandala'sknowledge and understanding of its area of business,markets and technology. Opinions expressed herein aresubject to change without notice. No part of thisdocument may be reproduced in any manner without thewritten permission of Mandala. Securing a stable supply of critical minerals is increasinglyimportant for Australia 10 © March 2025 Note: All dollar figures are Australian dollars unlessindicated otherwise. Fundamental shifts in global industrial policy haveundermined the viability of domestic minerals processing 13 The data and information provided by Wood Mackenzieas referenced in this report should not be interpreted asadvice and you should not rely on it for any purpose. Youmay not copy or use this data and information except asexpressly permitted by Wood Mackenzie in writing. Tothe fullest extent permitted by law, Wood Mackenzieaccepts no responsibility for your use of this data andinformation except as specified in a written agreementyou have entered into with Wood Mackenzie for theprovision of such of such data and information. Appendix19 Executive summary concentrated in China. Australia has the opportunity tobecome a valuable trading partner in global supplychains as governments look to diversify critical mineralsupplies and reduce vulnerabilities to marketinterventions, including China’s recent ban on antimonyand germanium exports to the US. For example, theEuropean Union and other regions have introducedimport guardrails for critical minerals to limitdependencies on single markets. Mandala was commissioned by Nyrstar to provide anindependent summary of the significance of lead and zincrefining in Australia. This report finds that Australia’sexisting capabilities are a gateway to domestic criticalminerals processing, but fundamental shifts in the globalindustrial policy landscape are undermining Australia’scurrent and future processing capabilities. smelter operating margins around the world. Maintaining lead and zinc refining capabilities outside ofChina will become increasingly challenging. If othercountries exit lead and zinc smelting, China couldachieve monopoly power in this market and maintainmajority control of the global supply of associatedcritical minerals. Australia’s existing lead and zinc capabilities are agateway to critical minerals processing Protecting Australia’s minerals processing capability isin the national interest Fundamental shifts in global industrial policy haveundermined domestic processing Australia has the largest reserves of lead and zincglobally and an established refining capability, rankingas the third largest exporter of refined and intermediatelead and the second largest exporter of refined zinc inthe world. Australia’s lead and zinc smelting capabilities arefundamental to Australia’s ambition to leverage its high-quality mineral deposits and become a leading exporterof value-added critical minerals. Maintaining a robustdomestic industry has economic, strategic, security,industrial, and societal benefits. Lead and zinc smelters around the world are operating inchallenging economic conditions. China’s industrial policy interventions have establishedintegrated supply chains across lead and zinc productionand manufacturing, linking metals refining to themanufacture of finished goods. This downstream verticalintegration allows for cross-subsidisation across thevalue chain, with additional government subsidiessupporting loss-making activities. Overall, these policyinterventions have supported China to capture adisproportionately high percentage of the mineralsprocessing supply chain compared to their domesticmineral reserves. Nyrstar is Australia’s major lead and zinc producer, withtwo multi-metals smelters: Nyrstar Port Pirie and NyrstarHobart. Both facilities are core pillars of the localindustrial base and the Australian economy, contributing$1.7 billion gross value added in 2024 and supporting6,648 full time equivalent jobs across the country. Should Australia’s existing multi-metals smeltingcapabilities falter or shut down, rebuilding thisinfrastructure would require impractical levels of costand delay. This includes the likely collapse of local skillspipelines, particularly for metals manufact