ISSN 2056-6735 (Online)

Mining Perspectives—Resources in the Abyss
China’s 12th 5-year plan and the metal industry

The magazine of the Minor Metals Trade Association

4nd Edition 2014/September

www.mmta.co.uk

Welcome from the Editor
Welcome to the latest edition of the Crucible, now officially a magazine. Over the summer, the MMTA has had
the opportunity to visit some MMTA Members, seeing first-hand aspects of the minor metals business, which
we’ve reported in this edition. Many thanks to those Member companies. I would like to draw yourattention to our forthcoming events and hope to see you in London, Sheffield, New York or Toronto over the
coming months. If you are not yet an MMTA Member, join now to take advantage of the benefits of MMTA
Membership.

Maria Cox, MMTA

THE MMTA’S INTERNATIONAL MINOR METALSCONFERENCE 2015

TAKING PLACE AT THE FAIRMONT ROYAL YORK HOTEL, TORONTO,
FROM 27—29 APRIL 2015
Be sure to take full advantage of the MMTA Members’ Early-Bird Rate which isavailable until 31st October. If you aren’t yet an MMTA Member, don’t delay incompleting your application to ensure your Member discount.
We are also offering a competitive non-members’ Early-Bird Rate.
We will once again be hosting a high-quality speaker programme, as well as excellent networking
opportunities.

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Letter from North America
Dear Members
I don’t know how it’s been for you, but the weather here in New York thissummer has been, and, indeed, still is, quite lovely: warm, not sweltering; dry,
not humid; and, sunny, sunny, sunny.
And this got me to thinking about solar energy and a number of interesting
things that have been happening in industry, especially here in the USA. (Iknow that, for those of you involved with solar these will probably be old hat,but, for those who aren’t, they may be of interest. They certainly were forme.)
In early May, just a few days after the release of the third U.S. National
Climate Assessment, President Obama announced some 300 private andpublic sector commitments, “advancing solar deployment and energy
efficiency”, and representing “more than 850 megawatts of solar deployed –enough to power nearly 130,000 homes”: a potentially useful shot in the arm
for the industry.
But, then, reading the latest releases from the US national solar trade body,the Solar Energy Industries Association® (SEIA), you have to wonder whether
it really needs such a shot. Not only was 2013 a record year for solar
installations, with 4,751 MW of new photovoltaic (PV) capacity installed, butalso, according to the SEIA’s latest Solar Market Insight Report, “[t] he U.S.
installed 1,330 MWdc [direct current] of solar PV in Q1 2014, up 79% over Q1

2013, making it the second-largest quarter for solar installations in the historyof the market”, with “74% of new electric generating capacity in the U.S. in Q1
2014 [coming] from solar.” Now that’s quite something.
But recent solar records haven’t been restricted just to installations. Ex-USA,back at the start of June, solar power provided Germany with some 50% of its
electricity needs. On Whit Monday, June 9th and a bank holiday in the country,
solar energy production topped out at 24.24 GW, just over 50% of electricity
demand.

INSIDE THIS ISSUE
MMTA’s International Minor Metals
Conference 2015………………………………..2
Letter from North America……………..3
Resources from the Sea: Mining theAbyss…………………………………………………….4
Advanced Manufacturing ResearchCentre Member Day & Networking
Drinks…………………………………………………...5
Perspectives on Russia & Ukraine...6
China’s 12th 5-year plan: Challenges &Opportunities for the metal industry.
…………..…………………………………………………….8
MMTA Visits Magnesium Elektron….10
MMTA’s 41st Anniversary Dinner……..12
Minor Metals in the Body………….……….14
Selling the Eiffel Tower……………………..15
Maria Cox Interviews Argus COO……..16
Member Job Vacancies……………………..17
MMTA Visits Sims FE Mottram…………18
Supporting Supply Chain Resource
Sustainability………………………………………..19

And back over here, just a couple of weeks ago, First Solar announced, from
Arizona, that it had built in Ohio the “highest efficiency thin film PV cell onrecord”, when one of its cadmium-telluride research cells achieved 21.0%
efficiency. The company was crowing doubly as it noted: “[t]he achievement

also places First Solar’s CdTe research cell efficiency above copper indium
diselenide based solar cells (CIGS) at 20.9 percent, and well above
multicrystalline silicon (mSi), which peaked at 20.4 percent in 2004. ” Thecompetition between the different types of PV remains fierce!

Finally, two recent announcements in particular about innovations in theworld of photovoltaics caught my eye. The first came from Michigan State
University. It announced that a team of its researchers had “ a new type ofsolar concentrator that when placed over a window creates solar energy
while allowing people to actually see through the window ”. As the university

notes, its transparency, and, therefore, non-intrusiveness, is the winningbenefit – up ‘til now the luminescent active layers have been colored. Just
think if such a concentrator could be applied effectively to the windows of askyscraper.

In the second announcement, Magnolia Solar reported that, working closelywith a couple of departments at the State University of New York, and “ using

nano-structured optical coatings that can minimise reflection losses andenhance light trapping…it is pioneering the application of nanotechnology forboth flexible CIGS and III-V solar cells in order to boost performance andlower costs.” Once again, the potential appears very exciting.

The MMTA promotes
essential elements thatadd quality, safety andenjoyment to our lives.
The MMTA is the world's
leading minor metals
industry organisation.

In closing, members may be interested to learn that, in fact, the AlbanySchenectady-Troy metropolitan area of New York (along the Hudson River),also known colloquially as “Tech Valley”, is a highly-regarded centre forcutting-edge nanotechnology innovation, and our own very successful answer
to California’s “Silicon Valley”.
With best wishes, as always, from New York, to MMTA members everywhere.

Tom Butcher, August 20th, 2014 Hard Assets Investor©2014 Tom Butcher

3

Resourcesfrom the Sea:
Mining theAbyss
In recent years, technical advances developed by the
deep-sea oil industry have meant that deep-sea mining
for metals is starting to become a real option. Major
deposits have been known about for some time, but
the challenge lies in reaching these deep-water
resources and then mining and returning the minerals
to dry land. With the depletion of easy-to-reach onshore resources, historically high mineral prices andthe exceptional quality of some sub-sea deposits, deep-sea mining may soon become a reality, finally opening
up some of the least explored areas of the planet.

with the deep seabed mining then being carried out
remotely from a floating platform at the surface.
Legal considerations are a key issue in developing a
deep-sea mining industry. Under the United Nations
Convention of the Law of the Sea (UNCLOS), ‘the sea-

bed and subsoil thereof beyond the limits of national
jurisdiction is designated as the ‘Area’’. UNCLOS statesthat ‘the Area and its resources, including all minerals,
are the common heritage of mankind, with governanceof the Area being vested in the International Seabed
Authority (ISA)’.
The ISA is the body responsible for granting
prospecting, exploration and exploitation licenses for
all mining activities in the Area. There is currently no
regulatory framework in place to provide guidance forcommercial mining activities in non-territorial waters
nor a royalty or tax regime in relation to such. However,there is some guidance under UNCLOS on financial
contributions required to be paid to the ISA.
Recently, the ISA has granted seven new licenses to
explore the floors of the Pacific, Indian and Atlantic
Oceans. Four licenses are for the Clarion-Clippertonzone between Hawaii and Mexico, and the Magellan
Mountain in the northwest Pacific. Two cover part of
the Indian Ocean Ridge, while one is for the Rio Grande
Rise in the southern Atlantic.

Advances in 3-D seismicity, mean there is a reliable
way to identify the geological record of the sea-bed,

Deposits available include:
Polymetallic Nodules – manganese, iron,copper, cobalt, magnesium, titanium.
Located in all oceans and have been found in fresh
water lakes. However, nodules concentrated toamounts to be of economic interest are locatedin the centre of the north central Pacific Ocean,
the centre of the north Indian Ocean and the Peru
Basin in the south-east Pacific Ocean.

Cobalt Rich Crusts – cobalt, nickel, platinum,titanium, tungsten, cerium.
Occur throughout the Pacific on seamounts,
ridges and plates, with the central equatorial
Pacific region offering more economically viableconditions and distributions.

Seafloor Massive Sulphides (SMS) –copper, lead, zinc, silver, gold.
Occur in the greatest abundance at the East
Pacific Rise, the Northeast Pacific Rise and theSoutheast Pacific Rise. SMS form along hydrothermal vents where mineral-rich fluids spurt fromcracks in the ocean crust.
4

UK Seabed Resources, a subsidiary of Lockheed Martin,
Ocean Mineral Singapore, a subsidiary of Keppel
Corporation, and the Cook Islands Investment
Corporation will all explore the seabed of the ClarionClipperton zone for polymetallic nodules.
In addition, Nautilus Minerals, a Canadian mining
company, has finally got the go ahead from the ISA and
the Papua New Guinea (PNG) government, with whoma dispute has been ongoing since the early 1990s, over
the terms of the operation, with their license being
granted in April this year.
The finalised project aims to extract ores of copper,
gold and other valuable metals from a depth of 1,500m
with PNG taking a 15% stake in the mine bycontributing $120m towards the costs of the operation.
The primary resource in that region is a Seafloor
Massive Sulphide, located around 1500m underwater,
the project is known as Solwara 1.
Technology
One of the many new technological developments
which have enabled the new projects to go ahead ismade in the UK by underwater specialist manufacturer,
Soil Machine Dynamics (SMD), based in Newcastle.

They have built a Bulk Cutter weighing 310 tonnes whichis equipped with cameras and 3D sonar sensors. The
robot is driven by two pilots from a control room on thevessel above, attached via a giant power cable.

ADVANCED MANUFACTURINGRESEARCH CENTRE MEMBER DAY &3D sonar will allow it to make images and send themback to the control room.

NETWORKING DRINKS

The sea floor is cut up by the machine; the rocks are thensucked through a pipe and deposited behind thecutter, with the final stage being an as-yet unbuilt
machine sucking the ore up to the surface.

The University of Sheffield AMRC with Boeing
identifies, researches and resolves advanced
manufacturing problems.

Environment
Deep sea mining is controversial and faces opposition;
earlier this year, New Zealand rejected a proposal tomine iron ore from the seabed offshore in the South
Taranaki Bight. The seafood industry, amongst others,
lobbied against mining in this region due to the unknown
effect on fish stocks of dumping extracted material backonto the sea floor when the valuable minerals had been
removed.

JOIN US FOR THIS UNIQUE DAY AT THE
STATE-OF-THE-ART AMRC
When: 20th November 2014

Although technology developed by deep-sea oil is helping
deep-sea mining become a reality, it is also big oil spills
that stick in people’s memories when considering theenvironmental impact that mining may have. The deepsea floor is an almost unknown ecosystem, and from thedescription of the Bulk Cutter robot, the mining is notgoing to be a delicate operation.

Where: AMRC Sheffield, UK

The International Seabed Authority (ISA), is currently
drawing up guidelines for the environmental
management of future seabed mining, although there
are some rules in place covering the mining ofpolymetallic nodules.

The draft programme includes:

Nautilus believes that the sea-bed is a resilient
ecosystem and expects it to recover in 5-10 years. This
operation will be watched closely, as the first of its kind,and any detrimental effects will certainly be scrutinised
closely.

Tamara Alliot, MMTA with Elliot Hyams, BSc Geology

Congratulations to Wogen Resources

Cost: £50—this includes the full programme, lunch
and refreshments

Introductory Presentation on AMRC

Factory of the Future tour

Nuclear AMRC tourPresentation and discussion: Composites—
threat or opportunity?

Lunch and networkingCastings Technology International tour —including casting design & development, and 3D
printingTitanium Information Group presentationon their recent victory in theannual Wogen vs MMTA Cricket Match.

Design & PrototypingMedical AMRC

Thank you to Wogen for their generous
hospitality on the day—it was enjoyed

The Member Day will be followed by a free
networking drinks reception open to AMRC
attendees and other MMTA Members. We would

by all who attended.

like to invite MMTA Members to bring a guest to join
us for drinks. RSVP is required for the drinks
reception.

FREE NETWORKING DRINKS RECEPTIONTHIS IS A MEMBERS’ ONLY EVENT
5Perspectives
on Russia andUkraineAccording to Sergei Guriev, visiting professor of
economics at Science Po, Paris, although “manycritics argue that the sanctions imposed on Russia for
its actions in Ukraine are ineffective, because they are
too limited in scale and scope”, he asserts that “thesearguments are wrong. Though the sanctions are notbacked by China, they are already having a powerful
effect and the expectation that they will be tightened
further is a huge concern for investors and theRussian government”.
Professor Guriev, former Rector of the New Economic
School in Moscow, argues that “the latest sanctions
are unprecedented. The European Union went evenfurther than the United States. Exposure to Russian
markets varies widely among EU countries – andbetween the EU and the US. But, after the downing of
Malaysia Airlines Flight 17, Russia can no longer
pursue a divide-and-rule strategy that leverages thesedifferences”.

to use Western technology to develop new oil fields.
Otherwise, its oil output will stagnate or even fall,
hitting the ruble and living standards hard”.
“Financial markets and Russia’s government
understand the gravity of the medium-term risks. To
avoid ruble depreciation and inflationary pressure, the
CBR raised its benchmark interest rate to 8% (from5.5% before the Crimea crisis). But this may not beenough, given that Russia’s recently introduced“counter-sanctions” – an embargo of food imports
from the EU and the US – will contribute significantly
to price growth “ states Guriev.
“Since January, Russian stocks have lost 16% of theirvalue on the MSCI index, after already trading at a
50% discount in 2013, while Brazilian and Turkish
equities are up by 13% and 27%, respectively. WithMSCI now set to offer investors emerging-markets
indices that exclude Russia, a massive sell-off ofRussian stocks by index funds will drive down prices
further. Indeed, the net capital outflow is expected to
grow from $60 billion in 2013 to at least $100 billion
dollars this year, with some estimates as high as $200
billion”.
“One consequence of all of this is that the government
can no longer balance its books and has started to
discuss spending cuts and new taxes” says Guriev,
who points also to “Finance Minister Anton Siluanov[announcing] that the government must use thisyear’s pension contributions for projects in Crimea,
while some highway construction has been postponed
indefinitely”.

“Apparently”, he argues, “fear of even more serious
economic troubles – for example, further capital flightwhen taxes are raised – has precluded an open
“Both the EU and the US have now sanctioned Russia’s invasion of eastern Ukraine. Russian leaders seem tounderstand that, despite rising support for “selfhighest officials and leading companies and banks.
The EU list includes all of the main state-owned banks sufficiency,” autarky has never worked for Russia.
(the country’s largest). Most important, the EU added Even in the Stalin era – when the economy was much
more closed than in Czarist times – industrialization
Sberbank, a cornerstone of Russia’s financial system,
required the import of Western capital and knowhow”.
with assets totalling almost 30% of Russian GDP and
about half of Russian retail deposits”.
Guriev argues that “Putin’s popularity rests on
historically high living standards. Annual household“Currently, the sanctions only limit Sberbank’s accessto European capital markets. In the immediate future, consumption is now double the level achieved in the
Sberbank – and other sanctioned banks – will be able Soviet Union’s dying days. Consumption growth has
been driven largely by Russia’s integration into theto replace European funds with liquidity provided by
the Central Bank of Russia (CBR) or Asian sources. But global economy – and cannot be sustained without it”.
the fact that Sberbank is on the list has created“The last generation of Soviet leaders well understoodenormous anxiety for all foreign investors in Russia”
the importance of maintaining living standards, which
is why they used revenues from oil and gas exports toProfessor Guriev believes that “they are right to be
worried; Russia’s financial system is highly vulnerable. import consumer goods. When oil prices collapsed in
The banking sector’s total external debt is $214 billion, the mid-1980s, household consumption collapsed;soon after, so did the Soviet Union”.
of which $107 billion is due within a year (and $129
billion within two years). Non-financial firms’ external “Today”, Guriev argues, “though oil prices remain high,debt totals $432 billion, with $128 billion due within a
Russia’s budget and financial system face severe
year (and $175 billion within two years). These areproblems over the next 2-3 years. If the Westlarge numbers even for Russia, with its currency
introduces full-blown sanctions against the largest
reserves of $480 billion”.
Russian banks – as the US has already done against
relatively small banks – those problems may become“Likewise,” Guriev states, “though the ban on exports
to Russia of technology for the oil and gas sector holds insurmountable”.
no immediate implications for the Russian economy,
The full article is published in Project Syndicate,over the course of the next few years, Russia will haveentitled Putin’s Dilemma

6Euler Hermes
Ukraine: Outlook remains precarious
President Poroshenko dissolved parliament on 25th August and called early elections for endOctober, as a new government had not been formed within 30 days after the previous
coalition collapsed on 24 July. The move could pave the way for the passage of crucial
reforms linked to the USD17 billion programme loan with the IMF, in place since May, which has
been blocked by opposition parties. Meanwhile, government forces continue to fightseparatist forces in eastern Ukraine, with no end in sight in the near term. That conflict has
taken a toll on economic activity. Real GDP declined by –4.7% y/y in Q2, after –1.1% y/y in Q1.
EH forecasts full-year 2014 GDP will contract by nearly –7%. After stabilising in May to midJuly, the UAH has since fallen by another 17% against the USD, bringing the year-to-year
depreciation to 68%. Driven by the currency weakening and sharply rising energy prices,
inflation accelerated to 12.6% y/y in July and is expected to rise further.

DATES FOR THE
DIARY
REACH: Are you
complying or dying?
10th September 2014,
MMTA Office, London, UK
LAST CHANCE TO BOOK
THIS EVENT

MMTA’S 41st Anniversary
Dinner
21st October 2014,
InterContinental, London, UK
BOOK THIS EVENT

Advanced Manufacturing
Research Centre Day &Networking Drinks
20th November 2014,
AMRC Sheffield, UK
BOOK THIS EVENT

Atradius
Russia Outlook, Jason Curtis, Credit Insurance
Russia currently experiences a slowdown in economic growth, and the situation is most likely
to deteriorate further as a result of the newly imposed sanctions. We observe that currently all
sectors are affected by decreasing domestic demand, a weaker rouble exchange rate, a rise ininflation, limited access to external financing and international capital outflow.
However, some sectors are more affected than others, especially those that are heavily
dependent on imports and or/consumer demand, such as consumer durables and consumer
electronics. Russia´s sanctions on imports of food and agricultural products will hit thedomestic food sector, in particular the fish, meat and dairy subsectors, with a negative impact
on the whole value chain - from importers and wholesalers to major retailer chains andsmaller regional traders.

New York Dinner
4th December 2014,
Circus, New York, USA
REGISTER YOUR INTERESTSPONSOR THIS EVENTMMTA Christmas Lunch
17th December 2014
Ironmongers’ Hall, London,UK
REGISTER YOUR INTERESTSPONSOR THIS EVENT

While the oil and gas industry is still performing well thanks to high commodity prices,businesses in other strategic sectors such as metals & mining are suffering, and may not beable to refinance their large debts. While the Russian government is ready to provide financial
support, its reserves, though ample, are limited.
However, some sectors, such as the pharmaceuticals sector, are expected to be less impacted
and local agricultural production could even benefit from restrictions on food imports. In caseof price controls, however, business profits may be hit given higher costs that cannot betransferred to consumers in such case.

7

CHINA'S 12TH FIVE-YEAR
PLAN: CHALLENGES ANDOPPORTUNITIES FOR THE
METAL INDUSTRY

Vital Materials, is a rare
metals oriented materials
technology group. As themarket leader in the global
rare metals industry, Vital is
the largest producer ofselenium and tellurium
materials, as well as the key
producer of gallium, indium,
germanium, bismuth, andcadmium products. Its
products are widely used in
the fields of electronics,
photovoltaics, LED, infraredmaterials, acousto-optics,
thermo-electrics,
photosensor, radiation
detectors, pharmaceutical,
feed additives, glass,ceramics, metallurgy
etc. Vital has industrial andcommercial operations in
Asia, Europe, North andSouth America with over
1700 employees worldwide.

8

China's Five-Year Plan (FYP) for
National Economic and Social
Development is a strategicallyimportant instrument used by thegovernment, to establish theperspective and overall objectives
related to social and economic growthand industrial planning in key sectors
and regions, as guidelines andframeworks for policy-makers at alllevels of government to achieve in five
-year cycles. It sets up the vision andbenchmark as a blueprint, shaping thelandscape for the country's future
progress and development with a farreaching impact on each and everysocial level.
Approved by the Communist Party of
China's (CPC) Central Committee in
October 2010 and ratified by the
National People's Congress (NPC) in
March 2011, China's 12th Five-Year
Plan (2011-2015) has now been inprogress for more than 3 years. The
plan's key themes are sustainablegrowth, industrial upgrading,promotion of domestic consumption
and protecting the environment,
reflecting the government's focus on"Inclusive Growth", promoting social
equality and ensuring the "fruits" ofreform and economic growth will beenjoyed by a greater proportion ofChinese citizens. Four sectors to besustained and encouraged by the 12th
FYP are health care and social welfare,energy and technology. As a majorpart of economic restructure, thegovernment has unveiled several
preferential tax, fiscal andprocurement policies aimed todevelop seven "Strategic Emerging
Industries"(SEIs), which are considered
to be the mainstay of China's
economy in the decades ahead, andwhere Chinese enterprises are
expected to succeed on a global scale.
The seven industries are new energy,
high-end equipment manufacturing,energy conservation andenvironmental protection, cleanenergy vehicles, new materials, biotechnology, and next-generation IT,
many of which are related to themetal industry. The principles andpolicies of this FYP have had and willcontinue to have a profound impact
on the metal industry for many years
to come.
Although economic rebalancing has
been a government priority for many
years, the significant decrease in
China's exports during the global
financial crisis in 2008, has made thegovernment even more aware of theimportance and urgency of shifting its
growth model from overreliance on
investments and exports to
consumption-driven growth.
GDP growth rate is no longer a major
focus, replacing "Quantity" with
"Quality", transforming from "Made in
China" to "Designed in China", has
become the major target and mission
for all the industrial sectors,

indigenous innovation is being backed and promotedby the government with encouraging policies.

Vital Materials is one of them, with its $300 million
investment, the 52 hectares new plant will be
producing more high-tech and value-added
For the metal industry, eliminating outdated anddownstream products, carrying on Vital's philosophy of
inefficient capacities has been one of the major tasks
fully vertical integration with extended value chain.
during the past few years. Recently China’s Ministry ofBeing the National New and High-tech Enterprise forIndustry & Information Technology (MIIT) released themany years, Vital now has two national level
list of outdated capacity in 15 industries targeted to betechnology centers (National Minor Metals Engineering
eliminated this year. The 2014 list covers 725,600
Research Center and National Enterprise Technology
tonnes of copper capacity, 356,000 tonnes of lead
Center), one Post-Doctorate Work Station and one
capacity, 8.48 million kvah of lead-acid battery polar
Technical Committee led by a China Academy ofplate capacity, and 5.31 million kvah of lead-acid
Science (CAS) Fellow. Equipped with strong scientificbattery assemblingandcapacity. The amounttechnologicalof zinc capacity
strength, firstrequired to be shutclass R&D
down this year isfacilities andlower than last year,
professional
while the aluminium
team,
industry is facing
thousands ofhigher pressures, withnew and highinefficient capacity
techtargeted forenterprises
retirement this year
like Vital willalmost doubling that
continue toof 2013.
develop their
independent
Throughout the years,
innovationa series of laws andwithmeasures have been
government's
published andincentives as
implemented towell as selfregulate the export ofinvestment, toprimary raw materials
become theand energy intensive
leading roles in their sectors and contribute to China's
products. To further restrict the import of materials
industrialization and economic growth.
containing hazardous elements, and thousands ofplants with highly polluting and high energy"Change or Out", this is the one and only choice lying
consumption, production has been ordered to shutin front of all the industries in China, especially for the
down and rectify, showing the determination of themetal industry, as it involves many aspects addressed
government for economic restructure and industrial
in the 12th FYP, including energy conservation andupgrading.
environmental protection, new materials, technology
and innovation, industrial transformation andWhile the outdated industrial sectors are facing
unprecedented pressures and challenges, some other upgrading. Only those who can seize the opportunities
and triumph over the challenges will win at the end
far-sighted enterprises have been enjoying the benefits from the favourable policies from the government, and become even more stronger, competitive andto further strengthen their early established high-tech sustainable in the long run, and contribute to the longand innovation oriented operation model, and further term prosperity for the entire nation.
elevate their core-competitiveness.

Vicky Zeng, Vital Materials Co. Ltd

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9

MMTA VISITS MAGNESIUM ELEKTRON
During the summer, the MMTA
travelled to Swinton near
Manchester to visit Magnesium
Elektron, an MMTA member and aworld leader in the development ofhigh quality magnesium alloys. We
were welcomed by Gary McCabe andJim Hickey, who kindly introduced us
to the company and gave us a tour ofthe facilities.
Magnesium is best known for its lightweight properties: a quarter of theweight of steel and a third of the weight of aluminium. In the automotive
and aerospace industries this is particularly valued for increasing fuelefficiency and, consequently, reducing CO2 emissions. This helps withmeeting the strict emission limits set out in legislation, as well as keeping
down the cost of fuel for aviation companies. Some of magnesium’s
other attributes include a high strength to weight ratio, machinability andthe wide range of processing methods, including casting, extrusion,
powder metallurgy and rolling.

Did you know?.....
the tiny life-saving light onyour airplane life jacket ispowered by a small battery
using magnesium and silver
chloride which uses water as
its electrolyte.
Until it is required it can be
kept dry, so there is no
deterioration of the chemicals.
A magnesium battery will start
producing current as soon as it
is dropped into water - and themagnesium slowly dissolves
providing light for a couple ofdays, just what is required forlife jacket and lifeboat marker
lights.
A water-activated magnesium
cell cannot be recharged andcan only be used once - but isperfect for a life jacket, which
will hopefully be used very
rarely.
10

Most of us will be familiar with the memorable school experimentdemonstrating the bright white light of burning magnesium, but you will
be relieved to know that innovative new alloys developed by Magnesium
Elektron are inherently flame resistant beyond their melting point,
realising their lightweight advantage with no detriment to safety
standards. These diverse characteristics mean that magnesium makes its
mark in a myriad of industries.
History of Magnesium Elektron
The company first began processing magnesium in 1936, and has
manufacturing facilities not only in the UK, but also in the USA, Canada
and the Czech Republic. The company is a division of the Luxfer Group,
an international group of businesses that specialise in the design,
manufacture and supply of high performance engineering materials,
alloys and semi-fabricated components using aluminium, zirconium andcomposites, as well as magnesium, of course.
Magnesium Elektron is a market leader in research and technicalexpertise, pushing forward the boundaries of magnesium alloytechnology, specialising in high value niche patented alloys. Their
Research Centre has in fact developed more alloys than any othercompany in the world.
The site tour
After picking us up from the station and giving us a fantastic tour ofvibrant Manchester and Salford, seeing the numerous developments andnew businesses popping up, we arrived at the Magnesium Elektron site,
situated to the north of the city in Salford.
Following an introduction to the company, we began a tour of the plant,
visiting the foundry, the extrusion facility, the rolling facility, as well assome of the support areas such as the testing and quality control rooms.
We also saw Magnesium Elektron Graphic Arts workshop, where we were
surprised to learn about the use of chemically etched magnesium plates.
The process for producing these is that a photosensitive coating isapplied to a special magnesium photo engraving plate, which allows theuser to chemically etch an image into the magnesium plate after
exposing a film negative and developing that image on the plate.
Engraving plates are most often used to create dies to foil stamp andemboss printed products such as greetings cards, books and packaging.

In the extrusion facility we saw the recently installed 2750 ton
extrusion machine, where magnesium billets are heated until
they are pliable and then passed through the extrusion press
creating long pieces with a wide variety of profiles. The
extrusions are then cut to the appropriate length or go
through other treatments.
In terms of ensuring the quality of the products, Magnesium
Electron has an ultrasonic immersion testing machine. This isa non-destructive test in which a large billet or flat plate, up to
3 metres long, can be tested. The part is immersed in waterand is ultrasonically scanned to detect defects or inclusions. A
3-D view of the part can be produced, and the defective area
can be marked by the machine straight on to the part.
Products
Magnesium is used in a diverse range of markets andapplications, each one exploiting the unique physical andmechanical properties of the element and its alloys.
Below are just a few of the possible uses, giving a taster tothe adaptability of the magnesium technology available:
In the Automotive sector, magnesium is used for structural
applications, engine components and gear box housings.
Magnesium with zirconium alloys can be used at highoperating temperatures with the zirconium acting as a grain
refiner in the metal. Magnesium Elektron alloys are used inhelicopter transmission castings.
Magnesium in its powder form retains its ‘bright’ properties
and is often used in deploy flares, ordnance applications andalso to illuminate landing areas for parachutes.
Recent testing by the Federal Aviation Administration (FAA)
has shown that aircraft seats made of Magnesium Elektron
alloys show no reduction in safety when subject to fire testing
than aluminium frames, making magnesium an excellent
lightweight choice.

The History of Magnesium
Magnesium is the eighth most common elementin the world and the sixth most abundant metal,
comprising about 2.5% of the earth's surface.
Seawater contains 0.14% magnesium and theelement is abundant in the minerals Carnallite(MgCl.KCl.6H2O), Dolomite (MgCO3.CaCO3), andMagnesite (MgCO3).
The name ‘magnesium’ comes from the Greek
town of Magnesia where magnesium was firstfound in an area of Thessaly/Greece. The ore
can still be found in great quantities there.
Sources:
Magnesium Elektron and International Magnesium
Association

Magnesium Sustainability
Not only do the lightweight qualities of magnesium mean that it’s ‘use-phase’ produces lower emissions thanother materials in certain applications, but at the end-of-life, magnesium is completely recyclable.
Alloys used for structural applications can be recycled back into products displaying the same chemical,
physical and mechanical characteristics as primary material. This attribute is being actively encouraged within
the industry, given its positive impact upon the environment. Recycling requires only 5-10% (IMA) of theenergy required to produce the primary product.
At Magnesium Elektron, processes for waste and scrap are extremely efficient with no metal wasted. They
have their own waste and recycling plant with waste treatment ponds. Another sustainability initiative fromthe company is that they have installed scrubbers in the foundry, which filter any emissions through lime
creating an exceptionally clean environment. The lime itself is then returned to the supplier for recycling.
We would like to thank Gary and Jim for taking the time to host us and for the informative and enjoyable visit.

Tamara Alliot, MMTA, visiting Magnesium Electron

11

12

MMTA 41st Anniversary Dinner
21st October 2014
Intercontinental Hotel, Park Lane, London

BOOK NOW FOR THE MMTA’S FLAGSHIP EVENTThe MMTA's Anniversary dinner is the place to be on the Tuesday of LME Week for anyone with aninterest in minor metals. Growing in importance each year, this year's black tie event will again welcome
MMTA Members and their guests, as well as other industry professionals.
Timings for the Evening:
18.45—20.15: The evening will begin with a networking drinks reception for attendees sponsored by
Avon Metals Ltd
20.30—22.00: The main dinner is sponsored by Argus Media and will include a 4-course dinner with wine
Starter Herb Gratinated Cornish Monkfish and scallop on leaf spinach with a Champagne Mushroom cream orRocket and cucumber maki roll, marinated palm heart, tomato and avocado salad
Main

Slow braised shoulder fillet of New Romney lamb with a haricot bean ragout Violet potato crush and preserved tomatoes,
basil jus or
Root vegetable dauphinoise with a crust of feta cheese and red pepper
Served with red and white wine

Dessert Warm apple Bakewell tart, berry compote Clotted cream ice cream, blackberry sauce followed by
Tea/Coffee and petits fours

22.00—01.30: Late bar and after-dinner entertainment
We will once again be holding a charity business card raffle in support of the MMTA’s link with Mufulira
in Zambia, this year sponsored by Alex Stewart International
Member tickets £105 (+ VAT where applicable)
Non-member tickets £150 (+ VAT where applicable)
Please see our Terms and Conditions at http://www.mmta.co.uk/terms-and-conditions

13

Minor Metals:
What should
be in yoursupplements?
Over time rocks containing minerals are eroded intotiny fragments forming dust and sand, which become
incorporated into soil. Plants absorb these minerals
from the soil. When animals eat the plants, theseminerals are then passed on to the animals. Theseminerals are then transferred to humans when they
eat the animals and plants. Once eaten, minerals areabsorbed into theblood, which thencarries them to allbody cells, where they
carry out theirfunctions. Traceminerals are only
needed in small
quantities by the body
but are very importantin maintaining health.
Some of these traceminerals are listed in
the paragraphs below.

Chromium
Chromium is essential
for producing asubstance in the body called glucose tolerance factor(GTF). This factor helps insulin regulate sugar levels inthe blood. Low levels of this mineral can lead toincreases in levels of blood sugar and cholesterol
leading to an increased risk of diabetes and heartdisease. Good food sources of chromium include
whole grain bread, oats, lean meats, cheeses, black
pepper, thyme, nuts, prunes, mushrooms andbrewer’s yeast. Chromium is difficult to absorb fromfood so high doses usually only occur when it is taken
in supplement form. Too much chromium can reduce
the effects of insulin in controlling blood sugar andcan also cause symptoms such as irregular heartbeat,liver and kidney problems.

Manganese
Manganese is found in tiny amounts in the body but
has a number of functions. It helps the body form
connective tissue, provides the framework for bone
and its growth, forms blood clotting factors and sex
hormones, is involved in fat and carbohydrate
metabolism, regulates blood sugar and calcium
absorption, has antioxidant properties and is needed
for brain and nerve function. Dietary sources of

14manganese include, nuts, seeds, wheat germ, wholegrains, pineapples, beans, ginger and tea. Low levelsof manganese have been linked to infertility, weakbones and seizures. High levels have been found toaccumulate in the brain and cause neurologicaldisorders similar to Parkinson’s disease and poorcognitive function in children.

Molybdenum
Molybdenum is found in the liver, bones and kidneys.
It is also used by the body for nitrogen metabolism,
activation of some enzymes, bone growth andstrengthening of the teeth. Dietary sources ofmolybdenum include beans, calves liver, whole grains,dark green leafy vegetables and peas. A deficiency ofmolybdenum can cause impotence in older men andmouth and gum disease. Low doses have also been
associated with increased risk of cancer. High dosesof molybdenum may lead to the development of goutand can interfere with copper metabolism.

Selenium
Selenium is often associated with antioxidant activity
as its main function in the body is to help in theformation of antioxidant enzymes. In addition
selenium is vital in regulating thyroid hormones andfat metabolism and it also helps to maintain a healthy
heart, liver, pancreas and the elasticity of skin. It has
also been found to protect against certain types oftumors andsupports theimmune system.
Dietary sourcesof selenium
include brazil
nuts, broccoli,
liver, brewer’s
yeast, butter, fish,shellfish, garlic,whole grains andsunflower seeds.
However the levelof selenium infoods depends
on how muchselenium was in
the soil where thefood was grown. Selenium deficiency is becoming
quite common now due to low selenium in soils.
Common symptoms of selenium deficiency are
exhaustion, poor growth, high cholesterol levels, viral
infections, liver impairment and sterility. On theother end of the scale, symptoms such as arthritis,
brittle nails, garlicky breath odor, hair loss, tooth loss
and digestive problems can occur as a result ofexcessively high selenium levels.

CobaltCobalt forms part of a vitamin known as vitamin B12.
B12 is essential in producing red blood cells and nerve
cells. Dietary sources of cobalt include meat, liver,kidney, clams, oysters, milk, ocean fish and sea
vegetables such as seaweed. High doses of cobalt canbe toxic and lead to an enlarged heart, thyroid
problems and thickened blood. A deficiency of cobalt
is not a problem as long as there is enough B12 in the
body. However if cobalt deficiency leads to decreased
B12 levels then pernicious anaemia and nerve
damage can occur. Due to the prevalence of cobalt inanimal foods vegans need to make sure they haveadequate vitamin B12 in their diet.

SiliconThere are approximately 7g of silicon in the tissues and fluids of the body. It is essential for the formation ofbones, the strength of nails and hair and maintains the health of skin and joints. Silicon is also needed to keeparteries flexible, helps prevent Alzheimer’s and osteoporosis and stimulates the immune system. Dietary
sources of silicon include alfalfa, brown rice, bell peppers, soybeans, leafy green vegetables and whole grains.
A deficiency of silicon can cause skeletal deformities and weak joints. High dietary intakes of silicon have notyet been linked to specific symptoms. However inhaling industrial silicon dust for a long time can affect the
respiratory system.

Vanadium
Vanadium has only recently been described as an essential trace mineral. The body contains about 20-25mg of
vanadium and some of this is stored in fat tissue. Studies on vanadium, mainly carried out on rats however,show it is needed for the formation of teeth and bones. It has also been associated with growth, reproduction,
inhibition of cholesterol synthesis and improved insulin metabolism. Dietary sources of vanadium include theherb dill, fish, olives, meat, radishes, whole grains and vegetable oils. Like selenium, the amount of vanadium inthese dietary sources depends on the amount of vanadium in the soil the food sources came from. Vanadium
deficiency has been linked to cardiovascular and kidney disease, impaired reproduction and increased infantmortality. Vanadium is difficult to absorb but toxicity can occur and has been shown to cause mania anddepression.

Loliya Harrison, Nutritional Therapist Visit http://www.loliyaharrison.com

Selling the Eiffel Towera Great Metal Con
Victor Lustig, born in the Czech Republic in 1890, was awell-known con man and a master of deception. Fromgambling scams on board trans-Atlantic liners to
profiting from the prohibition era in the United States,
this polyglot trickster, who had up to 45 aliases, wasdestined to succeed in one of the most audacious
cons in history.

servant, Poisson also paid a bribe to Lustig toguarantee him the contract. After Poisson had paid
him again for the tower, Lustig quickly fled thecountry, waiting in Austria for the story to hit thepress, but it turns out that Poisson was too
embarrassed to report the deception to the police,
and instead swallowed his losses.
At this point Lustig went back to Paris and repeatedthe whole scam, but with five new scrap dealers! The
second time he was reported to the police and so hefled back to the USA to escape justice.
MMTA members are encouraged to buy from
reputable and verified sources!

More details of the story can be found in the bookIn 1925, Lustig travelled to Paris, and after reading a‘The man who sold the Eiffel Tower’ by James F
newspaper article about the high cost of repairs
Johnson with Floyd Miller.
needed for the Eiffel Tower, which included acomment about the possibility of the government
Tamara Alliot, MMTA
ripping it down rather than paying to repair it, an idea
was born. In the mind of Lustig, this was a golden
opportunity. He set a plan into motion by having
copies of official government stationery printed,
appointed himself as an official and then produced
letters to 5 different scrap metal dealers. These letterswere not specific, but instead invited the men to ameeting at a hotel.
He announced to the metal dealers, after someentertaining, that the government intended to teardown the Eiffel Tower and sell it for scrap. Obviously
this was confidential information, so the men were
urged to keep quiet about the plans to avoid a public
outcry. The dealers all submitted their bids a few days
later. However, it was not the highest bidder who won
the contract, but rather the scrap dealer who Lustig
had already decided was the most gullible, the ‘lucky’
winner being André Poisson.
Lustig’s scheme didn’t stop there; after dropping hints
about the life and financial pressures of a public15

It may be that not everyone in the minor metals sector is aware of Argus Media, so
could you tell me a little about the company and how it’s developed.
Argus was founded in 1970 to provide news, prices and information on thenascent European oil markets. The timing couldn’t have been better—oil pricevolatility accelerated in the 70s and that, combined with the breakup of the major
oil companies’ dominance of supply meant that market participants needed
reliable price assessments and intelligence about what was happening. Argus
prices became trusted benchmarks for international oil trade, and now billions ofdollars of supply contracts reference Argus prices, along with a number offinancial derivatives.

Maria Cox
Interviews Argus
Media Chief
Operating
Officer, Neil
Bradford
Neil Bradford is Chief Operating
Officer for Argus, based in
London. Neil joined Argus in
2010, overseeing all global
operations, leading Argus’
technology development andmerger and acquisition activity.
Neil started his career at
McKinsey, and thenco-founded Fletcher Research,a technology information firm,
which he sold to Forrester
Research in 1999. He
subsequently became
President, Americas for
Forrester Research in Boston,
MA. Most recently he was CEO
of WGSN, a global information
business for the fashion andstyle industries.
Neil was educated at Oxford
University where he took his BA
and MA degrees in Geography.

Over time Argus expanded coverage to other energy commodities. We moved
first into gas, as gas prices in Europe are often linked to oil, and then to power, as
those markets are influenced by gas, and so on. We now cover all of the energy
commodities, bioenergy, emissions, petrochemicals, fertilizers and now of course
metals.
Having been founded in London, Argus reports on markets globally and hasaround 650 staff in 19 offices in all the main commodity business regions.

What was it about the metals sector that made it of particular interest to Argus?
We came into metals through coal. We have several well-established thermal coalpublications with prices that are widely used in contracts. Our customers thenasked us to extend our coverage to coking coal, so we launched a steel feedstocks report in 2013, covering iron ore as well as coking coal. The success of thisservice made us look for more opportunities in metals, and so we were delighted
to acquire Metal-Pages earlier this year.

In what ways will Metal-Pages change now that it has become part of Argus and inwhat ways will it remain the same?
We’re aiming to merge Metal-Pages’ deep sector expertise with Argus’ global
resources.
Under Nigel Tunna’s leadership, Metal-Pages has built a strong reputation for
reliable, in-depth coverage of minor metals, rare earths and ferro-alloys. We are
expanding the teams covering these areas, and will be launching a new weekly
report on rare earths, plus many additional new price assessments.
We have joined together the Argus and Metal-Pages offices in London and Beijing
so that the teams can work closely together. We are also investing inconferences and have started to provide consultancy work - we have alreadybegun our first project, on rare earths, for a long standing Metal-Pages client.

Do you see similarities between the development of the energy and the metals
markets?
There are many differences between the sectors, such as the ability to recycle
metals as scrap, which means the markets work in different ways and Argus isalways careful not to follow a “one size fits all” approach.
But equally, there are many similarities. Both are rooted in the physical transferof goods from supplier to consumer. There can be many other types of company
in the transaction train, for instance traders and brokers. Most product moves on
a long term contract basis, though spot trade is very important for establishingthe index price. Prices produced by Argus and Metal-Pages are used extensively
in contracts internationally. Sometimes markets are not very actively traded andoften they are opaque, underlining the need for intelligent information.
Both sectors are absolutely vital to everyday life. Trade is very international –supplies are concentrated in specific regions, some of which are subject tounpredictable change and consuming centres can be far away.

Are there issues that have been faced in energy from which lessons can be learnt in
the metals world?
I think one key crossover between the two commodities sectors will be regulatory
scrutiny on markets and prices. In recent years regulators have turned theirattention to energy markets and I believe this will extend to metals in time. There16

is already attention on the gold and silver fix
for instance and I believe this will extend tothe other metals.
In energy markets, Argus has been working
with different international regulators formany years now, explaining to them how
physical markets work and ensuring that theirwork to foster best practice is fully supported.
A challenge for companies like us is to ensurethat regulation is appropriate for the areas wecover. For instance commodity markets arequite different from financial markets andlegislation governing the latter may be
counterproductive and damaging if applied to
the former. Argus has been working hard toensure that regulators understand theparticular characteristics of each market, sothat they can devise appropriate legislation.
Argus is well placed when it comes to this kindof scrutiny. We have transparent
methodologies showing how we come up withprices and a global compliance team who
ensure that procedures are followed. We do
annual audits of our benchmarks and we areproud to be defining industry best practice.

Are there aspects of the metals world that havesurprised you since moving into this sector?

MMTA OFFICE MEETING ROOMFREE USE FOR MEMBERS
CENTRAL LONDON LOCATION

Screen, projector &flipchartFree Wi-fiTea, coffee, waterprovided—otherrefreshments can bearranged at cost

Click here to book the
MMTA meeting room.

Library and PC resources

Flexible booking andcancellation — just email
us

There have only been pleasant surprises! We
have found that the metals community has
been very welcoming to us. We know Argus isa relatively new entrant, but clearly MetalPages had a great reputation and the people
we have met have been very open, helpful andinsightful. We are really glad to be in thismarket now.
Also, we knew that the industry was diverse,
but its scale and breadth have impressed us.
From steelmaking and rebar forming, to theessential ingredients that make mobile phones
or laptops work, we have been introduced to avast array of different companies with varying
needs.

Finally, how did you become involved incommodities and is it a sector you would
recommend to others?
I joined Argus as Chief Operating Officer in
2010, with a background in B2B publishingand information businesses. I chose Argus
because I could see that the need for goodmarket information on global commodities
markets would only increase, and that Argus
was well positioned to provide that.
But given my university degree wasgeography, the true fascination of commodity
markets is their global nature and interplay ofpolitical, economic, technological,
environmental and even cultural factors
across countries and continents. So I would
recommend commodities to geographers andeven to holders of other degrees.

MEMBER JOB VACANIES
Argus and Metal-Pages are looking to expand
our global team. We are currently recruiting for:* Editorial positions in Houston, London, Beijing
and Singapore* Business development roles in Houston, Beijing
and Singapore* Marketing Manager in London

If you would like to find out more about ouropportunities, please contact us at
employment@argusmedia.com
17

MMTA Visit toSims FE
Mottram
The MMTA travelled up to the ‘steel city’ of
Sheffield in July to visit Sims F.E Mottram, aFerro-titanium producer and member of theassociation. We were impressed to see that thistraditional industrial city is experiencing a real renaissance for manufacturing and industry.
We started the day at Sims F.E Mottram, where Daniel Nix, the Managing Director kindly showed us around thesite. Although Sims F.E Mottram’s main product is Ferro-titanium, but they also have capacity for ferroaluminium.
The site was divided into areas; firstly we looked at where the titanium scrap was brought in, some of it fromsome pretty interesting origins, and sorted. The quality of the scrap is very important, with Daniel explaining to
us the problems associated with having too much oil on the metal or even having metal bonded to othersubstances, such as rubber. Sims F.E Mottram buys scrap from different sources and this can be from the endof-life of a product or in-process scrap from, for example, machining a titanium component. After the scrap issorted it is then crushed and the ‘ingredients’ for ferro-titanium mixed together, re-melted and then poured tomake ingots.
Due to the diversity of the scrap coming on to the site, making sure that the mix of the materials being melted
together to make high quality ferro-titanium seemed to
be a highly specialised job at least, and more like an artAbout Ferro-Titanium
form!

During steelmaking, titanium is usually introduced in
the form of Ferro-titanium because of its lower
melting temperature and higher density comparedwith those of titanium scrap.
Ferro-titanium is an alloy of iron and titanium, witharound 70% titanium content for metal made usingtitanium scrap and iron in an induction furnace. It is
used in steel making, with the addition of ferrotitanium giving the steel a finer grain structure.
Titanium is also used for de-oxidation and carbon andnitrogen control.
In stainless steel, ferro-titanium is used as astabiliser, preventing chromium carbide forming at
grain boundaries. Steels with relatively high titanium
content include interstitial-free, stainless, and highstrength low-alloy steels. (USGS) The titanium scrap
used comes from an array of sources from machining
waste, to end of life products.

18

The testing and quality control process is taken care ofby the on-site laboratory, where samples are taken of
the metal and tested to ensure the product is of thehighest quality, throughout the production steps.
Following a conversion of one of their furnaces earlier inthe year, from ferro-aluminium to ferro-titanium, theplant’s production capacity has increased to 700 tpm,
making it the largest ferro-titanium producer in the UK.
Thank you to Daniel Nix and Graham Battershill for theirtime and hospitality.

MMTA Executive TeamThe MMTA has recently become a member of the Critical Raw
Materials Alliance. The CRM Alliance promotes the importance of
critical materials to the EU and supports a critical materials policy.
Given the fact that many CRMs are minor metals, the MMTA takes akeen interest in the developments in this area.
For more information on the CRM Alliance, visit
http://criticalrawmaterials.org/

Supporting Supply
Chain Resource
Sustainability‘green’ programmes that are focused on real savings
and/or increased sales, comparable to traditional
business cases.

The workshop also introduced the Advanced Resource
Efficiency Centre (AREC), a facility for supporting thedevelopment of competitive advantage by creatingworld leading, resource sustainable supply chainsthrough collaborative action between industry andacademia, especially in the thematic areas where The
University of Sheffield has deep expertise. The MMTA
The MMTA recently attended a collaborative workshop attended breakout sessions on Advanced Materials &on Sustainable Supply at the Advanced Manufacturing Manufacturing and Nuclear Energy.
Research Centre in Sheffield. The aim of the event was
Within the Nuclear Energy group, the discussions
to foster closer working relationships between
ranged from the role of nuclear in the low carbon
researchers at The University of Sheffield and leading
economy, to the steps and investment needed tobusinesses in key strategic areas including advanced
extend the life span of current plants, as well as thematerials and manufacturing, energy and nuclear,importance of having a highly qualified workforce andwater and agritech/food.
public support.
Professor Lenny Koh, supported by a team of
A key focus of the Advanced Materials &respected academics, led the Supply Chain Resource
Manufacturing group was the extent to which the
Sustainability (SCRS) workshop, helping to shape theavailability of essential resources impacted global
vision and programme of supply chain resource
supply chains, and the need to design supply chainssustainability research.
for the future that take this into account by reducing
At the start of the day, Professor Ian Shellard, former
dependence on single suppliers. The group also
Director of Physical Logistics at Rolls-Royce, gave an
discussed the impact of recycled materials on easing
industry perspective of Sustainable Supply Chains. He supply availability.
emphasised the importance of being able to visualise,
The key challenges/priorities in each of these sectors
understand and calculate the full impact of, forare summarised in the diagram with a full report being
example, using ‘green’ energy or implementing a
Corporate Social Responsibility programme, along with released in mid-September, to be followed by acollaborative steering group meeting.
the costs and investment required. He also asked forbetter tools for creating viable business cases for

MMTA Executive Team19