BEFORE THE ILLINOIS POLLUTION CONTROL BOARD

IN THE MATTER OF:

PETITION OF BIG RIVER ZINC

CORPORATION

FOR AN ADJUSTED

STANDARD UNDER 35 ILL. ADM. CODE

nO.131(c)

NOTICE OF FILING

To:

Pollution Control Board, Attn: John

T. Therriault

100 West Randolph Street

James R. Thompson Center, Suite 11-500

Chicago,

60601-3218

William D. Ingersoll

Division

of Legal Counsel

Illinois Environmental Protection Agency

1021 N. Grand Avenue East

P.O. Box 19276

Springfield,

62794-9276

AS 08-9

(Adjusted Standard-Land)

Carol Webb, Hearing Officer

Illinois Pollution Control Board

1021 North Grand Avenue East

P.O. Box 19274

Springfield,IL

62794-9274

PLEASE TAKE NOTICE that I have today filed with the Office

ofthe Clerk of the Pollution

Control Board the attached Big River Zinc Corporation's Reply to Response ofthe Illinois EPA

to Petition for Adjusted Standard, a copy

of which is herewith served upon you.

Date: May 22, 2008

Jennifer

T. Nijman

Nijman Franzetti LLP

10 S. LaSalle Street, Suite 3600

Chicago,

60603

312251 5255

Electronic Filing - Received, Clerk's Office, May 22, 2008

BEFORE THE ILLINOIS POLLUTION CONTROL BOARD

IN THE MATTER OF:

PETITION OF BIG RIVER ZINC

CORPORATION FOR

AN ADJUSTED

STANDARD UNDER 35 ILL. ADM. CODE

nO.l31(c)

AS 08-9

(Adjusted Standard-Land)

BIG RIVER ZINC CORPORATION'SREPLY

TO RESPONSE OF THE ILLINOIS EPA TO

PETITION FOR ADJUSTED STANDARD

Big River Zinc Corporation (BRZ), by its undersigned counsel and for its reply to Illinois

EPA'sResponse to Petition for Adjusted Standard ("Response"), states as follows:

Illinois EPA clearly recommends that the Board GRANT BRZ'spetition. See Response,

p.l; paragraph 10, p. 3; p. 5. Illinois EPA confirms that the amended condition requested

by BRZ is identical to the condition granted by this Board in

In Re

Horsehead Resource

and Development Company. Inc., AS 00-2, February 17,2000. See Response, paragraph

9, p. 3. As such, BRZ requests the Board accept Illinois EPA'srecommendation and

grant

BRZ'sPetition for Adjusted Standard without change.

2. Illinois EPA makes two suggestions to the Board that

do not appear to be intended to

affect Illinois

EPA'srecommendation to grant BRZ'spetition. First, Illinois EPA

suggests BRZ provide a limited economic benefit analysis for its washing

ofEAF zinc

oxide to bolster

BRZ's claim that further reclamation ofthe material will occur.

Response, paragraph 8, p.

3. Although not required by the Board in

In Re

Horsehead

Resource and Development Company, Inc., BRZ provides the requested economic

information for the Board's consideration in the attached Affidavit

of George Obeldobel.

In the event the Board finds the economic information necessary to grant BRZ'spetition,

Electronic Filing - Received, Clerk's Office, May 22, 2008

BRZ requests that the Affidavit be included in the record as an Amendment to the

Petition pursuant

to 35 Ill. Adm. Code 104.418. This amendment is not a substantive

change to

BRZ'srequest for relief.

3. Second, Illinois

EPA suggests that certain language be added to BRZ'sproposed

language to amend Condition 2.a (1)

of its Adjusted Standard in AS 99-3. Response,

paragraph

7, p. 2. Illinois EPA apparently seeks additional assurance that EAF zinc

oxide material will not be speculatively accumulated at intermediate facilities. Illinois

EPA'ssuggested revision to

BRZ'slanguage, however, precludes BRZ from selling

washed material to any broker or middleman because Illinois EPA would require any

such entity be "capable

ofrefining that material." In many cases, the supplier of the zinc

oxide will be the producer

of that oxide. That producer/supplier will compensate BRZ

for washing the oxide so that it can sell the washed product to a "refiner." As such, it is

critical that BRZ have the right to wash the oxide for a "broker" or "middleman,"

opposed to only for refmers.

4. Illinois EPA's concern about speculative accumulation is addressed by the economic

benefit analysis provided in the attached Affidavit.

brief, it is contrary to principles of

business and economics to suggest that an entity will pay BRZ in excess of $100 per ton

to wash EAF zinc oxide and then allow the washed, valuable material to simply

accumulate when its market value today is in excess

of $800 per ton. See attached

Affidavit

of George Obeldobel, paragraph 6. Illinois EPA does not provide factual

support for its concern and provides no examples

of speculative accumulation to suggest

that tlle concem

may even occur. BRZ is not aware of any such accumulation in the

industry

of crude or washed zinc oxide derived from EAF dust by HTMR processing.

See attached Affidavit

of George Obeldobel, paragraph 5.

Electronic Filing - Received, Clerk's Office, May 22, 2008

5. Moreover, this Board addressed Illinois EPA's concern in

In Re

Horsehead Resource and

Development Company, Inc., and BRZ proposes the exact same condition in its Adjusted

Standard Petition

in this case. In

In Re Horsehead,

the Board solved the concern about

accumulation

of material by adding a condition to Horsehead'sadjusted standard

requiring that the material "will undergo further processing for the eventual recovery

an end product" and requiring legally binding contracts with third parties. See BRZ

Petition, Attachment C,

In Re Horsehead

Opinion, p. 16. The Board stated that it wanted

to "ensure that the adjusted standard only applies to CZO that is destined to undergo

processing for recovery

of an end product at either another Horsehead facility or another

entity'sfacility."

BRZ Petition, Attachment C,

In Re Horse/lead

Opinion, p. 15. In

addition, the Board wanted to ensure "that Horsehead will not accumulate CZO at its

facility." BRZ Petition, Attachment C,

In Re Horsehead

Opinion, p. 15. The Board's

conditions

as imposed on Horsehead included language to address the same concern

raised by Illinois

EPA in its Response to BRZ.

6. BRZ'sproposed language is

exactly

the same as the language used by the Board in

In Re

Horsehead.

See BRZ Adjusted Standard Petition AS 08-09, p. 5 ("BRZ will enter into

contracts with its suppliers or third party refiners to ensure the fmal reclaiming occurs.").

The language proposed

by BRZ for the amendment to Condition 2.a (I) already addresses

Illinois

EPA's concern by requiring contracts with any third party accepting the washed

material and requiring further processing. Condition 2.a

(I) as proposed by BRZ uses the

language from the Horsehead opinion and specifically states that the washed EAF zinc

oxide will depart

BRZ's facility

"to undergo fUrther processing

and...(2) is

under a

legally binding contract

with the supplier of the EAF zinc oxide for return to the supplier

or (3) has been acquired by another entity

under a legally binding contract."

BRZ

Electronic Filing - Received, Clerk's Office, May 22, 2008

Petition. p.6. The EAF zinc oxide would be destined to undergo processing for further

recovery

of an end product at either BRZ'sfacility or another entity'sfacility. BRZ

Petltion,

p..

6 1

7. BRZ'sproposed condition 2.a (1) already addresses Illinois EPA's comment conceming

speculative accumulation by adopting language previously used

by the Board. No further

changes are needed.

WHEREFORE, BRZ respectfully requests the Board grant its petition for Adjusted Standard

with the amended Condition as proposed in BRZ'sPetition and without further change in the

language.

Respectfully submitted,

Date: May 22, 2008

Jennifer

T. Nijman

Nijman Franzetti LLP

lOS. LaSalle Street, Suite 3600

Chicago,

II 60603

3122515255

jn@nijmanfranzetti.com

Illinois EPA, without discussion, also changes BRZ's proposed Condition

2.D

(1)

changing the word "processing"

EAF

zinc

oxide to "refining." Illinois EPA's change may unnecessarily, and likely unintentionally, limit the final product made from the

washed EAF zinc oxide. This Board correctly used lhe term "processed" in BRZ's existing Adjusted Standard to describe what

happens tn the washed EAF zine oxide. See Attachment A to BRZ Petition, Board Opinion AS 99-3, Cnndition 2.a (1),

("determination... applies... to zinc oxide material that is to be

processed...

"). The tenn "refine" has specific meaning in the

industry and should not be substituted for "processed." A third party may purchase EAF zinc oxide and either refine it to zinc

metal, or may further process it to produce other final commercial products such as zinc sulfate. Aff. of G. Obeldobel, attached,

footnote 1.

Electronic Filing - Received, Clerk's Office, May 22, 2008

BEFORE THE ILLINOIS POLLUTION CONTROL BOARD

IN THE MATTER OF:

PETITION OF

BIG RIVER ZINC

CORPORATION

FOR AN ADWSTED

STANDARD UNDER 35 ILL. ADM. CODE

nO.BI(c)

AS 08-9

(Adjusted Standard - Land)

AFFIDAVIT OF GEORGE OBELDOBEL

George Obeldobel, being first duly sworn on oath, depose and state as follows:

1. I am over the age of 18 years and am a resident of Chesterfield, Missouri.

2. The information in this Affidavit is based on my personal knowledge or beliefin my

capacity as President and ChiefExecutive Officer ofBig River Zinc Corporation ("BRZ"

orthe "Facility") in Sauget, lllinois, and I would testify to such matters if called as a

witness.

3. I previously issued

an affidavit discussing the need to wash the EAF zinc oxide.

Washing the

EAF zinc oxide effectively reduces chloride, fluoride, sodium and

potassium and creates a more marketable product for further processing.

4. Unless the supplier is another BRZ facility or a related entity or affiliate, BRZ will

receive payment, in cash

or other valuable assets, for washing the EAF zinc oxide. I have

The te11ll "refine" has specific meaning in the induslIy and should not

substituted for "processed." A third party

may purchase EAF zinc oxide and ejther refine

to zinc metal, or may further process it to produce other fioaJ

oonunercial products such as zinc sulfate.

Electronic Filing - Received, Clerk's Office, May 22, 2008

specific knowledge ofEuropean companies who are washing similar zinc oxide material

and are currently charging 70-90 Euros per metric tonne

of oxide. BRZ's direct cost to

wash the zinc oxide in existing equipment, valued at millions

of dollars to replace, is well

in excess

of $60 per metric tonne of oxide, so BRZ'sintention is to charge potential

customers prices similar

to those currently being charged for washing zinc oxide in

Europe.

5. The value ofthe washed oxide on the market is similar to the value of mined zinc

concentrate. There

is a standard formula for which the constants are negotiated every year

for purchasing concentrates. While terms can vary year to year, the long term price is

approximately

55 to 65% ofthe LME (London Metal Exchange) zinc price for the zinc

contained

in the oxide, delivered to the customer. The LME zinc price has ranged from

$800 per metric tonne to about $4000 per metric tonne

of zinc this decade. The washed

oxide will contain about 65% zinc. The current

LME price is about $2200 per metric

tonne zinc. See attached page from London Metals Exchange. Therefore, the

approximate value

of wasbed oxide today would be about 0.6 X 65% X $2200 = $858 per

metric tonne delivered. Even

if the LME zinc price falls, the difference in the washing fee

and the market price leaves significant room for profit for the supplier

of the crude zinc

oxide.

6. 1 am not aware of any instances of speculative accUmUlation

simillit washed z.inc oxide

materials. The product is simply too valuable to accumulate.

Electronic Filing - Received, Clerk's Office, May 22, 2008

FURTHER AFFIANT SAYETH NOT.

Subscribed and Sworn to before me

May~,

2008.

"OFFICIAL SEAL"

DORIS

BAY

NOTARY PUBLIC, STATE OF ILLINOIS

MY COMMISSION EXPIRES 3/20/2012

Electronic Filing - Received, Clerk's Office, May 22, 2008

London Melal Exchange Prices

spot

3 Month

PB I PB I SHG Ii SHG

Spot

3 Month

Spot

3 Monlh

Cadmium Prices

FCIWClrd LME SHG Zinc Price Indlcollonsln $/Pound

5/22/2008

Lcsl

yOClI'li

(2003 - :z007]

0.88724

LcsllO yeClI'li

lJ99B-2OO7)

0.66559

LC15f1Syecrs

(1993-2007)

0.60502

LME AVERAGE PRICES

YEAR

0.60197

0.82019

0.74593

0.50697

0.56257

0.43650

0.45273

0.46787

0,46515

0.59720

0.46470

0.48823

0.51171

0.40179

0.35323

0.37543

0.47525

0.62676

1.48804

1.47074

1,08335

H&H

Sliver

¢/Itlly

bUn~.

DEC

0.73440

0.72330

0.62089

0.53910

0.48002

0.44214

0.50566

0.46196

0,47021

0.49995

0.43508

0.53694

0,48071

0.34232

0.36185

0,44350

0.53533

0.82637

1.99826

1.06734

NOV

0,71248

0.75922

0.62941

0.49611

0.47506

0.42127

0.52256

0.46766

0,47483

0.53=

0.4386B

0.52034

0.48038

0.35059

0.34712

0.41482

0.49697

0.73071

1.98775

1.15272

OCT

0.69446

0.79948

0.67535

0.45000

0.52799

0.41515

0.48031

0.44429

0,45516

0.58087

0.42660

0.52106

0.49708

0.34541

0.34231

0.40730

0.48305

0.67512

1.73406

1.34959

LME Warehouse Slacks

Telal

Tolal

U~.

U.S.

Siocks Change Stocks Change

SEP

0.68255

0.81076

0.77771

0.46428

0.62027

0.39669

0,45033

0.44750

0.45388

0.7446B

0.45376

0.54148

0.55538

0.36222

0.34303

0.37\12

0,44233

0.63391

1.54359

1.30698

AUG

0.66463

0.81320

0.78984

0,47476

0.61726

0,40112

0.42880

0.46029

0,45688

0.75042

0.46711

0.51283

0.53061

0.37561

0.33911

0.37098

0.44262

0.58894

1.51831

1,47532

Metal

Bullelln

Lew I HIgh

JUl

0.65644

0.79667

0.86098

0.48245

0.59902

0.'12089

0.43745

0,46587

0,45377

0.68896

0,47185

0.48631

0.51538

0.38665

0.36054

0.37536

0.44829

0.54178

1.54359

1.60885

JUNE

0.62550

0.80590

0.B7192

0,48172

0.62868

0,42018

0.43843

0.45814

0.'15761

0.61440

0.45805

0.45381

0.50708

0,40593

0.34794

0.35865

0,46332

0.57866

1.46315

1.63441

MAY

0,56036

0.84644

0.85601

0,49499

0.62301

0,44483

0.43360

0,47017

0,46999

0.59463

0.48131

0.47207

0.52475

0.42545

0.34906

0.35183

0.46642

0.56410

1.61737

1.73739

APR

0.51501

0.88050

0.80739

0.56969

0.59188

0.45582

0,41913

0,48164

0,47434

0.56280

0.49757

0.46221

0.51149

0.43973

0.36658

0.34230

0,46843

0.58973

1.39923

1.61364

1.02684

MAR

0,47901

0.93710

0.73781

0.54391

0.55107

0,45196

0.42466

0,46385

0.48275

0.56937

0,47520

0,46720

0.50638

0,45574

0.37163

0.35877

0.50157

0.62491

1,09629

1.48384

1.13918

FER

0.45439

0.87699

0.64748

0.53925

0.51307

0.48646

0.43962

0.46838

0.47000

0.53513

0.47355

0.46145

0.49663

0.46306

0.34983

0.35614

0.49336

0.60155

1.00670

1.50117

1.10592

JAN

0.44439

0.79269

0.67631

0.54741

0.52355

0.48144

0.45225

0.52474

0.46239

0.49301

0.49768

0.42309

0.53470

0.46873

0.35980

0.35444

0.46130

0.56535

0.94815

1.71761

1.0'146

MWA!LME

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

200'

2007

2008

LME Holiday

1.1707

1.1753

1.1254

1.1326

1.093.1

1.0981

1.0367

1.0458

May-OS

1.2927

1.2773

1.3068

1.3075

1.2791

1.3007

1.2955

1.3145

1.3070

1,3397

1.3562

1.3404

1.3240

1.3429

1.3571

1.3156

1.2968

1.3286

1.3322

1.3000

1.3179

1.3168

1.3363

1.3274

1.3592

1.3739

1,3621

1.3451

1.3649

1.3776

1.2022

1.1476

1.0124

1.0356

0.9993

],0188

1.0435

1.0260

0.9693

0.9675

0.9514

1.2111

1.1610

1.0183

1.0455

1.0024

1.0253

1.0501

1.0342

0.9757

0.9820

0,9571

0.9959 1.0072

0.9734 0.9804

1.0047

1.0206

1.0140

1.0263

0.9936

1,0072

0.9823 0.9988

0.9793 0.9934

1.0385

1.0478

1.0297

1.0342

1.0256 1.0387

1.0537

1.0662

1.0276 1.0421

1.0070

1.0188

1.0052

1.0165

0.9838 0.9934

3.40

3,40

3.40

3,40

3.40

3.50

3~O

3.50

3.90

4.00

126.775

126.925

126.875

125.350

125.725

125.750

125,475

124.775

124.400

123,975

123.500

128,575

128.225

128.150

128.525

325

150

1501

(1.525)

375

{2751

{7001

{3751

(4251

1475)

5.075

{3501

{751

375

69.725

69.625

69.600

69.250

69.075

68.900

68.675

68,550

68.375

68.250

68.225

68.100

011616.00

(100) 1649.00

1663.00

1251 1695.50

1350J 1657.00

o 1683.00

o 1667,00

(175) 1725.00

(l75) 1681.50

{2251 1665.00

11251 1691.00

(175) 1698.00

{125111697.50

{251 1750.50

o 1790,00

{1251

.$/Pound

Jun-Qa 0.9863

lul.08

0.9900

Aug-D8 0.9931

0.9934

Sep.08 0.9963

Oct-08 0.9993

Nov-DB 1.0015

Dec-08 1.003B

lan.09 1.0056

Feb-Q9 1.00B 1

Mar-09 1.0106

Apr-09

1.0120

May-09 1.0133

Jun-Q9

1.0147

200B

0.9958

2009

1.0150

S1.0300

$1.0250

S1.0200 -f----------------

51.0150SI.0100

!=========~~:;2~~~~

SI.0050

SI.OOOO

.,...

$0.9900$0.9950

~2~==~~==========

50.9850 V

$0.9800

50.9750

50.9700

..----------

SO.965O

$0.9600

F~=====

$0.9550 .

SO.9500 .-

- __

= ===

~ ~ ~ ~

~~~'"'l*~~~~~~

0 Z 0

~ ~

Ave.

1.3161

1.3370

1.0533

1.0610

1.0076

1.0194

3.4600

3.9600

1688.60

C:'Oo=nolll.ord S<ltings'ienni!<r!m::>1S'I!inG>\T""""",'l'Im."..,l

FinIClmler.l.Oullc<>'\5.~lijlil3Xle

PIa SJled..1o, lJS.ro

Electronic Filing - Received, Clerk's Office, May 22, 2008

London Metal Exchange Prices

Cadmium Prices

LME Warehouse stocks

MWA/LME

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

200'

2004

2005

2006

2007

2008

JAN

0,4-1439

0.79269

0.67631

0.54741

0.52355

0,48144

0,45225

0.52-174

0,46239

0,49301

0.49768

0.42309

0.53470

0,46873

0.35980

0.35444

0,46130

0.56535

0.9-1815

1.71761

1.06146

FEB

0,45439

0.87699

0.64748

0.53925

0.51307

0,48646

0.43962

0,46838

0,47000

0.53513

0,47355

0,46145

0,49663

0,46306

0.34983

0.35614

0,49336

0.60155

1.00670

1.50117

1.10592

MAR

0,47901

0.93710

0.73781

0.54391

0.55107

0,45196

0,42<166

0,46385

0,48275

0.56937

0,47520

0,46720

0.50638

0.45574

0.37163

0.35877

0.50157

0.62<191

1.09629

1.018384

1.13918

APR

0.51501

0.88050

0.80739

0.56969

0.59188

0.015582

0.41913

0.01816<1

0.47434

0.56280

0.019757

0.46221

0.51149

0.43973

0.36658

0.34230

0.46843

0.58973

1.39923

1.6136<1

1.0268<1

MAY

0.56036

0.84644

0.85601

0,49499

0.62301

0,44483

0.43360

0.017017

0.46999

0.59463

0.48131

0,47207

0.52475

0,42545

0.34906

0.35183

0,46642

0.56410

1.61737

1J3739

JUNE

0.62550

0.80590

0.87192

0.018172

0.62868

0.42018

0,43843

0,4581-1

0,45761

0.61<140

0,45805

0,45381

0.50708

0,40593

0.34794

0.35865

0.46332

0.57866

1.46315

1.634<11

JUL

0.6564-1

0.79667

0.86098

0,48245

0.59902.

0,42089

0,43745

0,46587

0.45377

0.68896

0,47185

0.018631

0.51538

0.38665

0.36054

0.37536

0,4<1829

0.54178

1.54359

1.60885

AUG

0.6M63

0.81320

0.78984

0,47476

0.61726

0.40112

0.012880

0.016029

0,45688

0.75042

0,46711

0.51283

0.53061

0.37561

0.33911

0.37098

0,44262

0.58894

1.51831

1,47532

SEP

0.68255

0.81076

0.77771

0.46428

0.62027

0.39669

0,45033

0,44750

0,45388

0.74<168

0,45376

0.54148

0.55538

0.36222

0.34303

0.37112

0.44233

0.63391

1.54359

1.30698

OCT

0.69446

0.79948

0.67535

0.015000

0.52799

0,41515

0.018031

0.014-129

0,45516

0.58087

0.42660

0.52106

0,49708

0.34541

0.34231

0,40730

0,4B305

0.67512

1.73406

1.3<1959

NOV

0.71248

0.75922

0.62941

0,49611

0,47506

0,42127

0.52256

0.016766

0.47483

0.53222

0,4386B

0.52034

0,48038

0.35059

0.34712

0.011<182

0,49697

0.73071

1.98775

1.15272

OEC

0.73440

0.72330

0.62089

0.53910

0.48002

0.4<121<1

0.50566

0.46196

0.47021

0.49995

0.43508

0.53694

0,48071

0.34232

0.36185

0,44350

0.53533

0.82637

1.99826

1D6734

YEAR

0.60197

0.82019

0.74593

0.50697

0.56257

0.43650

0,45273

0,46787

0.46515

0.59720

0,46470

OA8B23

0.51171

0,40179

0.35323

0.37543

0.47525

0.62676

1.48804

1.47074

1.08335

H&H

5/22/2008

iM-E AVERAGE PRICES

lJul15years

(199J-2007J

0.60502

last 10 yeat5

/1998 - 2007)

0.66559

lad 5 yeaI'!

(2OOJ -

2007)

0.88724

AL I AL 1 "

1 5HG I.. SHG

spot

Month

spot

Monlh

Spot

3 Month

Melal Bulletin

Law

I High

Total

Tolal

U~.

stocks Change Siocks Change

Sliver

¢Ilray Gone.

Forword LME SHG ZInc Price Indications In $/Pound

51.0400 ]

SI.UlSO

If-------------

51.0300 -

SI.025o

$1.02001

51.0150

~-----

_.~

51.0100

SO.9900

$0.9850

::::::~

-------------

t-----------

50.9800

+._-__,-

mmm

..::

....

::E

May-OB 1.0013

Jun-08 1.0043

Jul-08

1.0088

1.0095

Aug-DB 1.0120

5ep-08 1.0142

Od-OB 1.0165

Nov..()B 1.01 88

Dec-DB 1.0208

Joo-09

1.0226

Feb-09 1.0244

Mor-09 1.0258

Apr-09

1.0267

Moy-09 1.0276

2008

1.0121

2009

1.0279

$/Pound

1824.00

1769.50

1822.00

(25) 1791.00

1772.00

1739.00

1774.00

(751 1730.00

{751 1678.50

1685.50

1778.00

1785,00

1830.00

{251 1826.00

1792.50

011705.50

1660,00

{251 1663.00

167<1.00

1702.00

3975

1755,00

1767.00

69,925

69,900

69.900

65,975

69.950

69.750

69,750

69,725

69.950

69,950

69,925

69.900

69.825

69,750

14001

13751

3.450

13001

125

925

14751

1,925

{2501

12001

19001

18001

{6501

(2001

12251

11.7001

{4001

{751

11.2501

1,825

1.300

725

129,400

130.325

129.850

131,775

131.525

126.675

125,425

127,250

128.550

129.275

131,325

130,425

129.625

128.975

128.775

123,975

123,600

127.050

126.750

128,550

126,850

126,450

3.90

3,90

4.00

<1.00

4.00

3.90

3.40

3.010

3.410

3.50

3.40

3.50

1.0297

1.0428

1.0560

1.05<18

1.0344

1.0251

1.0278

1.0104

1.0185

1.0206

1.0836

1.0573

1.0709

1.0551

1.0360

1.0437

1.0505

1.0446

1.0444

1.0235

1.0095

1.0716

1.04<16

1.0458

1.0571

1.0387

1,0269

1.0346

1.0390

1.0351

1.0067

1.0138

0.9911

1.0070

1.0027

1.0160

1.0299

1.0369

1.0367

1.0163

1.032-1

1.0117

0.9959

1.3202

1.3132

1.2841

1.2955

1.2750

1.3426

1.3134

1.3113

1.3338

1.33513

1.2773

1.2750

1.2592

1.2524

1.2428

1.254<1

1.2406

1.2247

1.2569

1.2660

1.2839

1.3227

1.2723

1.2705

1.2519

1.2<131

1.2360

1.3<10,'

1.3000

1.3132

1.3295

1.3372.

1.2496

1.2338

1.2159

1.3154

1.3113

1.2814

1.2887

1.2766

1.2460

1.2623

1.2750

1.3181

1.3837

1.3785

1.3878

1.3993

1.3689

1.3431

1.3535

1.3640

1.01061

1.3973

1,3299

1.3404

1.3095

1.3150

1.3581

1.35-14

1,3336

1.3889

1.38<1<1

1.4048

1.3930

1.3420

1.3188

1.3272

1.3390

1.3798

1.3746

1.3664

1.3662

1.379<1

1.3723

1.3215

1.3610

1.3547

1.3649

1.3776

1.3449

1.30<15

1.315<1

1.2868

1.2912

1.3386

1.3327

1.3132

Apr-DB

Ave.

1.3423

1.3653

1.280!

1.2855

1.02613

1.0408

3.4636

3.9636

1751.07

C:ID=men!••

~'llinIJs·jonni"'l\I.o<::ol

~t1lICV&\T'''''"'''''l'

lnIlImol FIes\Conl•

.,tOldbo,1S1I6ll51SR\2OOl! PrIoo SIlo.l.>tI.

(l.I.n'I

Electronic Filing - Received, Clerk's Office, May 22, 2008

MWA!LME

JAN

fEB

MAR

APR

MAY

JUNE

JUl

AUG

SEP

OCT

NOV

DEC

1988

0.44439

0.45439 0.47901

0.51501

0.56036 0,62550 0.65644

0.66463 0,68255 0.69446 0.7124B 0.73440

1989

0.79269

0,87699

0,93710 0.88050

0.84644

0.80590 0,79667

0.81320 0.81076 0.79948

0.75922

0.72330

1990

0.67631

0.64748

0.73781

0.80739 0.85601

0.87192 0.86098

0.78984

0.77771

0.67535

0.62941

0.62089

1991

0.54741

0.53925

0.54391

0.56969

0.49499 0.48172 0.48245

0.47476 0.46428 0.45000 0.49611

0.53910

1992

0.52355 0.51307 0.55107 0.5918B

0.62301

0.62868

0.59902 0.61726 0.62027 0.52799

0.47506 0.48002

1993

0.48144 0,48646

0,45196 0,45582

0.44483

0,42018

0.42089 0.40112 0.39669

0.41515

0.42127 0.44214

1994

0.45225

0.43962

0.42466 0.41913

0.43360

0.43843 0.43745 0.42880 0.45033 0,48031

0.52256

0.50566

1995

0.52474

0,46838

0.46385 0.48164

0.47017

0.45814

0,46587

0.46029 0.44750 0.44429 0.46766 0.46196

1996

0.46239 0,47000

0,48275

0.47434

0.46999

0,45761

0.45377 0,45688

0.45388 0.45516 0.47483 0,47021

1997

0.49301

0.53513 0.56937 0.56280

0.59463 0.61440 0.68896

0.75042

0.74468

0.58087 0.53222

0.49995

1998

0.49768 0.47355 0.47520 0.49757

0.48131

0.45805 0.47185

0.46711

0.45376

0.42660 0.43868

0.43508

1999

0.42309

0.46145

0.46720

0.46221

0.47207 0.45381

0.48631

0.51283 0.54148 0.52106 0.52034 0.53694

2000

0.53470 0.49663 0.50638 0.51149

0.52475 0.50708 0.51538 0.53061

0.55538

0.49708

0.48038

0.48071

2001

0.46873 0.46306 0.45574 0.43973 0.42545 0.40593 0.38665

0.37561

0.36222 0.34541

0.35059 0.34232

2002

0.35980 0.34983 0.37163 0.36658

0.34906

0.34794

0.36054 0.33911

0.34303 0.34231

0.34712 0.36185

2003

0.35<144 0.35614 0.35877 0.34230

0.35183

0.35865

0.37536 0.37098 0.37112

0.40730 0.41482 0.44350

2004

0.46130

0.49336

0.50157

0,46843

0,46642 0,46332 0.44829

0.44262 0.44233

0.48305

0.019697

0.53533

2005

0.56535 0.60155 0.62491

0.58973 0.56410 0.57866 0.54178

0.58894

0.63391

0.67512

0.73071

0.82637

2006

0.94815

1.00670

1.09629

1.39923

1.61737

1.46315

1.54359 1.51831

1.54359 1.73406 1.98775 1.99826

2007

1.71761

1.50117

1,48384

1.61364 1.73739 1.63441

1.60885

1.47532

1.30698 1.34959

1.15272

1.06734

2008

1.06146 1.10592 1.13918

London Metal Exchange Prices

Cadmium

Prices

LME Warehouse Stocks

YEAR

0.60197

0.82019

0.74593

0.50697

0.56257

0.43650

0.45273

0.46787

0.46515

0.59720

0.46470

0.48823

0.51171

0.40179

0.35323

0.37543

0.47525

0.62676

1.48804

1.47074

1.10219

H&H

LME AVERAGE PRICES

lost

yeCll'$

11993-2007)

0.60502

lost 10 yeoD

[1998 - 2007)

0.66559

losl5 yecl1i

[2003 - 2007)

0.88724

5J22J200B

SHG

I..

sHG

Melal Bulle"n

Talal

Total

U.s.

u.s.

Sliver

spot

3 Monlh

Spol

3 Monlh

Spol

3 Monlh

Low

High

Stocks

Change stocks

Change

¢/lrDt DUne.

forward

LME

SHG Dnc Prlc:e [ndlc:allonsln S/Pound

Mar-OB

.$/Pound

Apr-DB

1.0500

51.0900

$1.0850 .

May-08 1.0543

51.0800

1.4247

1.4402

1.5377

1.5336

1.2587

1.2655

3.60

4.00

122.525

(725)

69,150

50 2023.50

Jun-08

1.0569

$1.0750 .

1.4111

1.4275

1.5694

1.5699

1.2726

1.2834

3.60

4.00

122.775

250

69,500

350

1973.50

1.0578

S1.07oo

1.3889

1.4034

1.'1515

1.4492

1.2152

1.2220

3.60

4.00

122.500

(275)

69.425

(75)

2070.00

Jul-OB

1.0591

SI.0650

1.43BB

1.4569

1.5331

1.5300

1.2B16

1.2BB4

3.60

4.00

122,325

(175/

69,400

(25) 200B.00

Aug-DB

1.0605

SI.0600

1.4402

1.4565

IA33t

1.4243

1.1977

1.2111

3.60

4.00

122,975

650

6B,975

(425) 2026,00

Ssp-OB

1.0619

SI.0550

SI.0500

Oct-DB

1.0628

SI.0450 .

Nov-Q8

1.0634

SI.0400 .

1.4061

1.4236

1.3767

1.3676

1.1521

1.1657

3.60

4.00

123,925

950

68.475

(500) 1952.00

Dec-DB

1.0641

SI.0350

1.4129

1.42BB

1.3B35

1.1635

1.1793

3,60

4.00

123,900

(25/

6B,400

(75) 1977.00

Jan-09

1.0646

SI.03oo

1.3615

1.3794

1.3676

1.3612

1.1539

1.15B9

3.60

4.00

123.800

{100/

68,325

{75/

1996.50

Feb-09

1.0650

S1.0!50

1.3962

1.4145

1.4252

1.4265

1.1957

1.2088

3.60

4.00

123.600

{200/

68,225

{100/

2063.00

Mar-09

1.0655

SI.02OO

1.4098

1.4270

1.4111

1.4070

1.1725

1.1834

3.50

3.90

124.525

925

67,700

(525/

2056.00

Apr-09

1.0655

SI.0150

51.0100

2008

1.0592

co co co 2

co co '" '"

~ ~

2009

1.0637

'Z~6<'l:!%6.S:

:2'::

.::

< Jl

1.3295

1,3499

1.3249

1.3200

1.1251

1.1308

3.50

3.90

123.575

(950)

67,275

(425)

2065.00

1.3336

1,3531

1.3023

1,2984

1.1226

1.1317

3,50

3.90

122.950

(625)

66.975

(300) 2004.00

1.2982

1.3163

1.2791

1.2828

1.0843

1.1025

3.50

3.90

122,650

(300)

66.975

1840,00

1.2528

1.2737

1,2020

1.2084

1.0251

1.0367

3.50

3.90

122,150

(500)

66,725

(250) 1722.50

Good Friday Holiday

Easter Monday Holiday

1714.00

1.3095

1.3293

1.2769

1.2746

1.0510 1.0746

3.50

3.90

122,600

450

66,250

(475) 1762.00

1.2975

1.3202

1.2360

1.2565

1.0392 1.0569

3.50

3.90

124,875

2,275

66,100

(150) 1823.50

1.3236

1,3472

1.2485

1,2524

1,0342 1.0467

3.50

3,90

124,800

(75)

65,975

(125) 1828.00

1,3342

1,3590

1.3029

1,3091

1,0551

1,0700

3.50

4,00

124,450

(350)

65,975

0 1782.50

1.3313

1.3549

1,2669

1,2723

1.0446

1,0578

3.50

4,00

124.375

(75)

65,975

0 1745.00

Ave.

1.3632

1.3822

1.3647

1.3646

1.1392

1.1513

3.5474

3,9579

1921.60

C:lDoclmora Drill S'!li'lli>'jm'II!M\l.=1S<lt2V>IT''''I'or.llJIm"",1

FkI\ConlenlOt4tlcklSV0051EA~

I'l'"

SOffi",ls,

Electronic Filing - Received, Clerk's Office, May 22, 2008

5/22/2008

LME AVERAGE-PRICES

Lost 5 years

(2003 * 20(7)

0.88724

Lost 15 years

(1993*2007)

0.60502

Last 10 years

(1998 - 2007)

0.66559

YEAR

0.60197

0.82019

0.74593

0.50697

0.56257

0,43650

0.45273

0.46787

0.46515

0.59720

0.46470

0.48823

0.51171

0.40179

0.35323

0.37543

0.47525

0.62676

1.48804

1.47074

1.08369

AL I

london

Al I

Metal

Exchange

I PB

Prices

SHG I SHG

Cadmium

Metal

Burretln

Prices

Total

LME

Warehouse

Tolal

I U.S.

stocks

U.s.

H&H

Silver

spot

Month I Spot

3 Monlh I spot

3 Mon!h

Low

-j

High

Slocks

Change I Siocks change

';/~ovollnc.

Forward LME SHG Zinc: Price Indlcaflons In

S/Pound

Feb-OS

$/Pound

1.2138

1.2340

1.2905

1.2950

1.1367 1.1455

3.60

3.90

111.350

53.700

375 1686.50 Mor-OB 1.2388

SI.2800

Apr-DB 12419

$1.2750

+I-------------~

May-DB 1.2451

S\.2700 I

1.1923

1.2125

1.2995

1.2932

1.1181 1.1274

3.60

3.90 110.900

14501 53.850

150 1659.50

3M 1.2451

'1.2"0 +-------------

1.1782

1.1968

1.2565

1.0895 1.1000

3.60

3.90

113.025

2.125

55.125

1.275 1650.50

Jun-OB 1.2453

51.2600 +1

1.1755

1.1939

1.2701

1.2682

1.0814 1.0886

3.60

3.90

112.825

(200)

55,125

0 1659.50

Jul-OB 1.2456

SJ.2S50 +-

1.1798

1.1988

1.2637

1.2589

1.0582 1.0639

3.60

3.90

112.725

(100)

55,125

0 1683.00 Aug-DS 1.2456

SI.2S00 +-

1.2156

1.2288

1.3063

1.3086

1.0637 1.0707

3.60

4.00

115.600

2,875

57.025

1.900 171200 Sep-08 1.2451

Oct-D8 1.2428

51.2450 -

.............

Nov-08 1.2406

512400 -

.........

1.2102

1.2283

1.3662

1.3630

1.1018 1.1090

3.60

4.00

116.100

500

57.825

800 1744.50 Dec-08 1.2383

51.2350

1.1964

1.2159

1.3753

1.3705

1.0959 1.1050

3.60

4.00 116.275

175 58.550

725 1732.00 Jon-D9 1.2360

S1.2300 1---..+----------

1.1830

1.2020

1.3699

1.0734 1.0843

3.60

4.00 117.250

975 59.800

1.250 1724.50 Feb-09 1.2338

51.2250 -1--------------

1.2419

1.2633

1.3930

1.3884

1.0619 1.0845

3.60

4.00

117.800

550

60.575

775 1738.00 Mar-09 1.2315

'1.2200 .I__

- __

1.2757

1.2941

1.3812

1.3753

1.0682 1.0752

3.60

4.00

118,425

625

61.325

750 1708.50

2008

1.2429

Sl 9

9 9

9 9 9

2009

1.2230

~ ~~

£- ;g

~ ~ ~

1.2682

1.2873

1.3699

1.3655

1.0528 1.0705

3.60

4.00

119.000

575

62.150

825 Holiday

1.2728

1.2912

1.4107

1.4021

1.0752 1.0841

3.60

4.00

119.625

625

62.925

775 1755.00

1.2757

1.2946

1.4379

1.4247

1.0616 1.0727

3.60

4.00

119.050

(575)

62,925

0 1751.50

1.2995

1.3154

1.5037

1.4905

1.1206 1.1297

3.60

4.00

121.050

2.000

65.100

2.175 1806.00

1.2998

1.3163

1.4896

1.4810

1.111 8 1.1229

3.60

4.00

121,525

475

65.850

750 1797.50

1.2961

1.3134

1.4814

1.4787

1.1183 1.1294

3.60

4.00

121.700

175

65.850

1801.00

1.3050

1.3227

1.4758

1.4701

1.1122 1.1265

3.60

4.00

122.325

625

65.850

1848.50

1.3905

1.4061

1.5422 1.5327

1.1798 1.1998

3.60

4.00

123.300

975

68.625

2.775 1925.50

1.3816

1.3971

1.51-15

1.5082

1.2091

1.2170

3.60

4.00

123.400

100

69.125

500 1971.00

1.3998

1.4157

1.5395

1.5336

1.2342 1.2451

3.60

4.00

123.250

1150}

69.100

(25} 1978.00

MWA/LME

JAN

FEB

MAR

APR

MAY

JUNE

JUl

AUG

SEP

OCT

NOV

DEC

1988

0.44439 0.45439 0.47901 0.51501

0.56036

0.62550

0.65644 0.66463 0.68255 0.69446

0.71248

0.73440

1989

0.79269

0.87699

0.93710

0.88050 0.84644 0.80590 0.79667

0.81320

0.81076

0.79948 0.75922 0.72330

1990

0.67631 0.64748

0.73781

0.80739 0.85601 0.87192 0.86098

0.78984

0.77771

0.67535 0.62941 0.62089

1991

0.54741 0.53925 0.54391 0.56969

0.49499

0.48172

0.48245 0.47476 0.46428 0.45000 0.49611 0.53910

1992

0.52355 0.51307 0.55107 0.59188

0.62301

0.62868

0.59902 0.61726 0.62027 0.52799

0.47506

0.48002

1993

0.48144 0.48646

0.45196

0.45582 0.44483 0.42018 0.42089

0.40112

0.39669

0.41515 0.42127 0.44214

1994

0.45225

0.43962

0.42466

0.41913 0.43360 0.43843 0.43745

0.42880

0.45033

0.48031

0.52256 0.50566

1995

0.5247.\ 0.46838 0.46385 0.48164

0.47017

0.45814

0.46587 0.46029

0.44750

0.44429 0.46766 0.46196

1996

0.46239 0.47000 0.48275 0.47434

0.46999

0.45761

0.45377 0.45688 0.45388 0.45516 0.47483 0.47021

1997

0.49301 0.53513

0.56937

0.56280

0.59463

0.61440

0.68896 0.75042

0.74468

0.58087 0.53222 0.49995

1998

0.49768 0.47355 0.47520 0.49757

0.48131

0.45805

0.47185 0.46711

0.45376 0.42660

0.43868

0.43508

1999

0.42309 0.46145

0.46720

0.46221 0.47207 0.45381 0.48631

0.51283

0.54148

0.52106 0.52034 0.53694

2000

0.53470

0.49663

0.50638 0.51149

0.52475 0.50708 0.51538 0.53061

0.55538 0.49708

0.48038

0.48071

2001

0.46873 0.46306 0.45574 0.43973

0.42545

0.40593

0.38665 0.37561

0.36222

0.34541 0.35059 0.34232

2002

0.35980 0.34983 0.37163 0.36658

0.34906

0.34794 0.36054

0.33911

0.34303

0.34231 0.34712

0.36185

2003

0.35444

0.35614

0.35877 0.34230

0.35183 0.35865 0.37536 0.37098 0.37112 0.40730 0.41482 0.44350

2004

0.46130

0.49336

0.50157 0.46843

0.46642

0.46332 0.44829

0.44262

0.44233

0.48305 0.49697

0.53533

2005

0.56535 0.60155 0.62491 0.58973 0.56410 0.57866 0.54178

0.58B94

0.63391 0.67512 0.73071 0.82637

2006

0.94815

1.00670

1,09629

1.39923 1.61737 1.46315 1.54359 1.51831

1.54359 1.73406 1.98775 1.99826

2007

1.71761

1.50117 1.48384 1.61364 1.73739 1.63441

1.60885 1.47532 1.30698 1.34959

1.15272

1.06734

2008

1.06146 1.10592

Ave.

1.2596

1.2775

1.3970

1.3921

1.1059

1.1168

3.6000

3.9762

1766.63

C:1lJccumonIs

and

Sollitv>\j<1lnjforl!.=l SoltlnillTornpor.lry lmemot

Fil..

ICcnI<ntOu11<>e'1SVn!!51SRI2lXl5 Plj:e Slloot.ll.

Q2.OO

Electronic Filing - Received, Clerk's Office, May 22, 2008

MWA/LME

JAN

FEB

MAR

APR

MAY

JUNE

JUl

AUG

SEP

OCT

NOV

DEC

YEAR

5/22/2008

1988

0.44439 0.45439

0.47901 0.51501 0.56036 0.62550 0.65644 0.66463 0.68255

0.69446 0.71248

0.73440

0.60197

LME AVERAGE PRICES

1989

0.79269 0.87699

0.93710 0.88050 0.84644 0.80590

0.79667 0.81320 0.81076 0.79948

0.75922

0.72330

0.82019

1990

0.67631

0.64748 0.73781 0.80739

0.85601

0.87192 0.86098 0.78984

0.77771 0.67535 0.62941 0.62089

0.74593

LC5t 15 yeers

1991

0.54741 0.53925

0.54391 0.56969 0.49499 0.48172 0.48245 0.47476 0.46428

0.45000

0.49611 0.53910

0.50697

(1993-2007)

0.60502

1992

0.52355 0.51307 0.55107 0.59188

0.62301

0.62B68 0.59902 0.61726 0.62027

0.52799 0.47506 0.48002

0.56257

1993

0.48144 0.48646 0.45196

0.45582 0.44483

0.42018 0.42089 0.40112

0.39669

0.41515 0.42127 0.44214

0.43650

LC5111) yeers

1994

0.45225

0.43962

0.42466 0.41913 0.43360 0.43843 0.43745 0.42880 0.45033 0.48031

0.52256

0.50566

0.45273

(l998-2OO7)

0.66559

1995

0.52474 0.46838 0.46385 0.48164

0.47017

0.45B14 0.46587 0.46029 0.44750

0.44429

0.46766

0.46196

0.46787

1996

0.46239 0.47000 0.48275 0.47434

0.46999

0.45761 0.45377 0.45688 0.45388

0.45516 0.47483

0.47021

0.46515

1997

0.49301 0.53513

0.56937 0.56280 0.59463 0.61440

0.68896

0.75042 0.74468 0.58087

D.53222

0.49995

0.59720

LaslS yeClfS

1998

0.49768 0.47355 0.47520 0.49757

0.48131

0.45B05 0.47185 0.46711 0.45376

0.42660

0.43B68 0.43508

0.46470

{2OO3 - 2007)

0.88724

1999

0.42309 0.46145 0.46720 0.46221

0.47207

0.45381 0.48631 0.51283 0.54148

0.52106 0.52034 0.53694

0.48823

2000

0.53470

0,49663

0.50638 0.51149 0.52475

0.50708 0.51538

0.53061

0.55538 0.49708 0.48038 0,48071

0.51171

2001

0.46873 0.46306 0.45574 0.43973

0.42545

0.40593 0.38665 0.37561 0.36222

0.34541 0.35059

0.34232

0.40179

2002

0.35980 0.34983 0.37163

0.36658 0.34906

0.34794 0.36054 0.33911

034303 0.34231 0.34712 0.36185

0.35323

2003

0.35444 0.35614 0.35877 0.34230 0.35183 0.35B65 0.37536 0.37098 0.37112 0.40730

0.41482

0.44350

0.37543

200'

0.46130 0.49336 0.50157 0.46843 0.46642 0.46332 0.44829 0.44262 0.'14233 0.48305 0.49697

D.53533

0.47525

2005

0.56535 0.60155 0.62491

0.58973 0.56410

0.57866 0.54178 0.58894 0.63391

0.67512 0.73071

0.82637

0.62676

2006

0.94815 1.00670 1.09629 1.39923 1.61737 1.46315 1.54359 1.51831

1.54359

1.73406 1.9B775

1.99826

1.48804

2007

1.71761

1.50117 1.48384 1.61364 1.73739

1.63441

1.60885

1.47532 1.30698 1.34959 1.15272

lD6734

1.47074

2008

1.06146

London Metal Exchange Prices

Cadmium Prices

LME Warehouse Slocks

H&H

SHG I .. sHG

Melal Bullelln

TCllel I Tolcl

I u.s.

U.s.

SHver

spot

Monlh

Spct

Month

Spct

Month

Low

High

Stocks Chcnge

~fImY

ClIIIC.

Forward

LME

SHG ZInc Price Indlcotlon5 In $/Pound

Jan.OB

$/Pound

LME Holiday

Feb-08 1.0893

SI.IIOO

1.0730

1.0945

1.1703 1.1703 1.0814 1.0904

3.60

3.90

88,475

{675} 38,500

0 1522.00 Mar.08 1.0920

SJ.lOSO t--------------

1.0986

1.1206

1.1762

1.1798

1.1186 1.1235

3.60

3.90

88,250

(225}

38,500

0 1537.50

Apr-08 1.0943

SI.IOOO

t=:::;~:~~~~~;;:::::===

1.1099

1.1331

1.2088

1.2111

1.1626 1.1589

3,60

3.90

88,375

125

38,500

0 1538.50

1.0954

May.08 1.0963

SI.0950

Jun.08 1.0972

SI.0900 ¥''-------------'-'"<'''

1.0904

1.1154

1.1798

I.IB43

1.1229 1.1258

3.60

3.90 95.150 6,775 38.500

0 1522.50

Jul-OB

1.0981

S\.OB50

i---------------

1.1077

1.1301

1.1705

1.1793

1.1494 1.1524

3.60

3.90

94,825

(325)

38,500

0 1560.50 Aug.08 1.0972

1.1115

1.1349

1.1929

1.1886

1.1462 1.1480

3,60

3.90

94,700

25)

38,500

0 1578.00 Sep-08 1,0963

SI.OBOO

1.0957

1.1190

1.1455

1.1501

1.0929

1.0909

3.60

3.90

94,200

(500)

38,500

0 1593.00

0c1..Q8 1,0941

SI.0750

1,0963

1.1226

1.1571

1.1635

1.0528 1.0616

3.60

3.90

94,175

(25)

38,500

0 1621.00

Nov-08 1.0918

S1.0700

Dec-08 1.0895

Jan-09 1,0882 SI.0650.-

-----------

1.1206

1.1453

1.1975

1.2070

1.0n5

1.0800

3.60

3.90

94,125

(50)

1647,50

Feb..Q9 1.0868

SI.0600 .,_,

,, __,-

1.1161

1.1372

1.2156

1.21B1

1.0412 1.0487

3.60

3.90

97,250

3,125

1624.00

200B

1.0942

9 9

~ ~

~ ~ ~

1.0991

1.1213

1.1839

1.1843

1.0260 1.0356

3.60

3.90

99,200

1,950

1585.00

2009

1.0767

i.<

~ ~ ~

1.0943

1.1158

1.1839

1.1882

1.0299 1.0437

3.60

3,90

99.575

375

1590.00

1.0886

1.1068

1.1567

1.1521

1.0163 1.0324

3.60

3.90

104,475

4,900

45,225

6,725 1602.50

1.0757

1.0972

1.1401

1.1415

1,0253 1.0301

3.60

3.90

105,500

1,025

46,350

1,125 Holiday

1.0700

1.0B91

1.1249

1.1258

0.9888 0.9984

3,60

3.90

105,000

{5oo1

46,750

400 1603.50

1,0755

1.0945

1,1524

1.1589

1.0052

I.OIB3

3.60

3.90

108,925

3.925

49,625

2,B75 1606.00

1.0936

1.1136

l.J700

1.1748

1.0140 1,0208

3.60

3.90

109,700

775

50,475

850 1632.50

1.1263

1.1421

1.2022

1.2111

1.0167 1.0342

3.60

3.90

109,900

200

50,B25

350 1640.50

1.1099

1,1308

1.1732

1.1816

1.0024

.0183

3.60

3.90

110,175

275

51,300

475 1670,00

1.1589

1.1757

1.2383

1.2428

1.0480

.0555

3.60

3,90

110,425

250

51.925

625 1678.00

1.1934

1,2131

1.2433

1.2496

1.0489

.0610

3.60

3.90

111,250

825

53,000

1.075 1674.00

1.198B

1.2179

1.2435

1.2478

1.0850

.0954

3.60

3.90

111.325

53,325

325 1697.50

Ave.

1.1093

1.1305

1.1

830

1.1 869

1.0615

1.0693

3.6000

3.9000

, 605.90

t:;=-r.!. ond

~.lt>"g>'i.m"'~.lm:lll

~.ltng>\T."'P""''l'

InI..,..l

Fi<.~,o""",,~\liwa5ieA~

I'n::e

~ho.l.J.ts.lIl-OO

Electronic Filing - Received, Clerk's Office, May 22, 2008

2205.00

Spreads

5/21/2008

Jun-08

2189.50

-15.50

Jul-08

2197.50

-7.50

Aug-08

2204.50

-0.50

Sep-08

2211.50

6.50

Oct-08

2218.00

13.00

Average

Nov-08

2223.00

18.00

2008

Dec-08

2228.00

23.00

5.29

2210.29

Jan-Og

2232.00

27.00

Feb-Og

2237.50

32.50

Mar-Og

2243.00

38.00

Apr-Og

2246.00

41.00

May-09

2249.00

44.00

Jun-09

2252.00

47.00

Jul-09

2255.00

50.00

Aug-09

2258.00

53.00

Sep-09

2261.00

56.00

Oct-09

2264.00

59.00

Average

Nov-09

2266.00

61.00

2009

Dec-09

2268.00

63.00

47.63

2252.63

Jan-10

2271.00

66.00

Feb-10

2274.00

69.00

Mar-10

2277.00

72.00

Apr-10

2280.00

75.00

May-10

2283.00

78.00

Jun-10

2286.00

81.00

Jul-10

2288.00

83.00

Aug-10

2290.00

85.00

Electronic Filing - Received, Clerk's Office, May 22, 2008

CERTIFICATE OF SERVICE

I, the undersigned, certify that I have served the attached Big River Zinc Corporation's Reply to

Illinois EPA'sResponse to Petition for Adjusted Standard by electronic filing and by first class

mail to the Clerk and by first class mail upon the remaining parties:

Pollution Control Board

Attn: John

T. Therriault

100

West Randolph Street

James

R. Thompson Center, Suite

11-500

Chicago, IL

60601-3218

William D. Ingersoll

Division

of Legal Counsel

Illinois Environmental Protection Agency

1021

N. Grand Avenue East

P.O. Box 19276

Springfield, IL 62794-9276

Date: May 22,

2008

Jennifer T. Nijman

Nijman Franzetti LLP

IDS. LaSalle Street, Suite

3600

Chicago, IL

60603

3122515255

Carol Webb, Hearing Officer

Illinois Pollution Control Board

1021 North Grand Avenue East

P.O. Box 19274

Springfield, IL 62794-9274

Electronic Filing - Received, Clerk's Office, May 22, 2008