The CM Group (CM, formerly Clark & Marron Pty Ltd) was established in 1999 in response to a need for detailed supply-side commodity analysis, particularly around base metals and the potential impact on base metals of a growing Chinese presence. Since inception, The CM Group has conducted detailed analyses across a wide range of commodity industries, particularly those with a direct link to China. Our mission has always been to provide clients with fully researched, independent and insightful industry analysis. At the core of any good analysis is good data. The CM Group prides itself on collecting, analysing and assessing the highest quality data for every analysis it undertakes. We aim to provide industry and project assessments by taking a first-principles approach to analysis using our own analytical framework to assess structures. The CM Group provides a highly specialised consultancy service. We assist our clients by providing a professional, independent and often fresh view of the industries in which they participate. They often call us when they are seeking an alternative view. We generate our views by conducting our own primary research; we believe there is no better way. We build enduring relationships through trust and mutual respect and we are always mindful of local customs and culture. We are prepared to present the truth as we see it, even if it means taking a view contrary to conventional wisdom. Although our preference is to work and collaborate closely with our clients over long periods, from time to time we release multi-client reports, depending on specific industry circumstances and the general level of interest.