Anglo American Plc · LSE:AAL
Anglo American — Bank of America 2026
7 slides from Anglo American's conference presentation, May 12, 2026
Slide 1: Bank of America - Duncan Wanblad
New image Bank of America Duncan Wanblad 12 May 2026
Slide 2: Cautionary statement
[OFFICIAL] Bank of America 2026 Cautionary statement Disclaimer: This presentation has been prepared by Anglo American plc (“Anglo American”) and comprises the written Anglo American operates, conflicts over land and resource ownership rights and such other risk factors identified in Anglo American’
Slide 3: A structurally strong environment for mined commodities
[OFFICIAL] Bank of America 2026 A structurally strong environment for mined commodities Copper and iron ore demand remains resilient Mega-trends suggest Western metal intensity across market cycles set to reach tipping point Annual copper and iron ore demand1 Copper demand per unit of GDP1 Mt kg per
Slide 4: Delivering a transformational strategy
[OFFICIAL] Bank of America 2026 Delivering a transformational strategy Operational excellence Portfolio optimisation Growth Reset mine plans Focus on copper, Outstanding & organisation design premium iron ore growth potential across & crop nutrients the three businesses © Anglo American, 2026 4
Slide 5: Our value accretive pathway
[OFFICIAL] Bank of America 2026 Our value accretive pathway Near-term Medium-term Long-term copper growth adjacencies growth optionality ~125kt of copper growth Los Bronces + Andina Anglo Teck merger gives expected through 2028 +120ktpa2 copper production future optionality in multiple projects Tota
Slide 6: Low capital intensity provides differentiated growth
[OFFICIAL] Bank of America 2026 Low capital intensity provides differentiated growth Capital intensity of copper projects Capital intensity4 ‘000 $/t Cu, real 2025$ ~29 ~26 ~19 ~11 Los Bronces Collahuasi & QB(3) Estimates for future Estimates for peer Greenfield projects & Andina greenfield projects
Slide 7: Footnotes
[OFFICIAL] Bank of America 2026 Footnotes 1. Source: AA Group Strategy, Wood Mackenzie, United States Geological Survey. GDP values have applied the 2021 Purchasing Power Parity (PPP) adjustment factor as an input to Copper demand per unit of GDP. 2. Incremental production from 2030 for 21 years (10