AngloAmerican
Bank of AmeriDuncan Wanblad 12 May 2026
Mega-trends suggest Western metal intensity
set to reach tipping point
Copper demand per unit of GDP1 kg per $k (2025 basis)
0.5
0.4
0.3
0.2
0.1
0.0
China
EU & UK
US
~7.5Mt of new demand per annum if the West recovered to half of China's copper intensity
A structurally strong environment for mined commodities
Copper and iron ore demand remains resilient
across market cycles
Annual copper and iron ore demand1 Mt
Copper
30
Iron Ore
3,000
15
1,500
0
1900
1925
Copper demand
1950
1975
2000
0
2025
Iron ore demand
Delivering a transformational strategy
Operational excellence Portfolio optimisation Growth
Reset mine plans
& organisation design
Focus on copper, premium iron ore & crop nutrients
Outstanding
growth potential across the three businesses
Long-term
growth optionality
Anglo Teck merger gives future optionality in multiple projects
Ability to take a portfolio-
wide view
Allocating capital into the
highest risk-adjusted returns
Our value accretive pathway
Near-term
copper growth
~125kt of copper growth
expected through 2028
Total copper production (kt)
~125
2025A 2026F 2027F 2028F
695
790-
850
Medium-term
adjacencies
Los Bronces + Andina
+120ktpa2 copper production
Collahuasi + QB
Potential for +175ktpa3 copper production
Minas-Rio + Serpentina
Potential for additional higher quality DR-grade iron ore
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