|2024 5 6 010-S0980520040001 021-S0980522080003 2010 2017 4500,iFinD 2026 Wood Mackenzie 050010001500200025003000350040004500 WUAZyRqNsRqRpRmPsPtMpO8O8Q6MmOnNsQqMjMnNsPkPrRrObRrRzQuOpPtMwMoPoQ 50-55%01020304050602000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050million tonnesElectrical conductivity Heat transfer Aesthetics/malleable Signal transfer0%10%20%30%40%50%60%2008200920102011201220132014201520162017201820192020202120222023202420252026202720282029203020312032203320342035203620372038203920402041204220432044204520462047204820492050&Wood Mackenzie Wood Mackenzie Wind 02040608010012014016018012/02 13/02 14/02 15/02 16/02 17/02 18/02 19/02 20/02 21/02 22/02 23/02 24/0205010015020025014/8 15/8 16/8 17/8 18/8 19/8 20/8 21/8 22/8 23/8 Wind Wind 010203040506012/1 13/1 14/1 15/1 16/1 17/1 18/1 19/1 20/1 21/1 22/1 23/1 24/10102030405060708001/01 02/01 03/01 04/01 05/01 06/01 07/01 08/01 09/01 10/01 11/01 12/01 01/0120202021202220232024 WindACsc/yShxgk246a3SFaneJKvZxvDHl7CnYBIQwX/6MONKGLbKGCLp/mr2t8KOClw 2021-2025 90 2021 2025 Quellaveco QB2 TFM KFM Oyu Tolgoi Kamoa Udokan 2018 TFM 2015 30 2024 2011 10 2023 11 2024 80 40 1.9%0.5%-1%1.5%Wood Mackenzie 200021002200230024002500260027002021 2022 2023 2024 2025 2020 2021 2022 2023 Q3 2024 Q1 4/4 TC 4.2/10 TC 90/10/5 1/25%+0.1*22.04=220/1500-2500/80/TC Wind/2 200 1702022 183.94 162.9 86%14%90%95%90%10%95%75%010203040506070809010001000020000300004000050000600007000080000900000.0020.0040.0060.0080.00100.00120.00140.00160.00 TC 85%USGS 8.7 56 10 40 2 0.87 23%10%2023 528 23.8%271 10 2023 265 12%23%10%10%7%6%6%3%3%3%2%2%25%iFinD,42%,15%,14%,9%/,6%10 2023%Codelco 142.4 6.3BHP Group 137.3 6.1Freeport-McMoRan 129.9 5.8Glencore 97.2 4.3Southern Copper 96.2 4.3Zijin Mining 78.5 3.5First Quantum Minerals 66.8 3.0Rio Tinto 59.2 2.6Anglo American plc 57.7 2.6KGHM Polska Miedz 52.2 2.3 Wood Mackenzie 1999-2002 1300-1400/2008 2700/2015 4300/2020 3 4700/40 100 90%10%3/iFinD 1.23 1.231.191.141.11.051.011.031.051.040.970.890.750.720.690.670.651.111.131.050.97 0.970.920.870.850.890.90.870.810.650.620.60.570.5540.00%50.00%60.00%70.00%80.00%90.00%100.00%110.00%120.00%130.00%0.000.501.001.502.002.503.003.504.004.505.0002,0004,0006,0008,00010,00012,0001990 1993 1996 1999 2002 2005 2008 2011 2014 2017 2020 2023:LME:LME 20 2004 Wood Mackenzie 2007 2002 500350 70%2004-2006 2010 2009-2011 2011 2016 2020 2020 10 2023 12%31.2 2012 47 0%1%2%3%4%5%6%7%051015202530354045501990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018:5 0100020003000400050006000700080009000100000.050.0100.0150.0200.0250.0300.0350.01992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 LME/20 90%90%90%75%2001 2008 2015 2020 90%75%50%5157/4209/3327/2020 3 19 4371/90%75%30-40%2020 2020 4/Wood Mackenzie-0.6-0.4-0.200.20.40.62001 2003 2005 2007 2009 2011 2013 2015 2017 2019 90%Wood Mackenzie 200040006000800010000120002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023():LME3 90%75%50%2025 5 5 CRU 370/8150/90%+6400/2023 5 7800/CRU 2023 Wood Mackenzie 2018 Wood Mackenzie 2022 2023 2025 2025 20 2008 2016-LME CRU 2018 Wood Mackenzie-2023 50%7%16%77%2023 29%26%21%13%11%ISM PMI PMI Wire rod74%Billet13%Cake/Slab13%-Wood Mackenzie-Wood Mackenzie Electrical conductivity77%Heat transfer10%Aesthetics/malleable11%Signal transfer2%-Wood Mackenzie Construction26%Electrical Network29%Industrial Machinery11%Transport13%Consumer&general21%2024 4 3 PMI 50.3 2022 9 PMI 46.1 PMI 50.8 2023 9 PMI iFinD iFinD 1.31.41.51.61.71.81.922.12.202,0004,0006,0008,00010,00012,0001990-01 1993-01 1996-01 1999-01 2002-01 2005-01 2008-01 2011-01 2014-01 2017-01 2020-01 2023-01:LME:911 2008 2020 3035404550556065701000200030004000500060007000800090001000011000LME3 PMI 46 PMI 11 2024 80 11 35 2024 20 90/4 5/10 2024 40 0.5%-1%1.5%0%10%20%30%40%50%60%70%80%90%100%1976197719781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024202520262027-iFinD 2021 2022 2023 2024 2025 2026 1799 1844 1860 1884 2048 2121 2.5%0.8%1.3%8.7%3.6%2497 2533 2578 2641 2798 2880 1.4%1.8%2.4%6.0%2.9%2495 2523 2592 2680 2772 2853 1.1%2.7%3.4%3.5%2.9%2 10-14-39 26 27 Wood Mackenzie 90%1 4 -80%200/200/0.47 1 13500 4 30%-2012 2013 2013 2015 2017 2011 200 2017.05-2024.03 iFinD 3232821886360494615540-1-7-20-84-151-432-500-400-300-200-100 0 100 200 300 400 2006-2017 13.0%13.1%2017%051015202530354045502005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023-1040901401902402005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2017 4 2017 656 889/8 517/372/4 10 1100/2015 1494 3787/2790/997/2004 944 4731 944 4500 100%5%4500 4300 2023 8 4250 iFinD 2023-2025 3,200.003,400.003,600.003,800.004,000.004,200.004,400.004,600.002017-052017-082017-112018-022018-052018-082018-112019-022019-052019-082019-112020-022020-052020-082020-112021-022021-052021-082021-112022-022022-052022-082022-112023-022023-052023-082023-112024-02 95%20 10 36%50%-2019 56%25%59%30%20 25%50%75%100%2009 12%22%53%62%2019 59%54%62%53%:Wood Mackenzie CRU iFinD 05001000150020002500300035004000450002004006008001,0001,2001,400Asia ex.China AfricaAustralasia Central&South AmericaEurope North AmericaChina:0.00100.00200.00300.00400.00500.00600.00700.0019981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020202120222023 2024 2025 2026 2027/100 25 25 25 50 Adara/KAl 150 0 25 25 100 100 0 25 25 50 THQT 45 0 15 15 15 VedantaBALCO/KORBA 41.5 0 20 21.5 Taishet 42.7 20 10 12.7 54 479.2 45 35 97.7 111.5 65 204 3 2.7g/cm3 34%30%237W/m.K 398W/m.K 411W/m.K 73W/m.K 20 2023 17%0.8%2023 2023 2024 2024 21%10%-10%-5%0%5%10%15%20%25%20002001200220032004200520062007200820092010201120122013201420152016201720182019202020212022 2000 2021 2022 2023 2024 2025 2026 3851 4009 4152 4255 4326 4382 4.1%3.6%2.5%1.7%1.3%2896 2853 2891 2921 3047 3158-1.5%1.3%1.0%4.3%3.6%6747 6862 7043 7175 7373 7540 6865 6929 6998 7168 7367 7539-118-67 44 8 6 1 Wood Mackenzie SMM USGS 2.5 2022 1250 20 40 80 30%63%13%60%kt 4601 12747 7987 63%-7987 63%kt-62940-30089 30089 32%Moz 7021 10237 3217 31%-3217 31%kt 2473 2413-1030 1030 30%Moz 111464 153388 41865 27%-41865 27%Moz 6396 8456 2016 24%-2016 24%Moz 846200 1015000 168800 17%-168800 17%kt 20678 23807 3548 15%6060 9608 32%kt 12913 13699 1775 13%-1775 13%kt 108 118 10 8%-10 8%:BGRIMM、-90%70%10%12%2006 2006 00.20.40.60.811.21.41.61.805001,0001,5002,0002,5003,0003,5004,0004,5005,0001990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023:LME:LME/=1 iFinD 2000 2003-2008 2009-2011+2016-2018+2020-2021 20 2008 1038/50%2009-2.5%2015 75%50 Century Lisheen 70 2016-7.5%2020 45 iFinD-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%05001,0001,5002,0002,5003,0003,5004,0001990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 -2019 2016-2018 2009-2013 5 2018 2019 2020 2021 2020 2021 1456 2021 1331 125 2018 2022 1567 2021 1399 168 2024 2025 2004-2007 2022 2023 30 2023 1.5%2023 18000/800900100011001200130014001500160017002018 2019 2020 2021 2022 2023 2024 20252018 2019 2020 2021 Bloomberg Wood Mackenzie-2025 20 Wood Mackenzie 2022-2025 2.5%20 2.0%2025 1%024681012142000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Glencore PLC Teck Resources Ltd Vedanta Resources PLC(Acquired)Agnico-Eagle Mines Ltd HudBay Minerals Inc BHP Billiton Ltd%Bloomberg 2024 Wood Mackenzie 60%53%1/3 64%18%9%6%2%1%33%23%15%14%6%9%Wind Wind 2021 2022 2023 2024 2025 2026 1286 1284 1250 1257 1375 1391 1391 1357 1378 1364 1440 1486-2.4%1.5%-1.0%5.6%3.1%1406 1364 1343 1378 1424 1462-3.0%-1.5%2.6%3.4%2.6%-15-7 34-14 16 24 Wood Mackenzie 2023 67.7+20%101(100%)+11%()46.7+3%412+4%2013 12 2011-2015 2018-2020()2024 73.5+8.6%111+9.9%()47+0.6%420+1.9%2.5 0.9()2024 50 2024 60 80 2025 30/2025 30-35 60 9.9/10/2023 12 22 21 5 3-4 240 3.3 500 2025 3Q 2 3 2/32(2023)100.70 2023()/68.00 2023()/42.20 2023()/-2024 2024 TFM KFM 2023 2024 2022 200%10 2024 52-57 6-7 2023 15 1 1.2-1.5 0.65-0.75 0.9-1 105-125 500-600 TFM KFM 2023 TFM 2000 KFM 1.4 2024 60 9 5 2024 2.0 5 80-100 9-10 2.5-3 1 TFM KFM 60 80-100 2024 TFM KFM TFM KFM 16%5%(NPM)62%7%5%3%-2023 66.07 25.52%1.37 28.95%Dikulushi Lonshi SanMatias 2023 Dikulushi 0.98 1.02 2024 1 Lonshi 2023 0.46 2024 4 2024 2 2.2 San Matias Alacran 2023 12 EIA 2024 1 1 KBI LCML80%1 LCHL LCML 8.6 Lubambe 80%Lubambe 15 P2O5 32.65%-59%55%65%-605 558 0.66%1989/2280/2-30/80/2.5 3.5 2024 90/150/2-100%4560 2023 250/380/340/2021 2022 2023 643.44 624.77 605 172.45 161.57 155.14 321.98 284.37 270.34 38.24 37.45 36.9 64.81 64.57 64.15 27199.03 26146.75 30010.9 27.38 27.17 27.12 13.56 13.08 12.8 2302.84 2119.86 2095.37 3046.25 3046.25 3046.25 5.50 5.466.96 6.756.025.156.035.187.9213.3716.3014.7213.3411.2012.0310.944.974.714.914.7512.4914.4013.1315.870.002.004.006.008.0010.0012.0014.0016.0018.002017 2018 2019 2020 2021 2022 2023 2024E -2023 8227 1667 20.3%4166 679 16.3%20%2014 2015-2019 2017 2022/305 100.0%260 86.0%241 100.0%227 100.0%221 100.0%200 100.0%200 51.0%160 60.0%100 67.4%90 66.0%80 100.0%2 100.0%140 29.1%2226 100%1865.1 83.8%(kwh/)74.0 100%13620 76%24%55.0 100%13560 76%24%52.3 100%13603 0%100%42.0 100%13468 100%0%49.7 40%13578 0%100%42.0 86%13323 100%0%40.0 100%13578 0%100%40.0 40%13598 0%100%36.0 67%13521 0%100%304.0 29%13568 0%100%735.0 100%448.0 61%-SMB-Winning 5000 25%SMB-Winning 1000 25%6000 1750 100%200 61%1950 443 100%203 75%646 2017 646 396 91 646 250 60%193 2022 3 2023 3 203 2020 9 250 646 -20 100%25 67.33%30 70.14%30 100%38 94.35%70 63.99%43 74.51%50 100%305 250.6 140 305 80 2 157 2023 80%20%10/2023 4 2023 10 1 iFinD iFinD63.992.2110.73119 1211371611902412302602400501001502002503002012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023129.01136.7140.13142.8370.5178.1782.478.350.0020.0040.0060.0080.00100.00120.00140.00160.002020 2021 2022 2023 2024/17000 18000 19000 20000 21000 22000 25000 2800 1,825 3,429 5,033 6,638 8,242 9,846 14,6592900 1,593 3,197 4,801 6,405 8,010 9,614 14,4273100 1,129 2,733 4,337 5,941 7,546 9,150 13,9633300 664 2,269 3,873 5,477 7,081 8,686 13,4983500 200 1,805 3,409 5,013 6,617 8,221 13,034 170 80 90 2021 10 2000/200/0.2/0.44/5500K 850/5 80 kW 180 100%120 100%45 100%240 100%210 82%60 35%855 80 100%90 58.25%170 2.5 100%5.5 60.9%8 iFinD/iFinD 730.63626.36563.93551.06559.06653.73681.22716.96114.2 111.26 107.8188.69102.28140.66163.5151.801002003004005006007008002016 2017 2018 2019 2020 2021 2022 2023 147276 277154 1255787734692092 206453015092832583146403953010002000300040005000600070002016 2017 2018 2019 2020 2021 2022 2023 120 6 350MW 60 2024 2024 2023 211.9 2617 12 2024Q1 3400/2023 500/600/2.3 2023 12 2023 2025 15%2024 1000 80 100.00%170 100.00%250 120 100.00%120 6 100.00%20 100.00%iFinD/iFinD 74.9790.68154.03211.931.5747.0951.2559.89113.04115.37 115.81 116.550501001502002502020 2021 2022 2023 2,9693,1822,975 2,9413,3495,6654,0003,438-263-170-41-90-319-161-220-187-1,00001,0002,0003,0004,0005,0006,0002016 2017 2018 2019 2020 2021 2022 2023 -75 69 225 23 13 12 1 25 23 12 12.75 19 2 25 50 23 12 37.44 43.85 63 12 2024 12-4 5 11 6-10 25 24Q1 100%80%2023Q4 57/2023Q4 69/5/60%24Q1 1385/LME 3 1 3 120 28.05%33.66 45 26.01%11.70 60 26.01%15.61 22 3 23 3 25.00 76.00%19.00 25.00 83.20%20.80 25.00 92.19%23.05 75.00 83.80%62.85 69.00 100.00%69.00 120.00 28.05%33.66 45.00 26.01%11.70 60.00 26.01%15.61 225.00 27.10%60.97 051015202530354045502017 2018 2019 2020 2021 2022 2023 01020304050602017 2018 2019 2020 2021 2022 2023 1.0 8.0 8.0 16.9 15.11%6.73%27.48%80%10%75%99.60%98.31%99.71%98.13%96.42%98.35%/)/)%70 17 27-28 60 13 21-22 100 5 5-6 36 3 9-11 18 1 5-6 20 2.5 13-14/%2005 12 10 1065 2014 12 7 13100 2016 11 6 1416 2004 12 3 61 23 4075 -2024 19 10 2 7 0 29.8 14.8 15 9 5 1 3 5 5 0.97 40 217 4.53 200 2022 70 6 12 6 12 A 300 000300.SH 899001.CSI(HSI.HI)500(SPX.GI)IXIC.GI 20%10%-20%10%10%10%10%10%125 36 518046 0755-82130833 1199 1 12 200135 6 9 100032