Optimising Costs from a Stable Base

ELECTRIFICATION & CONSUMER DEMAND SUPPORT NICKEL GROWTH Nickel demand (kt) AngloAmerican Class 1 (substitutable) 282 Class 1 (critical) 83 Class 2 1,289 2019 Battery markets diverting Class 1 nickel 313 92 +11% 1,433 2022F 20 20

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