Bulks Seminar & Site Visit

OPTIMISING COSTS FROM A STABLE BASE C1 unit cost (c/lb) 622 Cost drivers Mining 0800 0808 Processing ~450 -450 -400 0000.00 00000000 2012 2019F AngloAmerican 2020F Long-term potential Export Q2 on cost curve Lower nickel production in 2020 P101 benefits from 2022 = c.5% cost base 23

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