AngloAmerican Investor Presentation Deck
We must be careful to distinguish between incremental gains and true "Schumpeterian"
moments of creative destruction in the industry.
Tonnes of Copper per Man Year - Log Scale
256
128
64
32
16
t
2
1
Immediately post the first world war, gains are
driven by the mass electrification of the US
copper industry and the relative movement in the
value of labour versus power
1.4
1860
Anglo American, 2023
Labour Productivity in U.S. Copper Mining
Gains in the 1980s/90s driven by a change in the nature of the capital equipment
used in mining, in particular by an increase in the physical dimensions of this
equipment and new hydrometallurgical techniques
2.4
4.4
11.7
10.8
9.3
11.3
18.9
1870 1880 1889 1902 1909 1919 1929
247
27.3
32.1
41.5 42.5
39.4
107.71
134.2
112.6
102.3
1939 1954 1958 1963 1970 1980 1990 2000 2010 2015View entire presentation