AngloAmerican Results Presentation Deck
COMMODITY OUTLOOK
Diamonds
Copper
PGMs
Bulks
Other
Anglo American
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Medium-to-long term commodity outlook
Demand recovery and growing disposable income drives demand
Supply peaking due to mine exhaustion
Demand robust long term. China remains main driver. Green economy presents upside
Supply disrupted by covid in the short-term, growth projects available but facing ESG, technical and sovereign risks
ICE/hybrid demand set to grow to 2030. Some substitution of platinum for palladium likely in autocatalysts over time
Longer term: palladium tightness eases; potential platinum demand growth from hydrogen fuel cells & industrial uses
Supply expected to be, at most, stable
Iron ore: Expected demand growth in India and developing Asia. Supply consistent with prevailing demand
Metallurgical coal: Demand growth expected to shift from China to India. China shifts to greater self-sufficiency
Nickel: Robust growth in stainless steel & electric vehicle battery demand matched by Indonesian supply ramp-up
Manganese: ~10kg alloy (approx. 6kg contained manganese) used per tonne of all steels
POLY4: Fertiliser demand increase owing to growing, wealthier population, climate change and finite arable land
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