WIM/AMA/IOM3 Copper Bulls vs Bears Debate May 1st 2014

1. Drivers of Copper Use Change
Illustrative Slides
AMA Meeting
Date: May 1st 2014

2. Drivers of Copper Use Change 2005-2018
Industrial Production and Other Drivers of Copper Use Change
Figures relate to total copper use, including direct melt scrap. IP change converted to a tonnage number.
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000 Total Market Growthkt Cu
-3,000
-2,000
-1,000
0
1,000
2,000
3,000
4,000
Change excl. Subs. & Min.
Substitution & Miniaturisation Loss
IP Gain
kt Cu

3. The Drivers, Excluding IP Change
Effect of Substitution & Miniaturisation vs Structural Market Growth
-1,500
-1,000
-500
0
500
1,000
1,500
2,000 Change Excl. Subs. & Min.
Miniaturisation
Materials Substitution
kt Cu
-1,500
-1,000
-500
0
500
1,000
1,500
2,000 Net Effect
kt Cu

4. Drivers of Copper Use Change 2005-2018
Impact on Refined Copper – Bringing in the Direct Melt Scrap Dimension
Impact of substitution, miniaturisation and structural change adjusted to take account of scrap share.
-1,500
-1,000
-500
0
500
1,000
1,500
2,000 Net Effectkt Cu
-1,500
-1,000
-500
0
500
1,000
1,500
2,000 Scrap Share Effect
Change Excl. Subs. & Min.
Miniaturisation
Materials Substitution
kt Cu