Demand, supply and price of copper – an exploration ... - Rio Tinto

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45 Source: Brook Hunt Global copper reserves and grades are falling Global copper reserves - years of production Average reserve grade - % copper 27 24 25 1996 2000 2004 2008 • Data for 217 mines and projects 0.97 • Reserves are being mined faster than they are being replaced 0.78 0.77 0.70 1996 2000 2004 2008 • Resource conversion is falling behind production or is focusing on the high-grade parts of deposits • Selective conversion and mining of high-grade is an unsustainable practice Demand, supply and price of copper – an exploration perspective 10
Contained Cu 100,000,000 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 0 Mined grades will continue to fall Reserves – Deposits with >4Mt contained copper Resources – Deposits with >4Mt contained copper K am oto J V K onkola Tenke Fungurum e G logow Nkana Chambishi KGHM Mt Isa Olym pic Dam Aynak Udokanskoe Gaisky Com plex Tintaya Antamina Grasberg El Teniente Zhezkazgan Com plex Collahuasi Andina Division E scondida S alobo Lum wana Chuquicam ata S archeshm eh Sungun Los P elam bres Radomiro Tomic Q uellaveco S alvador Division Rio Blanco E speranza Toromocho Cuajone Los Bronces Almalyk Complex O yu Tolgoi Agua Rica Ray Complex Bingham Canyon Dexing Complex Santo Tom as Q uebrada Blanca El Abra G aby Balkhash Complex M onywa B atu H ijau Bor Basin Safford C e rro V e rd e Toquepala Cananea Bagdad Morenci S ierrita La Caridad Weighted average grade: 0.88% copper Total contained copper: 457Mt Sources: MEG; FCX 2008 Form 10-K 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 Cu Grade ( % ) Contained Cu 100,000,000 90,000,000 80,000,000 70,000,000 60,000,000 50,000,000 40,000,000 30,000,000 20,000,000 10,000,000 0 Tintaya Konkola North Tenke Fungurum K am oto Nkana JV Resolution Limamay o Los Su lfatos Windy Craggy Konkola Zhezkazga n Com Oyu ple Tolgoi Mt Isa Y ulong Las Bambas Qulong A ntamina Olympic CollaDam Kalumbila huasi Junin Lookout Sungun Hill Cerro Colorad Nokomis P anantza Andina Divisio San Manuel DLumwana Tampakan ivisio Tuwu-Yandon El Pachon Frieda Escondida Rive M irador G ra sbe rg Lo Santa s Az ules Rio Blanco Cru z Los Pe la mAk-Sug bres El Arco El Teniente La P etaquilla Granja Que brad a Reko Blan cDiq Chuquicamata Galore Creek S afford Erdmin Galeno Sxew Bingha m Quellaveco Canyo Cobre Western de Toki SCoppe ono Clu r Letpa daun ster g B alkh A lmalyk ash Sierra Com Comple ple Los Br Gorda Toromocho onc A es E idarly l Abra Salvador Vizc Divisio Aachitas gua PRic ebble a E spe B or ran Basin Gaby za Santo Monywa Tomas Ce rro BVerde Morenci agdad S ierrita Batu Zangezu H ijau r Weighted average grade: 0.68% copper Total contained copper: 909Mt Demand, supply and price of copper – an exploration perspective 11 4.00 3.50 3.00 2.50 2.00 1.50 1.00 0.50 0.00 Cu Grade ( % )
Page 1 and 2: Demand, supply and price of copper
Page 3 and 4: BHP Billiton Vale Shenhua Rio Tinto
Page 5 and 6: Key drivers for long term commodity
Page 7 and 8: Long-term copper price Real prices
Page 9: Source: MEG Distribution of copper
Page 13 and 14: Rio Tinto Tier 1 discoveries Date N
Page 15 and 16: Approximate depth to top of deposit
Page 17 and 18: Bingham Canyon - an emerging minera
Page 19 and 20: Technology and innovation - unlocki
Page 21: Summary • Global copper reserves

Demand, supply and price of copper – an exploration ... - Rio Tinto

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