Global Metals & Mining: Global Metals, Mining & Steel Conference #43: What did we learn?

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Global Metals & Mining: Global Metals, Mining & Steel Conference #43: What did we learn?

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Global Metals & Mining

Global Metals, Mining & Steel Conference

#43: What did we learn?

Industry Overview

Global Conference #43: What did we learn? 18 May 2026

43rd Global Metals, Mining & Steel Conference, Theme: Deglobalization, Stockpiling & the Equity

Rise of Hard Assets. What did we learn in Miami? Copper growth: Copper still the focus Global

commodity, companies highlighting growth options but challenges, too. Some projects Non-Ferrous Metals, Mining &

Mineralsclose to approval. Gold: Companies high FCF generation. Steel: EU TRQ game changer,

US healthy spreads Energy transition: Theme broadens to “Electrification”. Please also Jason Fairclough >>

see our conference notes: Feedback Day 1, Feedback Day 2. Preview. Killer Charts. Research Analyst

MLI (UK)

+44 20 7995 0225

jason.fairclough@bofa.comCopper growth: Still focus. Growth options. Execution

BHP: Copper clear capital priority. Escondida core, Vicuña & Resolution longer dated Matty Zhao >>

Research Analyst

options Glencore: Brownfield, low risk & capital efficient growth. Coroccohuayco, Merrill Lynch (Hong Kong)

MARA, Mutanda sulphides. Greenfield: Pachon. Anglo American: Brownfield options, Lawson Winder, CFA >>

Collahuasi / QBII, (+TECK options: Highland Valley, Zafranal, San Nicolas). Antofagasta: Research Analyst

Merrill Lynch (Canada)

Copper growth in-hand, plus future options. FCX: Novel leach major low capex growth

Caio Ribeiro >>

lever. Operational focus on Grasberg recovery. SCCO: Executing Tia Maria. Research Analyst

Merrill Lynch (Brazil)

Gold. Companies FCF generative = Growth + Returns Kate McCutcheon >>

Gold up c.+40% since our last conference, Big Gold equities up c. +90%.