Global Metals & Mining: Mini Primer: Copper growth project sampler, 3rd edition

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Global Metals & Mining: Mini Primer: Copper growth project sampler, 3rd edition

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Global Metals & Mining

Mini Primer: Copper growth project

sampler, 3rd edition

Industry Overview

Copper: Framing future growth options 14 July 2026

We refresh our study of a selection of (now) 43 copper growth options (greenfield & Equity

brownfield) across our coverage universe. We see compelling copper optionality at many Global

companies but particularly highlight Glencore, Anglo American, Vale, Teck (diversified) & Non-Ferrous Metals, Mining &

MineralsLundin, Antofagasta, Freeport-McMoRan (pure plays). See also: Copper equity handbook

Capital intensity: Grade, infrastructure, economies of scale EquityJason FaircloughResearch >>

We consider some key drivers of increasing capital intensity: Grade. Many Greenfield Research Analyst MLI (UK)

copper options are 0.5% copper or lower. Lower grade = more tonnes of ore required for +44 20 7995 0225

a given production level = more & bigger equipment. Infrastructure. Leverage existing jason.fairclough@bofa.com

= lower capital intensity. BYOI (Bring your own infrastructure) = higher capital intensity. Lawson Winder, CFA >>

Research Analyst

Economies of scale: Bigger = Lower unit capital intensity (usually). But bigger projects Merrill Lynch (Canada)

can become (exponentially?) more complicated to execute (and permit). A trade-off! lawson.winder@bofa.com

Greenfield: Is $30,000/t of capacity the new normal? CaioResearchRibeiroAnalyst>>

Merrill Lynch (Brazil)

Looking at our project set we see higher capital intensities despite the quite large, caio.ribeiro@bofa.com

envisaged scale of mines. $20,000-30,000/t of annual capacity now “average” for a Matty Zhao >>

greenfield project these days and >$30,000/t isn’t uncommon.