Anglo American Plc & Teck Resources | Europe: Copper at the Core

Research evidence excerpt

Anglo American Plc & Teck Resources | Europe: Copper at the Core

Foundation

June 22, 2026 09:00 PM GMT

Morgan Stanley & Co. International plc+MAnglo American Plc & Teck Resources | Europe Alain Gabriel, CFA

Equity Analyst

Copper at the Core Alain.Gabriel@MorganStanley.comMorgan Stanley & Co. LLC +44 20 7425-8959

Carlos De Alba

Copper scale, optionality and cash flow. Anglo Teck would Equity Analyst

Carlos.De.Alba@morganstanley.com +1 212 761-4927

combine ~80% attributable copper EBITDA exposure by 2027,

six core copper assets, a 2nd quartile copper cost position and a Morgan Stanley & Co. International plc+ Ioannis Masvoulas, CFA

staged growth pipeline into the 2030s. Our 2027 spot pro Equity Analyst

Ioannis.Masvoulas@morganstanley.com +44 20 7425-0427

forma points to FCFE of US$2.6bn and ND/EBITDA of ~1.0x, Ferdinand Huber

Research Associatebefore disclosed synergies.

Ferdinand.Huber@morganstanley.com +44 20 7677-2702

Copper: scale, concentration and a six-asset growth platform. Copper is at the Adahna Ekoku

core of the proposed Anglo Teck combination. The merger would create a new Adahna.Ekoku@morganstanley.com +44 20 7425-0578

global copper mining champion, with ~61% pro forma revenue exposure to the Morgan Stanley & Co. LLC

future-facing commodity (2027), 23% premium iron ore, and 11% zinc. The combined Justin A Ferrer

copper platform would be anchored by six major assets – Collahuasi, Quebrada Research Associate

Justin.Ferrer@morganstanley.com +1 212 761-5246

Blanca, Quellaveco, Los Bronces, Highland Valley Copper and Antamina – spanning

Chile, Peru and Canada. On a pro forma basis, we forecast a combined copper Anglo American Plc (AAL.L, AAL LN)

production of ~1.3mt by 2027 (100% basis), or ~1mt attributable to company Metals & Mining | United Kingdom