0 1 0 0 0 0 2 0 0 0 0 3 0 0 0 0 4 0 0 0 0 2010 2013 2016 2019 2022 2025 2028 2031 2034 M oz l i we p r oj e k t y Pr a w d op od ob n e p r oj e k t y Pot wi e r d z on a p r od u k c j a Pi e r w ot n e z a p ot r z e b ow a n i e T h e b a l a n c e e x p e c t e d t o t u r n i n t o d e f i c i t i n t h e m e d i u m t e r m w i t h a p o t e n t i a l l y l a r g e r g a p i n 5 1 0 y e a r s 31 Coppe r mark et bala nce pr e pa nd e mic outlook C oppe r mining and pot e nt ial mining pr oje c t s C oppe r ma rk e t balanc e A lt ho ugh glo ba l c o pper r esourc e s a r e ex t ensiv e m o st o f t hem a r e in dif f ic ult lo c a t io n s w it h w a t er o r energy sc a r c it y po lit ic a l inst a bilit y soc ia l unr est a gai nst m ining inv est m ent Pr o duc t io n f r o m c ur r ent ly o per a t ing a ss e t s w ill dec r ea se w it h m ine deplet io n a nd lo w er c o pper gr a des W hile t he r a t e o f gr o w t h in dema nd is sl o w ing it r ema ins st a ble w hic h is ex pec t ed t o r esult in a po t ent ia l supp ly si de gap D espit e t he f a c t t ha t t her e a r e new pr o jec t s in t he dev elo pm ent pipeline m o st o f t hem a r e m er ely r ela t ed t o t he ex pa nsion a nd dev elo pm ent o f ex is t ing a ss et s t his m ea ns t ha t a number o f new gr eenf ield pr o jec t s w o uld be neede d t o f ill t he supp ly gap 11 mn t o n n es S o ur ce Wo o d M a cke nz ie B a s e c a s e p r od u c t i on c a p a b i l i t y Pr i ma r y d e ma n d Pos s i b l e p r oj e c t s H i g h l y p r ob a b l e p r oj e c t s 0 2 500 5 000 7 500 10 000 1 0 0 0 5 0 0 0 500 1 0 0 0 1 5 0 0 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 U SD t M a r k e t b a l a n c e l h s M a r k e t b a l a n c e f or e c a s t s l h s C op p e r p r i c e r h s k t S o ur ce KGH M P o lska M ie dz m a r ke t f o r e cast s k t