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1 CRU Codelco 1Falling Supercycle Supercycle

2 Contained copper (tonnes Air conditioners Wire & Cable Copper Alloy Semis Copper Semis % 3.5% % 2

3 10% 8% 6% 4% 2% 0% -2% -4% 10-year growth Annual growth % -8% -10%

4 3.5% 4.5% 3.8% World refined production forecast

5 / 15 BHP

6 Number of Discoveries No of Discoveries 3-Month real Real Copper Prices / Ingrid Sternby 4000 / 10 / 6

7 4,000 3,500 3,000 2,500 2,000 1,500 Stock- to- Consumption Ratio Weeks ( RHS) Copper Price US$/ t ( LHS) ,000 Q1 84 Q3 87 Q1 91 Q3 94 Q1 98 Q3 01 Q ,000 4,500 4,000 Real cash copper Current US$/ t 3,500 3,000 Another +25%? 2,500 2,000 1,500 1,000 Feb 80 Feb 85 Feb 90 Feb 95 Feb 00 Feb 05

8 China Copper Semis Production Kt (LHS) China Industrial Production, 6MMA Y/ Y Change (RHS) Jan 03 Jun 03 Nov 03 Apr 04 Sep 04 Feb Chinese refined CU imports Kt (RHS) Shanghai physical premia US$/ t ( LHS) Jan 03 Jun 03 Nov 03 Apr 04 Sep 04 Feb 05 0

9 20% Kt Chilean copper mine output growth Mt Mt

10 90 60 Net fund futures position '000 contracts Copper Crude oil Jul 03 Nov 03 Mar 04 Jul 04 Nov 04 Mar 05 67% 11% 8% 10% 35% 10% BHP % % 11 15

11 10 42% 20 35% 42% 42% 42%

12 Codelco

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