Sheet1Copper Price Forecasts (US$/lb.)LME YTD1.673.053.203.232.343.424.003.613.323.152014.05.093.07last known LME Settlement Pricesourcedate2005200620072008200920102011201220132014201520162017201820192020Long-termNotes

Natixis2014.043.062.88Thompson Reuters Analyst Poll2014.043.133.14Societe Generale2014.042.952.932.902.882.86financing base caseIncomare (Alfonso Ganzalez)2014.033.153.002.853.003.203.403.50Intierra RMG2014.032.972.92Wood Mackenzie2014.033.50CRU2014.013.283.122.942.963.06Goldman Sachs2014.013.112.993.183.403.47Intierra RMG2014.013.052.88Macquarie Bank2014.013.053.003.413.573.61Scotia Capital2014.013.303.303.503.754.004.004.00Standard Bank2014.013.273.133.363.363.18Thompson Reuters Analyst Poll2014.013.143.062.95Morgan Stanley2013.123.243.103.303.273.25Wood Mackenzie2013.123.153.05Barclays Capital2013.113.323.06Alfonso Gonzalez (Chile)2013.103.323.153.002.902.903.103.303.50Brook Hunt2013.103.323.103.00CRU2013.103.343.263.112.882.902.99Macquarie Bank2013.103.332.972.963.413.573.57INTL FCStone2013.093.27Thompson Reuters2013.093.323.143.06Aurubis2013.083.17IntierraRMG2013.083.323.07Brook Hunt2013.073.263.102.95Cochilco2013.073.273.15CRU2013.073.333.253.073.053.02FBR Co.2013.073.10Macquarie Bank2013.073.382.973.083.413.573.572.95Reuters Analyst Poll2013.073.323.24hi/lows: 2013 $3.50/3.14, 2014 $3.73/2.70Scotia Capital2013.073.373.303.303.503.754.004.004.003.00Alfonso Gonzalez (Chile)2013.063.353.152.902.802.903.00Goldman Sachs 2013.063.272.993.123.403.403.40expects bull market starting 2H15IntierraRMG2013.063.373.08Brook Hunt2013.053.363.102.86Macquarie Bank2013.053.382.973.083.413.573.57CRU2013.043.393.352.982.702.58Goldman Sachs NY2013.043.843.293.123.40Alfonso Gonzalez (Chile)2013.033.653.403.103.003.20Brook Hunt2013.023.603.152.85CRU2013.023.603.453.092.782.763.06Macquarie Bank2013.023.603.483.433.403.40Scotia Capital2013.023.503.303.00BNP Paribas2013.013.55Cochilco2013.013.563.32CPM Group2013.013.62Credit Suisse2013.013.68Goldman Sachs NY2013.013.843.293.123.00HSBC2013.013.63IntierraRMG2013.013.512.96Macquarie Bank2013.013.663.483.243.413.572.95Morgan Stanley2013.013.90Reuters Analyst Poll2013.013.693.54hi/lows: 2013 $4.01/3.40; 2014 $4.20/2.65Alfonso Gonzalez (Chile)2012.123.753.403.203.003.20Barclays Capital2012.123.59Brook Hunt2012.113.503.28Cochilco2012.113.57INTL FCStone2012.113.633.74Consensus Economics2012.103.693.54CRU2012.103.643.513.142.832.70IntierraRMG2012.103.623.532.762.81GS Australia2012.103.643.843.183.463.60Metal Bulletin2012.103.723.66IntierraRMG2012.093.603.693.623.303.17Macquarie Bank2012.093.643.663.483.423.403.40World Bank2012.093.583.863.623.182.942.72Alfonso Gonzalez (Chile)2012.083.603.903.703.503.303.20Brook Hunt2012.083.603.553.45Cochilco2012.083.523.48Citibank2012.073.583.72CRU2012.073.603.863.653.513.33RBS2012.073.653.95Reuters Analyst Poll2012.073.633.76hi/lows: 2012 $3.90/3.43; 2013 $4.54/3.20Brook Hunt2012.063.653.553.45GS Australia2012.063.583.403.453.503.602.28Alfonso Gonzalez (Chile)2012.053.804.204.003.603.203.00IntierraRMG2012.053.643.57Macquarie Bank2012.053.823.873.483.423.403.40GS Australia2012.053.803.403.453.503.602.35Bank of America2012.043.753.46Brook Hunt2012.043.853.703.55CRU2012.043.854.173.773.683.40IntierraRMG2012.043.783.76Brook Hunt2012.033.953.70Alfonso Gonzalez (Chile)2012.033.854.304.003.603.203.10INTL FCStone2012.033.864.10Jeffries & Company2012.034.254.754.504.504.50Bloomsbury Min. Econ.2012.023.893.70CRU2012.024.004.253.803.463.372.932.50Brook Hunt2012.013.953.70Canaccord Genuity2012.013.603.753.503.002.502.50Cochilco2012.013.853.90Goldman Sachs NY2012.013.803.403.453.503.602.35Macquarie Bank2012.013.793.973.183.183.40RBC Capital Markets2012.013.504.004.254.502.25Reuters Analyst Poll2012.013.753.96Brook Hunt2011.113.983.803.77Cochilco2011.114.174.04Credit Agricole2011.114.084.253.95Prestige Economics2011.114.054.254.75Alfonso Gonzalez (Chile)2011.113.983.904.203.703.202.702.50CRU2011.103.994.244.574.354.264.17GS Australia2011.103.933.603.403.603.902.28Macquarie Bank2011.104.224.594.082.953.403.40Bloomsbury Min. Econ.2011.094.114.34MF Global2011.093.63$2.63 low / $4.22 high GS Australia 5.1% demand growth in 20122011.094.314.854.25GS Australia 2.4% demand growth in 20122011.094.052.502.20above issued after market correctionCochilco2011.094.174.04TD Bank2011.084.174.253.753.503.002.25Alfonso Gonzalez (Chile)2011.074.284.504.804.203.502.80Bloomsbury Min. Econ.2011.074.314.313.483.223.27Brook Hunt2011.074.354.353.90CRU2011.074.304.414.384.314.26Merrill Lynch2011.074.324.624.313.863.573.293.00Reuters Analyst Poll2011.074.53Goldman Sachs NY2011.054.314.884.253.753.50Scotia Capital2011.054.254.15CRU2011.044.434.434.144.064.20Macquarie Bank2011.044.675.253.503.003.50RBC Capital Markets2011.044.253.754.004.254.50UBS2011.044.123.703.202.652.852.55Barclays Capital2011.035.225.445.082.72issued after Japanese earthquakeBloomsbury Min. Econ.2011.034.415.01Alfonso Gonzalez (Chile)2011.024.404.804.503.843.40Barclays Capital2011.025.225.44Brook Hunt2011.024.504.153.08GS Australia2011.024.644.944.253.753.502.28Cochilco2011.014.174.10CRU2011.014.454.433.903.724.01Macquarie Bank2011.015.005.003.503.003.50Reuters Analyst Poll2011.014.324.382011 high $5.17, low $3.00ABNAmro/Virtual Metals2010.124.00Alfonso Gonzalez (Chile)2010.123.424.204.704.503.803.503.10Barclays Capital2010.123.423.52Goldman Sachs NY2010.124.00Bloomsbury Min. Econ.2010.113.363.543.923.913.753.50Brook Hunt2010.113.383.963.98CIBC2010.113.373.753.253.002.502.40previous LT price: $2.00Citigroup2010.113.394.144.003.60GFMS Metals Consulting2010.113.393.714.174.42base case (50% probability)Merrill Lynch2010.113.435.105.444.543.861.94Alfonso Gonzalez (Chile)2010.103.363.804.304.103.603.30Bloomsbury Min. Econ.2010.103.393.76CRU2010.103.333.643.533.313.133.27JB Were/Goldman Sachs2010.103.404.044.154.204.25currency adjustmentMacquarie Bank2010.103.343.803.503.002.702.60MF Global2010.103.333.83Morgan Stanley2010.103.313.603.803.602.902.50Reuters Analyst Poll2010.103.323.75average of 22 analystsBloomsbury Min. Econ.2010.093.303.54Brook Hunt2010.093.333.653.623.542.982.62JB Were/Goldman Sachs2010.093.263.633.934.004.102.21RBC Capital Markets2010.093.153.003.253.753.752.00Standard Chartered2010.093.343.784.15Scotia Capital2010.083.203.35Alfonso Gonzalez (Chile)2010.073.153.253.804.003.703.30Bloomsbury Min. Econ.2010.063.163.40Brook Hunt2010.063.052.902.87JB Were/Goldman Sachs2010.063.203.633.934.004.10Macquarie Bank2010.063.103.503.002.702.702.60Brook Hunt2010.053.203.102.85Bloomsbury Min. Econ.2010.043.403.403.403.183.062.952.722.49project evaluation priceCRU2010.043.303.353.373.483.78JB Were/Goldman Sachs2010.043.523.753.934.004.102.15JB Were/Goldman Sachs2010.033.193.353.603.804.002.15Morgan Stanley2010.033.183.383.403.502.702.001.95Barclays Capital2010.023.123.183.86Haywood Securities2010.023.052.25Alfonso Gonzalez (Chile)2010.013.203.504.004.203.60Brook Hunt2010.012.903.00CRU2010.013.523.423.453.583.87MF Global2010.013.273.57Metal Bulletin analyst survey2010.013.10Morgan Stanley2010.012.983.183.313.082.481.951.85base caseReuters Analyst Poll2010.013.203.33Bloomsbury Min. Econ.2009.122.883.403.632.27Commerzbank2009.122.93JB Were/Goldman Sachs2009.123.103.304.754.75"Spike" scenario: supply tightnessMacquarie Bank2009.123.253.402.60Scotia Capital2009.122.95BMO Capital Markets2009.113.003.302.20Brook Hunt2009.112.752.80Cochilco2009.112.302.70CPM Group2009.112.303.003.30Deutsche Bank2009.112.603.303.00JB Were/Goldman Sachs2009.112.333.103.303.603.802.09Merrill Lynch/Bank of America2009.112.323.233.63Sonami (Chile)2009.113.00Bloomsbury Min. Econ.2009.102.212.78RBS 2009.104.08Standard & Poor's2009.102.00Bloomsbury Min. Econ.2009.092.303.30Canaccord Adams2009.092.282.753.002.752.252.00CPM Group2009.092.303.20CRU2009.092.232.60Goldman Sachs NY2009.093.47year-end priceAnfonso Gonzales (Chile)2009.092.262.703.103.403.503.00JB Were/Goldman Sachs2009.092.273.003.303.603.80KfW (Germany)2009.091.50Macquarie Bank2009.092.383.203.302.602.00Sonami (Chile)2009.092.50GFMS Metals Consulting2009.082.222.95Haywood Securities2009.081.952.252.502.252.002.00Merrill Lynch2009.082.153.18Barclays Capital2009.071.96Bloomsbury Min. Econ.2009.072.192.70CRU2009.071.881.841.612.032.34JB Were/Goldman Sachs2009.072.032.403.033.303.50Macquarie Bank2009.071.762.503.00Merrill Lynch2009.071.772.00Morgan Stanley2009.072.142.50Reuters Analyst Poll2009.071.962.332010 hi/lo: $3.18/$1.57JB Were/Goldman Sachs2009.061.852.202.502.652.80Cochilco2009.051.751.70Bloomsbury Min. Econ.2009.051.611.612.502.822011-12 estimatedJP Morgan2009.052.09Standard & Poor's2009.051.751.751.751.50Cochilco2009.041.60Desjardins Securities2009.043.00JB Were/Goldman Sachs2009.041.702.002.352.502.602.09JP Morgan2009.041.51Macquarie Bank2009.041.551.802.002.502.50RBS2009.041.912.49Barclays Capital2009.021.77Brook Hunt2009.021.501.35JB Were/Goldman Sachs2009.021.501.922.352.502.602.09Macquarie Bank2009.021.552.002.502.752.502.00JB Were/Goldman Sachs2009.011.892.633.003.302.03MF Global2009.011.471.63Mitsui Bussan Commodities2009.011.701.95Morgan Stanley2009.011.351.701.952.252.001.801.651.50Reuters Analyst Poll2009.011.551.952009 hi/lo: $2.36/$1.08RBS2009.011.602.04Barclays Capital2008.123.162.002.27Bloomsbury Min. Econ.2008.123.151.321.41BMO Bank of Montreal2008.123.161.852.502.903.002.502.202.232.272.20JB Were/Goldman Sachs2008.123.161.892.633.003.30Merrill Lynch2008.123.211.802.251.901.901.851.55Standard & Poor's2008.121.501.501.501.50TD Bank2008.121.501.80Bloomsbury Min. Econ.2008.113.221.721.60BMO Capital Markets2008.112.20BNP Paribas2008.113.131.591.45Cochilco2008.111.60Deutsche Bank2008.111.72Goldman Sachs NY2008.111.59JB Were/Goldman Sachs2008.113.272.033.003.003.30Macquarie Bank2008.111.702.002.502.75Scotia Capital2008.113.231.501.75UBS2008.111.301.55Canaccord Adams2008.103.342.002.002.502.00Citigroup2008.102.002.25CRU2008.103.352.592.042.002.042.15Daiwa Institute (Japan)2008.103.412.76JB Were/Goldman Sachs2008.103.272.483.603.603.75Merrill Lynch2008.103.242.252.802.502.101.551.55Mitsui Bussan Commodities2008.103.352.70Southern Copper 2008.102.15JB Were/Goldman Sachs2008.093.523.753.603.603.752.03Merrill Lynch2008.093.603.793.282.502.101.851.55Bloomsbury Min. Econ.2008.083.523.153.07Cochilco2008.083.703.40analyst survey (Reuters)2008.073.703.69Bloomsbury Min. Econ.2008.073.623.453.64Brook Hunt2008.073.502.902.25Citigroup2008.075.005.501.60CRU2008.073.703.252.152.102.60Haywood Securities2008.073.803.503.503.003.002.50Barclays Capital2008.063.783.723.403.182.27MF Global2008.063.533.423.13Bloomsbury Min. Econ.2008.053.613.623.57JB Were/Goldman Sachs2008.053.633.753.603.603.752.03Bloomsbury Min. Econ.2008.043.823.943.86Brook Hunt2008.043.402.651.90Credit Suisse2008.044.004.004.002.502.001.801.50CRU2008.043.753.612.912.523.06UBS2008.033.504.00Brook Hunt2008.023.352.502.00Credit Suisse 2008.024.00base caseBarclays Capital2008.013.423.253.232.04Cochilco2008.013.102.70MF Global2008.013.162.99Bloomsbury Min. Econ.2007.123.223.222.91analyst survey (Bloomberg)2007.123.162.782008 H $3.58 L $3.00. 2009 H 4.37 L 2.03ABARE (Australia)2007.123.15Brook Hunt2007.123.232.952.25Goldman Sachs NY2007.123.40JB Were/Goldman Sachs2007.123.303.633.753.603.601.97
Robert Loewen: Robert Loewen:2012-26Bloomsbury Min. Econ.2007.113.233.193.222.96Citigroup2007.113.503.003.00Cochilco2007.113.253.10JB Were/Goldman Sachs2007.113.303.633.753.603.60Scotia Capital2007.113.25Sonami (Chile)2007.113.303.20UBS2007.113.363.271.912.252.252.252.252.252.252.251.30MF Global2007.103.29Raymond James2007.101.90Standard Bank2007.101.45
Robert Loewen: Robert Loewen:$1.40-1.50 quoted in CRU Copper Studies, Oct 2007ABARE (Australia)2007.093.213.16Barclays Capital2007.093.323.542.04Bloomsbury Min. Econ.2007.093.233.263.082.76Credit Suisse 2007.093.001.80Cochilco2007.083.302.70Brook Hunt2007.073.252.951.87Calyon2007.073.333.202.722.492.04Citigroup2007.073.503.003.001.75J.P. Morgan2007.073.201.76Haywood Securities2007.073.101.50UBS2007.073.243.001.90Barclays Capital2007.063.132.722.382.612.84Bloomsbury Min. Econ.2007.063.263.543.562.73Brook Hunt2007.062.952.501.66Deutsche Bank2007.063.103.002.131.601.301.201.16JB Were/Goldman Sachs2007.063.303.483.553.333.40>3.00MF Global2007.063.242.83Sonami (Chile)2007.063.00Bloomsbury Min. Econ.2007.053.434.084.193.54Bloomsbury Min. Econ.2007.053.083.33MF Global2007.053.312.832.272.042.272.49Brook Hunt2007.042.902.251.09Cochilco2007.042.802.40 Deutsche Bank2007.042.852.50Goldman Sachs NY2007.042.852.60JB Were/Goldman Sachs2007.043.302.812.102.202.40Macquarie Bank2007.042.602.702.001.501.201.35JB Were/Goldman Sachs2007.033.092.602.102.202.40Bloomsbury Min. Econ.2007.022.532.55Salman Partners2007.022.572.722.481.791.43Barclays Capital2007.012.73Brook Hunt2007.012.501.95Cochilco2007.012.40JB Were/Goldman Sachs2007.013.092.602.102.00Sonami (Chile)2007.01~2.50Bloomsbury Min. Econ.2006.123.062.922.90Brook Hunt2006.122.702.00Canaccord Adams2006.123.032.301.751.401.251.25Bloomsbury Min. Econ.2006.113.093.122.67CRU2006.113.15