Diversified Mining Majors
Diversified Major Operating Margin
Operating margin for the most recent fiscal year. Glencore sits far below the others because it is a commodity trader as well as a miner: the marketing arm books enormous revenue at trading margins, so this group should be judged on absolute profit rather than on margin alone.
Diversified Major Revenue
Revenue for the most recent fiscal year. The scale gap to the copper pure-plays is the point: these companies fund copper growth from iron ore and coal cash flows, which is why their reported margins say as much about iron ore as about copper.
Diversified Major Capital Spending
Capital expenditure for the most recent fiscal year. Copper is the declared growth priority across this group, and these budgets are where that intention either becomes new supply or does not.
Iron Ore Price
The commodity that actually funds the majors' copper ambitions. Iron ore cash flow is what pays for Oyu Tolgoi, Escondida expansion and the rest, so its price is an indirect but real driver of future copper supply.
