Diversified Mining Majors

The cash engine behind copper growth, not a copper chart. Production, shipments and third-party purchases are not like-for-like, and BHP's year ends in June.

Copper tonnes from the iron-ore names only. BHP is a June fiscal year. Rio Tinto uses the 2025 restated consolidated basis. Glencore is industrial, not marketing.

QB2 is why Teck is on a copper tab after the coal sale. Other is Highland Valley, 22.5 percent Antamina and Carmen de Andacollo from the same MD&A table.

The operating line. Headline revenue is the marketing book and is not mine output.

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.

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.

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.

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.