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Anglo American’s Pebble Mine Investor Advisory

Contents

INTRODUCTION

PROJECT OVERVIEW

RISK 1: Reputational Risk Through Political Opposition

RISK 2: Operational Uncertainty Due to Lack of Infrastructure

RISK 3: Regulatory Challenges and Legal Uncertainty

RISK 4: Technological Challenges and Environmental Risks

RISK 5: Development Process is Inconsistent with Anglo American's Policy Commitments

CONCLUSIONS AND RECOMMENDATIONS

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