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  "documentTitle": "TD Securities | Investment Banking Pitch Book | 43 slides",
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  "authorName": "TD Securities",
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  "presentationDate": "2022-07-01 00:00:00",
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  "notes": "Includes specific FX exposure percentages for capital expenditures and operating costs.",
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      "text": "Have utilized management's foreign exchange assumptions of 2,890 MNT/USD and 6.45 CNY/USD\n20% of sustaining capital expenditures, 60% of development capital expenditures, and 20% of operating costs (excluding power costs) are exposed to movements in MNT\n100% of power costs until 2026 are exposed to movements in CNY (USD denominated from 2027 onwards)",
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      "text": "Selected commodity price forecasts based on equity research analyst consensus forecasts\nWe believe this methodology is representative of that used by financial and industry participants in evaluating assets; management also utilizes analyst consensus prices",
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      "text": "Source: Capital IQ, Company management, research analysts and Rio Tinto management",
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      "text": "FX assumption table for MNT/USD and CNY/USD comparing 5-Yr Avg, Spot, and Modeled Flat.",
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      "text": "Commodity price forecast table including Copper, Gold, Silver, and Moly across years 2022-2026 and Long Term.",
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      "text": "TD Securities' Macro Assumptions\nCommodity Price & FX Forecasts",
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