Mining giant BHP has confirmed its move towards making copper a core of its future growth strategy despite a failed deal to acquire Anglo American with its tantalizing copper portfolio earlier in the year.
The group now plans to double its copper production in Australia while continuing to invest in its South American assets and building a robust portfolio through early-stage investments, Mining Weekly reports with a reference to the group’s CEO Mike Henry.
“We have a pathway towards well over two-million tons a year of copper production, so our strong position is set to become even stronger,” he said in an investor presentation.
BHP anticipates that the global copper demand will rise 70% between 2021 and 2050, elevating concerns that the mining industry may be unable to meet the supply requirements due to significant challenges in bringing new projects online.
“The challenges to bringing on new supply remain significant,” Henry noted.
In 2024 financial year, BHP produced 1.9 million tons of copper, 9% more than in a prior year. Its total copper ore reserves are estimated at 44 billion tons with an average grade of 0.59%.
Despite some challenges, such as the temporary suspension of Western Australia nickel operations, BHP remains focused on operational excellence, social value creation, and portfolio optimization for the future. The company is also progressing ahead of schedule with its Jansen potash project and has entered into a joint venture with Lundin Mining for copper growth opportunities in Argentina.
Theodor Lisovoy, Managing Editor, Rough&Polished
