BHP established a lucrative copper ‘province’ in South Australia when ittook over Oz Minerals last year.
“We remain on track to meet copper,iron ore and energy coal production for the year,” Henry said.
Global miners like BHP and Rio Tinto are concentrating their efforts on “future-facing” elements such as copper,which are increasingly sought after to accelerate the globe’s transition to renewable power.
Despite rising demand,copper prices came under pressure in 2020 amid fears of a worldwide downturn,but they have since reached $US4.30 ($6.70) per pound as demand absorbs rising output from the world’s mines and increased refining out of China.
Earlier this week,the London Metal Exchange (LME) said it would ban trading of key Russian metals produced on or after April 13 to comply with the latest sanctions imposed by the US and the UK due to the war in Ukraine.
The US Treasury and British government have barred the Chicago Mercantile Exchange and the LME from taking new production of key metals like aluminium,copper and nickel,a move that will cut funds to Russian mining giants like Rusal and Nornickel.