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strategy","bhp-outlines-14-billion-chilean-copper-strategy","article/bhp-outlines-14-billion-chilean-copper-strategy",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":643,"featured":51,"reporter":644,"_editable":648,"component":649,"seo_title":543,"categories":650,"visibility":657,"author_company":49,"featured_image":658,"seo_description":643,"author_full_name":49,"author_job_title":49,"formattedDate":663,"formattedArticleDate":664},"6c5b05a6-93b6-4156-9500-ebe82d68e931","2024-11-25 00:00",[550,553],{"slug":551,"name":552},"bhp","BHP",{"slug":554,"name":555},"chile","Chile",[557],{"slug":558,"name":559,"content":560},"didi-bostock","Didi Bostock",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor - Energy Transition & Economics",{"filename":563},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":567,"content":568},"doc",[569,576,581,586,591,598,603,618,623,628,633,638],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"BHP last week outlined its vision for the future of its copper operations in Chile, earmarking up to $14 billion to stabilise copper production at 1.4 million tonnes from the start of the next decade.","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"“BHP’s growth plans are bold but well-supported by strategic initiatives and detailed engineering,” said Ivan Llancas, copper analyst at Benchmark. “Escondida, BHP’s flagship operation and the world’s largest copper mine, is set to experience production declines by the end of the decade, attributed to falling ore grades and the planned demolition of the Los Colorados concentrator to access the high-grade ore below.”",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":575},"As a result of Escondida’s falling output, the mining giant expects global copper production to decrease by around 300,000 tonnes to 1.6 million tonnes by 2030.",{"type":570,"attrs":587,"content":588},{"textAlign":49},[589],{"text":590,"type":575},"Together, these projects are expected to add an additional 75,000-125,000 of copper production above current production levels in Chile by 2031.",{"type":592,"attrs":593,"content":595},"heading",{"level":594,"textAlign":49},4,[596],{"text":597,"type":575},"BHP eyes global growth",{"type":570,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":575},"The world’s largest mining company has been manoeuvring to increase its copper exposure to capitalise on bullish demand prospects for the red metal.",{"type":570,"attrs":604,"content":605},{"textAlign":49},[606,608,616],{"text":607,"type":575},"In partnership with Lundin Mining,",{"text":609,"type":575,"marks":610}," BHP agreed to a $3 billion joint acquisition of South American copper explorer Filo Corp in August",[611],{"type":612,"attrs":613},"link",{"href":614,"uuid":49,"anchor":49,"target":49,"linktype":615},"https://source.benchmarkminerals.com/article/bhp-and-lundin-boost-copper-exposure-with-3-billion-filo-acquisition","url",{"text":617,"type":575},". This followed a failed $49 billion takeover of Anglo American earlier this year – which targeted Anglo’s prized copper assets in Chile and Peru. ",{"type":570,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":575},"In August, BHP unveiled plans to increase copper production at its South Australian operations, aiming to double output in the region to 650,000 tonnes by the mid-2030’s. The plan hinges on two key projects in the region: an expansion of its copper smelter and refinery at Olympic Dam and the Oak Dam exploration project.",{"type":592,"attrs":624,"content":625},{"level":594,"textAlign":49},[626],{"text":627,"type":575},"Rising capital costs",{"type":570,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":575},"BHP expects increasing copper intensity of the global economy to leave the market facing a 10 million tonne deficit by 2035, requiring an estimated $250 billion of additional investment to plug the supply gap.",{"type":570,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":575},"However, rising capital costs are hamstringing new project development. Miners have largely sought to boost their copper output through acquisitions, rather than through brownfield expansions and new greenfield projects. ",{"type":570,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":575},"New project development faces a multitude of challenges: from declining ore grades, inflationary pressures, and challenging permitting environments. Factors that have contributed to long lead times for bringing new supply to market. ","BHP last week outlined its vision for the future of its copper operations in Chile, earmarking up to $14 billion to stabilise copper production at 1.4 million tonnes from the start of the next decade. “BHP’s growth plans are bold but well-supported by strategic initiatives and detailed engineering,” said Ivan Llancas, copper analyst at Benchmark. 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