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Calling Chard: asparagus and leek risotto with chicken | SaltWireBEIJING/HANOI - BHP Group's proposed $39 billion buyout of Anglo American is a big bet on copper that could spark a scramble for mining assets as a bullish demand outlook and tight supply for a mineral crucial to the energy transition sends prices to multi-year highs.
"There is no way that existing mines can meet the anticipated demand, therefore the major mining companies recognise that copper needs to be a fundamental part of their portfolio," he told Reuters. That robust demand outlook is coupled with unexpectedly tight supply of copper concentrate this year, fuelled by the December closure of First Quantum Minerals' massive Cobre Panama mine.
Goldman Sachs is even more bullish, with the investment bank's analysts forecasting a shortage of 428,000 tons of refined copper in 2024 in a note on Thursday that also predicted prices would hit $12,000 per ton over the coming year. BHP said in a statement on Thursday that purchasing Anglo would give it value-adding copper growth options.
China's Zijin Mining, which produced more than 1 million tons of mined copper in 2023, ranking sixth globally, last year joined with South Africa's Sibanye Stillwater in an attempt to buy Zambia's Mopani Copper Mines, but lost out to a unit of the United Arab Emirates' International Holdings Company.
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