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☆ BHP says Anglo American rejected $42.7 billion revised proposal
▼ + stars: | 2024-05-13 | by ( ) www.cnbc.com time to read: 1 min

Sheets of copper cathode are pictured at BHP Billiton's Escondida, the world's biggest copper mine, in Antofagasta, northern Chile March 31, 2008. BHP Group said on Monday that Anglo American had rejected a revised buyout offer valuing the company at 34 billion pounds ($42.67 billion). Anglo American in April rebuffed BHP's $39 billion all-share takeover proposal, saying it was opportunistic and significantly undervalued its prospects. "BHP is disappointed that the Anglo American Board has chosen not to engage with BHP with respect to the Revised Proposal and the improved terms," it said in a statement. "BHP continues to believe that a combination of the two businesses would deliver significant value for all shareholders," it added.

Persons: BHP's, BHP Organizations: BHP Billiton's Escondida, BHP Group, Anglo American, BHP Locations: Antofagasta, Chile

REUTERS/Ivan Alvarado/File Photo Acquire Licensing RightsLONDON, Oct 6 (Reuters) - The copper market will transition from supply-demand balance in 2023 to a major supply surplus next year, the International Copper Study Group (ICSG) said after its meeting in Lisbon this week. However, its assessment chimes with a copper market consensus that Chinese demand has surprised to the upside this year. It has trimmed only very slightly its 2024 global usage growth forecast from 2.8% to 2.7%. Operating constraints and smelter maintenance outages in Chile, Indonesia, Sweden and the United States will cap copper production outside of China this year. It's worth noting that the ICSG's most recent monthly bulletin suggests the global copper market notched up a hefty 215,000-metric ton production surplus in the first seven months of 2023.

Persons: Ivan Alvarado, Everyone's, Andy Home, Susan Fenton Organizations: BHP Billiton's Escondida, REUTERS, Study, Shanghai Metal, Reuters, Thomson Locations: Antofagasta, Chile, Lisbon, China, North America, Europe, United States, Indonesia, Sweden, India

☆ Supervisors at Chile's Escondida mine preparing to strike, union says
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

File Photo: A view of the BHP Billiton's Escondida, the world's biggest copper mine, in northern Chile, in Antofagasta, Chile March 31, 2008. Though the sprawling Escondida mine could continue to operate even if supervisors walked off the job, a strike could lead to production bottlenecks or slowdowns. "I have no doubt that the strike will win," union head Alexis Barrera said in an interview, adding that nearly all members have already cast their votes. The union accuses BHP of looking to reduce benefits and production bonuses while extending working hours. Chile's powerful Union 1 workers' union said it would stand in solidarity with the Escondida supervisors and ensure that no "illegal replacements" came on the job in the event of a work stoppage.

Persons: Ivan Alvarado, Alexis Barrera, Barrera, Escondida, Fabian Cambero, Kylie Madry, Rami Ayyub Organizations: BHP, Escondida, REUTERS, Rights, Thomson Locations: Chile, Antofagasta

☆ Analysts see short-term strength, long-term 'generational shift' in copper prices
▼ + stars: | 2023-02-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Sheets of copper cathode are pictured at BHP Billiton's Escondida, the world's biggest copper mine, in Antofagasta, northern Chile March 31, 2008. Ivan Alvarado | ReutersAlong with experiencing a short-term supply shortage, copper is set to undergo a "generational shift" in demand as decarbonization ramps up, according to BNY Mellon Lead Portfolio Manager Al Chu. Short-term supply issues have also emerged alongside a rebound in demand, such as an eruption of protests in Peru, which accounts for 10% of the world's copper supply. Every renewable energy pretty much needs copper, because if you're talking about electrifying something and transmitting electricity, you need copper." "When you look at the long-term secular story, you can just see strong demand.

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