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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

☆ Rio Tinto cuts Canada iron ore production estimate on extended plant outage
▼ + stars: | 2023-10-16 | by ( Rishav Chatterjee | ) www.reuters.com time to read: +2 min

REUTERS/Chris Helgren/File PhotoThe world’s biggest iron ore producer expects an iron ore output of 9.3 million to 9.8 million tons (mt) from its Iron Ore Company of Canada (IOC) business, down from 10.0 to 11.0 mt previously projected. Rio reported a 1.2% rise in its third-quarter iron ore shipments, as it ramped up production at the Gudai-Darri mine. It shipped 83.9 mt of iron ore from Pilbara in the September quarter, compared with 82.9 mt a year earlier. The miner, which generates 70% of its profit from its iron ore operations, saw prices of the commodity improve as top consumer China stepped up its stimulus efforts. Rio realised a 5% increase in mined copper output to 169,000 tons, reflecting a ramp-up of high-grade underground Oyu Tolgoi mine and higher feed grades at Escondida.

Persons: Chris Helgren, Rio, ”, Kyle Rodda Organizations: Reuters, Rio Tinto, Developers Association of Canada, REUTERS, Iron Ore Company, Canada, IOC, “, Capital.com Locations: Rio, Toronto , Ontario, Canada, Northern Quebec, Pilbara, China, Escondida

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

☆ BHP posts record full-year iron ore output, flags rising costs
▼ + stars: | 2023-07-20 | by ( ) www.cnbc.com time to read: +1 min

BHP Group's logo adorning the side of its global headquarters in Melbourne on February 21, 2023. BHP Group on Thursday reported its highest ever annual iron ore production, helped by the continued ramp up at its South Flank operations in Western Australia but flagged it faces rising costs. BHP's iron ore production in Western Australia was aided by improved rail performance at the mines, but production was partially hit by unfavorable impacts from tropical Cyclone Ilsa in the quarter. It said iron ore production from Western Australia, on a 100% basis, was 72.7 million tonnes (Mt) in the three months to June 30, a touch lower than Visible Alpha estimates of 73 Mt, according to UBS. The company expects fiscal 2024 output for Western Australia iron ore between 282 million and 294 million metric tons, the mid-point of which is 0.9% higher than annual production of 285.3 million metric tons for fiscal 2023.

Organizations: BHP, BHP Group, UBS, Western Locations: Melbourne, Western Australia

☆ BHP taps Microsoft, AI, to improve recovery at top copper mine
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

MELBOURNE, May 30 (Reuters) - BHP Group (BHP.AX) has teamed up with Microsoft Corp (MSFT.O) to improve copper recovery from its Escondida mine in Chile, the world's biggest copper mine, by using machine learning and artificial intelligence, it said on Tuesday. BHP estimates the world needs to double the amount of copper produced over the next 30 years to keep pace with the development of decarbonisation technology such as electric vehicles, offshore wind and solar farms. "We expect the next big wave in mining to come from the advanced use of digital technologies" BHP Chief Technical Officer Laura Tyler said in the company statement. Using real-time data from plants that process ore in combination with AI-based recommendations from Microsoft’s Azure platform, plant operators will have the ability to adjust variables that affect ore processing and grade recovery, BHP said. BHP, the world's biggest miner, is the majority owner of Escondida and operates the mine with partners Rio Tinto (RIO.AX), and Japan's JECO Corp. Escondida produced more than 1 million tonnes of copper during the last financial year ending in June.

As a result, the world's largest listed miner reported underlying profit attributable from continuing operations of $6.6 billion, down from $9.72 billion a year earlier. That missed a Vuma Financial estimate of $6.82 billion, as earnings from copper and coal came in lower than analysts had expected. Shares of the global miner fell as much as 2.8% to A$47.11, their lowest since Jan. 6 and were down 2% at 0138 GMT in a broader market (.AXJO) that was down 0.5%. BHP also said it expected aggressive global interest rate hikes from last year to slow growth sharply across the developed world. BHP has threatened not to invest in Queensland after the state hiked its coal royalties to the highest rate in the world.

☆ 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.

☆ BHP says China is set to be a stabilizing force for commodities demand this year
▼ + stars: | 2023-01-19 | by ( ) www.cnbc.com time to read: +2 min

The world's largest listed miner said iron ore production from mines it operates Western Australia on was 74.3 million tons for the three months ended December, up 1% from 73.9 million tons a year earlier and beating a consensus of 71.9 million tons. "China's pro-growth policies, including in the property sector, and an easing of Covid-19 restrictions are expected to support progressive improvement from the difficult economic conditions of the first half," BHP said. BHP joined peer Rio Tinto to expect that China's measures to support its property sector will underpin solid demand for their steel-making products. China is set to be a stabilizing force for commodities demand this year as developed nations face economic headwinds, BHP said on Thursday as it posted higher quarterly iron ore shipments that beat expectations. The mining giant reaffirmed its fiscal 2023 forecast for Western Australian iron ore output at between 278 million tons and 290 million tons.

☆ Workers for Chile's Escondida Mine accept BHP's offer and will not strike-union source
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

SANTIAGO, Nov 28 (Reuters) - Workers at Chile's Escondida Mine accepted a new offer from BHP (BHP.AX) and will not move forward with a strike that was planned for Nov. 28 and 30, their union said Monday. Workers represented by the Sindicato No. BHP had reached a deal with the union early last week, but the agreement was pending approval by some 2,000 workers represented by the union. Workers voted to reject the proposal on Thursday and threatened to strike if their demands weren't met. Details of the new offer workers agreed to on Monday were not immediately available.

☆ Chile copper production down 4.27% in September - Cochilco
▼ + stars: | 2022-11-03 | by ( Rachel Parsons | ) www.reuters.com time to read: 1 min

SANTIAGO, Nov 3 (Reuters) - Chile's total copper production fell 4.27% in September to 428,300 tonnes, government body Cochilco said on Thursday. Production from state-owned giant Codelco fell 7.92% on a year-on-year basis to 123,200 tonnes, while production at Collahuasi, a joint venture of Anglo American (AAL.L) and Glencore , fell 3.5% to 44,500 tonnes. Copper output from Escondida, which is controlled by Australian mining giant BHP (BHP.AX), rose 3.51% to 85,500 tonnes, Cochilco said. Reporting by Natalia Ramos; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

☆ Miner BHP wants to expand presence in Peru, says executive
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

LIMA, Sept 27 (Reuters) - Global miner BHP (BHP.AX) wants to expand its presence in Peru through exploration of new projects, Rag Udd, who heads the company in the Americas, said on Tuesday at the Perumin mining conference. 2 copper producer and BHP is a part-owner of one of its largest copper mines, Antamina. Udd added that BHP will invest $12 million on exploration in the next 10 months and that it is evaluating six potential projects. BHP is also the operator of the world's largest copper mine, known as Escondida and located in Chile. Register now for FREE unlimited access to Reuters.com RegisterReporting by Marcelo Rochabrun and Marco Aquino; editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

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