Copper market’s biggest whale fuels speculation of a major shift
The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year.
Australia’s OZ Minerals on Tuesday extended exclusivity period for BHP Group Ltd’s A$9.6 billion ($6.43 billion) bid for the copper and gold producer by a week.
In what could be the largest mining deal in Australia in 11 years, BHP made a revised cash offer of A$28.25 per share on Nov. 18, in a bid to take advantage of rising global demand for metals used in clean energy and electric cars.
The bid was recommended by the OZ Minerals board in the absence of a higher offer.
The extension of exclusivity period to Dec. 27 comes after the four weeks exclusivity BHP was granted starting from Nov. 21 and follows its confirmation on the completion of due diligence on OZ Minerals, the companies said.
($1 = 1.4930 Australian dollars)
(By Savyata Mishra; Editing by Anil D’Silva)
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