State-owned and private companies from the UK, Germany, India, Brazil, Singapore and Russia are among those to benefit from the seabed regulator’s decision.
BHP’s major vote of confidence in iron ore proves the company trusts it can mine the bulk commodity for less than many rival producers, and thrive even in an environment of weakening prices.
Las Bambas will be one of the world’s largest copper mines after it starts up in 2015, with annual output equivalent to more than twice the amount of copper MMG currently produces.
The world’s second-largest mining company’s produced 139.5 million metric tons of iron ore in the six months through June, while its shipments rose 20% to 142.4 million tons.