Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
Global miner Anglo American’s fourth-quarter production rose 10%, boosted by its Quellaveco copper mine in Peru and rough diamond output from De Beers.
The group reported a 52% surge in quarterly copper output to 244,000 tonnes thanks to the ramp-up of Quellaveco.
A bright spot among miners hunting for minerals to power the green energy boom, Anglo American registered a 3% rise in annual output of copper, which is used in rechargeable batteries and charging stations for electric vehicles.
That was in contrast to copper production declines reported by other miners, including Glencore and Antofagasta.
Related Article: Peru’s violent protests imperil 30% of its copper output
London-listed Anglo American in December joined its peers in cutting its forecast for 2023 copper production, citing extreme weather, labour issues and lower grades of metal among the causes. It expects output between 840,000 and 930,000 tonnes for the year.
Anglo on Thursday warned that production in Chile is subject to water availability as the world’s largest copper producer battles persistent drought. Peru’s output, meanwhile, could be affected by political instability.
Peru has been gripped by growing unrest after weeks of sometimes violent anti-government protests triggered by the ousting of its former president in December.
Anglo’s output of rough diamonds increased by 7% last year to 34.6 million carats, but the miner expects that to fall this year to between 30 million and 33 million carats.
(By Clara Denina and Muhammed Husain; Editing by David Goodman)
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