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
The NuevaUnion gold and copper project in northern Chile plans to deliver its environmental impact statement by the end of 2018 after completing feasibility studies earlier this year, a source at the mine said on Friday.
The project joins two mines – one belonging to Goldcorp and the other to Teck Resources – into one. The company said preliminary investment could reach $3.5 billion.
“The plan is to present the EIA … and that the project enters into operation by 2022-2023,” said the source who was not authorized to speak publicly about the matter.
NuevaUnion is expected to have a 36-year lifespan with an annual production of 224,000 tonnes of copper, 269,000 ounces of gold and 1,700 tonnes of molybdenum during its first 5 years of production.
Conservative President Sebastian Pinera, who took power in March, has promised to cut red tape and turbo-charge mining investments in the world’s top copper producer.
Reporting by Antonio De la Jara; Writing by Dave Sherwood; Editing by Richard Chang.
