At Escondida, the world’s largest copper mine, BHP has some problems: ore grades are declining, the rock is getting harder and a $5bn concentrator needs to be replaced. The company will also have to spend as much as $10bn to upgrade the facilities over the next seven years.
The challenges in Chile and a global race for a metal crucial for the energy transition have analysts questioning whether BHP will revive its bid for Anglo American, six months after its initial £39bn takeover attempt failed.
Mike Henry, chief executive of BHP, the world’s largest mining company, has so far been coy about future acquisitions, but is clear that the company wants more copper assets.
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