Page 63 - Copper News Today

COLUMN-RUSSELL/MINING-BHP (CORRECTED, COLUMN):CORRECTED-COLUMN-BHPs Anglo buyout makes business sense if the price is right: Russell

BHPs bid for Anglo American the latest boost for the red metal

Looking ahead, as prices are hovering near multi-year highs, there are chances of a technical correction, but such moves are unlikely to set into major liquidation. Since the supply-demand dynamics are supportive of prices, the ongoing positive sentiment will remain intact for the short run.

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Newmont reports an adjusted net income of $630 million and the production of 2.2 million gold equivalent ounces in the first quarter of 2024.

Analyst says mergers and acquisitions in the copper industry make sense given growing demand for metals used in low-carbon energy sources and the challenge in building new copper mines

Copper demand will surge globally as electric vehicles, renewables and artificial intelligence data centres require the metal far more than the current industries

“The proposed structure is also highly unattractive, creating substantial uncertainty and execution risk borne almost entirely by Anglo American, its shareholders and its other stakeholders,” Anglo chairman Stuart Chambers said in a statement.

Australian mining giant BHP has kicked off a new round of mergers by bidding for Anglo American.

In early morning trade on the London Metal Exchange, the price of copper breaching the key level for the first time since April 2022 to peak at just over $10,028. It later stood at $9,992.50 per tonne.