BHP Billiton Group said that due to the storm in Chile's main mining area and the decline in ore grade, the company's copper production declined sharply, but the annual production guidelines for this key metal in the energy transition remain unchanged. Copper production fell 19% year over year in the three months to September, the company said in its quarterly report on Tuesday. The decline in production is due to “planned decline in ore grade, planned maintenance, and temporary shutdown due to poor weather in Chile.” All major mining giants are facing the problem of the continuing decline in the quality of ore from old mines, while exploration of new copper is becoming more difficult. Meanwhile, copper prices are rising thanks to strong demand for artificial intelligence, renewable energy promotion, and electrification. This structured market trend has spawned many merger and acquisition attempts, including BHP Billiton's failed transaction to acquire Anglo-American Resources Group last year.

Disclaimer:Webull uses external vendor Google Translation Service for news translations where we endeavour to ensure these are correct, however, we recommend that you please double-check this information accordingly. Webull is not responsible for translation errors or issues.