The US Supreme Court declined on Tuesday to hear an appeal by the Apache Stronghold seeking to block the development of the Resolution Copper mine in Arizona. The mine is a joint venture between Rio Tinto and BHP.
The advocacy group comprising members of Arizona’s San Carlos Apache Tribe and conservationists challenged a lower court decision that permitted a federal land swap, allowing the mining companies to acquire sacred Apache land for the project.
https://www.popularmechanics.com/
Located along the border of Chile and Argentina, the Filo del Sol copper deposit has been under investigation for years for potentially being one of the largest copper deposits in the world. And that makes sense, considering this deposit is nestled along the Atacama Desert—long known for its immense copper reserves due to its location in the Andes and its placement within the eastern portion of the Ring of Fire.
However, a new initial mineral resource estimate completed earlier this month suggests that the companies in charge of mining this area—the U.S.-based Lundin Mining and BHP—may have stumbled upon five times more metal than they bargained for. According to a statement from Lundin Mining, the new assessment estimates the presence of up to 13 million tonnes of copper, 907,000 kilograms (32 million ounces) of gold, and 18.6 million kilograms (659 million ounces) of silver.
BHP Group is preparing to begin looking for a new chief executive officer in the coming months, with key lieutenants already jostling for position to succeed boss Mike Henry at the top of the world’s biggest miner.
The understanding at BHP is that Henry is now heading toward the end of his tenure, according to company insiders. They emphasized that no decision has been made. But some people close to the company say a change could come as soon as early next year, and some top executives have begun increasing their interaction with investors and other stakeholders ahead of a likely succession process.
BHP Group Ltd. is warning U.S. President Donald Trump’s tariff spree could trigger a global economic slowdown and challenge trade flows, as the world’s biggest miner posted a solid quarterly production performance for key commodities including copper and iron ore.
“Despite the limited direct impact of tariffs on BHP, the implication of slower economic growth and a fragmented trading environment could be more significant,” Chief Executive Officer Mike Henry said in a statement Thursday. “China’s ability to shift toward a consumption-led economy and for trade flows to adapt to the new environment will be key to sustaining the global outlook.”
Rio Tinto is optimistic that US President Donald Trump will expedite the final permits approval for its long-delayed Resolution copper project in Arizona. Speaking at the CRU World Copper Conference in Santiago, Rio Tinto’s copper chief executive Katie Jackson said growing US interest in strengthening the copper supply chain could help advance the stalled mine.
“We hope that will be part of getting projects like Resolution to move because it has historically been a long process,” she told attendees. The mining giant has spent more than a decade navigating a complex permitting process.
Ross McEwan has had a few weeks to brush up on his history. The former National Australia Bank chief executive was announced as the next chairman of the country’s largest miner, BHP, last month. He starts on Monday, replacing retiring predecessor Ken MacKenzie.
And he’s prepared for his stint by reading Geoffrey Blainey’s The Steel Master, a 1971 profile of Essington Lewis, a man who was either managing director or chairman of the mining giant between 1921 and 1961.
https://www.theglobeandmail.com/
Why Mike Henry, the Canadian CEO of the world’s biggest mining company, is investing big in Canada
No one should have been surprised, five years ago, when Mike Henry rose to the top of the Australian mining giant BHP. When it comes to mining, Canadians have some game, and the University of British Columbia alum had built a 30-year career touching every aspect of the industry, from marketing to technology to operations.
What might have opened some eyes is how decisively the understated Henry, who’d been at BHP since 2003, moved to change things up. He eliminated BHP’s complicated dual listing on the London and Sydney exchanges, boosting the company’s ability to make acquisitions.
Last year, copper mining industry watchers were kept entertained by the prospects of a tie-up between BHP and Anglo American after the world’s top miner in May launched an unsolicited bid for the 108-year old company.
The FT reported over the weekend that Melbourne-based BHP is putting a bid for Anglo on ice. Not surprising given the divergence in their share price performance and whether BHP has the pockets or the stomach for a now much more expensive acquisition has always been in doubt.
Rio Tinto said on Wednesday it is very optimistic about US President Donald Trump granting it the final permits for its long-delayed Resolution copper project in Arizona.
The mining giant has faced a 12-year permitting battle to develop the Resolution mine, which has the potential to supply more than a quarter of the US domestic copper needs for decades. “I do think that we have really good chances now to progress that project,” chief executive Jakob Stausholm told the Financial Times. “We have made a lot of progress.”
Brisbane, Australia (CNN) — Lawyers for women who claim they’ve been sexually harassed while working for global mining giants BHP and Rio Tinto say they’ve been inundated with emails since filing two class action cases in an Australian court.
The separate lawsuits, which were filed in the Federal Court in Sydney and revealed Wednesday by law firm JGA Saddler, alleges widespread and systematic sexual harassment and gender discrimination at the two companies’ worksites over the last two decades.
BHP is free to relaunch a bid to acquire Anglo American (LON: AAL) starting Friday, as the six-month standstill mandated by London’s takeover rules following the withdrawal of a previous offer has expired.
Last month, BHP chair Ken MacKenzie stated at the company’s AGM that BHP had “moved on” from its bid for Anglo. However, BHP later clarified that MacKenzie’s comments were not intended as an official statement under UK takeover rules.
BHP Group expects a global copper deficit of 10 million metric tons a decade from now, a shortfall that is driving its plans to spend at least $11 billion at the world’s biggest copper mine, Escondida, and other projects in Chile.
BHP detailed to investors this week plans to spend $10.7 billion to $14.7 billion within about 10 years to extract more copper from Escondida and the smaller Spence mine, and restart the Cerro Colorado mine. The world’s biggest listed miner’s annual production is set to fall by around 300,000 tons to 1.6 million tons by the end of the decade, largely driven by a slump at Escondida that is expected to peak in 2025.
https://www.theglobeandmail.com/
BHP Group Ltd. chief executive Mike Henry says Canada must speed up mine permitting, or it risks losing out to its global rivals in attracting investments in critical minerals. Melbourne-based BHP, the world’s biggest mining company, already has significant operations in Canada. It is building a massive new potash mine in Saskatchewan called Jansen with the total capital expenditure pegged at $20-billion.
Mr. Henry, who is Canadian, said in an interview that while BHP clearly already has an affinity for Canada, based on its investment track record, the slow pace of obtaining mining permits is a big problem.
A Brazilian court on Thursday cleared mining giants BHP and Vale, and their Brazilian joint venture Samarco, of responsibility over a 2015 dam collapse that caused the country’s worst ever environmental disaster.
The dam’s rupture on November 5, 2015 near the town of Mariana unleashed a giant torrent of toxic mud that swamped villages, rivers and rainforest, killing 19 people on its way to the sea. Scientists say the sludge caused “permanent” pollution on the river Doce and its coastal plain.
(Bloomberg) — BHP Group has been forced to walk back from comments about having “moved on” from its failed Anglo American Plc bid to prevent its hands being tied by the UK takeover panel from launching another buyout attempt.
Chairman Ken MacKenzie made the comments Wednesday at a shareholder meeting of the world’s biggest miner in Australia. Anglo shares fell as much as 4.5%, underperforming the wider sector.
