BHP adds 10.73 bn‑tonne block‑cave resource at Olympic Dam, backing long‑term copper expansion
+1 new source since this summary was written
BHP announced a new underground block‑cave mineral resource of 10.73 billion tonnes at Olympic Dam, containing about 88.1 million tonnes of copper. The update supports the company's plan to lift copper output from its South Australian assets to roughly half a million tonnes a year by 2035 and potentially 650,000 tonnes by 2040. Quarterly copper production fell 16‑19% in the September quarter, but BHP kept its full‑year guidance unchanged. The firm also approved US$800 million for the Escondida New Concentrator in Chile.
Why it matters
The expanded resource gives BHP a geological basis to consider a large underground expansion, which could eventually increase copper supply and support the maintained production guidance. Investors should watch the upcoming November site visit for details on how the resource might be converted into reserves and future capital spending.
Key facts
- 1BHP reported a new block‑cave mineral resource of 10.73 billion tonnes grading 0.59 % copper at Olympic Dam. australianresourcesandinvestment.com.au
- 2The combined underground resource now contains an estimated 88.1 million tonnes of copper. australianresourcesandinvestment.com.au
- 3BHP aims to raise copper output from its South Australian operations to about 500,000 tonnes per year by 2035 and up to 650,000 tonnes by 2040. australianmining.com.au
- 4Copper production in the September quarter fell 16 % year‑on‑year to 60,700 tonnes due to a conveyor failure. australianmining.com.au
- 5Group copper production declined 19 % in the September quarter to 401,000 tonnes, yet full‑year guidance of 1.65‑1.8 million tonnes was unchanged. proactiveinvestors.com
- 6BHP approved US$800 million in pre‑commitment funding for the Escondida New Concentrator in Chile. australianresourcesandinvestment.com.au
Summary written by AlphAI AI Desk from 3 of 3 sources. Not investment advice. Figures are as stated by the linked sources.