BHP’s bid for Anglo casts cloud over $9b mine

The Australian Financial Review04-27

BHP, already the largest miner, would gain control of roughly 10 per cent of global copper mine supply ahead of a forecast shortage that’s expected to drive up prices.But on the fertiliser front, big ...

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Elliott Investment Management has built a roughly $1 billion stake in UK-listed Anglo.Read More: Anglo’s predictable rejection won’t end BHP’s ambitionsBHP has already made divestments a condition of its takeover bid and stipulated that assets beyond copper, metallurgical coal and iron ore would be subject to “strategic review.”AdvertisementWoodsmith is “implicitly in that bucket,” Davis said.Last year, Anglo took a $US1.7 billion write-down on the project while also unveiling plans to spend almost $US5 billion to bring the mine into production by 2027 — taking its total spending on Woodsmith to $Us9 billion.The project is “probably more of a nuisance than anything else,” said Maxime Kogge, an analyst at Oddo BHF SCA.“The project is on good tracks, but demand prospects are still quite elusive as the market does not really exist today.”Bloomberg","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2430766532"}