BHP-led Escondida Copper Mine Working Hard to Stand Still, Says Citi -- Market Talk

Dow Jones09:22

0122 GMT - A visit to the BHP-led Escondida copper mine in Chile has underscored the challenges the miner--and the broader copper industry--faces in sustaining output of the industrial metal as ore grades decline and costs rise, Citi analyst Paul McTaggart says in a note. Plans to expand the Laguna Seca concentrator, replace the ageing Los Colorados facility and explore leaching technologies will be key to maintaining production levels, says McTaggart. "These initiatives highlight not only the operational challenges at Escondida but also the broader implications for rising capital intensity across the [copper] industry as grades deteriorate globally," he says. Citi has a buy rating and A$46.00 target on BHP. The stock is down 0.1% at A$39.84. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

November 26, 2024 20:22 ET (01:22 GMT)

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Plans to expand the Laguna Seca concentrator, replace the ageing Los Colorados facility and explore leaching technologies will be key to maintaining production levels, says McTaggart. \"These initiatives highlight not only the operational challenges at Escondida but also the broader implications for rising capital intensity across the [copper] industry as grades deteriorate globally,\" he says. Citi has a buy rating and A$46.00 target on BHP. The stock is down 0.1% at A$39.84. 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Plans to expand the Laguna Seca concentrator, replace the ageing Los Colorados facility and explore leaching technologies will be key to maintaining production levels, says McTaggart. \"These initiatives highlight not only the operational challenges at Escondida but also the broader implications for rising capital intensity across the [copper] industry as grades deteriorate globally,\" he says. Citi has a buy rating and A$46.00 target on BHP. The stock is down 0.1% at A$39.84. 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