BHP Reports Possible Copper Find Near Olympic Dam
November 26 2018 - 04:09PM
Dow Jones News
By Rhiannon Hoyle
SYDNEY--BHP Group Ltd. (BHP.AU) said it may have found a
potential new iron, copper and gold deposit near its Olympic Dam
mine in southern Australia, a boon for the world's largest miner by
market value as it looks to expand its copper production.
BHP said the exploration project is at an early stage and that,
starting in early 2019, it is planning a further drilling program
at the site, about 40 miles southeast of the Olympic Dam uranium,
copper and gold mine.
"There is currently insufficient geological information to
assess the size, quality and continuity of the mineralized
intersections," which came from four holes made as part on an
ongoing copper exploration program, said the company.
BHP is seeking to boost its exposure to copper, a metal used in
everything from smartphones and electric vehicles to air
conditioners.
Its exploration program has focused on the Stuart Shelf in South
Australia state as well as Ecuador, Canada, Peru, Chile and the
southwest of the U.S.
In recent months, it has also purchased a roughly 11% stake in
copper explorer SolGold PLC (SOLG.LN), which runs the Cascabel
copper and gold project in Ecuador.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
November 26, 2018 16:54 ET (21:54 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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