Russia sanctions put a rocket under BHP’s copper outlook

Mining giant BHP is ramping up its copper output as fresh sanctions on the movement of the key energy-transition mineral out of Russia squeeze existing supply.

Despite rising demand, copper prices came under pressure in 2020 amid fears of a worldwide downturn, but they have since reached $US4.30 per pound as demand absorbs rising output from the world’s mines and increased refining out of China. The US Treasury and British government have barred the Chicago Mercantile Exchange and the LME from taking new production of key metals like aluminium, copper and nickel, a move that will cut funds to Russian mining giants like Rusal and Nornickel.The supply outlook for copper has been further hammered by impending Chinese regulations, which are expected to cut supply from its smelters by 10 per cent.

Long considered the rising star of Australia’s battery-driven mining green-energy boom – alongside lithium and rare earths – nickel was swamped by a tsunami of supply from Indonesia last year, which slashed prices.

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