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Jul 15 - 02:55 AM

Copper - Mining Major BHP Gains Most In Over 3-Months On Chile Copper Supply Concerns

By Roshan Thomas  —  Jul 15 - 01:16 AM

• Shares of Anglo-Australian miner BHP rise as much as 4.4% to A$61.27, its biggest intraday pct gain since April 8

• Chile's Ministry of Mining on Tuesday summoned mining companies and unions to coordinate actions in response to the potential impact of a powerful winter storm expected to dump heavy rain across key copper-producing regions.

• BHP, whose flagship assets include the Escondida mine in Chile, the world's largest copper mine, derives over 65% of its copper output from the country, according to its third-quarter production report

• Move appears to be driven mainly by weather risks in Chile, copper accounts for roughly half of BHP's earnings, said Philip Pepe, senior equities analyst at Shaw and Partners

• Storm threat comes as Chile accounts for about quarter of global mined copper production, with copper a key component in products ranging from air conditioners to data centres

• BHP is expected to post its fourth quarter production report on July 16

• Stock has risen 33.8% this year, including session moves

(Reporting by Roshan Thomas in Bengaluru)

Source:
London Stock Exchange Group | Thomson Reuters
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