BHP Billiton, a London-based global energy conglomerate with $35.5 billion in annual revenues and 80,000 employees, will be placing a big bet on copper over the next year. According to a report in Copper Investing News, the company will spend approximately US$900 million on exploration in the next financial year. The expansion runs counter to recent cuts in copper production by producers including Glencore and Freeport-McMoRan. The Copper Investment News report also said:
“With copper prices down 18% over the past year, a number of major copper miners have cut back their focus on the red metal... However, with copper prices up 4.59% percent since June 14, some believe that copper prices could be ready to rise. Thomson Reuters is calling for a medium-term recovery for copper prices, and BHP is betting on copper for the long term.”
