Metal39;s price hit a twoyear high on LME this week
Copper demand boosted by new energy, AI applications
Chinese companies also eyeing more copper mine deals

BEIJINGHANOI, April 25 Reuters BHP Group39;s proposed 39 billion buyout of Anglo American is a big bet on copper that could spark a scramble for mining assets as a bullish demand outlook and tight supply for a mineral crucial to the energy transition sends prices to multiyear highs.

Combined, the companies would churn out 10 of global output of the red metal, cementing diversified miner BHP39;s position as the top producer ahead of copperfocused Codelco and FreeportMcMoRan.

Thanks to its high conductivity and extreme resistance to corrosion, the metal is used in everything from cars, power grids to building construction.

The energy transition is only just getting started, and if electricity is the lifeblood of this revolution, copper is the veins and arteries, said Peter Arkell, chairman of the Global Mining Association of China GMAC.

There is no way that existing mines can meet the anticipated demand, therefore the major mining companies recognise that copper needs to be a fundamental part of their portfolio, he told Reuters.

Global refined copper consumption grew 6.7 in 2023 to 27.63 million metric tons, World Bureau of Metal Statistics data showed.

Global refined copper demand will rise at a compound annual growth rate of 2.3 from now through 2028, according to Londonbased commodity research firm CRU….