27/11/2018 - 10:37

BHP flags new copper find

27/11/2018 - 10:37

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BHP Group has identified a new copper find near its Olympic Dam operations in South Australia, as speculation continues that Rio Tinto has also made a big copper discovery, in the Pilbara.

BHP flags new copper find
BHP's Olympic Dam operations.

BHP Group has identified a new copper find near its Olympic Dam operations in South Australia, as speculation continues that Rio Tinto has also made a big copper discovery, in the Pilbara.

The BHP find is in a copper-rich region between the company's Olympic Dam mine and Oz Minerals' Carrapateena project.

In a statement to the ASX, the company said the project was still in its infancy and that it was planning a further drilling program, slated to commence in early 2019.

"This exploration project is at an early stage and there is currently insufficient geological information to assess the size, quality and coninuity of the mineralised intersections," the BHP statement said.

“Copper and oil are the main focus of BHP’s exploration programs in order to replenish our resource base and enhance our portfolio.”

The company said the discovery is between 700 metres and 950 metres below the ground.

BHP’s copper exploration has targeted the Stuart Shelf in South Australia, as well as South America and North America.  

The company's announcement coincides with speculation of a potential copper find by Rio Tinto that generated investor excitement.

Rio's potential find is located in WA’s Paterson province, located in the East Pilbara.

It has not confirmed its own rumoured find.

Shares in BHP were up 0.66 per cent to trade at $30.63 each at 1.15pm AEDT.

 

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