BHP and KGHM sign deal to explore copper growth opportunities

BHP Group Ltd and KGHM Polska Miedz SA on Tuesday said they have signed an agreement to explore potential cooperation opportunities across the global mining sector.

The companies said the agreement establishes a framework for discussions and the exchange of knowledge and experience, including around exploration opportunities and development-stage projects.

KGHM is a Poland-based copper and silver producer with operations in Poland and assets in the US, Canada and Chile. BHP is a Melbourne-based diversified miner with operations spanning copper, iron ore, steelmaking coal and potash.

BHP and KGHM will seek to identify opportunities to share technical and operational expertise, compare working practices and assess potential areas of cooperation.

The partnership could extend to projects beyond regions where the two companies currently operate, they said.

The agreement builds on an existing partnership between BHP and KGHM covering their copper operations in Chile.

BHP Chief Executive Brandon Craig said: "The world will need more copper, driven by traditional economic growth, the energy transition, and digital investments."

"The MoU provides a structure for BHP and KGHM teams to come together and explore new avenues to find and unlock copper growth opportunities," he added.

KGHM Chief Executive Remigiusz Paszkiewicz said the agreement "provides a structured framework for further discussions and opens the way for an in-depth analysis of potential areas of cooperation".

BHP Group shares in London were 1.1% higher at 3,398.00 pence on Tuesday, while in Johannesburg they were 1.8% higher at ZAR736.75. Shares in KGHM were 3.3% higher at PLN369.80 in Warsaw.

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