Australia relies on copper: BHP plans billion-dollar takeover

Australia relies on copper: BHP plans billion-dollar takeover

Australia's future as a leading raw material supplier is under scrutiny as traditional sources of income such as coal and iron ore are threatened by the climate crisis and China's slowing construction boom. BHP, the country's largest company, is therefore planning to rely on copper as a new source of wealth. With a billion-dollar takeover offer for British competitor Anglo American, BHP is banking on increasing demand for copper. This strategic shift is supported by the growing importance of renewable energy, the spread of artificial intelligence and urbanization in emerging countries such as India.

BHP boss Mike Henry's decision to identify copper as a promising raw material is based on the belief that copper will play a significant role in industries such as electromobility and renewable energy. In contrast to nickel, which is no longer used in some batteries, demand for copper remains stable and is even expected to double. This move highlights the need for mining companies to adapt to the changing needs of the global market and invest in forward-looking technologies.

Given the challenges currently facing traditional raw materials such as coal and iron ore, BHP's decision highlights the changing nature of the global raw materials market. By focusing on copper, the company is positioning itself as a pioneer in the industry and setting an example for more sustainable and future-oriented raw material extraction. Australia's wealth could therefore increasingly come from the mining and sale of copper in the future, driven by developments in renewable energy and technology.