-
BHP-Anglo Debacle Shines Spotlight on Copper Scarcity
This week saw BHP’s last attempt to acquire fellow miner Anglo American fail. The negotiations had lasted six weeks, the offer prices were hiked twice, and yet the deal broke down. Because BHP only wanted Anglo’s copper operations. The deal, although failed, put copper in the spotlight—on the scene of resource scarcity. Earlier this month, copper prices reached a record high, while BHP tried to convince Anglo executives and shareholders to agree to spin off the company’s platinum and iron ore business and sell itself as a copper producer. The price per tonne in New York topped $11,000 earlier this month. The ... (full story)