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BHP allocates $555 Million to increase copper production in South Australia

BHP announced on Wednesday that it will invest over A$840 Million ($555.16 millions) in its Olympic Dam Copper operations in South Australia, as the miner prepares for an investment decision to be made by mid-2027.

Olympic Dam, one of BHP’s three copper-growth projects, is located in South Australia.

Olympic Dam is a project that holds a large deposit of gold, copper and uranium. This makes it crucial for BHP's and Australia's roles as major global suppliers of copper. Copper is a critical metal for the transition to low-carbon living.

Over the last three years, the project has consistently produced over 300,000 tons of copper per year.

BHP, world's biggest listed miner is preparing to announce a final decision on an expansion of the Olympic Dam smelter/refinery by mid-2027. The goal is to double South Australia's copper production to 650,000 tonnes by mid-2030s.

The A$840m investment will fund a number of key initiatives including an underground tunnel access, a backfill system and expanded ore passage capacity. It will also help to improve smelter efficiency.

BHP stated that "together, these projects will improve efficiency and future growth options for South Australia's Copper Province", BHP.

The company stated that the investment will create 200 construction jobs and reinforce South Australia's status as a global copper supplier.

(source: Reuters)