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Matt Dusk sings Sinatra in Halifax/PEI/Moncton | SaltWireLONDON - A flurry of copper mining deals are being lined up for the next six to 12 months, industry sources said, as producers seek to spread the soaring cost of new projects for the metal key to the energy transition.
But big-ticket M&A is not the only solution to rising costs, and partnership deals are also being mooted, five sources familiar with the matter said. Japan's Sumitomo Metal Mining is among interested parties, one said. According to Argentine government data, the projects could produce a combined 435,000 tonnes of copper a year.
Interested parties include the world's largest listed mining company BHP Group and Sumitomo, one source said. BHP also declined to comment. First Quantum meanwhile has struck a deal to buy a majority stake in Rio Tinto's La Granja copper project in Peru for $105 million, and committed to invest up to $546 million in the joint venture.
Recent volatility has exacerbated the problem of capital productivity that has long concerned the mining sector, its Global Mining & Metals Leader Paul Mitchell said."As well as increased input costs, higher interest rates are pushing up the cost of capital," he added.
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