According to The Australian Financial Review, BHP's top executives have talked up the potential of copper as one of the company's most attractive long-term businesses, saying the company was well placed to respond to an expected demand surge of at least 500 per cent during the transition to a low-carbon world.
"If you look at whether it be solar power or wind power, the requirements for copper in both of those renewable energy technologies is significant” Chairman Ken MacKenzie told the company's London annual general meeting.
"I drive an electric car myself and it has four times the amount of copper in it than a fossil-fuel powered car. So we feel very good about our position in copper."
CEO Andrew Mackenzie said rising copper demand during the transition to renewable energy could stoke investment in copper production to between five times and 20 times today's level.
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