This morning in metals news, BHP released its half-year production results, the GFG Alliance unveiled a new aluminum group and copper prices have been on the rise early this year.
BHP’s copper production rises 7%
Miner BHP released its production results for the half year ending Dec. 31, 2019, showing its copper production ticked up 7% on a year-over-year basis.
Fourth-quarter copper production increased 6% from the previous quarter.
“Strong concentrator throughput at Escondida more than offset the impact from social unrest in Chile,” the miner commented in its production report. “Higher production at Olympic Dam following planned preparatory work in the prior quarter related to the refinery crane replacement.”
Meanwhile, H2 2019 petroleum production dropped 9%, while iron ore production jumped 2%.
GFG announces new aluminum group
The GFG Alliance announced the formation of a new “global low carbon aluminium champion,” which will be called ALVANCE Aluminum Group.
“The new aluminium group, to be known as ALVANCE Aluminium Group (ALVANCE), will be headquartered in Paris and will bring together all of GFG Alliance’s assets across the aluminium supply chain – from raw materials through to finished components – to drive synergies that will help the business meet ever increasing market challenges and take full advantage of opportunities to expand,” the company said in a release.
Copper prices up this year
Amid a decline, at least for now, in global trade tensions — particularly after the U.S. and China’s recently inked first-phase trade deal and the U.S. Senate’s approval of the United States-Mexico-Canada Agreement — copper prices have been on the rise so far this year.
According to MetalMiner IndX data, the LME three-month copper price is up 1.37% over the last month to $6,271/mt as of Jan. 20, up from $5,877/mt as of Dec. 2.