BHP Says Copper Demand May Trail Supply as Stocks Grow
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BHP Billiton Ltd., the world’s largest mining company, said copper supplies may exceed demand this year and next on growing stockpiles and as the Melbourne-based company ramps up output at its Escondida mine in Chile.
It’s “possible” that the market may have a “small surplus” of supply in 2013 and 2014, Peter Beaven, head of the company’s base metals operations, told reporters in Santiago April 4. Escondida’s output will grow 10 percent a year through 2015 when it reaches a record 1.3 million metric tons, he said.