BHP Said to Declare Force Majeure on Copper From Escondida
- Prolonged shutdown at biggest mine seen spurring price gains
- Market impact likely to be faster than previous strikes: ANZ
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BHP Billiton Ltd. declared force majeure on shipments from the world’s biggest copper mine, according to two of the company’s customers, sending prices above $6,000 a ton.
The Melbourne-based miner told smelters that buy concentrates from Chile’s Escondida mine that shipments will be disrupted after workers began an indefinite strike, said the people, who asked not to be identified because the information is private.