Australia’s South32 is actively seeking to increase its copper production through both acquisitions and expansions of existing operations, as the company reported a yearly profit that exceeded market expectations. CEO Graham Kerr highlighted the importance of copper in the energy transition, expressing a desire to acquire a larger stake in the Sierra Gorda mine in Chile, where South32 currently holds a 45% interest alongside Poland’s KGHM.
Despite KGHM’s lack of openness to selling its stake, Kerr emphasized the strategic value of Sierra Gorda, which produced 86,200 tonnes of copper last year. The miner is keen to secure new projects given the anticipated rise in copper demand.
In addition to potential acquisitions, South32 is assessing the copper potential around its Peak deposit in Arizona, with plans to quantify its size within the next year. The company’s strategy reflects a broader trend among miners to become more aggressive in securing new projects amid growing global demand for copper.