The major miners continue to spend money on copper. It is the metal to own. (that and gold)
The Chinese are nuts for the stuff and every modern bit of technology (cars, wind farms, solar, phones, trains, infrastructure etc etc) all need copper. Most companies have stopped spending, so we can expect a supply hole down the track.
Mining giant BHP Billiton plans to spend $US900 million ($A1.2 billion) in the 2016/17 financial year on exploration projects in copper and oil.
"We are investing at a time when most in our sector continue to reduce discretionary spend," BHP's Geoscience head Laura Tyler said in an investor presentation on Monday.
The company is taking a value-focused approach to exploration which will see it target opportunities across copper and oil to enhance its long-life, tier 1 portfolio, she said.
RTG Price at posting:
60.0¢ Sentiment: Buy Disclosure: Held
