Canadian miner Hudbay sees BHP's bid for Anglo boosting copper assets [Reuters]
HONG KONG EX&CL UNSP/ADR (HKXCY)
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Source: Reuters
of copper assets and could underscore companies' willingness to pay a premium to buy existing copper mines. Hudbay expects to launch a formal sale process for a minority stake in its Arizona Copper World project in the United States later this year after already holding talks with companies. BHP last week, though Anglo rejected the proposal that would create the world's biggest copper miner, saying it undervalues the company. "The deal has increased the valuation of copper assets and highlights that major mining companies believe the price for copper will be significantly higher than current levels and they are willing to pay a premium to acquire existing copper production today," Hudbay CEO Peter Kukielski told Reuters. Three-month copper prices on the London Metal Exchange hit a two-year high above $10,200 a metric ton on Tuesday, although have since retreated to $9,750. Hudbay is currently building Copper World, where it anticipates approximately 92,000 metric tons of ave
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