Australian copper stocks experienced a boost following concerns about reduced global supply. Codelco, Chile’s state-owned mining behemoth, announced that its El Teniente mine faces extended delays in returning to full production capacity. This setback stems from a fatal tunnel collapse that occurred in July, impacting the mine’s operational timeline.
The news from Chile resonated positively with several Australian listed entities. Great Southern Copper saw its shares rise by 4 per cent, reflecting investor optimism. Sandfire Resources also benefited, with its stock price increasing by 1.6 per cent.
Major players in the mining sector also felt the positive ripple effects. BHP, a diversified giant with a substantial and expanding copper division, recorded a 0.5 per cent increase in its share value. Rio Tinto, another leading name in the industry, witnessed an even more pronounced gain, with its shares jumping nearly 2 per cent on the news of potential constraints in copper supply.
