BHP has identified a potential new iron oxide, copper and gold mineralised system near its Olympic Dam operations in South Australia as part of a copper exploration program.
The miner said today that the project was still in its infancy and that it was planning a further drilling program, slated to begin in early 2019.
The project is in a copper-rich region between the company’s Olympic Dam mine and Oz Minerals’ Carrapateena project.
Copper is a major focus for BHP.
BHP’s announcement coincides with investor excitement over a potential copper find by its arch rival Rio Tinto in Western Australia.
Rio Tinto has not commented on reports of the WA find.
BHP shares gained 0.43 per cent to $30.56 after its announcement of the potential new find in SA.