00:02BHP has announced it's found more mineable copper at Olympic Dam, 2 million tonnes worth.
00:08This is the first year in human history we've got a structural shortage of copper.
00:12So we're making up our shortages by recycling, so copper is a commodity of the future.
00:17Despite a short term drop in overall production in SA due to a mining conveyor belt snapping
00:22at its Carrapatina mine, BHP expects copper production to grow rapidly over the next 15 years
00:29from about 300,000 tonnes this financial year to 500,000 by 2035 and 650,000 by 2040.
00:39We're talking about long term royalties for South Australia, more jobs for our people who live here
00:44and importantly big private capital investment.
00:49Promises of expansions have come and gone in the past though, with BHP previously ditching
00:55major growth plans and with water agreements reached as part of updated government legislation
01:00earlier this year, there's concern too about the environmental impacts of any ramping up of copper production.
01:07This Malinowskis government has a history of rolling out the red carpet for big corporations
01:12and often without doing their due diligence.
01:15The Energy and Mining Minister says with BHP planning to bring investors to Olympic Dam next month,
01:22the signs are good for a possible full expansion at the site.
01:26They're bringing them here to show them what they're planning to do.
01:29Now I've got to say, if that's not a good thing, what is?
01:32Let's see.
01:33We'll see.
01:38Thanks, guys.
