BHP Shelves Olympic Dam Copper Uranium Project

The Street reported BHP Billiton (NYSE:BHP,ASX:BHP,LSE:BLT) shelved its $30 billion expansion of the Olympic Dam copper uranium project.

As quoted in the market news:

The mining giant, whose annual pre-tax profits have fallen 26 percent, said rising capital costs and declining Chinese demand for copper alongside weak uranium prices made the project uneconomical.

BHP’s delay announcement, not a surprise to investors, has impacted neither its shares nor those of Cameco (NYSE:CCJ,TSX:CCO), the world’s largest uranium producer.

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