BHP Group

Type: Company | Ticker: BHP (NYSE ADR) | Sub-theme: Diversified (copper + iron + potash)

BHP is the world's largest mining company by market capitalization. It sold its petroleum business in 2022 (to Woodside), acquired OZ Minerals (Australian copper-gold) in 2023, and made a failed hostile bid for Anglo American in 2024. BHP's long-term strategy is to maximize copper and potash exposure at the expense of iron ore (which it views as a declining-demand asset post-China peak steel). Its Escondida operation (Chile, 57.5% stake) is the world's largest copper mine.

Key Facts

• Escondida (Chile, 57.5%): world's largest copper mine (~1.1-1.2M t/yr at 100%)
• Olympic Dam (South Australia): massive copper/uranium/gold/silver deposit; expanding
• Jansen potash (Saskatchewan): multi-billion dollar potash project under development
• Failed Anglo American bid (2024): would have added Quellaveco (Peru, copper) and Los Bronces (Chile, copper)
• Filo del Sol (Chile/Argentina): JV with Lundin Mining on world-class copper discovery (Vicuna district)

Mentioned In

• Copper Intensity of Electrification — Escondida is the world's largest copper supply source