BHP eyes Canadian copper after Anglo bid

BHP is shifting its focus from Anglo American after a bold takeover attempt fell away, turning its attention to copper and new growth in Canada.

BHP chief executive officer Mike Henry has spoken four weeks after BHP launched, and quickly withdrew, a last-ditch bid for Anglo American. The offer was pulled just three days after being revealed, closing the door on what would have been one of the sector’s largest deals.

“It wasn’t meant to be, and so that’s in the rearview mirror,” Henry told Taking Stock.

Henry said BHP now has the flexibility to press ahead with its own projects while also pursuing acquisitions of high-quality copper assets, as demand expectations for the metal continue to rise on the back of electrification and the energy transition.

Canada is central to that strategy. Henry pointed to mining-friendly initiatives under the Canadian Government as creating fertile ground for long-term investment.

BHP is already spending more than $10 billion on its Jansen potash project in Saskatchewan, which Henry said is the company’s single-biggest investment.

The miner’s ambitions in Canada extend beyond potash. Copper is emerging as the next priority as BHP looks to deepen its footprint without returning to contested takeover battles.

“I’m hopeful that in five years’ time, 10 years’ time, there’ll be further investments that we can make into Canadian resources, and specifically into copper,” Henry said. “We’ve got copper exploration partnerships underway right across Canada, both coasts and up in the north.”

For BHP, the aborted Anglo approach now serves as a turning point, marking a shift toward organic growth and targeted expansion in one of the world’s most stable mining jurisdictions.