BHP chief executive officer has Mike Henry laid out an ambitious vision for the company’s copper future, signalling a potential supply shake-up in the US.
“We now have four big copper growth options ahead of us, one of them right there in the US,” Henry told CNBC.
“It’s called Resolution project [and it] could supply 25 per cent of the US’s copper supply for decades to come.”
BHP has boosted copper production by 30 per cent over the past 3–4 years, while maintaining its iron ore leadership.
Henry said BHP has disciplined capital allocation, citing a $US4.3 billion silver streaming deal from the Antamina mine.
“This unlocks cash capital we can redeploy,” he said. “Part of what’s enabled that was our very strong operating results from the past half.”
The deal allows BHP to retain full exposure to copper while monetising future silver production.
Henry said copper demand is rising globally, driven by the energy transition and the artificial intelligence (AI) revolution.
“That bodes well for copper demand over the next 25 years … up by 70 per cent by our estimates,” he said.
Despite concerns over US tariffs and stockpiles, BHP’s operations remain largely unaffected. Iron ore continues to deliver high margins, with Henry noting the company generates $10 per tonne more free cash flow than its nearest competitor.
While BHP is exploring early-stage acquisitions, Henry said the primary focus remains on organic growth, unlocking potential from its existing portfolio of four copper growth projects and potash options.
The message is clear: BHP is leveraging strategic deals and its resource base to position itself as a dominant global copper player for decades.
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