BHP Group is undertaking a strategic review of the Brazilian copper and gold assets it acquired with the takeover Oz Minerals, as the No. 1 miner pivots toward minerals key to the green-energy transition. The $6.4-billion purchase of Oz Minerals included an untapped gold deposit and four small, but high-grade, copper-gold mines in the state of Para. BHP has said so-called “future-facing” metals, which also include nickel and fertilizer ingredient potash, are central to its growth as iron ore use plateaus and the world moves away from fossil fuels.
BHP Group is undertaking a strategic review of the Brazilian copper and gold assets it acquired with the takeover Oz Minerals, as the No. 1 miner pivots toward minerals key to the green-energy transition.
It will take 12 to 18 month from May, when the transaction closed, to complete the strategic assessment,“It’s about understanding the resources and the opportunities. We haven’t operated before in Brazil,” she said. “But it’s clearly a region of future facing commodities, which BHP is very focused on: copper, nickel.”
Until the acquisition, BHP’s presence in Brazil was confined to Samarco, an independent iron ore venture with Vale. The company still faces the consequences of a 2015 deadly dam collapse, including a lawsuit in the UK and the renegotiation of a compensation settlement with Brazilian authorities, both potentially involving billions of dollars.
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