BHP CEO Says Copper Demand Is 'Ubiquitous'

Summary

BHP CEO Mike Henry told Bloomberg Television at the World Economic Forum in Davos that copper demand is ubiquitous while supply is getting harder to find, a combination that underpins higher copper prices. He highlighted BHP's 30% copper output growth over three years, four major copper growth projects, and the Resolution project in Arizona, which he says could supply 25% of US copper demand for decades but remains held up in the legal process. Henry also described BHP's portfolio reshaping toward copper and potash, capital discipline, its iron ore business, and its limited direct exposure to US tariffs.

• BHP CEO Mike Henry says copper demand is ubiquitous, with the energy transition and data centers intensifying usage.
• Copper supply is getting harder to find, with smaller, lower-grade, deeper deposits supporting price escalation.
• BHP has grown copper production 30% in three years and holds four major copper growth projects.
• Resolution Copper in Arizona could supply 25% of US copper demand for decades but is stuck in the legal process.
• The US administration supports more domestic mining and processing for critical minerals supply-chain resilience.
• BHP has reshaped its portfolio toward copper and potash under a decade of capital discipline.
• BHP runs what Henry calls the world's best-performing iron ore business and sees its balance sheet as a growth-funding differentiator.
• Tariffs are not directly impacting BHP much because only about 3% of revenue is in the US.