MELBOURNE, March 18, 2026, 08:29 AEDT
BHP Group climbed 1.1% to finish at A$49.73 in Sydney on Tuesday, after news that the miner had sought environmental clearance for a new ore-processing facility at its Escondida site in Chile. The company also advanced its Resolution Copper project in Arizona toward the next stage.
BHP is doubling down on copper at a time when its iron ore segment is running into new headwinds in China. Back in February, the company reported copper made up 51% of operating earnings for the half—marking the first time that figure topped iron ore’s contribution.
BHP plans to swap out its old Los Colorados concentrator at Escondida with a new plant, aiming to add between 220,000 and 260,000 metric tons of annual copper capacity. The price tag: $4.4 billion to $5.9 billion. First production might kick off in 2031 or 2032, pending regulatory approval.
Rio Tinto said its Resolution Copper project in Arizona now holds the 2,400 acres it needs, following years tangled in court. The joint venture—Rio at 55%, BHP with 45%—is lining up a $500 million drilling push at a copper deposit topping 40 billion pounds, according to Reuters.
Brandon Craig, BHP’s president Americas, described the land exchange as “an important step forward” for securing copper supplies vital for critical infrastructure. According to BHP, Resolution could end up as the largest copper mine in the U.S. BHP
Rio stands out here as the direct peer, with its involvement at Resolution. Back in February, the company reported that robust copper earnings cushioned the impact from softer iron ore performance in its yearly results.
Still, there’s no quick payoff here. Escondida is waiting on green lights from environmental authorities. As for Resolution, progress is tangled up in disputes over Oak Flat—a sacred area for the San Carlos Apache. Rio says it can’t put a timeline on mining just yet; more technical work remains.
BHP faces another headache. Last week, Reuters said China’s state iron ore buyer expanded curbs on select BHP shipments in the middle of 2026 contract negotiations—though one ban, covering Jimblebar, was rolled back after a week. The move spotlights just how much BHP’s iron ore still counts, even as copper starts to steal more focus. Next up: the company is set to report operating results on April 21.
