BHP Group CFO on Bumper Copper Profits, M&A Outlook

Core Viewpoint - The company is experiencing strong performance in its copper business, which has become a significant contributor to its earnings, with over 50% of EBITDA coming from copper production [2]. Group 1: Copper Production and Performance - The company has revised its production guidance upwards for its largest mine, Escondida, indicating an increase in copper output due to favorable price conditions [2][3]. - In the last four years, copper production volume has increased by 30%, solidifying the company's position as the largest copper producer globally [4]. - The company aims to increase copper production to 2.5 million tonnes, including byproducts, by the mid-2030s [4]. Group 2: Byproduct Revenue - The copper segment has generated nearly $2 billion in byproduct revenue from gold, silver, and uranium, showcasing the reliability and profitability of the business [3]. - In the first half of the year, byproducts in copper South Australia contributed approximately $0.7 billion in revenue [10]. Group 3: Growth Strategy and M&A - The company is focused on organic growth rather than relying heavily on mergers and acquisitions (M&A), although it remains open to high-quality asset opportunities that create shareholder value [6][7]. - Current growth projects, such as Escondida and Vicuna, are expected to significantly increase copper output, with Vicuna projected to reach 800,000 tonnes of copper [7][8]. - The acquisition of Oz Minerals is highlighted as a strategic move that has unlocked substantial value, performed under favorable copper price conditions [9].