BHP expects resilient commodity demand going forward despite slowing growth in China in the second half of this year, the world’s biggest miner by market value said in a quarterly operational review on Tuesday.
During the quarter ended September 30, BHP’s copper production increased by 4% from the first quarter of 2025, with record concentrator throughput at Escondida in Chile. Production of steelmaking coal rose by 8%, while iron ore output inched down by 1%.
“Overall macro-economic signals for commodity demand remain resilient, and global growth forecasts are moving higher,” chief executive officer Mike Henry said in a statement.
BHP sees China’s GDP growth at around 5% this year despite an expected deceleration in growth in the second half, Henry added.
China is currently in tense negotiations with BHP over iron ore prices, and China Mineral Resources Group, the state-owned Chinese iron ore buyer, has reportedly told domestic steelmakers and traders not to buy or take any iron ore cargo from BHP.
The Australia-based miner hasn’t officially commented on what happens in its Chinese market.
But BHP remains bullish on copper globally.
“In copper, major disruptions at some of our competitors’ mines have tightened overall market fundamentals, benefitting our world-class portfolio of assets,” the CEO Henry said.
Earlier this month, BHP said it is investing US$555 million (AUS$840 million) in several projects at its Olympic Dam copper operations in South Australia to boost production and processing capabilities at the site.
“BHP is the largest producer of copper in the world, and we expect to grow our copper base from 1.7 million tonnes to around 2.5 million tonnes per annum,” said Edgar Basto, the mining giant’s chief operations officer.
The mining giant holds the world’s largest copper resources with Escondida in Chile and Copper SA in Australia.
BHP expects global copper demand to jump 70% by 2050 driven by population growth, rising living standards, and the energy transition.
By Tsvetana Paraskova for Oiloprice.com
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