BHP is a global diversified mining company that extracts and sells commodities for industrial production, construction, and electrification. The company’s core business focuses on copper and iron ore. BHP operates the Escondida mine in Chile, the world’s largest copper resource, alongside mines in South Australia and joint ventures in Peru. These assets produce copper for electrical wiring, renewable energy infrastructure, and electric vehicles. The iron ore business utilizes an integrated network of mines, rail, and port facilities in Western Australia to supply steel mills in China and broader Asia. While BHP maintains a presence in steelmaking coal, it is winding down thermal coal operations and has suspended its nickel business. The company is also developing the Jansen potash project to enter the agricultural fertilizer market. BHP’s business model requires large upfront capital investments to establish mines with high fixed costs and low marginal costs. Profitability depends on global commodity prices, production volumes, and maintaining low unit costs. Management follows a capital allocation framework that prioritizes sustaining existing operations and funding growth projects in copper and potash while returning surplus cash to shareholders through a dividend policy.