BHP is one of the world's largest mining companies. BHP mines and sells copper, iron ore, steelmaking coal, and potash — commodities used as inputs in steelmaking, electrification, construction, and agriculture. BHP sells directly to industrial customers: steel mills buy iron ore and coal, copper smelters and fabricators buy copper, and agricultural companies will eventually buy potash. A centralized Commercial function manages logistics, pricing, and customer relationships across all commodities. BHP's core competitive advantage is operating at the low end of the cost curve — at its Western Australia Iron Ore operation, BHP has been the world's lowest-cost major iron ore producer for six consecutive years. Copper is now BHP's largest EBITDA contributor, followed by iron ore, with steelmaking coal a smaller and shrinking contributor after two mine divestitures. BHP's nickel operations are currently suspended due to global oversupply. BHP's growth strategy is centered on copper and potash. On copper, BHP is expanding Escondida in Chile, growing its Copper South Australia complex, and developing the Vicuña joint venture with Lundin Mining in Argentina. On potash, BHP is building the Jansen mine in Saskatchewan, targeting first production in mid-2027. BHP allocates capital through a structured framework that mandates a minimum 50% dividend payout before any discretionary growth spending.