BHP sells Brazilian Carajás copper assets to CoreX for up to $465m, focusing on larger projects while CoreX targets expansion.
Global mining giant BHP has finalized an agreement to sell its Brazilian copper operations to CoreX Holding in a deal worth up to $465 million. The announcement was made on Tuesday alongside the release of the company’s latest earnings report, highlighting a significant strategic move in BHP’s ongoing portfolio optimization.
The assets being divested are known as the Carajás copper operations, located in Brazil, and the transaction is expected to be fully completed by early 2026. According to BHP, this decision stems from a comprehensive strategic review conducted in 2024. That review determined the Carajás assets would achieve stronger long-term growth and operational efficiency under ownership that could dedicate greater focus and resources toward their expansion and development.
During the 12 months ending in June, the Carajás operations generated approximately 9,400 metric tons of copper production. While this represents a modest contribution compared to BHP’s wider copper portfolio, the company emphasized that the decision to sell is aligned with its strategy of concentrating on larger, higher-margin copper operations.
Under the binding agreement, BHP will receive an upfront payment of $240 million once the deal reaches completion in 2026. Additionally, contingent payments of up to $225 million could follow, depending on the fulfillment of specific production and project-related milestones. These conditional payments are expected to start as early as 2027, subject to performance targets being met.
BHP underscored that the transaction reflects its broader approach to asset management, which involves reviewing and, where appropriate, divesting assets that are non-core or better suited to other operators. The company believes CoreX will be able to unlock more value from the Carajás operations by prioritizing their growth and dedicating capital to expansion opportunities.
The deal also highlights continued investor interest in copper, a metal considered vital for global decarbonization efforts and the transition toward clean energy technologies such as electric vehicles, renewable power, and advanced electrical infrastructure. With demand for copper projected to rise in the coming decades, companies like CoreX see potential in scaling up operations to capture growing market opportunities.
For BHP, the sale represents both a financial gain and a strategic shift. By exiting the Carajás assets, the company can redeploy capital toward its larger copper projects in Chile and other regions, which offer greater scale and profitability. The agreement also ensures that BHP remains focused on assets capable of delivering consistent returns while maintaining its long-term growth agenda in the copper sector.
The transaction, once completed, will mark another step in BHP’s ongoing reshaping of its global portfolio, aligning with its vision of sustainability, efficiency, and value creation.
