Welcome to our dedicated page for BHP Group news (Ticker: BHP), a resource for investors and traders seeking the latest updates and insights on BHP Group stock.
BHP Group Limited (NYSE: BHP) is a leading global resources company engaged in the exploration, development, production, and processing of iron ore, metallurgical coal, and copper. The company operates through the following segments: Petroleum, Copper, Iron Ore, and Coal. With its headquarters in Melbourne, Australia, BHP leverages a diversified portfolio of high-quality assets to drive progress and sustainability in the resource sector.
BHP's major assets include the Pilbara iron ore operations and the Escondida copper mine. A significant transformation in the company's structure occurred in 2022 when BHP collapsed the dual-listed structure formed by the 2001 merger of BHP Limited and Billiton PLC. This move streamlined operations and aligned its corporate governance structure.
In recent years, BHP has strategically divested from its onshore US oil and gas assets, selling them in 2018, and completed the spin-off of its remaining Petroleum assets, merging them with Woodside in 2022. BHP vested the Woodside shares received from this transaction to its shareholders, reinforcing its commitment to focus on core mining operations.
BHP is actively expanding its nickel business to meet the rising demand for battery-grade nickel, crucial for electric vehicle batteries. The company is also making significant inroads into the potash market through the development of the Jansen mine in Canada. This strategic diversification is aimed at capturing opportunities in the evolving global resource market.
In fiscal 2023, BHP acquired OZ Minerals, bolstering its copper portfolio and reinforcing its position as a major copper producer. Copper is a critical component in renewable energy systems and electric vehicles, aligning with BHP's sustainability goals.
BHP is committed to reducing its environmental footprint. The recent commissioning of the Northern Goldfields Solar and Battery Storage Facility in Western Australia, a collaboration with TransAlta Corporation, is a testament to this commitment. This facility supplies reliable, emissions-free power to BHP's remote nickel mining operations, reducing Scope 2 emissions by 12 per cent and showcasing innovative renewable energy integration into mining operations.
BHP continues to push the boundaries of exploration with initiatives like the BHP Xplor Program, which supports emerging exploration companies with grants and expert guidance. This accelerator program is designed to fast-track the development of new geological concepts and enhance BHP's future asset portfolio.
In collaboration with industry partners, BHP is also pioneering carbon capture technologies. A recent project in Belgium with ArcelorMittal, Mitsubishi Heavy Industries, and Mitsubishi Development is testing the feasibility of large-scale carbon capture from steel production, aiming for significant CO2 emission reductions.
Innovation extends to BHP's fleet operations as well. In partnership with Rio Tinto, Caterpillar, and Komatsu, BHP is testing battery-electric haul trucks in the Pilbara, Western Australia. This initiative is part of BHP's broader goal to achieve net zero operational greenhouse gas emissions by 2050, emphasizing the company's leadership in developing sustainable mining technologies.
BHP has submitted an Environmental Impact Statement to advance its 'Mining Truck Electrification System in Escondida Norte' project, aimed at assisting truck movement within the mine using an electric trolley system. This $250 million investment includes constructing a new electrical substation and transmission lines to reduce fuel consumption and operational greenhouse gas emissions. The project aligns with BHP's global target of achieving net zero emissions by 2050. It will also improve truck productivity due to higher travel speeds. The construction phase will employ an average of 112 workers daily, peaking at 160.
BHP and Rio Tinto are partnering to test battery-electric haul trucks in the Pilbara region of Western Australia. This initiative, involving manufacturers Caterpillar and Komatsu, aims to accelerate zero-emission haulage technology. The trials will begin with two CAT 793 trucks in 2024 and two Komatsu 930 trucks in 2026. Each company will test a different manufacturer's truck, and results will be shared. The collaboration reflects both companies' commitments to achieving net zero operational emissions by 2050. This marks a significant step in decarbonizing mining operations, focusing on reducing diesel usage and enhancing operational ecosystems.
ArcelorMittal, in partnership with Mitsubishi Heavy Industries (MHI), BHP, and Mitsubishi Development, has initiated a pilot carbon capture unit at its Gent site in Belgium. The initiative aims to test the feasibility of full-scale deployment over one to two years, capturing a significant portion of the site's CO2 emissions. The trial, part of a broader collaboration announced in October 2022, will initially focus on blast furnace and reheating furnace gases, with potential expansion to other emission points. This project supports the EU's goal of achieving 50 million tonnes of CO2 storage capacity by 2030 and aligns with the IEA's target for decarbonizing steel production. The trial will proceed in two phases, starting with capturing 300kg of CO2 daily from blast furnace gases.
FAQ
What does BHP Group Limited do?
What are the main business segments of BHP?
What significant changes did BHP undergo in 2022?
What are BHP's key assets?
How is BHP contributing to sustainability?
What is the BHP Xplor Program?
What recent acquisition has BHP made?
What is BHP doing to meet the demand for battery-grade nickel?
What collaboration is BHP involved in for decarbonizing steel production?
What is BHP's goal regarding greenhouse gas emissions?
