BHP Group, the world’s largest mining company, is exploring the sale of Brazilian copper and gold assets acquired through its recent takeover of Oz Minerals, according to sources familiar with the situation.
Following a strategic review of these assets, BHP has engaged Banco Santander SA to advise on potential sale discussions. Both BHP and Santander representatives declined to comment on the matter.
The $6.3 billion acquisition of Oz Minerals, completed in May 2023, marked BHP’s largest deal in over a decade. This move was part of BHP’s strategy to increase its stake in critical materials essential for clean energy and electric vehicles.
Despite this potential divestment, BHP has indicated that it has no plans to divest its stake in Samarco Mineracao SA, an iron ore producer it jointly owns with Vale SA, as confirmed by the company’s Brazil country manager last year.