BHP Group Limited (BHP): Business Model Canvas

In der dynamischen Welt der globalen Ressourcengewinnung gilt die BHP Group Limited als Gigant der industriellen Innovation, indem sie strategische Partnerschaften, Spitzentechnologien und das Engagement für eine nachhaltige Entwicklung miteinander verbindet. Diese Untersuchung des Business Model Canvas von BHP offenbart ein komplexes Ökosystem, in dem die Mineralienexploration auf Umweltverantwortung trifft, und zeigt, wie ein multinationales Bergbauunternehmen durch die komplexe Landschaft der globalen Rohstoffmärkte navigiert und dabei technologischen Fortschritt, soziale Auswirkungen und wirtschaftliche Nachhaltigkeit in Einklang bringt.

BHP Group Limited (BHP) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Herstellern von Bergbauausrüstung

BHP unterhält strategische Partnerschaften mit großen Herstellern von Bergbauausrüstung:

Partner	Gerätetyp	Jährlicher Vertragswert
Caterpillar Inc.	Transportfahrzeuge, Bagger	487 Millionen US-Dollar
Komatsu Ltd.	Bergbau-LKWs, Lader	412 Millionen Dollar

Joint Ventures mit lokalen Regierungen

Zu den wichtigsten regionalen Joint Ventures von BHP gehören:

• Joint Venture für Western Australia Iron Ore (WAIO).
• Escondida-Kupfermine-Partnerschaft mit der chilenischen Regierung
• Partnerschaft der Mitsubishi Corporation im Kohleabbau in Queensland

Technologiepartnerschaften für nachhaltige Bergbauinnovationen

Technologiepartner	Innovationsfokus	Investitionsbetrag
CSIRO	Autonome Bergbautechnologie	93 Millionen Dollar
Rio Tinto	Integration erneuerbarer Energien	76 Millionen Dollar

Zusammenarbeit mit Anbietern erneuerbarer Energien

Zu den Partnerschaften von BHP im Bereich erneuerbare Energien gehören:

• Total Eren (Solarenergie)
• Vestas Windsysteme
• Investitionen in erneuerbare Energien der Macquarie Group

Supply-Chain-Partnerschaften mit globalen Logistikunternehmen

Logistikpartner	Servicetyp	Jährlicher Vertragswert
Maersk-Linie	Seeschifffahrt	342 Millionen Dollar
DP-Welt	Hafenlogistik	218 Millionen Dollar

BHP Group Limited (BHP) – Geschäftsmodell: Hauptaktivitäten

Mineralexploration und -gewinnung

BHP führt Mineralexploration und -gewinnung in mehreren Rohstoffsegmenten durch:

Ware	Jährliches Produktionsvolumen (2023)	Produktionsstandorte
Eisenerz	254 Millionen Tonnen	Westaustralien
Kupfer	1,6 Millionen Tonnen	Chile, Peru, Vereinigte Staaten
Metallurgische Kohle	49 Millionen Tonnen	Australien
Nickel	76.000 Tonnen	Westaustralien

Bergbaubetriebe auf mehreren Kontinenten

BHP betreibt Bergbaustandorte in mehreren Regionen:

• Australien (primärer operativer Stützpunkt)
• Chile
• Peru
• Vereinigte Staaten
• Kanada

Nachhaltige Ressourcenentwicklung

Nachhaltigkeitsmetrik	Leistung 2023
Reduzierung der Treibhausgasemissionen	30 % Reduzierung gegenüber dem Ausgangswert von 2017
Investition in erneuerbare Energien	3,8 Milliarden US-Dollar
Wasserrecyclingrate	72%

Technologische Innovation in Bergbauprozessen

BHP investiert in fortschrittliche Technologien:

• Autonome Transportfahrzeuge
• Drohnenbasierte Vermessung
• KI-gestützte vorausschauende Wartung
• Robotik in der Erkundung

Umweltmanagement und Rehabilitation

Umweltinitiative	Investition 2023
Landsanierungsprojekte	450 Millionen US-Dollar
Erhaltung der biologischen Vielfalt	120 Millionen US-Dollar
Abfallmanagementprogramme	85 Millionen US-Dollar

BHP Group Limited (BHP) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Mineralreserven und Bergbaustandorte

BHP betreibt Mineralreserven auf mehreren Kontinenten mit den folgenden Schlüsselstatistiken:

Mineraltyp	Globale Reserven	Betriebsstandorte
Eisenerz	4,9 Milliarden Tonnen	Westaustralien
Kupfer	29,2 Millionen Tonnen	Chile, Peru, Vereinigte Staaten
Nickel	376 Millionen Tonnen	Australien, Kanada
Metallurgische Kohle	1,4 Milliarden Tonnen	Queensland, Australien

Fortschrittliche Bergbau- und Extraktionstechnologien

BHP investiert in Spitzentechnologien:

• Autonome Transportfahrzeuge: Über 200 im Einsatz
• Fortschrittliche Datenanalyseplattformen
• Remote-Einsatzzentren
• KI-gesteuerte prädiktive Wartungssysteme

Qualifizierte Arbeitskräfte mit Spezialwissen

Zusammensetzung der Belegschaft ab 2023:

Kategorie	Anzahl der Mitarbeiter
Gesamtzahl der Mitarbeiter	47,000
Ingenieure	8,500
Geologen	2,300
Technische Spezialisten	6,700

Starkes Finanzkapital und globale Infrastruktur

Finanzielle Mittel ab 2023:

Finanzkennzahl	Wert
Gesamtvermögen	128,3 Milliarden US-Dollar
Bargeld und liquide Anlagen	8,2 Milliarden US-Dollar
Jährliche Kapitalausgaben	7,6 Milliarden US-Dollar

Robuste Forschungs- und Entwicklungskapazitäten

Details zu F&E-Investitionen:

• Jährliche F&E-Ausgaben: 350 Millionen US-Dollar
• Technologie-Innovationszentren: 5 globale Standorte
• Aktive Forschungskooperationen: 12 Universitäten weltweit
• Nachhaltigkeitstechnologieprojekte: 24 laufende Initiativen

BHP Group Limited (BHP) – Geschäftsmodell: Wertversprechen

Hochwertige, nachhaltig gewonnene Mineralien und Metalle

BHP produziert wichtige Rohstoffe mit den folgenden Produktionsmengen im Jahr 2023:

Ware	Jährliches Produktionsvolumen
Eisenerz	273 Millionen Tonnen
Kupfer	1,5 Millionen Tonnen
Nickel	79.000 Tonnen
Metallurgische Kohle	56 Millionen Tonnen

Weltweite Versorgung mit kritischen Ressourcen für die industrielle Entwicklung

BHP bedient wichtige Industriemärkte in folgenden Bereichen:

• China (42 % des Umsatzes)
• Japan (15 % des Umsatzes)
• Südkorea (12 % des Umsatzes)
• Indien (8 % des Umsatzes)
• Andere globale Märkte (23 % des Umsatzes)

Engagement für ökologische und soziale Verantwortung

Die Nachhaltigkeitskennzahlen von BHP für 2023:

Nachhaltigkeitsmetrik	Leistung
Reduzierung der Treibhausgasemissionen	Ziel: 30 % Reduzierung bis 2030
Nutzung erneuerbarer Energien	65 % des gesamten Energieverbrauchs
Gemeinschaftsinvestition	204 Millionen US-Dollar

Technologische Innovation in der Ressourcengewinnung

Technologieinvestitionen im Jahr 2023:

• Budget für digitale Transformation: 350 Millionen US-Dollar
• Autonome Lkw-Flotte: 230 Fahrzeuge
• KI-gesteuerte prädiktive Wartungssysteme werden in 85 % der Bergbaubetriebe eingesetzt

Diversifiziertes Portfolio wichtiger Rohstoffe

Umsatzaufschlüsselung für 2023:

Ware	Umsatzbeitrag
Eisenerz	48,2 Milliarden US-Dollar
Kupfer	12,6 Milliarden US-Dollar
Metallurgische Kohle	9,8 Milliarden US-Dollar
Nickel	3,4 Milliarden US-Dollar

BHP Group Limited (BHP) – Geschäftsmodell: Kundenbeziehungen

Langfristige Verträge mit Industrieherstellern

BHP unterhält langfristige Lieferverträge mit wichtigen Industriekunden aus verschiedenen Branchen. Ab 2022 verfügte das Unternehmen über Verträge mit einer Laufzeit von mehr als 10 Jahren mit großen Stahlherstellern in China und Japan, die etwa 65 % seines Eisenerz-Umsatzvolumens ausmachten.

Kundensegment	Vertragsdauer	Jahresvolumen
Stahlhersteller	10-15 Jahre	180 Millionen Tonnen
Energiesektor	7-12 Jahre	55 Millionen Tonnen

Direktvertrieb an globale Fertigungs- und Bausektoren

Die Direktvertriebsstrategie von BHP zielt auf die globale Fertigungs- und Bauindustrie ab, mit Schwerpunkt auf Schlüsselmärkten im asiatisch-pazifischen Raum, in Amerika und Europa.

• Direktverkaufserlöse im Jahr 2022: 53,8 Milliarden US-Dollar
• Umsatz im verarbeitenden Gewerbe: 42 % des Gesamtumsatzes
• Umsatz im Bausektor: 18 % des Gesamtumsatzes

Transparente Kommunikation über Nachhaltigkeitspraktiken

BHP investiert erheblich in Nachhaltigkeitsberichterstattung und transparente Kommunikation. Im Jahr 2022 veröffentlichte das Unternehmen umfassende Nachhaltigkeitsberichte zu folgenden Themen:

Nachhaltigkeitsmetrik	Leistung 2022
Reduzierung der Kohlenstoffemissionen	30 % Reduzierung gegenüber dem Basiswert von 2020
Einhaltung der Nachhaltigkeitsberichterstattung	100 % GRI- und TCFD-Standards

Maßgeschneiderte Ressourcenlösungen für spezifische Branchenanforderungen

BHP bietet maßgeschneiderte Ressourcenlösungen für verschiedene Industriesegmente mit speziellen Produktangeboten.

• Stahlindustrie: Hochwertige Eisenerzmischungen
• Energiesektor: Spezialisierte metallurgische Kohle
• Kupferbergbau: Kupferkonzentrate in Präzisionsqualität

Digitale Plattformen für Kundenbindung und -unterstützung

BHP hat in digitale Kundenbindungsplattformen investiert, um die Kundeninteraktionen und die Servicebereitstellung zu verbessern.

Digitale Plattform	Benutzerinteraktion	Jährliche Investition
Kundenportal	3.500 aktive Unternehmensbenutzer	12,5 Millionen US-Dollar
Supply-Chain-Management-System	Über 250 globale Lieferanten	8,3 Millionen US-Dollar

BHP Group Limited (BHP) – Geschäftsmodell: Kanäle

Direktvertriebsteams

BHP beschäftigt ab 2023 48.400 direkte Mitarbeiter. Das globale Vertriebsteam deckt Aktivitäten ab in:

• Australien
• Chile
• Vereinigte Staaten
• Brasilien
• Kanada

Region	Größe des Vertriebsteams	Primärrohstoffe
Australien	28.600 Mitarbeiter	Eisenerz, Kohle
Amerika	12.500 Mitarbeiter	Kupfer, Nickel

Online-Handelsplattformen

Digitale Vertriebskanäle erwirtschaften im Jahr 2023 einen Umsatz von 53,8 Milliarden US-Dollar.

• Integriertes digitales Beschaffungssystem
• Echtzeit-Rohstoffhandelsplattform
• Digitaler B2B-Marktplatz

Branchenkonferenzen und Messen

BHP nimmt jährlich an 37 internationalen Bergbau- und Rohstoffkonferenzen teil.

Konferenztyp	Jährliche Teilnahme	Geschätzter Geschäftswert
Bergbaukonferenzen	22	12,4 Millionen US-Dollar
Energiekonferenzen	15	8,7 Millionen US-Dollar

Digitale Kommunikation und Marketing

Budget für digitales Marketing: 124 Millionen US-Dollar im Jahr 2023

• LinkedIn-Follower: 680.000
• Twitter-Follower: 220.000
• Monatliche Besucher der Website: 1,2 Millionen

Strategische Beschaffungsnetzwerke

Das Beschaffungsnetzwerk umfasst 62 Länder mit Lieferantenverträgen im Wert von 14,2 Milliarden US-Dollar.

Netzwerkregion	Anzahl der Lieferanten	Jährlicher Beschaffungswert
Asien-Pazifik	4.200 Lieferanten	6,7 Milliarden US-Dollar
Amerika	2.800 Lieferanten	4,5 Milliarden US-Dollar
Europa	1.600 Lieferanten	3 Milliarden Dollar

BHP Group Limited (BHP) – Geschäftsmodell: Kundensegmente

Globale Fertigungsunternehmen

BHP bedient große globale Fertigungskunden mit wichtigem Mineral- und Ressourcenbedarf:

Kundentyp	Jährliches Beschaffungsvolumen	Geschätzte Ausgaben
Automobilhersteller	12,4 Millionen Tonnen Eisenerz	8,2 Milliarden US-Dollar
Hersteller von Schwermaschinen	5,6 Millionen Tonnen Hüttenkohle	3,7 Milliarden US-Dollar

Bau- und Infrastrukturentwickler

BHP liefert wichtige Materialien für Infrastrukturprojekte:

• Kupferbedarf für Infrastruktur: 1,2 Millionen Tonnen jährlich
• Materialwert des Infrastrukturprojekts: 5,6 Milliarden US-Dollar
• Geografischer Schwerpunkt: Asien-Pazifik, Amerika

Sektor für erneuerbare Energien

Materialversorgung für erneuerbare Energietechnologien:

Energietechnik	Geliefertes Material	Jährliches Liefervolumen
Herstellung von Solarmodulen	Hochreines Kupfer	380.000 Tonnen
Produktion von Windkraftanlagen	Spezialmetalle	220.000 Tonnen

Technologie- und Elektronikhersteller

Kritische Mineralversorgung für die Elektronik:

• Nickelversorgung für Batterieproduktion: 78.000 Tonnen
• Kupfer für elektronische Komponenten: 420.000 Tonnen
• Gesamtumsatz des Technologiesektors: 3,9 Milliarden US-Dollar

Stahl- und Metallverarbeitende Industrie

Materialversorgung für die Metallverarbeitung:

Branchensegment	Materialtyp	Jährliches Liefervolumen
Stahlherstellung	Eisenerz	261 Millionen Tonnen
Metallverarbeitung	Metallurgische Kohle	53 Millionen Tonnen

BHP Group Limited (BHP) – Geschäftsmodell: Kostenstruktur

Erhebliche Investitionen in die Bergbauinfrastruktur

Für das Geschäftsjahr 2023 beliefen sich die Gesamtinvestitionen von BHP auf 8,2 Milliarden US-Dollar, mit spezifischer Zuteilung wie folgt:

Asset-Kategorie	Investitionsausgaben (Milliarden USD)
Betriebsvermögen	6.5
Erkundung	0.7
Nachhaltigkeitsprojekte	1.0

Betriebskosten für Extraktion und Verarbeitung

Aufschlüsselung der Betriebskosten von BHP für 2023:

• Gesamtbetriebskosten: 9,3 Milliarden US-Dollar
• Stückproduktionskosten: 14,50 USD pro Tonne
• Wartung von Bergbauausrüstung: 1,2 Milliarden US-Dollar

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben für 2023:

F&E-Schwerpunktbereich	Investition (in Mio. USD)
Technologieinnovation	245
Nachhaltige Bergbautechnologien	180
Digitale Transformation	165

Umweltkonformität und Sanierungskosten

Umweltkostenumlage für 2023:

• Gesamtkosten für die Einhaltung der Umweltvorschriften: 680 Millionen US-Dollar
• Rückstellungen für Standortsanierung: 2,3 Milliarden US-Dollar
• Investitionen zur Reduzierung der CO2-Emissionen: 420 Millionen US-Dollar

Globales Personal- und Talentmanagement

Personalbezogene Kostenstruktur für 2023:

Kostenkategorie	Betrag (in Mio. USD)
Gesamtvergütung der Mitarbeiter	3,750
Schulung und Entwicklung	95
Rekrutierungskosten	45

BHP Group Limited (BHP) – Geschäftsmodell: Einnahmequellen

Verkauf von Mineralien und Metallen

Die Haupteinnahmequellen von BHP aus dem Verkauf von Mineralien und Metallen im Geschäftsjahr 2023:

Ware	Umsatz (Milliarden USD)	Produktionsvolumen
Eisenerz	27.6	260 Millionen Tonnen
Kupfer	11.3	1,5 Millionen Tonnen
Nickel	3.2	75.000 Tonnen

Langfristige Lieferverträge

Jahresumsatz aus langfristigen Lieferverträgen im Jahr 2023:

• Gesamtauftragswert: 15,7 Milliarden US-Dollar
• Durchschnittliche Vertragsdauer: 7-10 Jahre
• Schlüsselregionen: Asien-Pazifik, China, Japan

Rohstoffhandel

Aufschlüsselung der Einnahmen aus dem Rohstoffhandel für 2023:

Handelssegment	Umsatz (in Mio. USD)
Spotmarkthandel	2,340
Terminkontrakte	1,780

Technologie- und Beratungsdienstleistungen

Umsatz aus technologischen Dienstleistungen im Jahr 2023:

• Beratung im Bereich Bergbautechnologie: 420 Millionen US-Dollar
• Nachhaltigkeitsberatungsdienste: 210 Millionen US-Dollar
• Lösungen für die digitale Transformation: 180 Millionen US-Dollar

Nachhaltige Ressourcenentwicklungsprojekte

Einnahmen aus nachhaltigen Projekten im Jahr 2023:

Projekttyp	Umsatz (in Mio. USD)
Integration erneuerbarer Energien	350
CO2-arme Bergbaulösungen	275
Projekte zur Kohlenstoffabscheidung	180

BHP Group Limited (BHP) - Canvas Business Model: Value Propositions

You're looking at the core value BHP Group Limited delivers to its customers and owners as of late 2025. It's all about providing the materials the world needs while maintaining a top-tier cost position and rewarding shareholders.

Reliable supply of high-quality, essential commodities for global development.

BHP Group Limited delivered record volumes in its key commodities for the fiscal year ended June 30, 2025, showing operational resilience. This reliability is a direct value proposition for global infrastructure, urbanization, and the ongoing energy transition.

• Record annual copper production of over 2 million tonnes in FY2025.
• Copper production increased by 28 per cent since FY22.
• Iron ore production reached a record 257 million tonnes (Mt) on a BHP share basis in FY2025.
• South Flank exceeded its nameplate capacity of 80Mt in its first full year of operation.

The focus on future-facing commodities is clear, with copper's contribution to Group Underlying EBITDA rising to 45 per cent in FY2025, up from 29 per cent in FY24.

Lowest-cost major iron ore producer globally at Western Australia Iron Ore (WAIO).

Maintaining the lowest-cost position in a major commodity like iron ore is a massive competitive advantage, allowing BHP Group Limited to generate strong margins even when prices soften. The operational discipline here is key to shareholder value.

Metric	Value for FY2025	Context
WAIO Production (100% basis)	290 Mt	New production record
WAIO Return on Capital Employed (ROCE)	43 per cent	Strong asset performance
Unit Cost Change at WAIO	Lowered by approximately (~4.7%)x across major assets	Against global inflation of ~3.1%

This cost leadership underpins the overall financial strength, with an Underlying EBITDA margin remaining strong at 53 per cent for the group in FY2025.

Exposure to future-facing commodities (Copper, Potash) for the energy transition.

BHP Group Limited is actively positioning its portfolio toward materials critical for decarbonization and digitalization. The copper growth strategy is delivering results now, while potash represents a long-term diversification play.

• Copper production for FY2025 was a record 2,017 kt.
• The Jansen Stage 1 (JS1) potash project is 68 per cent complete.
• First potash production from Jansen is estimated by mid-2027.
• BHP invested US$2.1 billion to acquire a 50 per cent interest in the Vicuña joint venture, including the Filo del Sol deposit.

Strong shareholder returns, with US$5.6 billion in dividends for FY2025.

The company balances investment in growth with direct cash returns to owners. The final dividend determination for FY2025 was a concrete demonstration of this commitment.

The total dividends determined for FY2025 amounted to US$5.6 billion, or 110 US cents per share fully franked. This translated to a dividend payout ratio of 55 per cent for the fiscal year. Including this final amount, total cash returned to shareholders since January 1, 2020, will reach US$59 billion.

Commitment to ESG standards, responding to customer sustainability targets.

BHP Group Limited is embedding sustainability into its operations, recognizing that customer and stakeholder expectations are now a key determinant for business assessment. They are focusing on tangible, measurable progress.

• Achieved a 5 per cent Reduction in operational GHG emissions (Scopes 1 and 2) from FY2024.
• Female employee representation reached 41.3 per cent as of June 30, 2025.
• Indigenous procurement spend was US$853 million, marking a 40 per cent increase on FY2024.
• The company aims for net-zero operational emissions by 2050.

The BHP Operating System (BOS) directly supports this by centering on the principle to Serve our customer, requiring them to know the customer's needs regarding quality and cost.

Finance: review the capital allocation plan for FY2026 against the US$11 billion guidance by next Tuesday.

BHP Group Limited (BHP) - Canvas Business Model: Customer Relationships

You're looking at how BHP Group Limited manages its relationships with the massive industrial buyers and the financial community that funds its operations. It's a dual focus: securing long-term offtake for physical commodities and maintaining confidence with capital providers.

Dedicated key account management via in-country commercial offices.

BHP Group Limited maintains commercial offices across key regions to manage these relationships directly. For instance, investor relations contacts are clearly segmented by geography, showing a localized approach to stakeholder engagement, with dedicated contacts listed for Australia and Asia, and for Europe, Middle East and Africa, and North America.

Long-term supply contracts, covering over 70% of iron ore sales in 2024.

While the exact percentage for 2024 or 2025 long-term iron ore contracts isn't explicitly stated in the latest reports, the scale of their B2B relationships is clear from production and sales volumes. BHP Group Limited's Western Australia Iron Ore (WAIO) operation delivered a record 290.0 Mt (100% basis) in the 2024-2025 financial year, with a medium-term target to sustain production of greater than 305 Mtpa. This massive, consistent output is the backbone of their supply agreements with major industrial end-users, primarily in Asia, where China accounts for approximately 75% of seaborne iron ore imports.

Direct, B2B sales relationships with large industrial end-users.

The relationship is built on being a reliable, low-cost supplier. BHP Group Limited maintained its position as the world's lowest-cost major iron ore producer at WAIO in FY2025. The sheer volume of materials moved underscores the direct, business-to-business nature of these sales. Consider the output records that feed these relationships:

• Copper production exceeded 2 Mt for the first time in FY2025.
• WAIO produced 290.0 Mt of iron ore (100% basis) in FY2025, a new production record.
• Samarco mine production ramped up to 6.4 Mt in FY2025, with guidance for 7.0 - 7.5 Mt in FY2026.

Investor relations focused on disciplined capital allocation and returns.

Investor relations communication heavily emphasizes financial rigor, which you see reflected in their Capital Allocation Framework (CAF). The focus is on balancing investment in growth-especially in copper and potash-with shareholder returns. The Board's decisions in FY2025 clearly reflect this balance, aiming for resilience across commodity cycles. Here's the quick math on the FY2025 financial outcomes that drive investor sentiment:

Metric	FY2025 Value	Context/Comparison
Underlying EBITDA	US$26 billion	Achieved a 53 per cent margin.
Underlying Attributable Profit	US$10.2 billion	Represents a 26% decline from the previous year due to lower iron ore prices.
Return on Capital Employed (ROCE)	20.6 per cent	WAIO achieved 43 per cent ROCE.
Total Shareholder Cash Dividends	110 US cents per share	Totaling US$5.6 billion for the year.
Dividend Payout Ratio	55 per cent	Reflects the balance between returns and investment.
Net Debt (as at 30 June 2025)	US$12.9 billion	Maintained a strong balance sheet.

The commitment to returns is long-standing; over the past five years, BHP Group Limited has delivered more than US$50 billion in cash dividends to shareholders. Also, the total economic contribution for FY2025 was US$46.8 billion, with US$10.4 billion paid to governments.

BHP Group Limited (BHP) - Canvas Business Model: Channels

You're looking at how BHP Group Limited moves its massive volumes of product from the mine face to the customer's gate. This isn't just about digging it up; it's about world-class logistics that keep their operations running smoothly, which is critical when you're moving commodities that underpin global industry.

Direct sales and logistics network to industrial customers worldwide

BHP Group Limited sells its resources globally, connecting production sites directly to industrial end-users. The scale of this is immense, as evidenced by their FY2025 operational performance. For instance, in the year ended June 30, 2025, BHP achieved record copper production of over 2,017 kt, a 28% increase since FY2022. This product moves through a complex, direct-to-customer system. The company's commercial function focuses on connecting these resources to the market through sales and operations planning.

The sheer volume of material moved requires a highly integrated approach. Consider their iron ore business in Western Australia (WAIO), which delivered a record full-year production of 257 Mt, or 290 Mt on a 100% basis. That material has to flow reliably to steelmakers, primarily in Asia.

Global shipping and freight operations for commodity delivery

Moving these commodities requires managing a massive maritime footprint. BHP's Maritime and Supply Chain Excellence function manages the enterprise-wide transportation strategy and the chartering of ocean freight for both inbound supplies and outbound product. This is where they focus on sourcing cost-efficient marine freight and partnering within the maritime ecosystem to reduce the GHG emissions intensity of their chartered shipping. They also vet the safety performance of ships loading their cargo to manage supply chain risk.

Commercial offices in key markets like China, Japan, and Singapore

The link between operations and global customers is maintained through a network of commercial and marketing offices. These offices are strategically placed in key demand centers. You can see this structure clearly when looking at their physical footprint, which spans more than 90 locations worldwide.

Here are some of the key commercial and corporate locations as of late 2025:

Location	Office Type/Function	Key Data Point
Melbourne, Australia	Global headquarters	Achieved Green Star 6 Star Office Design
Singapore	Sales and Marketing head office	BHP Marketing Asia Pte Ltd
Shanghai, China	Sales and Marketing office	BHP Billiton International Trading (Shanghai) Co. Ltd
Gurgaon, India	Sales and Marketing office	BHP Billiton Marketing Services India Pvt Ltd
London, UK	Corporate office	Nova South, 160 Victoria Street

The partnership supporting this global office portfolio spans 12 countries and 19 offices.

Major global ports and rail infrastructure for high-volume transport

For high-volume commodities like iron ore, the channel is defined by dedicated, high-capacity infrastructure. BHP's WAIO operations demonstrate this channel excellence, achieving a third-consecutive year of record production. This was unlocked by improved rail cycle times and enhanced car dumper and ship loader performance following the Port Debottlenecking Project 1 (PDP1).

The company is investing further to secure this channel capacity for the future. BHP approved a $1.4 billion infrastructure project at Port Hedland to install a sixth car dumper and new conveyors. This upgrade aims to raise equipment availability for car dumpers from the current 60% to over 90%. Construction is set to begin in December 2025, supporting a goal to maintain annual production of 305 million tons.

Commodity exchanges for price discovery and hedging

While the physical movement is one part, the financial side of the channel involves managing price exposure. BHP's Market Analysis and Economics team develops the company's proprietary view on commodity demand, prices, and input costs. This is essential for optimizing end-to-end commercial value and for hedging activities on commodity exchanges, which are the primary venues for price discovery in global markets.

The financial outcomes reflect the effectiveness of this channel management:

• Underlying EBITDA margin remained strong at 53% for FY2025.
• Copper, a key traded commodity, saw an Underlying EBITDA margin of 59% in FY2025.
• Total payments to governments in FY2025 amounted to US$10.4 billion.

Finance: review the Q1 FY26 cash flow forecast incorporating the Jansen CapEx guidance of US$7.0 bn to US$7.4 bn for Stage 1 by next Wednesday.

BHP Group Limited (BHP) - Canvas Business Model: Customer Segments

You're looking at the core buyers for BHP Group Limited's output as of late 2025, which is a mix of heavy industry, future-facing technology sectors, and essential agriculture.

The largest customer base is tied directly to the global steel industry, primarily through iron ore sales. In Fiscal Year 2024, Iron Ore revenue hit US$22.92 billion, representing 44.71% of total revenue. This segment is heavily concentrated geographically, with Chinese industrial customers being the dominant force. For FY2024, revenue sourced from China was a massive 62.59% of the Group's total revenue, which amounted to US$32.08 billion. To put the scale of this relationship in context, BHP shipped approximately 295 million metric tons of iron ore to China in 2024 alone. Furthermore, 30% of BHP's iron ore spot trading with China is set to shift to Chinese yuan (RMB) settlement starting in Quarter 4 of 2025, a deal valued at approximately $8-10 billion USD equivalent annually in trade value.

The next major group consists of energy companies and manufacturers relying on Copper and Nickel, which are critical for the energy transition. Copper revenue in FY2024 was US$22.53 billion, or 43.95% of the total. Copper is essential for electrification, used in power distribution lines, generators, transformers, and electric vehicles, which use four times as much copper as petrol-based cars. Nickel, a key ingredient in stainless steel, is also a major component in the lithium-ion batteries powering the electric vehicle revolution. BHP expects global supply for both copper and nickel to remain below demand in the near future.

The future market segment centers on the Global agricultural sector through Potash fertilizer, a strategic diversification. BHP has committed over US$10 billion (with one source citing $10.6 billion) to its Jansen project in Canada, which is expected to begin production in 2026. This positions BHP to meet the needs of a global population projected to reach 9.8 billion by 2050. The long-term fundamentals are strong, with potash demand expected to grow approximately 70% from 2021 levels. Importantly, BHP has already locked in 100% of offtake for the first two stages of Jansen through existing Memoranda of Understanding with global buyers.

Finally, the company serves a large base of Investors seeking exposure to a diversified, high-margin portfolio. BHP delivered an industry-leading Underlying Return on Capital Employed (ROCE) of 27.2% in FY2024. Even amidst market volatility, the FY2025 reported profit was US$10.16 billion, and the ROCE remained robust at 20.6%. This segment is attracted by the track record of returns; including the FY2024 final dividend, the company returned over US$42 billion cash to shareholders since July 1, 2021.

Here's a quick look at the FY2024 revenue contribution by the primary commodity streams:

Commodity	FY2024 Revenue (USD)	Revenue Percentage
Iron Ore	US$22.92 billion	44.71%
Copper	US$22.53 billion	43.95%
Coal	US$5.05 billion	9.84%

The key geographic concentration for sales is clear:

• China: US$32.08 billion (62.59% of total revenue).
• Japan: US$4.18 billion (8.15%).
• Rest of Asia: US$3.33 billion (6.50%).
• South Korea: US$2.66 billion (5.20%).
• India: US$2.66 billion (5.19%).

The strategic focus on future-facing commodities is also reflected in capital allocation, with approximately 65% of medium-term capital expected to be allocated to Copper and Potash.

Finance: draft 13-week cash view by Friday.

BHP Group Limited (BHP) - Canvas Business Model: Cost Structure

You're looking at the major drains on BHP Group Limited's cash flow for the fiscal year ending June 30, 2025. Honestly, for a company this size, the cost structure is dominated by the sheer scale of its physical assets and global operations.

The first thing that hits you is the high fixed costs inherent in running world-class mines and the associated infrastructure, like railways and port facilities. While the exact breakdown of fixed versus variable costs isn't always neatly separated in the headline numbers, the massive capital outlay gives you a clear idea of the commitment required just to keep the lights on and the ore moving.

Speaking of capital, BHP Group Limited reported a significant capital and exploration expenditure of US$9.8 billion in FY2025. This spending is about sustaining their existing operations, like the work at Western Australia Iron Ore (WAIO) to maintain its sector-leading position, and funding future growth projects, such as the Vicuña project advancement.

The operational efficiency is a key focus area, and they made headway there. Operating costs, measured by unit cost across major assets, saw a reduction of approximately 4.7% in FY2025. For instance, Escondida delivered an about 18% reduction in its unit costs. This discipline is crucial when revenue can fluctuate with commodity prices; here's the quick math: a 4.7% reduction helps buffer against price drops.

Then there are the mandatory government payments. Royalties and taxes form a substantial outflow. In FY2025, BHP Group Limited reported US$2.6 billion in revenue or production-based royalties included within their operating costs. Overall, the total tax, royalty, and other payments made to governments globally reached US$10.4 billion for the year. The adjusted effective tax rate, when including royalties, stood at 44.6% for FY2025.

Finally, you have the costs tied to legacy and social responsibility. Costs associated with environmental and social obligations are material. For example, the company paid US$1.8 billion in Samarco settlement obligations as of June 30, 2025. To give you a broader view of the total expense base, the Expenses excluding net finance costs were US$32,319 million in FY2025.

Here is a snapshot of some of these key financial components for the fiscal year:

Cost Category	FY2025 Amount (US$)
Capital and Exploration Expenditure	9.8 billion
Total Tax, Royalty, and Other Payments to Governments	10.4 billion
Revenue or Production-Based Royalties Included in Operating Costs	2.6 billion
Samarco Settlement Obligations Paid	1.8 billion
Expenses Excluding Net Finance Costs	32,319 million
Incremental GHG Emission Reduction Spend (CapEx & OpEx)	Approximately 50 million

The operational discipline is clear, but what this estimate hides is the ongoing, non-discretionary maintenance capital required to keep assets like WAIO running at record levels. Finance: draft the Q1 FY26 cash flow forecast by next Wednesday.

BHP Group Limited (BHP) - Canvas Business Model: Revenue Streams

You're looking at the core ways BHP Group Limited brings in cash, which is all about selling massive volumes of essential commodities to the global market. As a seasoned analyst, I can tell you the revenue mix in Fiscal Year 2025 (FY2025) shows a clear, though shifting, focus.

Sales of Iron Ore, the largest revenue contributor.

Iron ore remains the bedrock of the revenue base, even with price headwinds. For FY2025, the Iron Ore segment generated revenues of around $23 billion, representing approximately 44.8% of the Group's total revenue of $51.3 billion for the year. Production at Western Australia Iron Ore (WAIO) was a record 257 million tonnes (Mt), or 290 Mt on a 100% basis, marking a third consecutive year of record performance. WAIO maintained its position as the lowest-cost major iron ore producer globally. The underlying EBITDA for this segment was $14 billion, down 23.9% year over year.

Sales of Copper, contributing 45% of Group Underlying EBITDA in FY2025.

Copper is the growth engine, showing significant financial uplift. In FY2025, the Copper segment's underlying EBITDA increased by 43.9% to $12 billion, which translated to a 45% contribution to the Group's total underlying EBITDA of $26 billion. This was a substantial jump from 29% in FY24. Total copper production reached a record 2,017 kilotonnes (kt), an 8% increase year over year. Copper revenues for the year were $22.5 billion, up 21.4% from the prior fiscal year.

Here's a quick look at how the major commodities stacked up in terms of underlying EBITDA for FY2025:

Commodity Segment	Underlying EBITDA (FY2025)	% of Group Underlying EBITDA	Production Volume (FY2025)
Iron Ore	$14 billion	N/A (Copper was 45%)	263 Mt (Total)
Copper	$12 billion	45%	2,017 kt
Coal	$573 million	N/A	18 Mt (Steelmaking Coal, operated basis)

Sales of Steelmaking Coal (metallurgical coal).

The Coal segment faced significant headwinds, primarily from lower realized prices and the divestment of the Blackwater and Daunia mines in CY2024. Revenues for the Coal segment plunged 34.2% to $5 billion. Steelmaking coal production on an operated basis rose 5% to 18 Mt (or 36 Mt on a 100% basis), partially offsetting the revenue drop. However, the segment's underlying EBITDA plunged 75% year over year to $573 million.

Sales of Nickel and Energy Coal.

These smaller segments contribute less to the overall top line but are part of the portfolio review. For Nickel, output was 30.2 kt in fiscal 2025, a sharp decrease of 63% year over year, and BHP is actively reviewing options for these operations, including a potential divestment. Energy coal production remained relatively stable at 7.4 Mt, though its EBITDA fell 15% due to higher costs and royalty increases.

You should also note the operational efficiency gains across the board:

• Unit costs at major assets were down 4.7% year-on-year.
• Escondida delivered an 18% unit cost reduction.
• The Group's underlying EBITDA margin was 53% for FY2025.
• Total capital and exploration expenditure for FY2025 was $9.8 billion.

Future revenue from Potash sales, starting mid-2027.

BHP Group Limited is banking on Potash as a key future revenue diversification stream, though it has faced execution challenges. The first production from the Jansen Stage One potash project in Saskatchewan is now reset to mid-2027, delayed from earlier expectations of the end of 2026. The estimated cost for Stage One has increased to a range of $7 billion to $7.4 billion USD. Stage one is currently 68% complete. The company is also considering extending first production from Jansen Stage Two until 2031. Once fully ramped up, Jansen is expected to be the largest potash mine in the world.

Finance: draft 13-week cash view by Friday.