BHP Group Limited (BHP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la extracción de recursos globales, BHP Group Limited se erige como un titán de innovación industrial, uniendo asociaciones estratégicas, tecnologías de vanguardia y un compromiso con el desarrollo sostenible. Esta exploración del lienzo de modelo de negocio de BHP revela un ecosistema complejo en el que la exploración mineral cumple con la responsabilidad ambiental, mostrando cómo una potencia minera multinacional navega el intrincado panorama de los mercados mundiales de productos básicos al tiempo que equilibra el avance tecnológico, el impacto social y la sostenibilidad económica.

BHP Group Limited (BHP) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con fabricantes de equipos mineros

BHP mantiene asociaciones estratégicas con los principales fabricantes de equipos mineros:

Pareja	Tipo de equipo	Valor anual del contrato
Caterpillar Inc.	Camiones de transporte, excavadoras	$ 487 millones
Komatsu Ltd.	Camiones mineros, cargadores	$ 412 millones

Empresas conjuntas con gobiernos locales

Las empresas conjuntas regionales clave de BHP incluyen:

• Australia Occidental Ore de hierro (WAIO) Empresa conjunta
• Asociación de la mina de cobre de Escondida con el gobierno chileno
• Asociación de la Corporación Mitsubishi en Operaciones de carbón de Queensland

Asociaciones tecnológicas para innovaciones mineras sostenibles

Socio tecnológico	Enfoque de innovación	Monto de la inversión
Csiro	Tecnología de minería autónoma	$ 93 millones
Río Tinto	Integración de energía renovable	$ 76 millones

Colaboración con proveedores de energía renovable

Las asociaciones de energía renovable de BHP incluyen:

• Eren total (energía solar)
• Sistemas de viento de Vestas
• Macquarie Group Renewable Energy Investments

Asociaciones de la cadena de suministro con empresas de logística global

Socio de logística	Tipo de servicio	Valor anual del contrato
Línea de Maersk	Envío marítimo	$ 342 millones
Mundo DP	Logística de puertos	$ 218 millones

BHP Group Limited (BHP) - Modelo de negocio: actividades clave

Exploración y extracción de minerales

BHP lleva a cabo la exploración y extracción de minerales en múltiples segmentos de productos básicos:

Producto	Volumen de producción anual (2023)	Lugar de producción
Mineral de hierro	254 millones de toneladas	Australia Occidental
Cobre	1.6 millones de toneladas	Chile, Perú, Estados Unidos
Carbón metalúrgico	49 millones de toneladas	Australia
Níquel	76,000 toneladas	Australia Occidental

Operaciones mineras en múltiples continentes

BHP opera sitios mineros en múltiples regiones:

• Australia (base operativa primaria)
• Chile
• Perú
• Estados Unidos
• Canadá

Desarrollo de recursos sostenibles

Métrica de sostenibilidad	2023 rendimiento
Reducción de emisiones de gases de efecto invernadero	Reducción del 30% de la línea de base 2017
Inversión de energía renovable	USD 3.8 mil millones
Tasa de reciclaje de agua	72%

Innovación tecnológica en procesos mineros

BHP invierte en tecnologías avanzadas:

• Camiones de transporte autónomos
• Topografía a base de drones
• Mantenimiento predictivo con IA
• Robótica en exploración

Gestión ambiental y rehabilitación

Iniciativa ambiental	2023 inversión
Proyectos de rehabilitación de tierras	USD 450 millones
Conservación de la biodiversidad	USD 120 millones
Programas de gestión de residuos	USD 85 millones

BHP Group Limited (BHP) - Modelo de negocio: recursos clave

Extensas reservas minerales y sitios mineros

BHP opera reservas minerales en múltiples continentes con las siguientes estadísticas clave:

Tipo mineral	Reservas globales	Ubicación operativa
Mineral de hierro	4.900 millones de toneladas	Australia Occidental
Cobre	29.2 millones de toneladas	Chile, Perú, Estados Unidos
Níquel	376 millones de toneladas	Australia, Canadá
Carbón metalúrgico	1.400 millones de toneladas	Queensland, Australia

Tecnologías avanzadas de minería y extracción

BHP invierte en tecnologías de vanguardia:

• Camiones de transporte autónomos: 200+ en operación
• Plataformas de análisis de datos avanzados
• Centros de operaciones remotas
• Sistemas de mantenimiento predictivo impulsados ​​por IA

Fuerza laboral calificada con experiencia especializada

Composición de la fuerza laboral a partir de 2023:

Categoría	Número de empleados
Total de empleados	47,000
Ingenieros	8,500
Geólogos	2,300
Especialistas técnicos	6,700

Fuerte capital financiero e infraestructura global

Recursos financieros a partir de 2023:

Métrica financiera	Valor
Activos totales	USD 128.3 mil millones
Inversiones en efectivo y líquidos	USD 8.2 mil millones
Gastos de capital anuales	USD 7.6 mil millones

Capacidades de investigación y desarrollo robustas

Detalles de inversión de I + D:

• Gasto anual de I + D: USD 350 millones
• Centros de innovación tecnológica: 5 ubicaciones globales
• Asociaciones de investigación activa: 12 universidades en todo el mundo
• Proyectos de tecnología de sostenibilidad: 24 iniciativas en curso

BHP Group Limited (BHP) - Modelo de negocio: propuestas de valor

Minerales y metales de alta calidad y de origen sostenible

BHP produce productos clave con los siguientes volúmenes de producción de 2023:

Producto	Volumen de producción anual
Mineral de hierro	273 millones de toneladas
Cobre	1.5 millones de toneladas
Níquel	79,000 toneladas
Carbón metalúrgico	56 millones de toneladas

Suministro global de recursos críticos para el desarrollo industrial

BHP atiende a los principales mercados industriales en todo:

• China (42% de los ingresos)
• Japón (15% de los ingresos)
• Corea del Sur (12% de los ingresos)
• India (8% de los ingresos)
• Otros mercados globales (23% de los ingresos)

Compromiso con la responsabilidad ambiental y social

Métricas de sostenibilidad de BHP para 2023:

Métrica de sostenibilidad	Actuación
Reducción de emisiones de gases de efecto invernadero	Reducción del 30% para el objetivo 2030
Uso de energía renovable	65% del consumo total de energía
Inversión comunitaria	US $ 204 millones

Innovación tecnológica en la extracción de recursos

Inversión tecnológica en 2023:

• Presupuesto de transformación digital: US $ 350 millones
• Flota de camiones de transporte autónomo: 230 vehículos
• Sistemas de mantenimiento predictivo impulsados ​​por IA implementados en el 85% de las operaciones mineras

Cartera diversificada de productos básicos

Desglose de ingresos para 2023:

Producto	Contribución de ingresos
Mineral de hierro	US $ 48.2 mil millones
Cobre	US $ 12.6 mil millones
Carbón metalúrgico	US $ 9.8 mil millones
Níquel	US $ 3.4 mil millones

BHP Group Limited (BHP) - Modelo de negocio: relaciones con los clientes

Contratos a largo plazo con fabricantes industriales

BHP mantiene acuerdos de suministro a largo plazo con clientes industriales clave en múltiples sectores. A partir de 2022, la compañía tenía contratos de más de 10 años con los principales fabricantes de acero en China y Japón, lo que representa aproximadamente el 65% de su volumen de ventas de mineral de hierro.

Segmento de clientes	Duración del contrato	Volumen anual
Fabricantes de acero	10-15 años	180 millones de toneladas métricas
Sector energético	7-12 años	55 millones de toneladas métricas

Ventas directas a sectores de fabricación y construcción global

La estrategia de ventas directas de BHP se dirige a las industrias mundiales de fabricación y construcción, con un enfoque en los mercados clave en Asia-Pacífico, América y Europa.

• Ingresos de ventas directas en 2022: $ 53.8 mil millones
• Ventas del sector manufacturero: 42% de los ingresos totales
• Ventas del sector de la construcción: 18% de los ingresos totales

Comunicación transparente sobre prácticas de sostenibilidad

BHP invierte significativamente en informes de sostenibilidad y comunicación transparente. En 2022, la compañía publicó informes integrales de sostenibilidad que cubren:

Métrica de sostenibilidad	Rendimiento 2022
Reducción de emisiones de carbono	Reducción del 30% de la línea de base 2020
Cumplimiento de informes de sostenibilidad	Estándares 100% GRI y TCFD

Soluciones de recursos personalizadas para necesidades específicas de la industria

BHP proporciona soluciones de recursos a medida en diferentes segmentos industriales, con ofertas de productos especializados.

• Industria del acero: mezclas de mineral de hierro de alto grado
• Sector energético: carbón metalúrgico especializado
• Minería de cobre: ​​concentrados de cobre de grado de precisión

Plataformas digitales para la participación y soporte del cliente

BHP ha invertido en plataformas digitales de participación del cliente para mejorar las interacciones del cliente y la prestación de servicios.

Plataforma digital	Compromiso de usuario	Inversión anual
Portal de clientes	3.500 usuarios corporativos activos	$ 12.5 millones
Sistema de gestión de la cadena de suministro	Más de 250 proveedores globales	$ 8.3 millones

BHP Group Limited (BHP) - Modelo de negocio: canales

Equipos de ventas directos

BHP emplea a 48,400 empleados directos a partir de 2023. El equipo de ventas global cubre las operaciones en:

• Australia
• Chile
• Estados Unidos
• Brasil
• Canadá

Región	Tamaño del equipo de ventas	Productos primarios
Australia	28,600 empleados	Mineral de hierro, carbón
América	12,500 empleados	Cobre, níquel

Plataformas de comercio en línea

Los canales de ventas digitales generan ingresos de $ 53.8 mil millones en 2023.

• Sistema integrado de adquisiciones digitales
• Plataforma de comercio de productos básicos en tiempo real
• Mercado digital B2B

Conferencias de la industria y ferias comerciales

BHP participa en 37 conferencias internacionales de minería y productos básicos anualmente.

Tipo de conferencia	Participación anual	Valor comercial estimado
Conferencias mineras	22	$ 12.4 millones
Conferencias de energía	15	$ 8.7 millones

Comunicación digital y marketing

Presupuesto de marketing digital: $ 124 millones en 2023

• Seguidores de LinkedIn: 680,000
• Seguidores de Twitter: 220,000
• Sitio web Visitantes mensuales: 1.2 millones

Redes de adquisiciones estratégicas

La red de adquisiciones abarca 62 países con $ 14.2 mil millones en contratos de proveedores.

Región de red	Conteo de proveedores	Valor de adquisición anual
Asia-Pacífico	4.200 proveedores	$ 6.7 mil millones
América	2.800 proveedores	$ 4.5 mil millones
Europa	1.600 proveedores	$ 3 mil millones

BHP Group Limited (BHP) - Modelo de negocio: segmentos de clientes

Empresas de fabricación global

BHP atiende a los principales clientes de fabricación global con requisitos clave de minerales y recursos:

Tipo de cliente	Volumen de adquisición anual	Gasto estimado
Fabricantes de automóviles	12.4 millones de toneladas métricas de mineral de hierro	$ 8.2 mil millones
Fabricantes de equipos pesados	5.6 millones de toneladas métricas de carbón metalúrgico	$ 3.7 mil millones

Desarrolladores de construcción e infraestructura

BHP suministra materiales críticos para proyectos de infraestructura:

• Demanda de cobre de infraestructura: 1.2 millones de toneladas métricas anualmente
• Valor de materiales del proyecto de infraestructura: $ 5.6 mil millones
• Enfoque geográfico: Asia-Pacífico, América

Sector de energía renovable

Suministro de materiales para tecnologías de energía renovable:

Tecnología energética	Material suministrado	Volumen de suministro anual
Fabricación de paneles solares	Cobre de alta pureza	380,000 toneladas métricas
Producción de turbinas eólicas	Metales especializados	220,000 toneladas métricas

Fabricantes de tecnología y electrónica

Suministro mineral crítico para electrónica:

• Suministro de níquel para la producción de baterías: 78,000 toneladas métricas
• Cobre para componentes electrónicos: 420,000 toneladas métricas
• Ingresos del sector tecnológico total: $ 3.9 mil millones

Industrias de procesamiento de acero y metal

Suministro de materiales para el procesamiento de metales:

Segmento de la industria	Tipo de material	Volumen de suministro anual
Fabricación de acero	Mineral de hierro	261 millones de toneladas métricas
Fabricación de metal	Carbón metalúrgico	53 millones de toneladas métricas

BHP Group Limited (BHP) - Modelo de negocio: Estructura de costos

Gasto de capital significativo en infraestructura minera

Para el año fiscal 2023, el gasto de capital total de BHP fue de USD 8.2 mil millones, con asignación específica de la siguiente manera:

Categoría de activos	Gasto de capital (mil millones de dólares)
Activo operativo	6.5
Exploración	0.7
Proyectos de sostenibilidad	1.0

Costos operativos de extracción y procesamiento

Los costos operativos de BHP para el desglose de 2023:

• Costos operativos totales en efectivo: USD 9.3 mil millones
• Costos de producción de la unidad: USD 14.50 por tonelada
• Mantenimiento del equipo minero: USD 1.2 mil millones

Inversiones de investigación y desarrollo

Gastos de I + D para 2023:

Área de enfoque de I + D	Inversión (millones de dólares)
Innovación tecnológica	245
Tecnologías mineras sostenibles	180
Transformación digital	165

Gastos de cumplimiento ambiental y rehabilitación

Asignación de costos ambientales para 2023:

• Costos totales de cumplimiento ambiental: USD 680 millones
• Disposiciones de rehabilitación del sitio: USD 2.3 mil millones
• Inversiones de reducción de emisiones de carbono: USD 420 millones

Fuerza laboral global y gestión del talento

Estructura de costos relacionado con la mano de obra para 2023:

Categoría de costos	Cantidad (USD millones)
Compensación total de empleados	3,750
Capacitación y desarrollo	95
Gastos de reclutamiento	45

BHP Group Limited (BHP) - Modelo de negocio: flujos de ingresos

Ventas de minerales y metal

Las principales flujos de ingresos de BHP de las ventas de minerales y de metal en 2023 año financiero:

Producto	Ingresos (miles de millones de USD)	Volumen de producción
Mineral de hierro	27.6	260 millones de toneladas
Cobre	11.3	1.5 millones de toneladas
Níquel	3.2	75,000 toneladas

Contratos de suministro a largo plazo

Ingresos anuales de contratos de suministro a largo plazo en 2023:

• Valor total del contrato: $ 15.7 mil millones
• Duración promedio del contrato: 7-10 años
• Regiones clave: Asia-Pacífico, China, Japón

Comercio de productos básicos

Desglose de ingresos comerciales de productos básicos para 2023:

Segmento comercial	Ingresos (Millones de USD)
Comercio del mercado spot	2,340
Contratos de futuros	1,780

Servicios tecnológicos y de consultoría

Ingresos de los servicios tecnológicos en 2023:

• Consultoría de tecnología minera: $ 420 millones
• Servicios de asesoramiento de sostenibilidad: $ 210 millones
• Soluciones de transformación digital: $ 180 millones

Proyectos de desarrollo de recursos sostenibles

Ingresos de proyectos sostenibles en 2023:

Tipo de proyecto	Ingresos (Millones de USD)
Integración de energía renovable	350
Soluciones mineras de baja carbono	275
Proyectos de captura de carbono	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.