BHP Group Limited (BHP): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'extraction mondiale des ressources, BHP Group Limited est un titan de l'innovation industrielle, tissant ensemble des partenariats stratégiques, des technologies de pointe et un engagement envers le développement durable. Cette exploration de la toile des modèles commerciaux du BHP révèle un écosystème complexe où l'exploration minérale répond à la responsabilité environnementale, montrant comment une puissance minière multinationale navigue dans le paysage complexe des marchés mondiaux des matières premières tout en équilibrant les progrès technologiques, l'impact social et la durabilité économique.

BHP Group Limited (BHP) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les fabricants d'équipements minières

BHP maintient des partenariats stratégiques avec les principaux fabricants d'équipements minières:

Partenaire	Type d'équipement	Valeur du contrat annuel
Caterpillar Inc.	Camions de transport, excavateurs	487 millions de dollars
Komatsu Ltd.	Camions d'exploitation, chargeurs	412 millions de dollars

Coentreprises avec les gouvernements locaux

Les principales coentreprises régionales du BHP comprennent:

• Coentreprise australien en Australie du fer (WAIO)
• Escondida Copper Mine Partnership avec le gouvernement chilien
• Mitsubishi Corporation Partnership in Queensland Coal Operations

Partenariats technologiques pour les innovations minières durables

Partenaire technologique	Focus de l'innovation	Montant d'investissement
Csiro	Technologie minière autonome	93 millions de dollars
Rio Tinto	Intégration d'énergie renouvelable	76 millions de dollars

Collaboration avec les fournisseurs d'énergie renouvelable

Les partenariats d'énergie renouvelable du BHP comprennent:

• Total Eren (énergie solaire)
• Vestas Wind Systems
• Macquarie Group Renewable Energy Investments

Partenariats de la chaîne d'approvisionnement avec des sociétés de logistique mondiales

Partenaire de logistique	Type de service	Valeur du contrat annuel
Ligne Maersk	Expédition maritime	342 millions de dollars
Monde DP	Logistique portuaire	218 millions de dollars

BHP Group Limited (BHP) - Modèle d'entreprise: activités clés

Exploration et extraction minérales

Le BHP mène l'exploration et l'extraction des minéraux dans plusieurs segments de produits de base:

Marchandise	Volume de production annuel (2023)	Lieux de production
Minerai de fer	254 millions de tonnes	Australie-Occidentale
Cuivre	1,6 million de tonnes	Chili, Pérou, États-Unis
Charbon métallurgique	49 millions de tonnes	Australie
Nickel	76 000 tonnes	Australie-Occidentale

Opérations minières sur plusieurs continents

BHP exploite des sites miniers dans plusieurs régions:

• Australie (base opérationnelle primaire)
• Chili
• Pérou
• États-Unis
• Canada

Développement durable des ressources

Métrique de la durabilité	Performance de 2023
Réduction des émissions de gaz à effet de serre	Réduction de 30% par rapport à la ligne de base 2017
Investissement d'énergie renouvelable	3,8 milliards USD
Taux de recyclage de l'eau	72%

Innovation technologique dans les processus miniers

BHP investit dans des technologies avancées:

• Camions de transport autonomes
• Arpentage à base de drones
• Maintenance prédictive alimentée par l'IA
• Robotique en exploration

Gestion de l'environnement et réhabilitation

Initiative environnementale	2023 Investissement
Projets de réhabilitation des terres	450 millions USD
Conservation de la biodiversité	120 millions USD
Programmes de gestion des déchets	85 millions USD

BHP Group Limited (BHP) - Modèle d'entreprise: Ressources clés

De vastes réserves minérales et sites miniers

BHP exploite des réserves minérales sur plusieurs continents avec les statistiques clés suivantes:

Type minéral	Réserves mondiales	Lieux opérationnels
Minerai de fer	4,9 milliards de tonnes	Australie-Occidentale
Cuivre	29,2 millions de tonnes	Chili, Pérou, États-Unis
Nickel	376 millions de tonnes	Australie, Canada
Charbon métallurgique	1,4 milliard de tonnes	Queensland, Australie

Technologies avancées d'exploitation et d'extraction

BHP investit dans des technologies de pointe:

• Camions de transport autonomes: 200+ en opération
• Plateformes avancées d'analyse de données
• Centres d'opérations à distance
• Systèmes de maintenance prédictive dirigés par l'IA

Main-d'œuvre qualifiée avec une expertise spécialisée

Composition de la main-d'œuvre en 2023:

Catégorie	Nombre d'employés
Total des employés	47,000
Ingénieurs	8,500
Géologues	2,300
Spécialistes techniques	6,700

Capital financier solide et infrastructure mondiale

Ressources financières à partir de 2023:

Métrique financière	Valeur
Actif total	128,3 milliards USD
Investissements en espèces et liquide	8,2 milliards USD
Dépenses en capital annuelles	7,6 milliards USD

Capacités de recherche et de développement robustes

Détails de l'investissement R&D:

• Dépenses annuelles de R&D: 350 millions USD
• Centres de l'innovation technologique: 5 emplacements mondiaux
• Partenariats de recherche actifs: 12 universités dans le monde
• Projets de technologie de durabilité: 24 initiatives en cours

BHP Group Limited (BHP) - Modèle d'entreprise: propositions de valeur

Minéraux et métaux de haute qualité et d'origine durable

BHP produit des produits clés avec les volumes de production suivants de 2023:

Marchandise	Volume de production annuel
Minerai de fer	273 millions de tonnes
Cuivre	1,5 million de tonnes
Nickel	79 000 tonnes
Charbon métallurgique	56 millions de tonnes

Suppression mondiale de ressources critiques pour le développement industriel

BHP sert des marchés industriels majeurs à travers:

• Chine (42% des revenus)
• Japon (15% des revenus)
• Corée du Sud (12% des revenus)
• Inde (8% des revenus)
• Autres marchés mondiaux (23% des revenus)

Engagement envers la responsabilité environnementale et sociale

Les mesures de durabilité du BHP pour 2023:

Métrique de la durabilité	Performance
Réduction des émissions de gaz à effet de serre	Réduction de 30% d'ici 2030 cible
Consommation d'énergie renouvelable	65% de la consommation totale d'énergie
Investissement communautaire	204 millions de dollars

Innovation technologique dans l'extraction des ressources

Investissement technologique en 2023:

• Budget de transformation numérique: 350 millions de dollars américains
• Flotte de camions de transport autonome: 230 véhicules
• Systèmes de maintenance prédictive dirigés sur l'IA déployés dans 85% des opérations minières

Portfolio diversifié de produits essentiels

Répartition des revenus pour 2023:

Marchandise	Contribution des revenus
Minerai de fer	48,2 milliards de dollars
Cuivre	12,6 milliards de dollars
Charbon métallurgique	9,8 milliards de dollars
Nickel	3,4 milliards de dollars

BHP Group Limited (BHP) - Modèle d'entreprise: relations clients

Contrats à long terme avec les fabricants industriels

BHP entretient des accords d'approvisionnement à long terme avec des clients industriels clés dans plusieurs secteurs. En 2022, la société a eu des contrats de plus de 10 ans avec les principaux fabricants d'acier en Chine et au Japon, représentant environ 65% de son volume de ventes de minerai de fer.

Segment de clientèle	Durée du contrat	Volume annuel
Fabricants d'acier	10-15 ans	180 millions de tonnes métriques
Secteur de l'énergie	7-12 ans	55 millions de tonnes métriques

Ventes directes vers les secteurs mondiaux de la fabrication et de la construction

La stratégie de vente directe de BHP cible les industries mondiales de fabrication et de construction, en mettant l'accent sur les principaux marchés en Asie-Pacifique, aux Amériques et en Europe.

• Revenus de ventes directes en 2022: 53,8 milliards de dollars
• Ventes du secteur manufacturier: 42% des revenus totaux
• Ventes du secteur de la construction: 18% des revenus totaux

Communication transparente sur les pratiques de durabilité

BHP investit considérablement dans les rapports de durabilité et la communication transparente. En 2022, la société a publié des rapports de durabilité complets couvrant:

Métrique de la durabilité	2022 Performance
Réduction des émissions de carbone	Réduction de 30% par rapport à la ligne de base de 2020
Conformité des rapports sur la durabilité	Normes 100% GRI et TCFD

Solutions de ressources personnalisées pour les besoins spécifiques de l'industrie

BHP fournit des solutions de ressources sur mesure sur différents segments industriels, avec des offres de produits spécialisées.

• Industrie sidérurgique: mélanges de minerai de fer de haute qualité
• Secteur de l'énergie: charbon métallurgique spécialisé
• Extraction de cuivre: Concentré de cuivre de qualité précis

Plateformes numériques pour l'engagement et le support des clients

BHP a investi dans des plateformes de fiançailles clients numériques pour améliorer les interactions des clients et la prestation de services.

Plate-forme numérique	Engagement des utilisateurs	Investissement annuel
Portail client	3 500 utilisateurs de l'entreprise active	12,5 millions de dollars
Système de gestion de la chaîne d'approvisionnement	250+ fournisseurs mondiaux	8,3 millions de dollars

BHP Group Limited (BHP) - Modèle d'entreprise: canaux

Équipes de vente directes

BHP emploie 48 400 employés directs en 2023. L'équipe de vente mondiale couvre les opérations:

• Australie
• Chili
• États-Unis
• Brésil
• Canada

Région	Taille de l'équipe de vente	Produits principaux
Australie	28 600 employés	Minerai de fer, charbon
Amériques	12 500 employés	Cuivre, nickel

Plateformes de trading en ligne

Les canaux de vente numériques génèrent des revenus de 53,8 milliards de dollars en 2023.

• Système d'approvisionnement numérique intégré
• Plateforme de trading de produits de base en temps réel
• Market numérique B2B

Conférences et salons commerciaux de l'industrie

BHP participe à 37 conférences internationales sur les mines et les matières premières chaque année.

Type de conférence	Participation annuelle	Valeur commerciale estimée
Conférences minières	22	12,4 millions de dollars
Conférences d'énergie	15	8,7 millions de dollars

Communication et marketing numériques

Budget de marketing numérique: 124 millions de dollars en 2023

• LinkedIn adepte: 680 000
• Twitter Followers: 220 000
• Visiteurs mensuels du site Web: 1,2 million

Réseaux d'approvisionnement stratégiques

Le réseau d'approvisionnement s'étend sur 62 pays avec 14,2 milliards de dollars de contrats de fournisseurs.

Région du réseau	Comptage des fournisseurs	Valeur d'achat annuelle
Asie-Pacifique	4 200 fournisseurs	6,7 milliards de dollars
Amériques	2 800 fournisseurs	4,5 milliards de dollars
Europe	1 600 fournisseurs	3 milliards de dollars

BHP Group Limited (BHP) - Modèle d'entreprise: segments de clientèle

Entreprises manufacturières mondiales

BHP dessert les principaux clients de la fabrication mondiale ayant des exigences minérales et ressources clés:

Type de client	Volume de l'approvisionnement annuel	Dépenses estimées
Constructeurs automobiles	12,4 millions de tonnes métriques de minerai de fer	8,2 milliards de dollars
Fabricants d'équipements lourds	5,6 millions de tonnes métriques de charbon métallurgique	3,7 milliards de dollars

Développeurs de construction et d'infrastructure

BHP fournit des documents critiques pour les projets d'infrastructure:

• Demande de cuivre d'infrastructures: 1,2 million de tonnes métriques par an
• Infrastructure Project Matériaux Valeur: 5,6 milliards de dollars
• Focus géographique: Asie-Pacifique, Amériques

Secteur des énergies renouvelables

Approvisionnement en matériaux pour les technologies d'énergie renouvelable:

Technologie énergétique	Matériel fourni	Volume de l'offre annuelle
Fabrication de panneaux solaires	Cuivre de haute pureté	380 000 tonnes métriques
Production d'éoliennes	Métaux spécialisés	220 000 tonnes métriques

Fabricants de technologies et d'électronique

Alimentation minérale critique pour l'électronique:

• Alimentation en nickel pour la production de batterie: 78 000 tonnes métriques
• Cuivre pour composants électroniques: 420 000 tonnes métriques
• Revenu total du secteur technologique: 3,9 milliards de dollars

Industries de transformation de l'acier et des métaux

Support de matériaux pour le traitement des métaux:

Segment de l'industrie	Type de matériau	Volume de l'offre annuelle
Fabrication d'acier	Minerai de fer	261 millions de tonnes métriques
Fabrication de métaux	Charbon métallurgique	53 millions de tonnes métriques

BHP Group Limited (BHP) - Modèle d'entreprise: Structure des coûts

Dépenses en capital importantes dans les infrastructures minières

Pour l'exercice 2023, les dépenses en capital totales du BHP étaient de 8,2 milliards de dollars, avec une allocation spécifique comme suit:

Catégorie d'actifs	Dépenses en capital (milliards USD)
Actifs opérationnels	6.5
Exploration	0.7
Projets de durabilité	1.0

Coûts opérationnels pour l'extraction et le traitement

Coûts opérationnels du BHP pour la rupture de 2023:

• Coût d'exploitation total en espèces: 9,3 milliards USD
• Coûts de production unitaire: 14,50 USD par tonne
• Entretien des équipements minières: 1,2 milliard USD

Investissements de recherche et développement

Dépenses de R&D pour 2023:

Zone de focus R&D	Investissement (million USD)
Innovation technologique	245
Technologies minières durables	180
Transformation numérique	165

Frais de conformité environnementale et de réadaptation

Répartition des coûts environnementaux pour 2023:

• Coûts totaux de conformité environnementale: 680 millions USD
• Dispositions de réadaptation du site: 2,3 milliards de dollars
• Investissements de réduction des émissions de carbone: 420 millions USD

Global Workforce and Talent Management

Structure des coûts liés à la main-d'œuvre pour 2023:

Catégorie de coûts	Montant (million USD)
Compensation totale des employés	3,750
Formation et développement	95
Frais de recrutement	45

BHP Group Limited (BHP) - Modèle d'entreprise: Strots de revenus

Ventes minérales et métalliques

Les principaux sources de revenus du BHP à partir des ventes de minéraux et de métaux en 2023: l'exercice:

Marchandise	Revenus (milliards USD)	Volume de production
Minerai de fer	27.6	260 millions de tonnes
Cuivre	11.3	1,5 million de tonnes
Nickel	3.2	75 000 tonnes

Contrats d'approvisionnement à long terme

Les revenus annuels des contrats d'approvisionnement à long terme en 2023:

• Valeur totale du contrat: 15,7 milliards de dollars
• Durée du contrat moyen: 7-10 ans
• Régions clés: Asie-Pacifique, Chine, Japon

Trading des produits

Répartition des revenus de négociation sur les matières premières pour 2023:

Segment commercial	Revenus (millions USD)
Trading sur le marché au comptant	2,340
Contrats à terme	1,780

Services technologiques et de conseil

Revenus des services technologiques en 2023:

• Conseil des technologies minières: 420 millions de dollars
• Services de conseil en durabilité: 210 millions de dollars
• Solutions de transformation numérique: 180 millions de dollars

Projets de développement des ressources durables

Revenus des projets durables en 2023:

Type de projet	Revenus (millions USD)
Intégration d'énergie renouvelable	350
Solutions d'exploitation à faible teneur en carbone	275
Projets de capture de carbone	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.