BHP Group Limited (BHP): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico da extração global de recursos, o BHP Group Limited permanece como um titã de inovação industrial, tecendo parcerias estratégicas, tecnologias de ponta e um compromisso com o desenvolvimento sustentável. Essa exploração do modelo de negócios da BHP, Canvas, revela um ecossistema complexo em que a exploração mineral atende à responsabilidade ambiental, mostrando como uma potência de mineração multinacional navega pelo intrincado cenário dos mercados globais de commodities, equilibrando o avanço tecnológico, o impacto social e a sustentabilidade econômica.

BHP Group Limited (BHP) - Modelo de negócios: Parcerias -chave

Alianças estratégicas com fabricantes de equipamentos de mineração

O BHP mantém parcerias estratégicas com os principais fabricantes de equipamentos de mineração:

Parceiro	Tipo de equipamento	Valor anual do contrato
Caterpillar Inc.	Caminhões de transporte, escavadeiras	US $ 487 milhões
Komatsu Ltd.	Caminhões de mineração, carregadeiras	US $ 412 milhões

Joint ventures com governos locais

As principais joint ventures regionais da BHP incluem:

• Joint venture da Austrália Ocidental (WAIO)
• Escondida Copper Mine Partnership com o governo chileno
• Parceria da Mitsubishi Corporation em Operações de Carvão de Queensland

Parcerias de tecnologia para inovações de mineração sustentável

Parceiro de tecnologia	Foco na inovação	Valor do investimento
CSIRO	Tecnologia de mineração autônoma	US $ 93 milhões
Rio Tinto	Integração de energia renovável	US $ 76 milhões

Colaboração com provedores de energia renovável

As parcerias de energia renovável da BHP incluem:

• Eren total (energia solar)
• Vestas Wind Systems
• Macquarie Group Renowable Energy Investments

Parcerias da cadeia de suprimentos com empresas de logística global

Parceiro de logística	Tipo de serviço	Valor anual do contrato
Linha Maersk	Envio marítimo	US $ 342 milhões
DP World	Logística da porta	US $ 218 milhões

BHP Group Limited (BHP) - Modelo de negócios: Atividades -chave

Exploração e extração de minerais

O BHP realiza exploração e extração mineral em vários segmentos de commodities:

Mercadoria	Volume anual de produção (2023)	Locais de produção
Minério de ferro	254 milhões de toneladas	Austrália Ocidental
Cobre	1,6 milhão de toneladas	Chile, Peru, Estados Unidos
Carvão metalúrgico	49 milhões de toneladas	Austrália
Níquel	76.000 toneladas	Austrália Ocidental

Operações de mineração em vários continentes

O BHP opera sites de mineração em várias regiões:

• Austrália (base operacional primária)
• Chile
• Peru
• Estados Unidos
• Canadá

Desenvolvimento de Recursos Sustentáveis

Métrica de sustentabilidade	2023 desempenho
Redução de emissões de gases de efeito estufa	Redução de 30% em relação à linha de base de 2017
Investimento de energia renovável	US $ 3,8 bilhões
Taxa de reciclagem de água	72%

Inovação tecnológica em processos de mineração

O BHP investe em tecnologias avançadas:

• Caminhões de transporte autônomo
• Pesquisa baseada em drones
• Manutenção preditiva movida a IA
• Robótica em exploração

Gestão e reabilitação ambiental

Iniciativa Ambiental	2023 Investimento
Projetos de reabilitação de terras	US $ 450 milhões
Conservação da biodiversidade	US $ 120 milhões
Programas de gerenciamento de resíduos	US $ 85 milhões

BHP Group Limited (BHP) - Modelo de negócios: Recursos -chave

Extensas reservas minerais e sites de mineração

O BHP opera reservas minerais em vários continentes com as seguintes estatísticas -chave:

Tipo mineral	Reservas globais	Locais operacionais
Minério de ferro	4,9 bilhões de toneladas	Austrália Ocidental
Cobre	29,2 milhões de toneladas	Chile, Peru, Estados Unidos
Níquel	376 milhões de toneladas	Austrália, Canadá
Carvão metalúrgico	1,4 bilhão de toneladas	Queensland, Austrália

Tecnologias avançadas de mineração e extração

O BHP investe em tecnologias de ponta:

• Caminhões de transporte autônomo: 200+ em operação
• Plataformas avançadas de análise de dados
• Centros de operações remotas
• Sistemas de manutenção preditiva orientada pela IA

Força de trabalho qualificada com especialização especializada

Composição da força de trabalho a partir de 2023:

Categoria	Número de funcionários
Total de funcionários	47,000
Engenheiros	8,500
Geólogos	2,300
Especialistas técnicos	6,700

Capital financeiro forte e infraestrutura global

Recursos Financeiros a partir de 2023:

Métrica financeira	Valor
Total de ativos	US $ 128,3 bilhões
Investimentos em dinheiro e líquido	US $ 8,2 bilhões
Gastos anuais de capital	US $ 7,6 bilhões

Capacidades robustas de pesquisa e desenvolvimento

Detalhes do investimento em P&D:

• Despesas anuais de P&D: US $ 350 milhões
• Centros de Inovação em Tecnologia: 5 Locais Globais
• Parcerias de pesquisa ativa: 12 universidades em todo o mundo
• Projetos de tecnologia de sustentabilidade: 24 iniciativas em andamento

BHP Group Limited (BHP) - Modelo de negócios: proposições de valor

Minerais e metais de alta qualidade, de origem sustentável

O BHP produz mercadorias importantes com os seguintes volumes de produção de 2023:

Mercadoria	Volume anual de produção
Minério de ferro	273 milhões de toneladas
Cobre	1,5 milhão de toneladas
Níquel	79.000 toneladas
Carvão metalúrgico	56 milhões de toneladas

Fornecimento global de recursos críticos para o desenvolvimento industrial

O BHP serve os principais mercados industriais:

• China (42% da receita)
• Japão (15% da receita)
• Coréia do Sul (12% da receita)
• Índia (8% da receita)
• Outros mercados globais (23% da receita)

Compromisso com a responsabilidade ambiental e social

As métricas de sustentabilidade da BHP para 2023:

Métrica de sustentabilidade	Desempenho
Redução de emissões de gases de efeito estufa	Redução de 30% até 2030 meta
Uso de energia renovável	65% do consumo total de energia
Investimento comunitário	US $ 204 milhões

Inovação tecnológica na extração de recursos

Investimento de tecnologia em 2023:

• Orçamento de transformação digital: US $ 350 milhões
• Frota de caminhão de transporte autônomo: 230 veículos
• Sistemas de manutenção preditiva acionada por IA implantados em 85% das operações de mineração

Portfólio diversificado de mercadorias essenciais

Receita de receita para 2023:

Mercadoria	Contribuição da receita
Minério de ferro	US $ 48,2 bilhões
Cobre	US $ 12,6 bilhões
Carvão metalúrgico	US $ 9,8 bilhões
Níquel	US $ 3,4 bilhões

BHP Group Limited (BHP) - Modelo de Negócios: Relacionamentos ao Cliente

Contratos de longo prazo com fabricantes industriais

A BHP mantém contratos de fornecimento de longo prazo com clientes industriais importantes em vários setores. A partir de 2022, a empresa tinha mais de 10 anos com os principais fabricantes de aço na China e no Japão, representando aproximadamente 65% do seu volume de vendas de minério de ferro.

Segmento de clientes	Duração do contrato	Volume anual
Fabricantes de aço	10-15 anos	180 milhões de toneladas
Setor de energia	7-12 anos	55 milhões de toneladas métricas

Vendas diretas para setores globais de fabricação e construção

A estratégia direta de vendas da BHP tem como alvo as indústrias globais de fabricação e construção, com foco nos principais mercados na Ásia-Pacífico, Américas e Europa.

• Receita de vendas direta em 2022: US $ 53,8 bilhões
• Vendas do setor manufatureiro: 42% da receita total
• Vendas do setor de construção: 18% da receita total

Comunicação transparente sobre práticas de sustentabilidade

O BHP investe significativamente em relatórios de sustentabilidade e comunicação transparente. Em 2022, a empresa publicou relatórios abrangentes de sustentabilidade que abrangem:

Métrica de sustentabilidade	2022 Performance
Redução de emissões de carbono	Redução de 30% em relação à linha de base de 2020
Conformidade de relatórios de sustentabilidade	Padrões 100% GRI e TCFD

Soluções de recursos personalizadas para necessidades específicas da indústria

O BHP fornece soluções de recursos personalizados em diferentes segmentos industriais, com ofertas especializadas de produtos.

• Indústria siderúrgica: misturas de minério de ferro de alta qualidade
• Setor de energia: carvão metalúrgico especializado
• Mineração de cobre: ​​concentrados de cobre de grau de precisão

Plataformas digitais para envolvimento e suporte ao cliente

A BHP investiu em plataformas de engajamento digital de clientes para aprimorar as interações do cliente e a entrega de serviços.

Plataforma digital	Engajamento do usuário	Investimento anual
Portal do cliente	3.500 usuários corporativos ativos	US $ 12,5 milhões
Sistema de gerenciamento da cadeia de suprimentos	250+ fornecedores globais	US $ 8,3 milhões

BHP Group Limited (BHP) - Modelo de Negócios: Canais

Equipes de vendas diretas

A BHP emprega 48.400 funcionários diretos a partir de 2023. A equipe de vendas global cobre operações em:

• Austrália
• Chile
• Estados Unidos
• Brasil
• Canadá

Região	Tamanho da equipe de vendas	Commodities primárias
Austrália	28.600 funcionários	Minério de ferro, carvão
Américas	12.500 funcionários	Cobre, níquel

Plataformas de negociação on -line

Os canais de vendas digitais geram receita de US $ 53,8 bilhões em 2023.

• Sistema de compras digitais integradas
• Plataforma de negociação de commodities em tempo real
• B2B Digital Marketplace

Conferências e feiras do setor

O BHP participa de 37 conferências internacionais de mineração e commodities anualmente.

Tipo de conferência	Participação anual	Valor comercial estimado
Conferências de mineração	22	US $ 12,4 milhões
Conferências de energia	15	US $ 8,7 milhões

Comunicação digital e marketing

Orçamento de marketing digital: US $ 124 milhões em 2023

• Seguidores do LinkedIn: 680.000
• Seguidores do Twitter: 220.000
• Website Visitantes mensais: 1,2 milhão

Redes de compras estratégicas

A rede de compras abrange 62 países com US $ 14,2 bilhões em contratos de fornecedores.

Região de rede	Contagem de fornecedores	Valor anual de compras
Ásia-Pacífico	4.200 fornecedores	US $ 6,7 bilhões
Américas	2.800 fornecedores	US $ 4,5 bilhões
Europa	1.600 fornecedores	US $ 3 bilhões

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

Empresas de manufatura globais

A BHP atende aos principais clientes globais de manufatura com os principais requisitos de minerais e recursos:

Tipo de cliente	Volume anual de compras	Gasto estimado
Fabricantes automotivos	12,4 milhões de toneladas de minério de ferro	US $ 8,2 bilhões
Fabricantes de equipamentos pesados	5,6 milhões de toneladas métricas de carvão metalúrgico	US $ 3,7 bilhões

Desenvolvedores de construção e infraestrutura

O BHP fornece materiais críticos para projetos de infraestrutura:

• Demanda de cobre por infraestrutura: 1,2 milhão de toneladas anualmente
• Materiais do projeto de infraestrutura Valor: US $ 5,6 bilhões
• Foco geográfico: Ásia-Pacífico, Américas

Setor de energia renovável

Fornecimento de materiais para tecnologias de energia renovável:

Tecnologia de energia	Material fornecido	Volume anual de oferta
Fabricação de painel solar	Cobre de alta pureza	380.000 toneladas métricas
Produção de turbinas eólicas	Metais especializados	220.000 toneladas métricas

Fabricantes de tecnologia e eletrônica

Suprimento mineral crítico para eletrônicos:

• Fornecimento de níquel para produção de bateria: 78.000 toneladas métricas
• Cobre para componentes eletrônicos: 420.000 toneladas métricas
• Receita total do setor de tecnologia: US $ 3,9 bilhões

Indústrias de processamento de aço e metal

Fornecimento de materiais para processamento de metal:

Segmento da indústria	Tipo de material	Volume anual de oferta
Fabricação de aço	Minério de ferro	261 milhões de toneladas métricas
Fabricação de metal	Carvão metalúrgico	53 milhões de toneladas métricas

BHP Group Limited (BHP) - Modelo de negócios: estrutura de custos

Despesas de capital significativas na infraestrutura de mineração

Para o ano fiscal de 2023, as despesas totais de capital da BHP foram de US $ 8,2 bilhões, com alocação específica da seguinte forma:

Categoria de ativos	Despesas de capital (bilhões de dólares)
Ativos operacionais	6.5
Exploração	0.7
Projetos de sustentabilidade	1.0

Custos operacionais para extração e processamento

Os custos operacionais da BHP para 2023 quebra:

• Custos operacionais totais de caixa: US $ 9,3 bilhões
• Custos de produção unitária: US $ 14,50 por tonelada
• Manutenção de equipamentos de mineração: US $ 1,2 bilhão

Investimentos de pesquisa e desenvolvimento

Despesas de P&D para 2023:

Área de foco em P&D	Investimento (US $ milhões)
Inovação tecnológica	245
Tecnologias de mineração sustentáveis	180
Transformação digital	165

Despesas de conformidade ambiental e reabilitação

Alocação de custos ambientais para 2023:

• Custos totais de conformidade ambiental: US $ 680 milhões
• Disposições de reabilitação do local: US $ 2,3 bilhões
• Investimentos de redução de emissão de carbono: US $ 420 milhões

Força de trabalho global e gerenciamento de talentos

Estrutura de custo relacionada ao trabalho para 2023:

Categoria de custo	Valor (US $ milhões)
Compensação total dos funcionários	3,750
Treinamento e desenvolvimento	95
Despesas de recrutamento	45

BHP Group Limited (BHP) - Modelo de negócios: fluxos de receita

Vendas minerais e metal

Os fluxos de receita primária da BHP das vendas de minerais e metal em 2023 exercícios financeiros:

Mercadoria	Receita (US $ bilhões)	Volume de produção
Minério de ferro	27.6	260 milhões de toneladas
Cobre	11.3	1,5 milhão de toneladas
Níquel	3.2	75.000 toneladas

Contratos de fornecimento de longo prazo

Receita anual de contratos de fornecimento de longo prazo em 2023:

• Valor total do contrato: US $ 15,7 bilhões
• Duração média do contrato: 7-10 anos
• Regiões-chave: Ásia-Pacífico, China, Japão

Negociação de commodities

Receita de negociação de commodities Receita para 2023:

Segmento de negociação	Receita (milhões de dólares)
Comércio de mercado spot	2,340
Contratos futuros	1,780

Serviços tecnológicos e de consultoria

Receita dos Serviços Tecnológicos em 2023:

• Consultoria de Tecnologia de Mineração: US $ 420 milhões
• Serviços de consultoria de sustentabilidade: US $ 210 milhões
• Soluções de transformação digital: US $ 180 milhões

Projetos de Desenvolvimento de Recursos Sustentáveis

Receita de projetos sustentáveis ​​em 2023:

Tipo de projeto	Receita (milhões de dólares)
Integração de energia renovável	350
Soluções de mineração de baixo carbono	275
Projetos 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.