BHP’s copper production grew by 10% year on year in the first three months of 2025, boosted by its Escondida mine, while iron ore output remained stable at 68.1 million tons. 

The miner is expanding into copper and potash, key future-facing commodities, while still relying on iron ore for over half its earnings. 

China’s property slump and US trade tensions weigh on steel demand, though iron ore prices stayed resilient despite recent dips below US$100/ton. 

CEO Mike Henry warned that global trade fragmentation and slower growth pose risks, stressing China’s economic shift as critical.