BHP Group, a leading global mining company, is reportedly considering the sale of its copper and gold mines in Brazil, Bloomberg News reported, citing sources.
These assets were acquired through the recent buyout of OZ Minerals.
According to Bloomberg News, sources privy to the development have indicated that BHP is in the early stages of exploring potential buyers.
The company, which has recently stepped back from plans to acquire British mining giant Anglo American, has engaged Banco Santander, a Spanish financial services company, to provide advice on the potential sale.
Bloomberg previously reported that BHP's Brazil manager had stated the company had no plans to divest its stake in Samarco Mineracao, an iron ore venture jointly owned with Brazilian mining company Vale.
This indicates a selective approach to asset sales within BHP's Brazilian operations.
In May 2023, BHP completed the takeover of Oz Minerals for A$9.6bn ($6.27bn), a strategic acquisition aimed at expanding its access to critical materials for the green energy sector.
BHP’s subsidiary BHP Lonsdale Investments acquired 100% of Oz Minerals’ shares for A$28.25 each. Oz Minerals shareholders secured A$26.50 a share and a fully franked special dividend of A$1.75 for each share held.
Meanwhile, last month, BHP was in the news for its joint venture with Lundin Mining to purchase Canadian exploration company Filo.
Filo holds full ownership of the Filo del Sol copper-gold-silver deposit in San Juan Province, Argentina, and the nearby Region III in Chile. After the deal is completed, Filo shareholders will retain approximately 11% of Lundin Mining’s equity.
