Macquarie: BHP adopts innovative approaches to fund copper business growth

Glonghui, February 17th｜Macquarie stated that among the latest developments released by the world’s largest miner, BHP, its $4.3 billion silver stream deal is a major highlight. In a report, the bank said: “Performance is strong, but the key lies in BHP’s innovative approach—unlocking potential value while funding promising copper business growth, all while maintaining yield.” The bank emphasized that copper has now become BHP’s “main source of revenue.” The miner said that in the first half of the year, copper contributed 51% of its underlying EBITDA (earnings before interest, taxes, depreciation, and amortization). Macquarie pointed out that BHP also provided the latest updates on its copper growth project pipeline, including the capital intensity of Vicuna and Olympic Dam. Macquarie rates BHP as Neutral, with a target price of AUD 51.00.