Can you provide an update on BHP’s operations in Chile through 2024 and the first half of 2025?

In fiscal year 2025, Escondida achieved a significant milestone, reaching its highest level of copper production in the last 17 years, with a 16% increase in just one year. Spence also achieved record production with a 5% increase. At a Group level, copper production rose by 8%. Most importantly, all of this was accomplished with zero fatalities. How important are Escondida and Pampa Norte to BHP’s overall operations, and how do you see the role of copper evolving in your portfolio in the years to come?

BHP in the Americas is the growth engine of the company, and both at Escondida and Pampa Norte —which includes Spence and Cerro Colorado— we have growth plans that will allow us to extend the lifespan of our operations for decades and strengthen our leadership position in the industry. We seek to unlock the maximum value from our assets. At Escondida, we are working to execute an investment plan of US$10 billion over the next 8 years, aimed at optimizing overall production levels. At Escondida, the current resource supports a 65-year mine life.

At Spence, in January we obtained the RCA (Environmental Qualification Resolution) submitted in 2023 to extend the lifespan of its leaching process until 2039. We are also progressing with studies designed to drive additional improvements.

In the case of Cerro Colorado, we continue to move forward the studies for a potential reopening of the operation, having entered in care and maintance in December 2023, with an underlying resource base of more than 2 billion t of copper. What role do you see Chile playing in the global copper market moving forward?

We project global copper demand to grow by around 70% to over 50 million t/y by 2050. This will be driven by the role of copper in current and emerging technologies, as well as the world's decarbonization, electrification and digitalization goals. As the world’s biggest copper producer, Chile has a major role in meeting this demand.

We believe we hold competitive advantages that position us to deliver the copper the world needs. For example, in fiscal year 2025 BHP produced over 2 million t of copper across the Group —a record level of production representing an 8% increase.

Our business reflects a strategic resilience amid market volatility, through consistent asset performance and operational excellence. Do you foresee more collaboration in the mining industry moving forward, for example, joint ventures like BHP’s with Lundin to develop the Vicuña project?

Collaboration is essential for growth across the sector. This year we signed an agreement with Codelco for the exploration of the Anillo mining property in Antofagasta and created the Vicuña joint venture in Argentina together with Lundin Mining. These instances clearly demonstrate how industry collaboration can create opportunities to potentially access untapped copper resources in parallel with lowering risk. How is BHP using AI technology to boost efficiency and productivity at your operations in Chile?

AI has enabled us to unlock potential value through innovations such as predictive maintenance, energy optimization, autonomous vehicles and machinery operation, data-driven decision-making, and real-time monitoring and reporting.

AI is being used to identify new business opportunities, such as improving the efficiency of resource discovery. AI is also helping us operate more efficiently and sustainably and, most importantly, keep our workforce safe. What are your plans for BHP in Chile in the coming years?

Our portfolio focuses on developing and operating large, long-life assets in commodities that benefit from the megatrends playing out around us. And if you look at BHP’s portfolio, most of the copper we produce as a group is produced in this region. In Chile alone, we produced over 1.5 million t of copper in the past fiscal year. We aim to keep growing while contributing to Chile and the regions in which we operate and have a presence —such as Antofagasta and Tarapacá.

At BHP in the Americas we have a clear ambition for 2030: to be BHP’s growth engine, to continuously transform the mining industry through innovation and operational excellence, and to cultivate a thriving workplace.

At BHP, we are excited about the opportunities that lie ahead in Chile and the Americas.