Global mining company BHP announced on Monday, alongside its earnings report, that it has reached an agreement to sell its Carajas copper assets in Brazil to CoreX Holding for up to $465 million. The transaction, formalized through a binding agreement, is expected to be finalized in early 2026.

A view shows the BHP Limited logo at their headquarters in Melbourne, Australia, March 24, 2025.

The Carajas assets, located in Brazil’s northern Pará state, produced 9,400 metric tons of copper in the 12 months ending June, according to BHP. The sale agreement includes an initial payment of $240 million upon completion, with the potential for up to $225 million in additional payments starting as early as 2027, contingent on meeting specific production and project milestones.

BHP stated: "This transaction follows a strategic review in 2024, which concluded that the Carajas assets would benefit from owners prioritizing the operations and developing the assets to their full growth potential." The company’s review determined that transferring ownership to CoreX Holding would enable focused development of the assets to maximize their operational and growth potential.

CoreX Holding, a diversified industrial group, has not yet provided a statement regarding the agreement. The sale aligns with BHP’s broader strategy to optimize its portfolio, focusing on assets that support long-term growth objectives. The Carajas assets, previously acquired through BHP’s 2023 purchase of Oz Minerals, represent a strategic divestment as the company refines its global operations.

This transaction highlights ongoing shifts in the mining sector, with companies adjusting their portfolios to prioritize efficiency and future-facing resources. The deal is expected to support continued development in Brazil’s copper mining industry, contributing to the region’s economic landscape.