BHP (ASX:BHP,NYSE:BHP,LSE:BHP) welcomed October with an investment of over AU$840 million for its Olympic Dam copper operations in South Australia.
In an October release, the mining giant stated that the funding is for a series of “growth-enabling projects” at the site, focused on strengthening underground mining productivity.
The company outlined several priority projects, namely the construction of an underground access tunnel, a new backfill system, expansion of ore pass capacity and the installation of a new oxygen plant to improve smelter performance and support increased copper processing capability.
“We expect to grow our copper base from 1.7 million tonnes to around 2.5 million tonnes per annum,” shared BHP Chief Operating Officer Edgar Baston. “Achieving that scale requires significant copper growth, and we are fortunate to have a world-class copper province right here in South Australia to do just that.”
According to Baston, BHP’s South Australian copper province has been delivering over 300,000 tonnes a year for the past three years.
Copper demand
In a global trade update by the UN Trade & Development shared last May, it was noted that global demand for copper is expected to grow by over 40 percent by 2040.
This projected demand increase drives the need for more supply, with the update citing the need for around 80 new mines and US$250 billion in investment by 2030 to keep up.
BHP also wrote in its report that global copper demand is projected to grow 70 percent by 2050 due to population growth, rising living standards and the energy transition.
It added that this poses a general opportunity for South Australia, underlining that it holds about two-thirds of Australia’s copper resources.
Olympic Dam
The Olympic Dam was acquired by BHP in 2005 through its acquisition of Western Mining.
Since then, it has become a cornerstone of BHP’s copper portfolio, with copper accounting for around 70 percent of the mine’s total revenue.
In the 2025 financial year, BHP reported a production of over two million tonnes of copper for the first time.
Australian Minister for Trade and Tourism Don Farrell commented on the investment, underlining that “Australia is at the forefront of the energy transition in which copper is a vital resource.”
“By securing the continued flow of copper from Olympic Dam, BHP is ensuring South Australia’s position as a key global supplier.”
BHP October updates
Alongside making headlines regarding its copper development, BHP iron ore cargoes were reportedly banned by state-run iron ore buyer China Mineral Resources Group.
The announcement also happened early October, a move that reportedly stems from pricing disputes and has raised concerns for Australia.
Australia remains China’s top provider, while BHP continues to be among Australia’s major iron ore exporters, alongside Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and Fortescue (ASX:FMG,OTCQX:FSUMF).
BHP has not commented on the matter as of writing.
On a positive note, BHP has launched the fourth edition of its Xplor Critical Minerals Accelerator Program.
As in previous cohorts, Xplor 2026 participants can receive up to US$500,000 in equity-free funding, mentorship and access to BHP’s global network of suppliers and service providers.
Submissions close on October 15 at 11:59 p.m. AEST.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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