Copper Boom Fuels $250 Billion Investment Surge, Says BHP CEO Mike Henry

Rising demand for copper amid renewable energy transition set to drive mining sector consolidation and strategic acquisitions.

BHP Group CEO Mike Henry predicts that the booming demand for copper, driven by the global shift towards renewable energy, will trigger an unprecedented $250 billion in investment within the next decade. Speaking to Bloomberg Television, Henry highlighted the escalating challenges of discovering and developing new copper deposits—making them more expensive and technically complex—and suggested that these dynamics will likely accelerate mergers and acquisitions across the mining sector.

“New copper deposits are harder to find, more costly to develop, and require significant technological expertise to manage risks,” Henry noted. As a result, he believes that only the largest, most financially robust companies—like BHP—will have the scale and resources to thrive in this evolving landscape.

This rising demand for copper, Henry forecasts, will increase by as much as 70% to 100% by 2050, as industries around the world ramp up their efforts to transition to clean energy. To capitalize on this growing demand, BHP made a strategic move in July by acquiring a stake in Filo Corp., in partnership with Lundin Mining Corp., securing valuable copper assets in South America in a deal worth $3 billion.

The company had previously explored larger-scale acquisitions, such as a $49 billion takeover bid for Anglo American, aimed at accessing its copper reserves. However, BHP withdrew the bid in May, following UK Takeover Panel regulations that prevent them from revisiting the offer for six months. Despite this, Henry stopped short of offering any insight into whether BHP plans to revisit the Anglo American bid when the restrictions expire.

With copper’s pivotal role in the green energy revolution and rising prices, the mining sector is poised for continued consolidation, and BHP’s strategy reflects the industry’s push to secure resources and scale up production to meet future demand.