BHP sharpens Asia focus; bets on copper, potash over rare earths

[SINGAPORE] BHP is doubling down on Asia as the centre of gravity for global commodity demand, while placing long-term bets on copper and potash as its core future-facing commodities, sidelining smaller plays such as rare earths.

The Australian miner – the world’s largest listed mining company by market capitalisation – expects Asia to account for more than half of the global population by 2050, thus anchoring demand growth across the megatrends of urbanisation, decarbonisation and digitalisation, said its chief commercial officer Ragnar Udd.

“The world has got an insatiable appetite for copper at the moment,” Udd told The Business Times, adding that demand for potash – a key crop nutrient – is also surging, especially in fast-growing economies such as India.