BHP confirmed on 15 August 2025 that it signed a binding agreement to sell its Carajás copper assets in northern Brazil to CoreX Holding for up to $465 million.
The company said the deal aligns with its 2024 strategic review, which concluded that the assets would benefit from an operator focused on their regional potential.
The transaction includes $240 million payable at closing and up to $225 million in contingent payments tied to project milestones and production targets beginning as early as 2027. BHP expects the deal to close in early 2026, subject to regulatory approvals.
The Carajás assets, located in Pará state, produced 9,400 tonnes of copper in the twelve months ending 30 June 2025. While modest compared with BHP’s global copper portfolio, the output remains significant in the Brazilian mining landscape.
The assets entered BHP’s portfolio through its 2023 acquisition of OZ Minerals, and the company announced last year that it intended to divest the remaining Brazilian operations from that purchase.
CoreX Holding B.V., based in the Netherlands, acquired the project. Founded in 2024 by Robert Yüksel Yildirim, the group invests across ports, energy, and mining.
CoreX Acquires Cerro Matoso as BHP Streamlines Portfolio
CoreX has expanded in Latin America and recently agreed to acquire Cerro Matoso, a ferronickel operation in Colombia, from South32. This move shows the company’s intent to strengthen its mining presence in the region.
BHP framed the divestment as part of a broader effort to simplify its portfolio and channel capital toward its larger copper hubs in Chile, South Australia, and Peru, as well as into potash development.
The company continues to describe copper as one of its “future-facing commodities” essential to global electrification. Carajás remains Brazil’s main copper province, hosting some of the country’s largest and most productive mines.
A dedicated investor could expand operations faster than BHP, which prefers to allocate resources to its higher-volume projects. For Pará, the transfer could mean new investment decisions and employment opportunities tied to copper’s growing demand.
The deal highlights two complementary strategies. BHP focuses on scale and efficiency across a smaller number of major assets. CoreX positions itself as a diversified industrial group seeking growth in mid-tier projects across Latin America.
The success of this handover will depend on whether CoreX invests in boosting Carajás output and sustaining its role in Brazil’s copper supply chain.