BHP Group Ltd (ASX: BHP) stock is a very interesting investment consideration, given the plans the ASX mining share has in the works.
When we think of BHP, it is first and foremost an ASX iron ore share. It's one of the biggest in the world, along with Rio Tinto Ltd (ASX: RIO), Fortescue Ltd (ASX: FMG) and Vale. But, it could be a mistake to consider the business as only an iron ore miner.
Don't get me wrong, BHP still makes the most underlying operating profit (EBITDA) from iron ore. But, things are changing with the ASX mining share, including its plans.
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Lowering reliance on iron ore
The last result for BHP was the FY25 first-half result, which was the six months to 31 December 2024.
In that report, the ASX mining share reported that it made total underlying EBTDA of $12.36 billion.
Different resources play their part in how much operating profit the miner makes.
BHP's iron ore division made $7.2 billion of underlying EBITDA, representing 58% of the total.
The big change that BHP has pushed in recent years is growing copper earnings. In HY25, it made $5 billion of underlying EBITDA from copper. It's becoming increasingly important for BHP stock.
But, the ASX iron ore share isn't finished with expanding its copper operations.
Significant copper growth plans
The business said it has the world's largest copper endowment (deposits and projects), with an aspirational pathway towards over 2mt per year of attributable (to BHP) copper productions.
BHP has copper projects on multiple continents. It said its Chilean copper projects have the potential to grow production to around 900kt between FY31 to FY40, while a "growth program" could take it to around 1,400kt between FY31 to FY40.
In South Australia, BHP is aiming for more than 500kt of annual production in the early 2030s and around 650kt per year in the mid-2030s, up from between 300kt to 325kt in FY25.
The growth of copper production could be helpful for BHP stock.
Potash plans
While BHP may be known for digging heavy metals out of the ground, the ASX mining share is working on a Canadian project called Jansen which is involved in potash.
Potash is seen as a greener type of fertiliser for farming. BHP says that potash is an attractive future-facing commodity with exposure to global megatrends, including leverage to global population growth and higher living standards.
BHP believes Jansen will be a world-class asset which will be low-cost, cash generative and have a long life. Growth can come from a number of "capital efficient expansions" with the project.
Not only does this give BHP increased diversification, but it's the only major miner in potash. The miner said it's ready for ramp-up after the first production late in the 2026 calendar year.
