Global Mining Giant CEOs Discuss the Metals of the Future (AI Translation)
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This article was translated from Chinese using AI. The translation may contain inaccuracies. Click the button on the right to hide or reveal the original version.
资料图：澳大利亚皮尔巴拉地区，力拓集团(Tinto)的铁矿场。图：视觉中国
文｜财新周刊 罗国平
By Caixin Weekly’s Luo Guoping
“我每天最关心的是什么？就是铜业务的增长机会。在矿业领域，最重要的价值驱动力是大宗商品配置，而配置要顺应宏观趋势。”全球最大矿业公司必和必拓（BHP，NYSE：BHP）首席执行官（CEO）韩慕睿（Mike Henry）近日接受财新专访时如是说。
“What do I care about the most every day? It’s about finding growth opportunities in the copper business. In the mining sector, the key driver of value is commodity allocation, and our allocation strategy must align with macroeconomic trends,” Mike Henry, CEO of BHP Group (NYSE: BHP), the world’s largest mining company, said in a recent exclusive interview with Caixin.
韩慕睿已在必和必拓工作了22年，2020年1月开始执掌CEO之位，近五年的战略打法逐步清晰——发力面向未来的铜及钾肥。
Han Murui has worked at BHP for 22 years, taking over as CEO in January 2020. Over the past five years, his strategic approach has gradually come into focus—prioritizing future-oriented investments in copper and potash.
当前的宏观趋势是什么？如何顺应趋势、投资未来？这是1885年成立的必和必拓、1873年成立的力拓集团（Rio Tinto，NYSE：RIO）、1942年成立的淡水河谷（Vale，NYSE：VALE），以及2003年成立的福德士河集团（Fortescue，ASX：FMG）需要在电气化时代迎接的挑战。
What are the current macro trends, and how can one adapt to them and invest in the future? These are the pressing questions facing industry giants such as BHP, founded in 1885; Rio Tinto Group (NYSE: RIO), established in 1873; Vale S.A. (NYSE: VALE), founded in 1942; and Fortescue Metals Group (ASX: FMG), founded in 2003, as they confront the challenges of the electrification era.
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Caixin is acclaimed for its high-quality, investigative journalism. This section offers you a glimpse into Caixin’s flagship Chinese-language magazine, Caixin Weekly, via AI translation. The English translation may contain inaccuracies.
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Global Mining Giant CEOs Discuss the Metals of the Future (AI Translation)
Explore the story in 30 seconds
- The "Big Four" miners (BHP, Rio Tinto, Vale, Fortescue) are diversifying beyond iron ore—especially into copper, lithium, and potash—driven by electrification and energy transition trends; BHP became the world's largest copper producer in 2024 and is investing heavily in copper and potash.
- All four are sharpening cost competitiveness amid oversupply and volatile prices; 2024 EBITDA: BHP $27.5B (down 4%), Rio $23.3B (down 2%), Vale $15.4B (down 22%), Fortescue $8.44B (down 26.7%).
- Decarbonization remains a priority, with Fortescue aiming for net-zero by 2030–2040 and others targeting 2050; green energy investments and technology partnerships with China are accelerating.
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Who’s Who
- BHP
必和必拓 - BHP, the world’s largest mining company, is focusing on future-facing commodities—chiefly copper and potash. CEO Mike Henry aims to double copper output in 15 years, citing growing demand from electrification, AI, and data centers. BHP’s copper output reached 1.96 million tons in 2024, the highest globally. The company is also investing heavily in Canadian potash. Iron ore still provides about half its revenue and 65% of EBITDA, underpinning its transformation.
- Rio Tinto
力拓集团 - Rio Tinto’s CEO Jakob Stausholm focuses on expanding lithium assets and boosting copper and aluminum production to capture opportunities from electrification and AI demand. The company plans to raise lithium output to over 200,000 tons by 2028, with key projects in Argentina and Serbia. Rio Tinto is cautious with copper acquisitions due to high prices but seeks growth in Mongolia’s Oyu Tolgoi and Australia’s Pilbara. It also targets a 50% emissions reduction by 2030.
- Vale
淡水河谷 - Vale, founded in 1942, is a major global mining company with 83% of its revenue from iron ore, 98% of EBITDA from iron ore, and expanding into copper and nickel. Its CEO, Gustavo Pimenta, plans to double copper capacity to 700,000 tons in ten years and invest $12.2 billion in Brazil’s Carajás region for increased copper and iron ore output. Vale emphasizes operational efficiency, higher-grade iron ore, and decarbonization, aiming to cut emissions 33% by 2030.
- Fortescue
福德士河集团 - Fortescue, majority-owned by Andrew Forrest's family (37%), relies mainly on iron ore for revenue but is actively diversifying into copper, lithium, rare earths, and green energy. The company has ambitious decarbonization goals, aiming for net zero emissions in its operations by 2030 and across its supply chain by 2040—10-20 years ahead of peers. Fortescue invests heavily in green hydrogen, renewable energy, and zero-carbon technologies, restructuring its business accordingly.
- Freeport-McMoRan
自由港 - Freeport-McMoRan (NYSE: FCX) is mentioned in the article as a major U.S.-based copper producer. In 2024, its copper output reached 1.905 million tons, making it the world’s second-largest producer after BHP (which produced 1.96 million tons). The article highlights copper's rising strategic significance due to global electrification, but does not provide further details about Freeport-McMoRan's operations or strategy.
- Oz Minerals
Oz Minerals - Oz Minerals is an Australian copper and gold mining company. In May 2023, BHP acquired Oz Minerals for $5.9 billion. This acquisition was part of BHP’s strategy to expand its copper business, aiming to increase future copper production to meet the growing demand driven by electrification and energy transition trends.
- Lundin Mining
伦丁矿业公司 - According to the article, Lundin Mining is a Canadian mining company. In July 2024, BHP partnered with Lundin Mining to acquire Filo, a company that owns large copper mines in South America, for around $3.25 billion. This partnership reflects BHP’s strategy to expand its copper business through both internal growth and external acquisitions.
- Filo Corp.
Filo公司 - Filo Corp. is a company with large copper mining assets in South America. In July 2024, BHP and Canadian Lundin Mining jointly acquired Filo for approximately US$3.25 billion. This move is part of BHP's strategy to expand its copper business, reflecting the company's focus on increasing future-oriented commodity investments, particularly in copper, due to strong long-term global demand.
- Anglo American
英美资源 - According to the article, Anglo American (英美资源, LSE: AAL) is mentioned as a mining company that received three acquisition offers from BHP in 2024, with the highest offer close to $50 billion, but all were rejected. No further details about Anglo American’s business or operations are provided in the article.
- Arcadium Lithium
阿卡迪姆锂业 - Arcadium Lithium is an American lithium company recently acquired by Rio Tinto for $6.7 billion in cash, finalized in March 2025. Arcadium holds four lithium brine projects in Argentina and operates the largest lithium hydroxide plant in the U.S., with an annual lithium product capacity of 75,000 tonnes (LCE). This acquisition is part of Rio Tinto’s strategy to become a leading global lithium producer.
- Vale Base Metals
淡水河谷基本金属公司 - Vale Base Metals (VBM) is the basic metals division of Vale, mainly focused on copper and nickel. In 2023, Vale split off this unit from its iron ore business. By late 2024, VBM’s chairman indicated a possible IPO before the end of 2026. Over the next decade, VBM aims to invest $25–30 billion to significantly increase copper and nickel production, targeting the growing demand from electrification and renewable energy sectors.
- Red Hawk Mining
红鹰矿山 - According to the article, Red Hawk Mining is a hematite mining company recently acquired by Fortescue (FMG) at the beginning of 2025. This acquisition is part of Fortescue's strategy to diversify its product portfolio, particularly in medium- and low-grade iron ore products. The Red Hawk Mining acquisition supports Fortescue’s expansion and ongoing development projects in the iron ore sector.
- GEM Co., Ltd.
格林美 - According to the article, GEM Co., Ltd. (格林美, 002340.SZ) is a Chinese company specializing in battery raw materials. In November 2024, Vale Indonesia (in which Vale holds a 33.88% stake) partnered with GEM to jointly build a high-pressure acid leaching (HPAL) plant and supporting infrastructure in Central Sulawesi, Indonesia, aiming to produce 66,000 tons of nickel in the form of mixed hydroxide precipitate (MHP) annually.
- Vale Indonesia (PTVI)
淡水河谷印尼公司 - Vale Indonesia (PTVI), in which Vale holds a 33.88% stake, is developing nickel resources in Indonesia in partnership with Chinese companies and local government. In November 2024, PTVI and China’s GEM (Green Eco-Manufacture) agreed to jointly build a High Pressure Acid Leach (HPAL) nickel processing plant in Central Sulawesi. The project will use PTVI’s ore and plans an annual output of 66,000 tons of nickel-containing MHP (mixed hydroxide precipitate).
- JinkoSolar
晶科能源 - JinkoSolar is mentioned in the article as a Chinese company collaborating with Vale (one of the "Big Four" mining companies). Together, they have built one of South America's largest solar energy projects. In 2023, this partnership enabled Vale to achieve 100% renewable energy supply for its operations in Brazil.
- BYD
比亚迪 - According to the article, BYD signed a letter of intent with Vale (Vale S.A.) in November 2024 to collaborate on electrifying light vehicles. They plan to assess the installation of necessary vehicle charging infrastructure in Vale’s operating regions in the coming months. This partnership forms part of Vale’s broader initiative to promote electrification and reduce emissions, particularly through their operations in South America and globally.
- WAE (Williams Advanced Engineering)
威廉姆斯高级工程公司 - According to the article, in March 2022, Fortescue (formerly FMG) acquired Williams Advanced Engineering (WAE) for approximately $220 million. This acquisition aimed to gain battery and electrification capabilities. WAE is key to Fortescue’s strategy of developing green technology and electrification solutions, supporting its decarbonization and energy transition goals, especially in heavy industry and mining equipment.
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