BHP is also a co-owner of Resolution Copper with Rio Tinto (45%/55%). Located in Arizona, Resolution Copper is among the world's largest undeveloped copper projects. It could take eight to 10 years to build the mine at an estimated total cost of $64 billion. It could produce 40 billion pounds of copper over the course of 40 years, about a quarter of the projected U.S. copper demand.
In 2024, the company outlined a bold plan to boost its copper production in Chile. BHP plans to invest between $10 billion and $14 billion across several projects, including a massive expansion of Escondida. The projects could add as much as 540,000 tons per year to its output in the coming years.
The company's growing copper production should support higher dividend payments. BHP aims for a minimum dividend payout ratio of 50% of its cash flow. It often pays out additional dividends from its excess cash and repurchases shares.