BHP has closed the sale of its San Manuel mine to Faraday Copper, handing over ownership and operations on 6 October, yet the mining giant is not walking away empty-handed. It retained a strategic stake of roughly 30% in Faraday, keeping an economic link to whatever the new owner does next. Faraday intends to study a potential redevelopment of San Manuel alongside its own Copper Creek project — a study, not a restart, and no production decision has been taken.
That distinction matters for anyone tracking the company’s asset rotation. BHP has swapped an operator’s role for a shareholder’s one, and the ownership transfer is complete while the development question remains open.
A Nickel Asset Still Waiting on Approvals
The Kambalda Nickel Concentrator sits at a different stage entirely. On 7 October BHP agreed to sell the facility, together with a package of tenement and mineralisation rights, to Gold Fields. Unlike San Manuel, the deal has not closed. Completion hinges on regulatory approvals, among other conditions, and is expected in calendar year 2027. BHP also plans to review its remaining mothballed WA Nickel assets by February 2027.
So the two disposals are not comparable in status: one is done, the other is signed but conditional, and the review of the rest of the nickel portfolio is a separate announced step again.
Infrastructure Deal Frees Up US$2 Billion
Asset sales are only one lever. On 14 October, Chief Financial Officer Vandita Pant set out an agreement with GIP worth US$2 billion, covering a 49% interest in a partnership tied to WAIO’s electricity network. The transaction adds a third route to releasing capital, alongside outright divestments and the retained Faraday holding.
Copper Output Drops 19% as Guidance Holds
The portfolio moves landed alongside BHP’s operational report, which painted a mixed picture across the two core commodities. Copper production in the first quarter of fiscal 2027 fell 19% year on year to 400,700 tonnes. Management nonetheless reaffirmed full-year guidance of 1.65–1.8 million tonnes, leaving its copper plan untouched despite the weak start.
Should investors sell immediately? Or is it worth buying BHP?
Investors should keep the two figures apart. The decline describes what was actually produced; the guidance describes what BHP still expects to produce. Confirming the annual target does not erase the softer quarter — it simply shows the frame within which the company continues to plan.
Iron Ore Rises While Jobs Go
Iron ore ran the other way, with output climbing to 66.5 million tonnes. Guidance for fiscal 2027 was left unchanged at 260–272 million tonnes. Higher volumes, though, are not translating into more hiring. BHP is preparing job cuts across its Western Australian iron ore operations, confirmed on 14 October, with media reports pointing to around 300 positions at South Flank, Mining Area C, Jimblebar and Newman. The company said it will look for redeployment opportunities elsewhere in the group — an intention, not a guarantee of replacement roles.
Escondida Deal Averts Strike
In Chile, the labour story took a more favourable turn. BHP and the supervisors’ union at Escondida reached an agreement that media reports said was backed by 64% of members on 14 October. The 36-month contract includes improvements to pay and benefits and headed off a strike, removing a concrete industrial-action risk at the copper operation.
Two workforce themes therefore sit side by side: planned headcount reductions in Western Australia and a settled collective agreement in Chile, both unfolding within unchanged production targets.
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