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BHP (ASX: BHP) has expanded its reported mineral resource base at Olympic Dam in South Australia, strengthening its long-term strategy to lift Copper SA production to approximately 500,000 tonnes annually by 2035 and potentially 650,000 tonnes by 2040.
The mining giant announced the resource update alongside its September 2026 quarterly operational review, providing further detail on the scale of its South Australian copper growth ambitions.
The updated Olympic Dam resource incorporates a newly reported underground block-cave mineral resource of 10.73 billion tonnes grading 0.59 per cent copper, 0.19kg/t uranium oxide, 0.21 grams per tonne gold and 1g/t silver.
Combined with the existing underground sub-level open stoping resource, Olympic Dam’s total classified underground mineral resource now contains an estimated 88.1 million tonnes of copper, 2.8 million tonnes of uranium oxide, 103 million ounces of gold and 498 million ounces of silver.
The figures represent contained metal rather than recoverable production, with the newly reported block-cave resource yet to be converted into ore reserves.
The update reflects BHP’s assessment of alternative mining methods at Olympic Dam, including selective underground extraction of higher-grade material and bulk mining through block caving.
Block caving could potentially provide access to large, continuous volumes of mineralisation, although studies remain at an early stage and no development timeframe has been established.
BHP said mineralisation remained open at depth, with resource definition drilling continuing.
The company is expected to provide further details of its Copper SA growth strategy during a November site visit.
BHP chief executive Brandon Craig said the company was continuing to build its copper growth pipeline despite a softer start to FY27 production.
“We continued to strengthen one of the world’s largest copper portfolios, from funding the Escondida New Concentrator in Chile to growing our resource base and long-term production potential at Copper South Australia, while also expanding our copper growth pipeline across the Americas,” Craig said.
Copper production declined during the September quarter due to planned lower concentrator feed grades, scheduled maintenance and operational disruptions, including severe weather in Chile and a conveyor failure at Carrapateena.
Nevertheless, BHP maintained its production guidance, while copper prices approximately 50 per cent higher than a year earlier provided an earnings tailwind.
In Chile, BHP approved $US800 million in pre-commitment funding, on a 100 per cent basis, to advance execution readiness for the Escondida New Concentrator.
Craig said continued investment in data centres and enabling infrastructure was reinforcing the long-term copper outlook.
The quarterly review also highlighted the deaths of two workers at Escondida and Peak Downs, with investigations underway.
For investors, the Olympic Dam resource update provides additional geological support for BHP’s ambitious production targets, although converting that potential into copper output will depend on mining studies, development decisions and capital investment.
The November site visit could offer further insight into how BHP intends to translate its substantial South Australian resource base into sustained production growth.
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