The BHP miner offloaded its Carajás copper mines to CoreX, owned by Turkish billionaire Robert Yuksel Yildirim, for $465 million. CoreX aims to establish a metal supply chain and lessen its dependence on China.
The companies agreed to a sale that was announced by BHP on Tuesday (19) along with their annual profits. Up to $225 million of the price is dependent on future production and project-related goals.
BHP’s management reported that the assets of Carajás would benefit from prioritizing operations and developing assets to their full growth potential, following a strategic review in 2024.
CoreX’s latest deal represents its initial copper contract, following prior purchases of nickel resources from major mining firms looking to divest due to declining battery metal prices.
The billionaire, known for his success in maritime shipping, plans to rival China in supplying crucial metals to the US and Europe, according to an interview he gave to Bloomberg in April.
CoreX is not only involved in mining but is also focusing on port investments, with intentions to enhance its container capacity in Turkey, as per its recent announcement. The company has headquarters in Istanbul and Amsterdam.
Carajás region
Carajás generated 9,400 tons of copper by June 2025, as reported by BHP results, marking a 15% rise from the prior year.
BHP’s yearly core profit dropped by over 25%, hitting its lowest point in five years, primarily because of reduced Chinese demand, as stated in its results report, as predicted.
