BHP Group Chairman Ross McEwan has dismissed recent speculation of a dispute with China over iron ore pricing, stating the miner has a “pretty good” relationship with the country. His comments come amid concerns about potential shifts in currency denomination for iron ore sales. BHP is a leading global resources company, extracting and processing minerals, oil, and gas from its operations primarily in Australia and the Americas.
McEwan clarified that “less than 10 per cent” of BHP’s iron ore sales were denominated in currencies other than US dollars. This effectively quashes rumours that the company had agreed to receive 30 per cent of its iron ore revenue in Chinese currency. The clarification aims to reassure investors and stakeholders amid market uncertainty.
Chief Executive Mike Henry added that some iron ore volumes were indeed exchanged for Chinese currency, typically those sold from BHP’s “portside trading” business within China. This segment represents a smaller portion of overall sales and is distinct from the company’s primary export arrangements.
Henry also reflected on his recent visit to the Oval Office to meet with President Donald Trump, noting he was “impressed by just how fierce the focus is in the US” on growing metals production domestically. The meeting highlights the increasing global emphasis on securing local supply chains for essential resources.