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Baowu eyes stake in BHP’s massive Jimblebar iron ore mine

Marina Meireles | September 4, 2026

China Baowu Steel Group is considering buying a minority stake in BHP’s (NYSE: BHP) Jimblebar iron ore mine in Western Australia, a move that could deepen Chinese involvement in one of the miner’s biggest operations, two sources told Reuters.


The world’s largest steelmaker is weighing a 15% to 25% interest that would come directly from BHP’s holding, according to the report. Jimblebar produced about 62.5 million tonnes of iron ore in fiscal 2026, roughly a quarter of BHP’s iron ore output.

BHP owns 85% of Jimblebar, while Japanese trading houses Itochu and Mitsui hold minority interests. The mine, valued at about $3.2 billion when it opened in 2014, produces ore worth roughly $6.2 billion at current prices.

Baowu has expressed interest but has not made a decision, and there is no certainty that talks will result in a transaction, Reuters reported.

A deal would give the Chinese steel giant a direct interest in a major source of the raw material used to make steel for construction, automobiles and other industries, while potentially strengthening commercial ties between one of Australia’s largest miners and its biggest customer market.
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