BHP Group Limited (NYSE:BHP) has reaffirmed its business model of diversification. The largest global miner is resisting the allure to become a copper-focused enterprise, despite its dominant position.

Speaking at the BMO Capital Markets Global Metals, Mining & Critical Minerals Conference, CEO Mike Henry was unequivocal about the plan going forward.

"BHP is, intentionally, a diversified miner, rather than a pure play. And although we are the world's largest copper miner, we have exciting, high-value copper growth ahead of us; we don't aspire to be a copper pure play," Henry said.

Copper now accounts for more than half of BHP's underlying earnings before interest, tax, depreciation, and amortization (EBITDA). It is an achievement owing to both higher prices and a 30% increase in production over recent years.

The company has lifted copper production guidance by a cumulative 150,000 tons over the next two years. It is targeting around 2.5 million tons of copper equivalent output annually by 2035, including by-products.

That plan implies a compound annual growth rate of 3-4% in ...