Australia-based $BHP.AU$ is reportedly considering selling its gold and copper mines in Brazil, which were part of its OZ minerals acquisition in 2023. According to Bloomberg, BHP has reached out to Spanish bank Banco Santander S.A. (BME:SAN) for advisory support regarding the potential sale, after a strategic review of these assets. BHP shares lost 2% as of writing.

Both BHP and Santander have not given any official statements.

BHP is a leading mining company with a diverse portfolio of commodities, including iron ore, copper, potash, coal, and zinc.

BHP's Recent Acquisition and Divestments

Of late, BHP has been working towards establishing a copper hub in South Australia, reinforcing its status as one of the world's largest copper producers. Copper is crucial for renewable energy projects and electric vehicle production. As a result, the global shift from fossil fuels to cleaner energy sources has driven a surge in copper demand.

BHP completed the acquisition of OZ Minerals in May 2023 for AU$9.6 billion, gaining control over OZ's copper and gold mines in South Australia and Brazil and a copper-nickel mine in Western Australia. The acquisition was a part of the company's efforts to enhance its copper and nickel assets and meet the increasing demand for these metals.

Last week, BHP, along with Canada-based Lundin Mining (TSE:LUN), acquired Filo Corp. (TSE:FIL) for $3.25 billion to further strengthen its copper portfolio.

Earlier in April, BHP offered to acquire UK-based miner Anglo American PLC (GB:AAL). However, Anglo rejected BHP's multiple offers as it believed that they undervalued its worth.

Is BHP Currently a Good Buy?

According to TipRanks' consensus, BHP stock has been assigned a Moderate Buy rating, backed by 10 Hold and five Buy recommendations. The BHP share price target is AU$42.08, which is 5% above the current trading price.

Year-to-date, BHP shares have lost 20.6% of their value in trading.