BHP holds interests in companies and joint ventures that we do not operate. Following a review of governance at our non-operated joint ventures (NOJVs), BHP created two NOJV asset teams within Minerals Americas. The purpose of the NOJV teams is to sustainably maximise returns and manage risks of our investments in Antamina, Resolution and Samarco in line with Our Charter values.
NOJVs are independently managed and operated, and have their own governance frameworks, as defined in each joint venture agreement.
We engage with our NOJV partners and operator companies through our centralised NOJV asset teams, which provide single points of accountability for NOJVs within BHP. One of the teams is accountable for BHP’s interest in Samarco and supporting the work of the Renova Foundation. The other team is accountable for our interests in Antamina and Resolution
While NOJVs have their own operating and management standards, we seek within the limits of the relevant joint venture agreements to enhance governance processes and influence operator companies to adopt industry best practices and align with international standards. Subject matter experts from BHP may also provide input and support to relevant NOJV operators in relation to risk management, social and environmental impacts and community engagement.
The current portfolio of NOJVs includes Antamina (copper mine in Peru), Resolution (undeveloped copper project in the United States) and Samarco (iron ore mine in Brazil). These NOJVs are described in our Annual Report 2023.