BHP, BlackRock's Global Infrastructure Partners Ink $2 Billion Power Network JV Deal

11:21 PM EST, 12/08/2025 (MT Newswires) -- BHP Group (BHP.L, BHG.JO) and BlackRock's Global Infrastructure Partners entered into a $2 billion agreement to establish a joint venture for the mining company's 85% stake in Western Australia Iron Ore's inland power network. The mining giant will own 51% of the joint venture, while the infrastructure investor will hold the remaining 49% in exchange for the $2 billion capital injection. Under the deal, BHP will shoulder the tariff associated with its ownership of the network for over 25 years. Completion of the transaction is expected toward the end of fiscal 2026, subject to certain conditions, including the approval of Australia's Foreign Investment Review Board. Net proceeds will be used in accordance with BHP's capital allocation framework. BHP assured that the formation of the joint venture will not affect its existing joint ventures and framework deals related to Western Australia Iron Ore's assets, including with the state government of Western Australia. The annual production target for the facility is 305 million tonnes of iron ore.