10 Best ASX Stocks to Buy According to Hedge Funds

2. BHP Group Limited (NYSE:BHP)

Number of Hedge Fund Holdings: 22

BHP Group Limited (NYSE:BHP) is a leading global resources company headquartered in Australia. The company is engaged in the exploration, production, and processing of minerals and energy resources. BHP Group Limited’s (NYSE:BHP) diversified portfolio includes iron ore, copper, coal, nickel, and potash. The company serves industries such as steelmaking, electronics, and agriculture.

BHP Group Limited (NYSE:BHP) is actively pursuing growth opportunities in the copper market, which is expected to see significant demand growth in the coming decades. In South Australia, the company is expanding its Olympic Dam operation, with plans to increase production to over 500,000 tons per year by the early 2030s. BHP Group Limited (NYSE:BHP) is also advancing several copper projects in Chile, including at the Escondida mine, where it plans to invest in new leaching technology to boost production and extend the mine’s lifespan. Additionally, BHP Group Limited (NYSE:BHP) has recently formed a joint venture with Lundin Mining to develop the Filo del Sol and Josemaria copper projects in Argentina and Chile, which have the potential to become major copper producers.

Another key area of growth for BHP Group Limited (NYSE:BHP) is its potash business, where the company is investing in the Jansen project in Canada. The Jansen project is a world-class potash asset and is expected to become one of the largest potash producers globally. BHP Group Limited (NYSE:BHP) is currently constructing the first phase of the project, which is expected to produce around 4.3 million tons of potash per year. The company also has plans for future expansions are planned, with the potential to increase production to over 16 million tons annually.