BHP announced that it has reached a binding agreement with Global Infrastructure Partners (GIP), an infrastructure investment fund under Blackstone, regarding BHP’s Western Australia Iron Ore (WAIO) inland power grid assets.

Under the agreement, the two parties will establish a trust entity in which BHP will hold a 51% controlling stake, while GIP will contribute 2 billion U.S. dollars in exchange for a 49% stake.

BHP will pay transmission fees to the WAIO inland power grid over a 25-year period, proportional to its equity stake. The transaction is expected to be completed by the end of fiscal year 2026.