As the race to respond to the risks of climate change intensifies, so does the demand for the essential minerals that underpin a lower carbon future. 

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These minerals, like copper, nickel, and other minerals, are critical to power electrification and enabling clean technologies, but there may not be enough to meet growing demand. 

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If the world is to meet the Paris Agreement goals, demand charts for these resources show big upticks in the next two decades. By 2040, clean technologies will spur demand share by 40% for copper, and 60-70% for nickel, says the IEA. 

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For several years, the minerals exploration sector has been underinvested — an issue, examined in a report by McKinsey,  that was accentuated by the COVID-19 pandemic. And with a high level of demand growth ahead, McKinsey says miners will need to rebuild their growth portfolios.  

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One miner’s approach to growth includes an out-of-the-box program inspired by a business model straight out of Silicon Valley. 

BHP, one of the largest natural resources companies in the world, aims to bring forward critical minerals discoveries through its accelerator program, BHP Xplor.  

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“Xplor is one of several levers BHP has implemented to drive growth through innovative partnerships,” says Sonia Scarselli, Vice President of Metals Exploration and Xplor at BHP.

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The company kicked off the initiative with a global search in 2022, then selected its first cohort of seven, who began their journey in January of 2023 and completed their cycle in June 2023.   

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The six-month program is designed for early-stage explorers, those at the beginning of the minerals life cycle who are working towards potential discoveries.  Players in this space are often under pressure to repeatedly secure financing, which can be time intensive and distracting from their core exploration focus.

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Financing is one of the challenges the program aims to address head on. “We’ve essentially removed barriers of traditional exploration financing, giving Xplor participants the opportunity to capitalize on their concepts earlier and more efficiently,” says Scarselli.

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BHP Xplor is the first accelerator program like it within the minerals exploration space. In general, accelerators are typically designed for participants with viable concepts and provide the coaching and connections needed to promote what might otherwise be several slow years of growth, into a few short months.

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For BHP’s program, the goal is to accelerate the discovery of critical minerals. Selected companies receive a US$500,000 grant from BHP, together with access to a network of internal and external experts to help guide development across technical, business, and operational aspects of the company. 

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For Fabian Baker, Managing Director of Kingsrose Mining, and one of the seven companies selected for the initial 2023 cohort, the program couldn’t have come at a better time. “We had this brilliant idea in our back pocket and Xplor was the perfect home for it.” 

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Baker credits the program for leveling up his confidence, specifically on the business and operational readiness side. “We worked with experts on our strategy, our sustainability approach, and building a better understanding of our risk, which ultimately enabled us to prioritise our focus areas with more confidence.” 

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Following the successful wrap of its inaugural cycle, BHP has high hopes for its 2024 cohort. This new approach seems to be resonating with future candidates as interest in joining the 2024 cohort has been abundant. “We’re energized by the amount of people across the world who are ready to look at exploration differently,” says Charlee Johnson, Program Lead for BHP Xplor. “We can’t wait to dive into the details of these exploration ideas and learn more about the candidates driving them.” Xplor is accepting applications for its next group through 11 October. 

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“Our approach is different, yet simple,”Johnson adds. “Through collaboration and partnerships, we’re shaking up traditional exploration models to bring more mineral discoveries forward and help advance the energy transition.” 

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Source: IEA (2021), The Role of Critical Minerals in Clean Energy Transitions, IEA, Paris https://www.iea.org/reports/the-role-of-critical-minerals-in-clean-energy-transitions, License: CC BY 4.0