BHP was founded in 2001 through the merger of BHP (Broken Hill Proprietary) and Billiton. Founded as two small mining companies in the mid-19th century, it has grown into a leading global integrated resources company. It is a renowned multinational corporation primarily focused on oil and mineral resources. BHP Billiton is currently divided into three business units: Minerals Australia and Minerals Americas, each geographically distinct, and Petroleum. Mineral resources mined include iron ore, coal, nickel, copper, lead, silver, molybdenum, uranium, zinc, and gold . The company's major mining projects include iron ore in Brazil and Australia , copper mines in Peru, Australia, and Chile, potash projects in Canada, and coal mines in Australia, the United States, and Colombia. The company also explores, produces, and sells oil and gas in the Gulf of Mexico, Trinidad and Tobago, Algeria, the United States, and the United Kingdom. BHP Billiton is headquartered in Melbourne, Victoria, Australia. According to the company's financial report, BHP Group's operations are divided into five business units: oil, copper, iron ore, coal , and group and other businesses. BHP Billiton's iron ore business is second only to Rio Tinto iron ore production in Australia, making it the second-largest iron ore producer in Australia and the third-largest in the world .

Fortescue Metals Group Ltd. FMG was founded in 2003 by Australian Andrew Forrest through the acquisition and renaming of ASX-listed Allied Mining & Processing. FMG is a global leader in the iron ore industry, boasting a unique corporate culture and technological innovation. It has developed world-class infrastructure and mining assets in the Pilbara region of Western Australia, a prime iron ore producing region. It is Australia's third-largest iron ore producer and the fourth-largest globally , after Rio Tinto and BHP Billiton . Compared to the diversified portfolios of Rio Tinto, BHP Billiton, and Vale, FMG focuses exclusively on iron ore .