BHP Group Ltd (ASX: BHP) shares have had a strong run.
At $59.75, the mining giant is trading well above where it was earlier in the year, and I can understand why some investors may be wondering whether the easy money has already been made.
I do not think BHP looks like a screaming bargain after its rise. But if the question is whether it is still a good share to buy and hold, my answer is yes.
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A different type of miner
BHP is often thought of as an iron ore giant, and that is fair.
Iron ore has been the company's earnings engine for many years. Its Pilbara operations remain among the best mining assets in the world, with scale, quality, infrastructure, and cost advantages that are difficult to replicate.
That gives BHP a strong cash flow base when commodity markets are supportive.
But I think the more interesting part of the story today is what BHP could become over the next decade.
This is no longer just a simple iron ore income play. BHP has been reshaping itself around commodities that could become increasingly important in a changing global economy.
Copper sits at the centre of that.
Why copper changes the equation
Copper is used across electricity networks, renewable energy, electric vehicles, data centres, industrial equipment, and construction.
The world is going to need a lot more of it if electrification and energy infrastructure spending keep growing.
At the same time, copper supply is not easy to bring on quickly. New mines take years to approve, fund, build, and ramp up. Existing mines can face declining grades, higher costs, water constraints, community opposition, and political risk.
That creates an attractive setup for established producers.
BHP is already one of the world's largest copper producers, which gives it a strong position if prices remain elevated over the long term.
BHP also has its Jansen potash project in Canada. This will not transform the business overnight, but I like the strategic logic. Potash gives BHP exposure to fertiliser demand and global food production, which is a different driver from iron ore or copper.
What about the valuation?
The main reason for caution is the share price.
After strong gains, I would not necessarily go all-in at once. A staged approach may make more sense, especially for investors who already have resources exposure.
But I still think BHP deserves a place in a long-term portfolio.
Morgan Stanley also appears positive. A recent note reportedly put an overweight recommendation on BHP shares with a $67.50 price target. Compared with the current share price of $59.75, that suggests analysts there still see upside from here.
Foolish takeaway
BHP shares are not as cheap as they were.
That makes position sizing and patience important.
But I still think this is one of the best ASX mining shares to buy and hold. The iron ore business remains a powerful cash generator, copper gives BHP exposure to a long-term supply squeeze, and potash adds another future growth option.
For investors willing to accept commodity volatility, I think BHP shares remain a buy at current levels.
