Copper Powers Profit Rise at Mining Giant BHP
Copper prices lifted BHP’s profit and dividend as record ore volumes and lower unit costs offset inflation and supply disruptions.
- On Tuesday, BHP reported a 30% increase in full-year underlying profit to $13.2 billion, driven by record copper prices as revenue jumped 15% to $58.8 billion.
- "Copper is the engine room that is driving BHP growth," CEO Brandon Craig said, noting the metal contributed more than half of underlying EBITDA earnings for the first time.
- Workers at Port Hedland downed tools earlier this month in a second planned stoppage, marking the first major industrial action at the site in a quarter-century.
- Craig said the company does not expect the industrial action to impact performance, while RBC Capital Markets lowered its share price target to $57, down 11.4% from current levels.
- Copper demand is set to surge as energy-hungry AI data centre buildouts intensify competition for high-grade assets, with BHP projecting its pipeline could lift production up to 40% by 2035.
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Copper powers profit rise at mining giant BHP
Net profit climbed 9 percent from a year earlier to US$9.8 billion in the financial year to June 30, said the resources group, the world's biggest miner by market value. Revenue rose 14.6 percent to US$58.8 billion. BHP is the world biggest copper producer and plans to expand output of the red metal by about 40 percent by 2035, the group said in a statement. The miner also reported record iron ore production and a strong result in coal, but copp…
The BHP Group recorded a 9% increase in annual net profit and an even greater gain in recurrent profit, as copper prices — now its main result engine — shot at historical peaks. Exclusive material for subscribers. To have full access, access the link of the material and register.
“Copper is the engine that is driving BHP’s growth,” said BHP CEO Brandon Craig. The group reported sales of US$59 billion and profits of US$9,833 million in fiscal year 2026, ended in June. The average selling price jumped to US$5.75.
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