Strong copper prices have reshaped the earnings profile of BHP, one of the world’s largest mining companies. For the financial year ended June 30, 2026, the group reported net profit of $9.83 billion, an increase of about 9 percent from the previous year. Underlying attributable profit, which excludes certain exceptional items, rose much more sharply – by 30 percent to $13.2 billion. Copper was the main driver of the improvement. BHP’s copper operations generated a record $18.19 billion in underlying EBITDA and, for the first time, overtook iron ore as the company’s largest source of operational earnings. Copper accounted for around 54 percent of BHP’s underlying EBITDA, even though production of the metal declined by approximately 3 percent during the year. The financial impact came largely from higher prices, with BHP’s average realized copper price rising by about 35 percent to $5.74 per pound.
The shift is about more than a single year of strong commodity prices. BHP is increasingly positioning copper at the centre of its long-term strategy as global demand is expected to rise with the expansion of electricity grids, renewable energy, electric vehicles, data centres and artificial-intelligence infrastructure. Chief Executive Brandon Craig has said the company aims to increase copper production by as much as 40 percent by 2035, with operations and projects in Chile, Australia and Argentina expected to play important roles. Iron ore nevertheless remains a crucial part of the group. The division generated around $14.5 billion in underlying EBITDA, while BHP reported record shipments from its Western Australian operations. The company is therefore not abandoning its traditional iron ore business but is building greater exposure to a metal expected to become increasingly important to the global economy.
The strong performance allowed BHP to announce a final dividend of 99 cents per share, bringing its total dividend for the year to $1.72 per share, the highest level in four years. Net debt also declined to $8.69 billion. The results were not entirely positive, however, with BHP recording an impairment of around $2.3 billion related to its Jansen potash project in Canada. Even so, the year marks a notable change in the structure of the mining giant’s earnings. Iron ore had long been its dominant profit generator, but in 2026 copper moved into first place. If forecasts for rising demand from electrification, energy networks and technology infrastructure prove accurate, the change could represent more than a temporary consequence of high copper prices and instead signal a longer-term transformation of BHP’s business.
