Copper powers profit rise at mining giant BHP

Australian mining giant BHP reported a significant increase in annual profit, driven by surging copper prices, on Tuesday. Net profit reached US$9.8 billion, a 9% increase from the previous year, as the company's revenue climbed 14.6% to US$58.8 billion. BHP is the world's largest copper producer and aims to boost copper output by about 40% by 2035.

The company's CEO, Brandon Craig, emphasized that copper is the engine driving BHP's growth, with copper prices up by 26% on average in the 2026 financial year. Copper has now become BHP's biggest earner, generating over half of the group's operating profit for the first time. Global demand for copper is projected to reach over 50 million tonnes by 2050, as economies expand and it becomes essential for building electricity networks for the energy transition and creating data centers for artificial intelligence.

Furthermore, BHP anticipates a looming global copper supply challenge due to aging mines and a less healthy pipeline of potential projects. To reward shareholders, BHP announced a four-year record high dividend of US$1.72 per share, amounting to US$8.7 billion. BHP shares rose by 3.3% to A$64.24 in morning trade.