Copper powers profit rise at mining giant BHP
The Australian mining giant said its net profit climbed 9% from a year earlier to US$9.8 billion in the financial year ending June 30.
Australian mining giant BHP reported a strong increase in annual profit driven by soaring copper prices, a critical metal for the global energy transition and AI data centers. The company's net profit surged 9% to US$9.8 billion for the financial year ending June 30, while revenue climbed 14.6% to US$58.8 billion. As the world's largest miner by market value, BHP is the top copper producer and plans to increase copper output by around 40% by 2035.
Copper prices rose by 26% on average in the 2026 financial year, making it the company's biggest earner, generating over half of BHP's operating profit for the first time. Copper demand is expected to grow to more than 50 million tonnes by 2050, fueled by the transition to clean energy and the expansion of data centers. BHP also announced a record high dividend of US$1.72 per share, equivalent to US$8.7 billion, and paid a four-year high dividend to shareholders.
The mining company anticipates a supply challenge as existing copper mines age and potential projects face less favorable conditions.
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