Big Aussie miner marks record earnings boost on copper
The world’s largest mining company reported a 28 percent jump in interim profit after its copper division made the bulk of its gains during the half-year as prices for the metal rose.
BHP, the largest miner by market capitalisation, made a net profit of US$5.6bn (US$7.9bn) in the first half of 2025/26, with revenue rising 11% to US$27.9bn (US$39.4bn).
“This half marks a turning point for BHP, with copper contributing the largest share of our total earnings at 51 per cent of underlying revenue,” CEO Mike Henry said in a statement on Tuesday.
BHP is also the world’s largest copper producer, whose operations include the Escondida mine in Chile and the Olympic Dam in South Australia.
The group has now increased its 2025/26 copper production target to 1.9-2.0 million tonnes.
“This allows us to maximize the earnings growth from the recent rise in copper prices as well as gold,” Mr Henry said.
The group’s underlying earnings (before interest, tax, depreciation and amortisation) in the first half rose 25 per cent to US$15.5 billion (US$21.9 billion) following a record US$8 billion (US$11 billion) contribution from copper.
BHP also said on Tuesday that its co-owned copper, gold and silver mining business in Argentina would spend US$18 billion ($25 billion) developing new projects.
Vicuna Corporation is controlled by BHP and Lundin Mining in Canada.
BHP will pay shareholders a dividend of 73 cents per share, up from 50 cents per share in the first half.
The company’s market value on the Australian stock exchange is $255.8 billion.
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