In a watershed moment for the world’s largest miner, BHP’s copper division has surpassed iron ore as its primary earnings driver, signalling the company’s successful pivot toward “future-facing” commodities.
Releasing its half-year results for the first half of the 2025–26 financial year, BHP reported a 25 per cent surge in underlying earnings before interest, taxes, depreciation and amortisation (EBITDA), which reached $US15.5 billion.
The shift in the company’s financial centre of gravity was the headline result. The copper division generated a record $US8 billion, accounting for 51 per cent of BHP‘s total underlying EBITDA. This validates its long-term strategy to realign its portfolio with the metals required for the global energy transition.
BHP chief executive officer Mike Henry described the result as a testament to the company’s operational focus.
“We continue to prosecute our strategy of operational excellence, distinctive social value creation and growth in copper and potash,” Henry said. “We have achieved approximately 30 per cent growth in copper production in the last four years, positioning us ahead of the strengthening copper market that we had anticipated.”
Production and growth outlook
Buoyed by strong performances at the Escondida mine in Chile and its South Australian assets, BHP has upgraded its full-year copper production guidance to 1.9–2 million tonnes.
The company also confirmed that its growth pipeline remains on schedule, with the Jansen Stage 1 potash project in Canada expected to begin production by mid-2027.
Shareholders will benefit from the strong half-year performance, with an interim dividend of $US0.73 per share, reflecting a 60 per cent payout ratio.
Looking ahead, BHP projects global economic growth of approximately three per cent in 2026. Management remains optimistic that a resilient Chinese economy and strong performance from India will sustain favourable conditions for its key commodities.
